Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]
Code Context
//    $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '1647',
			'article_category_id' => '145',
			'title' => 'Climate Change Impacts And National Development Agendas',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Krishna Prasad Sigdel" src="/userfiles/images/KPS.jpg" style="width: 100px; height: 112px;" /></div>
<div>
	<strong>--By Krishna Prasad Sigdel</strong></div>
<div>
	&nbsp;</div>
<div>
	The Climate Change Risk Atlas 2010 ranked Nepal as the 4th most vulnerable country worldwide out of 170 countries. More than 10,000 people have died in last ten years due to natural calamity in the mid and far west of Nepal. Alarmingly, the overall greenhouse gas emission in Nepal is amongst the least in the world. If things continue like this then it will have a significant impact and make this country prone to natural disasters causing threats to its natural ecosystems, forests and biodiversity, livelihoods, and public health.</div>
<div>
	&nbsp;</div>
<div>
	Those who are poor and belong to the marginalized communities will be the worst sufferer due to its (climate change) impact. Nepal is one of the least developed countries and we all know that its climate is affected by the Himalaya mountain range as well as South Asian monsoon. Its fragile geological conditions, steep sloping terrains, presence of Himalayas and glacier lakes became a concern for the environmentalists.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Major impacts of climate change in Nepal</span></strong></div>
<div>
	Over the years landslides and flood are increasing due to climate change, which leading to an abnormal rainfall. The noticeable impact of climate change is the rapid retreat of glacial and formation of glacier lakes.</div>
<div>
	&nbsp;</div>
<div>
	Thousands of people are living in the danger zone and a major disaster is waiting to happen due Glacial Lake Outburst Flood (GLOF). There are 3,252 glacial lakes in Nepal and 21 GLOF incidents already occurred. Thirteen of these took place between 1964 and 1988; among them nine occurred in the Tibetan autonomous region (China).</div>
<div>
	&nbsp;</div>
<div>
	The latter took place along the trans-boundary Rivers like, Trishuli, Arun and Sunkoshi in Nepal. In 1981 GLOF damaged the Sunkoshi hydropower plant and many houses were washed away. In 1985, a similar event gulped three persons, one hydropower plant, 14 bridges and 35 houses along the Dudh Koshi River.</div>
<div>
	&nbsp;</div>
<div>
	Nepal has a potential of 83,000 MW hydro-powers but unfortunately despite having the potential, the country is generating only 703 MW due to many issues. In Nepal most of the plants are running on Run-of-the-river hydroelectricity (ROR) technology, with no associated storage dams, making them vulnerable to stream-flow variability. Because of discharge fluctuation and increase in sediment load, the hydropower will significantly be affected by the impact of climate change.</div>
<div>
	&nbsp;</div>
<div>
	The Himalaya in Nepal is geologically active and having a peculiar meteorological condition where both the rainfall and river flow vary tremendously in both time and space, make the landscape vulnerable to water-induced disasters.</div>
<div>
	&nbsp;</div>
<div>
	Along with its vulnerability, development activities and rise in population have caused destabilization of land resources. These factors include human activities such as deforestation, cultivation of marginal land, and construction of the roads in the hilly regions and encroachment of flood plains.</div>
<div>
	&nbsp;</div>
<div>
	In June 2013, few people went on missing and over 50 houses including government offices have been swept away after the swollen Mahakali River rampaged through Darchula district headquarters Khalanga. Such frequent incidents are clear indication that it&rsquo;s time to stress upon the issues involving experts and scientists across the world.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is rich in biodiversity where there is no dearth of endangered species and plant. As per the recent report of SAGUN, 2009, doubling of the atmospheric CO2 &nbsp; concentration will reduce Nepal&rsquo;s forest types from 15 to 12, and habitats and ecosystems will also be destroyed. Climate change will also affect the productivity of natural eco systems, particularly provision of environmental services, rising temperatures, glacier retreat and changes in and water availability lead to changes in natural biodiversity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Climate change will ruin the livelihoods of poor people by damaging their livelihood assets. They are vulnerable to the loss of physical capital in terms of shelter and infrastructure, while malnutrition and diseases when it comes to human capital.</div>
<div>
	&nbsp;</div>
<div>
	It will also leave an irreparable impact on social and financial capital through displacement of communities, natural capital through loss of productivity in agriculture, fisheries, frequent disasters and lower income. Degradation of livelihoods by climate change will thus leave poor people with fewer assets damaging their capacity to with stand shocks and stresses. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	To sum up, climate has induced the water stress which is affecting the biodiversity, fresh water resources, agricultural productivity, malnutrition, health and sanitation. The shortage of rainfall at one part and intensified monsoon on the other part are creating hundreds of different environmental refugees. Such hazards are not only causing damage and loss of human lives and property; but also undermine development progress in Nepal, finally putting the achievement of the Millennium Development Goals (MDGs) at risk. The state of natural hazards like, land slide, flood and drought are of great concern for infrastructure planning, designing, constructing and monitoring.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">NAPA to LAPA&nbsp;</span></strong></div>
<div>
	The Government of Nepal has issued the Climate Change Policy, 2011 to mainstream climate change activities in the development programs and projects. The policy has focused primarily on inter alia, on climate adaptation, resilient and low carbon development path and climate-friendly resources management to minimize impacts of climate change in the country. The policy has also urged to spend over 80 percent of the total fund received in the field level. In addition, the Government of Nepal implemented National Adaptation Programme of Action (NAPA) to climate change in 2010. It is an important priority and a starting point for vulnerability reduction in climate sensitivity sectors and sub-regions in Nepal. Nepal has also implemented Local Adaptation Program of Action (LAPA) to promote community-based adaptation through integrated management of agriculture, water, forest and biodiversity; building and enhancing adaptive capacity of vulnerable communities through improved system and access to service for agricultural development and so on.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">The Ways Ahead,</span></strong></div>
<div>
	Ice has broken to implement climate change regime in Nepal as climate change is the national development agenda. In order to benefit from climate regime, and reduce adverse impacts of climate change, Nepal sees the urgency of implementing National Adaptation Program of Action (NAPA) through new and additional financing. In Nepal, strong political will exists on climate change. Several institutions have been involved in climate change should double or quadruple their activities to address the adverse impacts of climate change. It seems that options and opportunities exist to have the fresh fruits before being rotten. In a nut shell, opportunities exist to benefit from economic implication of climate change regime if we act together through common understanding in major issues.&nbsp;</div>
<div>
	<em>(Writer is an Ecologist and can be contacted at kpsigdel@gmail.com)</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-19',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Climate change will ruin the livelihoods of poor people by damaging their livelihood assets.They are vulnerable to the loss of physical capital in terms of shelter and infrastructure.',
			'sortorder' => '1508',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1603',
			'article_category_id' => '145',
			'title' => 'Non-Tariff Barriers Posing Challenge For SAARC',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By R.B. Rauniar&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Global experience shows that non-tariff issues are emerging as major barriers to trade in goods and services across borders. With MFN tariffs coming down, issues of NTBs are gaining importance in South Asia too along with the rest of the world. Whilst SAFTA has made some headway in moving towards duty-free access for tradable goods, NTB issues have tended to remain relatively less addressed within the context of the SAARC.</div>
<div>
	&nbsp;</div>
<div>
	If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed adequately since NTBs pose one of the major challenges for SAARC in context of strengthened regional economic and trade cooperation.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Definition of Non-Tariff Measure (NTM)</span></strong></div>
<div>
	Policy measures other than border tariffs that affect trade in goods, services, and factors of production are referred to as Non-tariff measures (NTMs). According to the United Nations Conference on Trade and Development (UNCTAD), classification of NTBs falls into six broad categories:&nbsp;</div>
<div>
	1.<span class="Apple-tab-span" style="white-space:pre"> </span>Specific Limitations on Trade: Import Licensing requirements, Proportion restrictions of foreign to domestic goods (local content requirements), Minimum import price limits, Embargoes&nbsp;</div>
<div>
	2.<span class="Apple-tab-span" style="white-space:pre"> </span>Customs and Administrative Entry Procedures: Valuation systems, Anti-dumping practices, Tariff classifications, Documentation requirements, Fees</div>
<div>
	3.<span class="Apple-tab-span" style="white-space:pre"> </span>Standards: Standard disparities, Intergovernmental acceptances of testing methods and standards, Packaging, labeling, and marking</div>
<div>
	4.<span class="Apple-tab-span" style="white-space:pre"> </span>Government Participation in Trade: Government procurement policies, Export subsidies, countervailing duties, Domestic assistance programs</div>
<div>
	5.<span class="Apple-tab-span" style="white-space:pre"> </span>Charges on imports: Prior import deposit subsidies, Administrative fees, Special supplementary duties, Import credit discrimination, Variable levies, Border taxes</div>
<div>
	6.<span class="Apple-tab-span" style="white-space:pre"> </span>Others: Voluntary export restraints, Orderly marketing agreements</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Non-Tariff Barriers in SAARC</span></strong></div>
<div>
	Trade officials of South Asian nations often points out non-tariff barriers as the major obstacles in intra-regional trade. Despite tremendous trade potentials within the South Asia region, lack of trade infrastructures, complicated customs procedures and certification on quality of goods have been creating roadblocks in the process of regional trade enhancement. Some of the pertaining issues regarding NTB are lack of border infrastructure and traffic planning, problem of land ports at the border and lack of cross border transport agreements among SAARC countries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Some studies found that a 50 per cent reduction in time of export can generate benefits equivalent to 4 per cent GDP of SA- LDCs. Further, due to lack of through-transport movement, formidable transport inefficiencies exist at the interface.</div>
<div>
	&nbsp;</div>
<div>
	In view of the SAFAS, there is a possibility that NTBs will also emerge with regard to services trade in future:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Thresholds on the total value of service transactions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Restrictions on the number of service operations</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the number of natural persons to be employed in case of supply for a particular service</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Measures which force a service supplier to supply a service through a particular set of legal means</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the percentage share of foreign investment, which may be accounted for by foreign shareholders&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Dispute Settlement Mechanism</span></strong></div>
<div>
	The SAFTA Agreement stipulates formation of the Committee of Experts (CoE) to deal with NTB issues. The work of the CoE is carried out in the following manner:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The Contracting States notifies the SAARC Secretariat of all non-tariff and para-tariff measures imposed on their exports on an annual basis</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The measures are then reviewed by the CoE, established under Article 10, in its regular meetings, to examine their compatibility with relevant WTO provisions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The CoE then recommends the elimination or implementation of the measure in the least trade restrictive manner in order to facilitate intra- SAARC trade</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Member countries submit their complains in sub-group meetings on non-tariff barriers; responding countries give their responses; a majority of notifications and complaints are being dealt through bilateral negotiations.</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Whilst the SAFTA stipulates that CoE would act as the DSB for the purpose of settling NTB related disputes. In majority of the cases RTAs such as EU and NAFTA tend to follow the WTO DSM mechanism whilst ASEAN&rsquo;s DSM is somewhat different.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Policy Recommendations</strong></span></div>
<div>
	A majority of NTBs and perceived NTBs relate to SPS-TBT, and health-hygiene related standards. Many of these concern national standards. The best way to go forward would be to :&nbsp;</div>
<div>
	a)<span class="Apple-tab-span" style="white-space:pre"> </span>Ensure that these are not country-specific but of general/common nature</div>
<div>
	b)<span class="Apple-tab-span" style="white-space:pre"> </span>Ascertain that whether the requirements are beyond internationally recognised standards e.g. Codex plus;&nbsp;</div>
<div>
	c)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthen national standard setting institutions to meet compliance requirement;&nbsp;</div>
<div>
	d)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthening of technical laboratories, standardisation, testing, quality management, certification authorities and inspection bodies, which ought to be perceived as an investment priority by the SAARC members;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Mutual Recognition Agreements (MRAs)</span></strong></div>
<div>
	Developing MRAs is also critically important for delivery of services particularly through Mode 4 (Movement of Natural Persons). Lack of recognition of qualifications, skills, or experience is one of the most common barriers affecting Mode 4 (Chanda 2005).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, a targeted programme needs to be designed to facilitate cross-border trade through development of border infrastructure, and if required, coordination of infrastructure development at border points;</div>
<div>
	(a)<span class="Apple-tab-span" style="white-space:pre"> </span>harmonization of customs rules and regulations, valuations and customs procedures;&nbsp;</div>
<div>
	(b)<span class="Apple-tab-span" style="white-space:pre"> </span>building of capacities to deal with the most prevalent SPS-TBT related NTBs at particular border points</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Conclusion</span></strong></div>
<div>
	Given the lowering of classical import barriers such as tariffs, non-tariff measures (NTMs) are becoming an increasingly important instrument governments use to safeguard domestic societal concerns. Between January 1995 and October 2011, 10,366 regular and emergency measures had been notified to the WTO. According to WTO, 2010 saw the largest number of notifications in a single year so far, at 1,436.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	SAARC countries should realize the need of customs reform, improvement of trade infrastructure, removal of visa barrier for business people, simplification in movement of goods as well as vehicles, and improved facilities for warehousing of trade goods to pave the way for greater trade within the region.</div>
<div>
	(Writer is Executive Committee member of SAARC Chamber of Commerce &amp; Industry (SCCI). He can be contacted at rauniar@mos.com.np)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-12',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed.',
			'sortorder' => '1464',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1556',
			'article_category_id' => '145',
			'title' => 'Private Sector Demands On PDA Draft',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong style="font-size: 12px;">--By Khadk Bahadur Bisht</strong></div>
<div>
	&nbsp;</div>
<div>
	Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA) with the government while Foreign banks&rsquo; hesitate to invest in hydropower in the absence of government commitment. Promoters have been demanding for security from the government due to high risks associated with this sector and drafting the PDA is closely related to this.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	It was initially known as &lsquo;Project Agreement&rsquo; (PA). The term was later changed to Project Development Agreement (PDA). The PDA draft was initiated after immense pressure from the developers. However, the present draft has been criticised for not being bankable.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Promoters of big projects had applied for PDA in 2010 when there was no Investment Board. After the board was established, the government decided to adopt the practice, whereby the projects 500MW or above came under the responsibility of the Investment Board.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similar contracts between the government and investors are prevalent in countries like Canada and Australia. PDA is meant to .. the risks and returns between the government and the investors as neither of them can bear all of the risks alone.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Investment Board started to draft the PDA according to investment polices of foreign banks. Meanwhile, the government decided to bring even projects with capacities below 500 MW under the purview of the PDA. Ministry of Energy thus drafted a separate PDA. The risks are almost the same even in 499 MW projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although the objectives are similar, there are differences between the draft presented by the board and that by the Ministry of Energy. Fundamental differences are seen between the ministry&rsquo;s draft two years ago and its draft today. The previous thinking was that only foreign developers needed the PDA.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Policy stability is a must for hydropower projects and this is one reason why the private sector has begun to pressure the government for PDA. They fear that if the government increases the rate of VAT, the project cost will go up enormously.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	On the other hand, if the bank sees low possibility of pay back, it may stop releasing even the sanctioned funds, this jeopardising the project. Investors have therefore demanded that a PDA should be made mandatory for projects with capacities less than 500MW.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Recently, the Independent Power Producers&rsquo; Association, Nepal (IPPAN) had reviewed the PDA draft formulated for lower capacity hydropower projects. We have been raising demands that the PDA should be in line with international standards. That is, the notion of give-and-take should be articulated well in the document.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Failure of the government to issue the permission on time is one of the main reasons for delay in project implementation. The government has to approve the Environmental Impact Assessment (EIA) on time. Similarly, it has the responsibility of facilitating promoters at various levels where they face hurdles such as at the local level created by forestry users and by taxes levied on sand, stone aggregates and inland, cargo transportation, among others.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There has been doubt among private investors regarding inconsistency in law and the tax structure. The government should investors from frequent changes in policy and should pledge to bear all risks if generated by such abrupt change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Force majeure provision of another point of contention. Force majeure prevails when the situation is out of control of the developer such as in case of natural calamity. But in Nepal, government action is major such situation.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, we have differences on various issues including lender rights and rights on water, among others. The draft is ambiguous on such issues and we want clarity for long term investment.&nbsp;</div>
<div>
	(Bisht is Vice President at Independent Power Producers&rsquo; Association, Nepal (IPPAN))</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-05',
			'modified' => '2013-08-05',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA)',
			'sortorder' => '1417',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1511',
			'article_category_id' => '145',
			'title' => 'The Next Social Contract',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Kemal Derviş" src="/userfiles/images/Kemal%20Dervi%C5%9F.jpg" style="width: 100px; height: 112px; margin: 5px;" /></div>
<div>
	<strong>By Kemal Derviş</strong></div>
<div>
	&nbsp;</div>
<div>
	Around the world nowadays, persistent unemployment, skill mismatches, and retirement frameworks have become central to fiscal policy &ndash; and to the often-fierce political debates that surround it. The advanced countries are facing an immediate &ldquo;aging&rdquo; problem, but most of the emerging economies are also in the midst of a demographic transition that will result in an age structure similar to that of the advanced economies &ndash; that is, an inverted pyramid &ndash; in just two or three decades. Indeed, China will get there much sooner.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Multiple problems affect employment. Weak demand in the aftermath of the global financial crisis that began in 2008 remains a key factor in Europe, the United States, and Japan. But longer-term structural issues are weighing down labor markets as well.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Most important, globalization results in a continuous shift of comparative advantage, creating serious adjustment problems as employment created in new activities does not necessarily compensate for the loss of jobs in old ones. In any case, most new jobs require different skills, implying that workers losing their jobs in dying industries have little hope of finding another one.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moreover, technological progress is becoming ever more &ldquo;labor-saving,&rdquo; with computers and robots replacing human workers in settings ranging from supermarkets to automobile assembly lines. Given the volatile macroeconomic outlook, many firms are reluctant to hire new workers, leading to high youth unemployment throughout the world.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	At the same time, aging &ndash; and the associated cost of health care for the elderly &ndash; constitutes the main fiscal challenge in maturing societies. By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Marginal changes to existing arrangements are unlikely to be sufficient to respond to technological forces, reduce social tensions and young people&rsquo;s fears, or address growing fiscal burdens. A radical reassessment of work, skill formation, retirement, and leisure is needed, with several principles forming the core of any comprehensive reform.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	For starters, skill formation and development must become a life-long process, starting with formal schooling, but continuing through on-the-job training and intervals of full-time education at different points in life. Special youth insertion programs should become a normal part of public support for employment and career formation, with exemption from social-security contributions for the first one or two years of employment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A second principle is that retirement should be a gradual process. People could work an average of 1,800-2,000 hours per year until they reach their 50&rsquo;s, taper off to 1,300-1,500 hours in their early 60&rsquo;s, and move toward the 500-1,000 range as they approach 70. A hospital nurse, an airplane crew member, or a secondary-school teacher, for example, could work five days a week until her late fifties, four days a week until age 62, three days until age 65, and perhaps two days until age 70.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Employers and workers should negotiate such flexibility, but they should do so with incentives and financial support from government &ndash; for example, variable social-security and income taxes. Paid holidays can be 3-4 weeks until age 45, gradually increasing to 7-8 weeks in one&rsquo;s late 60&rsquo;s. Maternity and paternity leave should be increased where it is low, such as in the United States.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Public policies should also encourage greater scope for individual choice. For example, every ten years, a worker should be able to engage in a year of formal learning, with one-third of the cost paid by the employer, one-third by public funds, and one-third by personal savings (these proportions could vary by income bracket).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The overall objective should be a society in which, health permitting, citizens work and pay taxes until close to the age of 70, but less intensively with advancing age and in a flexible manner that reflects individual circumstances. In fact, gradual and flexible retirement would in many cases benefit not only employers and governments, but also workers themselves, because continued occupational engagement is often a source of personal satisfaction and emotionally enriching social interaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Using the Gallup World Poll, my colleagues at the Brookings Institution in Washington, DC, Carol Graham and Milena Nikolova, have found that the happiest cohorts are those who work part-time voluntarily. In exchange for longer work lives, citizens would have more time for both leisure and skill formation throughout their lives, with positive effects on productivity and life satisfaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The new social contract for the first half of the twenty-first century must be one that combines fiscal realism, significant room for individual preferences, and strong social solidarity and protection against shocks stemming from personal circumstances or a volatile economy. Many countries are taking steps in this direction. They are too timid. We need a comprehensive and revolutionary reframing of education, work, retirement, and leisure time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Vice President of the Brookings Institution.)&nbsp;</em></div>
<div>
	<em>&nbsp; &nbsp;Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-29',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.',
			'sortorder' => '1372',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1421',
			'article_category_id' => '145',
			'title' => 'The Right Green Industrial Policies',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By Dani Rodrik</span></strong></div>
<div>
	&nbsp;</div>
<div>
	The future of our planet depends on the world economy&rsquo;s rapid transition to &ldquo;green growth&rdquo; &ndash; modes of production based on clean technologies that significantly reduce emissions of carbon dioxide and other greenhouse gases. Yet carbon remains badly mispriced, owing to fossil-fuel subsidies and the absence of tax revenues needed to address the global externalities of climate change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this context, subsidies that promote the development of green technologies &ndash; wind, solar, bio-energy, geothermal, hydrogen, and fuel-cell technologies, among others &ndash; are doubly important. First, they nudge pioneers to invest in uncertain, risky ventures, with the resulting research-and-development efforts generating highly valuable social benefits. Second, they counter the effects of carbon mispricing on the direction of technological change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	These two considerations provide mutually reinforcing reasons for governments to nurture and support green technologies. Such support has, in fact, become extensive, both in advanced and emerging economies. Look around these economies and you will find a bewildering array of government initiatives designed to encourage renewable-energy use and stimulate green-technology investment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although full pricing of carbon would be a far better way to address climate change, most governments apparently prefer to rely on subsidies and regulations that increase the profitability of investments in renewable energy. Often, the authorities&rsquo; motive seems to be to give domestic industries a leg up in global competition.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Normally, we would consider these competitive motives to be beggar-thy-neighbor in nature. Market-share considerations are zero-sum from a global standpoint in traditional industries, and any resources invested in generating national gains come at the cost of global losses.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	But in the context of green growth, national efforts to boost domestic green industries can be globally desirable, even if the motives are parochial and commercial. When cross-border spillovers militate against taxing carbon and subsidizing technological development in clean industries, boosting green industries for competitive reasons is a good thing, not a bad thing.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opponents of industrial policy rely on two arguments. The first is that governments do not have the information needed to make the right choices about which firms or industries to support. The second is that once governments are in the business of supporting a particular industry, they become vulnerable to rent-seeking and political manipulation by well-connected firms and lobbyists. In the United States, the 2011 bankruptcy of Solyndra &ndash; a solar cell manufacturer that folded after having received more than a half-billion dollars in government loan guarantees &ndash;seems to illustrate both failures.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In reality, the first of these arguments &ndash; lack of omniscience &ndash; is largely irrelevant, while the rent-seeking problem can be overcome with appropriate institutional design. Good industrial policy does not rely on governments&rsquo; omniscience and ability to pick winners; indeed, failures are an inevitable and necessary part of a well-designed program.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	While it is too early to reach a conclusive verdict on the US loan-guarantee program, it is clear that the Solyndra case cannot be properly evaluated without taking into account the many successes that the program has spawned. Tesla Motors, which received a $465 million loan guarantee in 2009, has seen its shares soar and has repaid its loan early. An evaluation of US Department of Energy efficiency programs found that the net benefits amounted to $30 billion &ndash; an excellent return for an investment of roughly $7 billion over 22 years (in 1999 dollars). Interestingly, much of the positive impact resulted from three relatively modest projects in the building sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Intelligent industrial policy requires mechanisms that recognize errors and revise strategies accordingly. Clear objectives, measurable targets, close monitoring, proper evaluation, well-designed rules, and professionalism provide useful institutional safeguards. As challenging as applying them may be, they constitute a much less formidable requirement than that of picking winners. Moreover, an explicit industrial policy &ndash; conducted self-consciously and designed with pitfalls in mind &ndash; is more likely to overcome the typical informational and political barriers than one that is implemented surreptitiously, as is too often the case.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention. Fortunately, this is the exception rather than the rule for green industrial policy. Trade restrictions have so far played a small role relative to subsidies to domestic industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In practice, we are unlikely to get purely green industrial policy, which would focus solely on the development and diffusion of green technologies while excluding considerations of competitiveness, commercial gain, and employment growth. Indirect but politically salient objectives such as &ldquo;green jobs&rdquo; will most likely continue to present a more attractive platform for promoting industrial policy than alternative energy or clean technologies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	From a global standpoint, it would be far better if concerns about national competitiveness were to lead to a subsidy war, which expands the global supply of clean technologies, rather than a tariff war, which restricts it. So far, we have been getting the former, though there is no way to determine whether, or for how long, this trend will continue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:11px;"><em>(Dani Rodrik, Professor of Social Science at the Institute for Advanced Study, is the author of The Globalization Paradox: Democracy and the Future of the World Economy.)&nbsp;</em></span></div>
<div>
	&nbsp;</div>
<div>
	<em>Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-15',
			'modified' => '2013-07-15',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention.',
			'sortorder' => '1283',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1352',
			'article_category_id' => '145',
			'title' => 'Need To Unveil Forward Looking Economic Policy Agenda',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Dr Dilli Raj Khanal</span></strong></p>
<p>
	Many people citing steady reduction in consumption-based poverty amidst trade and finance-induced economic activities together with some progress in education and health services including limited expansion in physical infrastructure facilities, think that businesses as usual discourse grounded on ongoing but failed globally dominant economic regime is best suited for Nepal’s advancement. Such a view apparently has received added impetus in the present governance setting. As such, viewing problems primarily through technical lence, that too without reference to Nepalis initial conditions, some minor change in the policies wherever necessary is advocated. Such thinking, at first, derecognizes the role and contribution of the perpetuated underdevelopment and contemporary state of the economy in the historical political change of 2006. As a corollary, the asymmetrical tendency between realization of limited successes as stated above (that too driven primarily by remittances) and deepening problems of low growth and jobless trap amidst high inflation, exclusive and non-sustainable nature of development and, above all, the burgeoning external dependency multiplying the vulnerability of the Nepalis economy, is almost fully undermined. Such a tendency, if persists for long, may have more pervasive and wide-ranging devastating impact on the Nepalis economy in the coming days.&nbsp;</p>
<p>
	As is well known, in Nepal the entire macroeconomic policies are revolving around economic stabilization since mid 1980s. Very liberal and open up policies that are continuously being pushed are grounded on it. Undeniably, economic stabilization is a precondition for creating entrepreneurial and business environment and thereby embarking on the path to sustainable development. But Nepal’s experience indicates that this is not a sufficient condition and hence what matters is how that stabilization objective has been achieved. It is ironical that amidst maintenance of fiscal balance through tight fiscal policy the share of capital expenditure in total government expenditure has gone down below 15 percent and it is further declining. This means that the balance has been maintained simply at the cost of jeopardizing fiscal role of the government which is supposed to play catalyst task of augmenting productive capacity of the economy. The problem in monetary front is perhaps more serious.&nbsp;</p>
<p>
	Tight monetary policy which deliberately escapes from growth enhancing role has also dismally failed to contain prices as well as maintain balance of payment.&nbsp;</p>
<p>
	Instead, by contributing to unproductive investment-led non-tradable economic activities amidst massive inflow of remittances, it has helped deceleration of production sectors (agriculture and industry), thereby establishing a culture of trade not production. This has led to, among others, destabilization in external trade and payments fronts.&nbsp;</p>
<p>
	Today, the trade deficit has reached alarmingly level, surpassing 28 percent of GDP which is hardly observed around the globe.&nbsp;</p>
<p>
	Amidst immature frequent decisions grounded simply on instant technical reasoning, poor prudential regulations, weak control and monitoring mechanism, inefficiency-led financial instability and increased fraud are raising high risk in the entire banking system. The institutionally driven exclusionary practices encouraging lending activities in certain urban centers and in (that too catering limited business houses and companies) is another paradox of monetary policy under business as usual principle.&nbsp;</p>
<p>
	Another fundamental flaw is that the business as usual discourse presumes trickle downing or spill over effects. Hence identification of linkages or transmission mechanisms through which macro and sectoral policies could play both catalyst and complementary role each simultaneously are either ignored or treated in isolation. In this context increased evidences show (apart from policies linked to tax structure), quality of both public and private investment, policies in the areas of exchange rate, finance, industry, trade and business services together with their institutional and governance dimension become critically important.&nbsp;</p>
<p>
	In Nepal’s specific condition, given the tremendous potentiality and competitive advantages of sectors like agriculture, energy, tourism and richness in biodiversity, interlinking of macro and sectoral policies in an economy-wide frame ensuring comprehensiveness becomes critically important. Here again the micro dimension comes to the forefront in which area-specific policy incentive backed by a strategy of providing basic infrastructure and other facilities under the broad macro, sectoral and interlinked micro policy setting, becomes critically important. A policy of value chain through institutional or organizational structure from the grass roots in an integrated manner has emerged the best alternative as successes of many countries in expanding the domestic production base of the economy and enhancing sustainable growth, indicate. This means that simultaneous consideration from both horizontal and vertical dimension becomes utmost important which is lacking in the present economic policy discourse.&nbsp;</p>
<p>
	In view of all these, time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way. There is a need of maximum use of our entrepreneurial capability accompanied by development and unleashing of productive forces. Grounded on the existing characteristics of the economy and identification of underlying reasons, a comprehensive forward looking economic policy agenda backed by institutional setups and arrangements must be framed and introduced with utmost priority by involving various stakeholders and other catalyst forces for a new economic discourse that could contribute to enhance productive base of the economy and augment societal transformation in a dynamic way. As such, time has come to engage in much needed concrete agenda rather than repeating simply rhetoric.&nbsp;</p>
<p>
	<em><span style="font-size:11px;">(Dr khanal, is a former member of the National Planning Commission.)</span></em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way.',
			'sortorder' => '1214',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1266',
			'article_category_id' => '145',
			'title' => 'Desirable Fiscal Innovations @ 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 12px;">--</span><strong style="font-size: 12px;">By Madhukar SJB Rana</strong></p>
<p>
	<span style="font-size: 12px;">It is necessary to bring a unified legislation for budgetary limits to executive powers and the manner of accountability (of Ministers and Bureaucrats separately) along with procedures for maintaining transparency, providing data and analysis for enlightened debate and discourse in Parliament as well, monitored by the Parliamentary Committee on Finance. A rough draft Act was submitted by this author in late 2003. This now needs to be addressed for its pros and cons, needs and adequacy and promulgated by an Ordinance after due deliberations. The Korean and Indian legislations are very good examples for examining and drawing upon lessons. A desirable administrative innovation would be for all Senior Executives in the Ministry to enter into Management Performance Contract with the Minister and be accountable (a) to Minister for execution of Policies and Budget/s as per targets and (b) furthermore, the Secretary and Director Generals to be uniquely accountable to Parliament for omissions and commissions in the execution of the Financial Acts in their jurisdiction, and pursuance of the Directives and Recommendations of the Auditor General. This way the rule of the law will be safeguarded and thus, financial propriety will be advanced significantly.</span></p>
<p>
	<strong>Strengthen Revenue Forecasting &amp; Analysis&nbsp;</strong></p>
<p>
	Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.&nbsp;</p>
<p>
	These revenue forecasts must be made at the macro meso (functional) and micro (tax office) levels to obtain the fullest comprehension of the revenue potential based on the national and local economic structures. Local Tax Offices therefore, need, to be provided with simple forecasting models as instruments with which they can estimate the revenue potential of each district by total and type of taxes and other levies. Maximum effort should be made to garner ICT and GIS technologies locally. Local Tax Administrators should be duly encouraged, recognized and rewarded for such innovations.&nbsp;</p>
<p>
	Such knowledge will improve the budgetary process with a solid framework (at both the national and local levels) as plan in Nepal are not built around sophisticated, scientific estimates of expected revenues-- rather based on expenditures based on each ministry’s demand that are customarily inflated with simple ‘guesstimates’ for revenue based in past trends and probable inflation.&nbsp;</p>
<p>
	<strong>Reform Financial Administration Radically&nbsp;</strong></p>
<p>
	It can be underscored that along with financial and economic reforms, there is a need to restructure and re-engineer tax administration.&nbsp;</p>
<p>
	What is desired is the creation of Tax Authorities — rather than having Departments within the Ministry of Finance -- that are autonomous from the Ministry of Finance and made professional, free from political patronage. Such innovations in Peru and Zambia, for example, had revolutionary impact on resource mobilization where tax collection sky rocketed despite reducing the tax burden on the citizens!&nbsp;</p>
<p>
	This administrative reform will go a long way in creating the desirable ‘managerial civil service’ in Nepal and the revenue service cadres fully empowered and competent as tax professionalized to be able to mobilize up to 20% GDP as revenue by 2018. With this ratio of Revenue to GDP, foreign aid will not be calling the shots any longer: and we could have inclusive growth and development pursuing the national, rather than international, agenda.&nbsp;</p>
<p>
	When this happens, politics will take on a new meaning as party Manifestos will, then, be of worth and substance relying on national fiscal innovations rather than foreign aid-dictated policies and projects. More time and effort of the Ministry are spent to cater to the needs of foreign aid which contributes 3-4% of GDP only as compared to the private sectors that contribute 9-10% of the national economy with their suggestions for growth, employment and consumer protection.&nbsp;</p>
<p>
	<strong>Costing and Cost Control Modalities&nbsp;</strong></p>
<p>
	Another shortcoming in the budgetary process is the acute ineffectiveness of monitoring with a view to link the outputs with the inputs. This way financial and economic accountability will be more widened and deepened. The measurement of the efficiency, effectiveness as well as impact of the budget on a sector, program or project will be possible and will generate new policies from well grounded experience.</p>
<p>
	Eventually, as important sectors of the economy move toward a sector programming approach -- a veritable missing link in our planning process (due to the domination by the NPC and the ineffectiveness of the ministerial planning and coordination divisions) would be to innovate toward programme/performance budgeting for which costing studies and cost control mechanisms are vital innovations. When this will be achieved, no more will our planners be swamped by the irony of more P1 projects thanP2; and P2 than P3 ones! With very few of them being dropped to save the ‘face’, , of the ambassadors and their aid bureaucracies! We will be able to move rapidly towards the desired ‘managerial civil service’ alluded above—without which all dreams of double digit growth rates will remain mere naïve fantasies.</p>
<p>
	<strong>Lower Direct Taxes, Abolish VAT&nbsp;<span style="font-size: 12px;">Threshold, Raise Average VAT Rate&nbsp;</span><span style="font-size: 12px;">to 15% (but with Differential Rates&nbsp;</span><span style="font-size: 12px;">for Products and Services) and Levy&nbsp;</span><span style="font-size: 12px;">Agricultural Income Tax.</span></strong></p>
<p>
	Fine-tuning of taxation rates is necessary. Dividend tax should be abolished to encourage savings and investment. More retailers and wholesalers should be made to participate into the tax net and provided incentives must be provided to the local governments to mobilize the informal sector. Perhaps they may be allowed to levy, subject to central audit of the proceeds, a nominal turnover tax of say 0.5% of monthly turnover of local business not registered in PAN.&nbsp;</p>
<p>
	In order to advance fiscal devolution, agricultural income above Rs 200,000 per annum per household should also be taxed at 50% of the non-agricultural income tax. The proceeds should be 100% handed to the local governments at the ratio of 75% to the VDC and 25% to the DDC to make it politically palatable.</p>
<p>
	A massive public relations campaign should be engaged at the national level to motivate landlords-- the urban middle class self employed lawyers, doctors, engineers, consultants to pay their taxes. Tax brokers should be registered to guide tax payers and fill tax simplified returns.&nbsp;</p>
<p>
	<strong>Land Bank, FDI in Retail &amp; Resident Tourists&nbsp;</strong></p>
<p>
	Revisit the policy of Land Banks as a method for agriculture commercialization, including inviting FDI in retail trade and allowing foreigners to buy apartments as ‘resident tourists’.&nbsp;</p>
<p>
	<em>(Former Finance Minister Rana is currently a professor at SAIM)</em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.',
			'sortorder' => '1128',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1210',
			'article_category_id' => '145',
			'title' => 'Financial Innovations@2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><img alt="" height="178" src="https://lh4.googleusercontent.com/FKYmXpq2e4I_H926dsWLXD9QmLRg0pXsAldCeSCISR8=w174-h207-p-no" width="150" /><br />
	</strong></p>
<p>
	<strong>By Madhukar SJB Rana</strong></p>
<p>
	<strong>Promote Local Bond Markets through People-Public-Private Partnerships (4Ps) </strong></p>
<p>
	A national bond market is eminently needed to generate greater savings and investment for economic growth and employment, especially at the district/ municipal level through local initiatives. PPPP-projects that are commercially viable should be allowed to raise their capital by floating municipal bonds against firm pledges of fixed annual interest payments by the concerned people-public-private partnerships. This will provide ample opportunities for local banks and financial institutions to invest local savings locally— rather than sending them to Kathmandu (or elsewhere across the border).</p>
<p>
	To safeguard the interest of local banks and local financial institutions they should be represented on the Board of Directors, if they so desire, either as independent members in the said Board or as a separate body in the form of Executive Advisors representing the creditors duly empowered with veto rights over Board’s decisions-- but subject to Compulsory Arbitration in the event of disputes.</p>
<p>
	Naturally, when the national bond market is so under-developed it may be considered foolhardy to even think of local bond markets. Nevertheless, given the on-going global financial crisis, Nepal, along with all development nations, must begin to think out of the aid box, so to speak. Bond markets are a way out; just as negotiating ‘debt write offs’ with donors.</p>
<p>
	It is estimated that in South Asia only 20% of GDP is accounted for by South Asia’s bond market, as compared to 45% by equity markets and 35% by bank assets. Contrast this with South Korea whose bond market is 114% of GDP!</p>
<p>
	And why not this measure if one desires to arrest the informal capital outflows that never comeback and to tide over the idle dollars balance lying with the Nepal Rastra Bank to more productive uses? Long term financing is the need of the hour for investments in the acutely needed economic and social infrastructure in Nepal (e.g roads, railways, metros, hydro and solar energy, power lines, warehouses and cold storages, technological universities, resorts hotels, modern hospitals catering to health tourism, SEZs, EPVs, EPzs to promote exports and import substitution in manufacturing etc).</p>
<p>
	<strong>Promote Local Stock Markets through Private Venture Capital Companies </strong><br />
	State owned banks and financial institutions should be privatized as “it’s not the business of Nepal Government to do business”. Fears will naturally mount with employees of such institutions as to their future. The experience and skills in finance of those whose service will become redundant should be harnessed innovatively. A possible innovation is to create locally-based Venture Capital Companies (VCCs) to buy and sell equities of local businesses locally. In this way, proprietorships and partnerships can be upgraded into private or public limited companies gradually –and the informal sector encouraged to turn formal with new possibilities for debt and equity finance. These VCCs could also serve as business consulting enterprises to harness Nepal’s local entrepreneurial spirit from amidst all classes and castes.</p>
<p>
	These VCCs can be created as private or public limited companies jointly owned by shareholders (say national and local governments, banks and financial institutions, individual promoters and also its employees), who should raise their capital from their own investments in sufficient manner to be able to meet the cost of operations; as well as raise debt finance to the extent of 40% of equity holdings. This debt finance can be drawn from a National Venture Capital Fund (NVCF) initially created by the Ministry of Finance where interested companies should be required to submit competitive bids for the loan of the funds from NVCF.</p>
<p>
	It is expected that this innovation will help boost rural small industries and businesses as well as promote a culture of equity transactions that will contribute to stopping land fragmentation due to inheritance portioning. Through this financial innovation family members will see the benefit of equitization of their land holdings as commercial businesses (rather than engaging in partition of land into uneconomical parcels as now prevails to the detriment of the local economy).</p>
<p>
	<strong>Deepen Debt Market and Enhance Monetary Independence </strong></p>
<p>
	Three innovations are suggested: <br />
	(A) (1) Encourage lease finance (note: the fear of revenue loss must be weighed against the social costs of youth unemployment and alienation; further, the fact is that small businesses are not paying income taxes as yet) to benefit, in particular, the youth employment in the film, media and sports businesses; (2) small businesses engaged in logistic management—the structural weakness of a mountain economy ( in such areas as cold storage, warehouses, construction, auto-repair workshop that suffer from low productivity due to lack of capital investment and modern technology; (3) information technology (IT) businesses; (4) foreign employment loans and education loans for youth especially; (5) acceptance of second mortgage financing provision by banks and finance companies; and (6) allowing access to Indian stock and bond markets for investments as well as mobilizing Indian portfolio investments and FDI--- on a balanced basis , if need be, by each bank or FI to safeguard from net capital outflows.</p>
<p>
	(B) Negotiate with India to go into a managed flexible exchange rate system for the provision by them to Nepal of the required Indian Rupees credit to bring equilibrium in the balance of payments; hedge against currency speculation and deal with the likely inflationary impact on basic commodities on account of depreciation of Nrs through compensatory fiscal and monetary policies to subsidize imports and import substation agriculture production and industries. This will have the salutary impact by curtailing imports, promoting exports and further import substitution in the agriculture and manufacturing sector. Tourism will boom. Without an industrialization process, found mainly on forest and agro-industries, Nepal will not be able to be a modern developed economy: which it should strive to be by 2030 with 20% share of GDP.</p>
<p>
	(C) Government to refrain from creating an Asset Management Company in the public sector. It is bound to be self defeating and worse than the disease with the rampant graft and corruption that is guaranteed in such a state monopoly. As an alternative, encourage banks, with suitable incentives, to open their own private asset management companies for their asset securitization.</p>
<p>
	<strong>- (Former Finance Minister Rana is currently a professor at SAIM)</strong><br />
	 </p>',
			'published' => true,
			'created' => '2013-06-30',
			'modified' => '2013-06-30',
			'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'description' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'sortorder' => '1072',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1150',
			'article_category_id' => '145',
			'title' => 'Ace Nurtures Student’s Potential To Bring Out The Best',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<b><span style="font-size:16.0pt;line-height:115%;
mso-bidi-font-family:&quot;Century Gothic&quot;;color:#B11015">Overall </span></b><span style="font-size:16.0pt;line-height:115%;mso-bidi-font-family:&quot;Century Gothic&quot;;
color:#221E1F">Runner-Up </span></p>
<p>
	<br />
	 </p>
<p>
	<strong>Ace Higher Secondary School</strong><br />
	<br />
	<br />
	Ace Higher Secondary School, a conscientious learning centre where students rediscover themselves and learn to be thoughtful and responsible managers and leaders, was established in 1999. Established with the vision of enhancing capacity of individuals and institutions in Nepal to contribute to the nation’s development, Ace broke new ground by launching the first Executive MBA programme in Nepal in 1999 itself. Ace Institute’s MBA programme has acquired a distinguished reputation of being the most rigorous and fulfilling experience. <br />
	<br />
	The higher secondary programme of Ace Higher Secondary School, a spinoff of Ace Institute of Management, has established itself as students’ first choice programme in the management stream. In a short span of five years, Ace A-Level has distinguished itself from the crowd with its individual centered approach to learning and focus on management and social sciences stream only. <br />
	<br />
	<img alt="" border="1" height="77" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ace.jpg" vspace="10" width="400" /><br />
	<br />
	<strong>Other programmes offered by Ace include MBA, EMBA, BBA-BI, MBAe and ASH.</strong><br />
	<br />
	<strong><img alt="" border="1" height="209" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ashish.jpg" vspace="10" width="200" /><br />
	Aashish Tiwari <br />
	Director</strong><br />
	<br />
	<strong>second in the HSS ranking. What is your reaction to the recognition? </strong><br />
	<br />
	Ace College accepts the award with great gratitude and humility. I am thankful to New Business Age Pvt Ltd for granting this award to our college. <br />
	<br />
	<br />
	<strong>What are the top three priorities of your college? </strong><br />
	<br />
	At Ace, we lay a very strong foundation for the all-round development of students. It is not only the intellectual development of the students or the grades that matter. Ace nurtures every student’s potential and brings out the best in them. We try to focus on the weaknesses of our students and help them overcome them. Secondly, we treat our students with respect as all humans are born equal. Lastly, we believe that learning is a lifelong process. We want our students to not just focus on academics, but also experience the real world. <br />
	<br />
	<strong><br />
	How do you assess higher secondary education in Nepal? </strong><br />
	<br />
	There has been a sea change in the field of higher secondary studies in the country in the last 15 years. Colleges, the number of which is growing by the day, have helped enhance the quality of education. Similarly students have more choices. <br />
	<br />
	<strong><br />
	What is your take on the impact of ranking of colleges? </strong><br />
	<br />
	It is a good initiative. Earlier, the ratings were only based on grades. However, this event was organised with a holistic approach. Such events give good platforms for colleges.<br />
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1013',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1149',
			'article_category_id' => '145',
			'title' => 'Awards Like This Motivate Us To Become More Responsible',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<strong><strong><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;
mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:
&quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi">Overall Best : <br />
	</span></strong></strong></p>
<p>
	<strong><br />
	</strong><br />
	<strong>GoldenGate College<br />
	</strong><br />
	E stablished in 2007, GoldenGate College continues to grow from strength to strength and make its mark as one of the best educational institutions in Nepal. <br />
	The college offers six Masters and 13 Bachelors programmes affiliated to Tribhuvan University, Nepal. The college is associated with Advanced Engineering and Management College (AEMC) and GoldenGate Professional Academy (GGPA). <br />
	<br />
	It offers professional courses in Engineering and Chartered Accountancy. The college also offers the +2 courses affiliated to the Higher Secondary Education Board, Nepal. The college is planning to introduce new courses/programmes in the days to come. The programmes in the pipeline are Bachelors in Business Administration (BBA), Bachelor in Information Management (BIM), MSc in Chemistry and MA in Peace, Conflict and Development. <br />
	<br />
	Currently, around 135 teachers have been working in the science faculty whereas there are 98 in management and 25 in humanities stream. The college has 13 different labs. <br />
	Students of the college have shown outstanding performance in Extra Curricular Activities (ECA) such as sports, fine art and music. The pass percentage of the students from this college stands at 92 percent in the past three years. <br />
	<br />
	The college also offers scholarship schemes for deserving and needy students in various categories. The college has been organising separate classes for those students whose performance in the exam is comparatively weak. The college has well-stocked library with 15,000 books.<br />
	<br />
	<br />
	<img alt="" border="1" height="245" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ramesh.jpg" vspace="10" width="200" /><br />
	<strong>Ramesh Silwal <br />
	CEO, GoldenGate College</strong><br />
	<br />
	<br />
	<br />
	<strong>How do you feel on winning the award? <br />
	</strong><br />
	We are happy and proud. We feel that we must now live up to our name. Awards like this motivate us to become more responsible towards our duty. We have realized that to maintain our position, we need to emphasise more on providing quality education to our students. We accept the challenge to move ahead to transform the college into a university. <br />
	<br />
	<strong><br />
	What are three things that helped your college secure the number one position? </strong><br />
	<br />
	We have a clear vision. We have an excellent management team and world-class infrastructure. The performances of our students in the academic and extracurricular activities speak for themselves. All this has helped us secure the top position. <br />
	<br />
	<br />
	<strong>What do you think will be the impact of ranking programmes like this on the education sector? </strong><br />
	<br />
	The ranking programme is unique and different from others as it is very holitistic. New Business Age’s initiative in this regard is really praise-worthy. Such rankings help us know about our own weaknesses and strengths. Events such as these will definitely help the overall development of the education sector in the days to come. <br />
	<br />
	<br />
	<br />
	<strong>What are your suggestions for the overall improvement of colleges? </strong><br />
	<br />
	Schools should take the initiative to develop themselves and teach students ways to address the current scenario and challenges. Education must make students capable of handling all of what life may throw at them.<br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1012',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 60]
Code Context
//    $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '1647',
			'article_category_id' => '145',
			'title' => 'Climate Change Impacts And National Development Agendas',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Krishna Prasad Sigdel" src="/userfiles/images/KPS.jpg" style="width: 100px; height: 112px;" /></div>
<div>
	<strong>--By Krishna Prasad Sigdel</strong></div>
<div>
	&nbsp;</div>
<div>
	The Climate Change Risk Atlas 2010 ranked Nepal as the 4th most vulnerable country worldwide out of 170 countries. More than 10,000 people have died in last ten years due to natural calamity in the mid and far west of Nepal. Alarmingly, the overall greenhouse gas emission in Nepal is amongst the least in the world. If things continue like this then it will have a significant impact and make this country prone to natural disasters causing threats to its natural ecosystems, forests and biodiversity, livelihoods, and public health.</div>
<div>
	&nbsp;</div>
<div>
	Those who are poor and belong to the marginalized communities will be the worst sufferer due to its (climate change) impact. Nepal is one of the least developed countries and we all know that its climate is affected by the Himalaya mountain range as well as South Asian monsoon. Its fragile geological conditions, steep sloping terrains, presence of Himalayas and glacier lakes became a concern for the environmentalists.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Major impacts of climate change in Nepal</span></strong></div>
<div>
	Over the years landslides and flood are increasing due to climate change, which leading to an abnormal rainfall. The noticeable impact of climate change is the rapid retreat of glacial and formation of glacier lakes.</div>
<div>
	&nbsp;</div>
<div>
	Thousands of people are living in the danger zone and a major disaster is waiting to happen due Glacial Lake Outburst Flood (GLOF). There are 3,252 glacial lakes in Nepal and 21 GLOF incidents already occurred. Thirteen of these took place between 1964 and 1988; among them nine occurred in the Tibetan autonomous region (China).</div>
<div>
	&nbsp;</div>
<div>
	The latter took place along the trans-boundary Rivers like, Trishuli, Arun and Sunkoshi in Nepal. In 1981 GLOF damaged the Sunkoshi hydropower plant and many houses were washed away. In 1985, a similar event gulped three persons, one hydropower plant, 14 bridges and 35 houses along the Dudh Koshi River.</div>
<div>
	&nbsp;</div>
<div>
	Nepal has a potential of 83,000 MW hydro-powers but unfortunately despite having the potential, the country is generating only 703 MW due to many issues. In Nepal most of the plants are running on Run-of-the-river hydroelectricity (ROR) technology, with no associated storage dams, making them vulnerable to stream-flow variability. Because of discharge fluctuation and increase in sediment load, the hydropower will significantly be affected by the impact of climate change.</div>
<div>
	&nbsp;</div>
<div>
	The Himalaya in Nepal is geologically active and having a peculiar meteorological condition where both the rainfall and river flow vary tremendously in both time and space, make the landscape vulnerable to water-induced disasters.</div>
<div>
	&nbsp;</div>
<div>
	Along with its vulnerability, development activities and rise in population have caused destabilization of land resources. These factors include human activities such as deforestation, cultivation of marginal land, and construction of the roads in the hilly regions and encroachment of flood plains.</div>
<div>
	&nbsp;</div>
<div>
	In June 2013, few people went on missing and over 50 houses including government offices have been swept away after the swollen Mahakali River rampaged through Darchula district headquarters Khalanga. Such frequent incidents are clear indication that it&rsquo;s time to stress upon the issues involving experts and scientists across the world.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is rich in biodiversity where there is no dearth of endangered species and plant. As per the recent report of SAGUN, 2009, doubling of the atmospheric CO2 &nbsp; concentration will reduce Nepal&rsquo;s forest types from 15 to 12, and habitats and ecosystems will also be destroyed. Climate change will also affect the productivity of natural eco systems, particularly provision of environmental services, rising temperatures, glacier retreat and changes in and water availability lead to changes in natural biodiversity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Climate change will ruin the livelihoods of poor people by damaging their livelihood assets. They are vulnerable to the loss of physical capital in terms of shelter and infrastructure, while malnutrition and diseases when it comes to human capital.</div>
<div>
	&nbsp;</div>
<div>
	It will also leave an irreparable impact on social and financial capital through displacement of communities, natural capital through loss of productivity in agriculture, fisheries, frequent disasters and lower income. Degradation of livelihoods by climate change will thus leave poor people with fewer assets damaging their capacity to with stand shocks and stresses. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	To sum up, climate has induced the water stress which is affecting the biodiversity, fresh water resources, agricultural productivity, malnutrition, health and sanitation. The shortage of rainfall at one part and intensified monsoon on the other part are creating hundreds of different environmental refugees. Such hazards are not only causing damage and loss of human lives and property; but also undermine development progress in Nepal, finally putting the achievement of the Millennium Development Goals (MDGs) at risk. The state of natural hazards like, land slide, flood and drought are of great concern for infrastructure planning, designing, constructing and monitoring.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">NAPA to LAPA&nbsp;</span></strong></div>
<div>
	The Government of Nepal has issued the Climate Change Policy, 2011 to mainstream climate change activities in the development programs and projects. The policy has focused primarily on inter alia, on climate adaptation, resilient and low carbon development path and climate-friendly resources management to minimize impacts of climate change in the country. The policy has also urged to spend over 80 percent of the total fund received in the field level. In addition, the Government of Nepal implemented National Adaptation Programme of Action (NAPA) to climate change in 2010. It is an important priority and a starting point for vulnerability reduction in climate sensitivity sectors and sub-regions in Nepal. Nepal has also implemented Local Adaptation Program of Action (LAPA) to promote community-based adaptation through integrated management of agriculture, water, forest and biodiversity; building and enhancing adaptive capacity of vulnerable communities through improved system and access to service for agricultural development and so on.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">The Ways Ahead,</span></strong></div>
<div>
	Ice has broken to implement climate change regime in Nepal as climate change is the national development agenda. In order to benefit from climate regime, and reduce adverse impacts of climate change, Nepal sees the urgency of implementing National Adaptation Program of Action (NAPA) through new and additional financing. In Nepal, strong political will exists on climate change. Several institutions have been involved in climate change should double or quadruple their activities to address the adverse impacts of climate change. It seems that options and opportunities exist to have the fresh fruits before being rotten. In a nut shell, opportunities exist to benefit from economic implication of climate change regime if we act together through common understanding in major issues.&nbsp;</div>
<div>
	<em>(Writer is an Ecologist and can be contacted at kpsigdel@gmail.com)</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-19',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Climate change will ruin the livelihoods of poor people by damaging their livelihood assets.They are vulnerable to the loss of physical capital in terms of shelter and infrastructure.',
			'sortorder' => '1508',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1603',
			'article_category_id' => '145',
			'title' => 'Non-Tariff Barriers Posing Challenge For SAARC',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By R.B. Rauniar&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Global experience shows that non-tariff issues are emerging as major barriers to trade in goods and services across borders. With MFN tariffs coming down, issues of NTBs are gaining importance in South Asia too along with the rest of the world. Whilst SAFTA has made some headway in moving towards duty-free access for tradable goods, NTB issues have tended to remain relatively less addressed within the context of the SAARC.</div>
<div>
	&nbsp;</div>
<div>
	If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed adequately since NTBs pose one of the major challenges for SAARC in context of strengthened regional economic and trade cooperation.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Definition of Non-Tariff Measure (NTM)</span></strong></div>
<div>
	Policy measures other than border tariffs that affect trade in goods, services, and factors of production are referred to as Non-tariff measures (NTMs). According to the United Nations Conference on Trade and Development (UNCTAD), classification of NTBs falls into six broad categories:&nbsp;</div>
<div>
	1.<span class="Apple-tab-span" style="white-space:pre"> </span>Specific Limitations on Trade: Import Licensing requirements, Proportion restrictions of foreign to domestic goods (local content requirements), Minimum import price limits, Embargoes&nbsp;</div>
<div>
	2.<span class="Apple-tab-span" style="white-space:pre"> </span>Customs and Administrative Entry Procedures: Valuation systems, Anti-dumping practices, Tariff classifications, Documentation requirements, Fees</div>
<div>
	3.<span class="Apple-tab-span" style="white-space:pre"> </span>Standards: Standard disparities, Intergovernmental acceptances of testing methods and standards, Packaging, labeling, and marking</div>
<div>
	4.<span class="Apple-tab-span" style="white-space:pre"> </span>Government Participation in Trade: Government procurement policies, Export subsidies, countervailing duties, Domestic assistance programs</div>
<div>
	5.<span class="Apple-tab-span" style="white-space:pre"> </span>Charges on imports: Prior import deposit subsidies, Administrative fees, Special supplementary duties, Import credit discrimination, Variable levies, Border taxes</div>
<div>
	6.<span class="Apple-tab-span" style="white-space:pre"> </span>Others: Voluntary export restraints, Orderly marketing agreements</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Non-Tariff Barriers in SAARC</span></strong></div>
<div>
	Trade officials of South Asian nations often points out non-tariff barriers as the major obstacles in intra-regional trade. Despite tremendous trade potentials within the South Asia region, lack of trade infrastructures, complicated customs procedures and certification on quality of goods have been creating roadblocks in the process of regional trade enhancement. Some of the pertaining issues regarding NTB are lack of border infrastructure and traffic planning, problem of land ports at the border and lack of cross border transport agreements among SAARC countries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Some studies found that a 50 per cent reduction in time of export can generate benefits equivalent to 4 per cent GDP of SA- LDCs. Further, due to lack of through-transport movement, formidable transport inefficiencies exist at the interface.</div>
<div>
	&nbsp;</div>
<div>
	In view of the SAFAS, there is a possibility that NTBs will also emerge with regard to services trade in future:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Thresholds on the total value of service transactions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Restrictions on the number of service operations</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the number of natural persons to be employed in case of supply for a particular service</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Measures which force a service supplier to supply a service through a particular set of legal means</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the percentage share of foreign investment, which may be accounted for by foreign shareholders&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Dispute Settlement Mechanism</span></strong></div>
<div>
	The SAFTA Agreement stipulates formation of the Committee of Experts (CoE) to deal with NTB issues. The work of the CoE is carried out in the following manner:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The Contracting States notifies the SAARC Secretariat of all non-tariff and para-tariff measures imposed on their exports on an annual basis</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The measures are then reviewed by the CoE, established under Article 10, in its regular meetings, to examine their compatibility with relevant WTO provisions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The CoE then recommends the elimination or implementation of the measure in the least trade restrictive manner in order to facilitate intra- SAARC trade</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Member countries submit their complains in sub-group meetings on non-tariff barriers; responding countries give their responses; a majority of notifications and complaints are being dealt through bilateral negotiations.</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Whilst the SAFTA stipulates that CoE would act as the DSB for the purpose of settling NTB related disputes. In majority of the cases RTAs such as EU and NAFTA tend to follow the WTO DSM mechanism whilst ASEAN&rsquo;s DSM is somewhat different.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Policy Recommendations</strong></span></div>
<div>
	A majority of NTBs and perceived NTBs relate to SPS-TBT, and health-hygiene related standards. Many of these concern national standards. The best way to go forward would be to :&nbsp;</div>
<div>
	a)<span class="Apple-tab-span" style="white-space:pre"> </span>Ensure that these are not country-specific but of general/common nature</div>
<div>
	b)<span class="Apple-tab-span" style="white-space:pre"> </span>Ascertain that whether the requirements are beyond internationally recognised standards e.g. Codex plus;&nbsp;</div>
<div>
	c)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthen national standard setting institutions to meet compliance requirement;&nbsp;</div>
<div>
	d)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthening of technical laboratories, standardisation, testing, quality management, certification authorities and inspection bodies, which ought to be perceived as an investment priority by the SAARC members;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Mutual Recognition Agreements (MRAs)</span></strong></div>
<div>
	Developing MRAs is also critically important for delivery of services particularly through Mode 4 (Movement of Natural Persons). Lack of recognition of qualifications, skills, or experience is one of the most common barriers affecting Mode 4 (Chanda 2005).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, a targeted programme needs to be designed to facilitate cross-border trade through development of border infrastructure, and if required, coordination of infrastructure development at border points;</div>
<div>
	(a)<span class="Apple-tab-span" style="white-space:pre"> </span>harmonization of customs rules and regulations, valuations and customs procedures;&nbsp;</div>
<div>
	(b)<span class="Apple-tab-span" style="white-space:pre"> </span>building of capacities to deal with the most prevalent SPS-TBT related NTBs at particular border points</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Conclusion</span></strong></div>
<div>
	Given the lowering of classical import barriers such as tariffs, non-tariff measures (NTMs) are becoming an increasingly important instrument governments use to safeguard domestic societal concerns. Between January 1995 and October 2011, 10,366 regular and emergency measures had been notified to the WTO. According to WTO, 2010 saw the largest number of notifications in a single year so far, at 1,436.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	SAARC countries should realize the need of customs reform, improvement of trade infrastructure, removal of visa barrier for business people, simplification in movement of goods as well as vehicles, and improved facilities for warehousing of trade goods to pave the way for greater trade within the region.</div>
<div>
	(Writer is Executive Committee member of SAARC Chamber of Commerce &amp; Industry (SCCI). He can be contacted at rauniar@mos.com.np)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-12',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed.',
			'sortorder' => '1464',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1556',
			'article_category_id' => '145',
			'title' => 'Private Sector Demands On PDA Draft',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong style="font-size: 12px;">--By Khadk Bahadur Bisht</strong></div>
<div>
	&nbsp;</div>
<div>
	Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA) with the government while Foreign banks&rsquo; hesitate to invest in hydropower in the absence of government commitment. Promoters have been demanding for security from the government due to high risks associated with this sector and drafting the PDA is closely related to this.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	It was initially known as &lsquo;Project Agreement&rsquo; (PA). The term was later changed to Project Development Agreement (PDA). The PDA draft was initiated after immense pressure from the developers. However, the present draft has been criticised for not being bankable.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Promoters of big projects had applied for PDA in 2010 when there was no Investment Board. After the board was established, the government decided to adopt the practice, whereby the projects 500MW or above came under the responsibility of the Investment Board.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similar contracts between the government and investors are prevalent in countries like Canada and Australia. PDA is meant to .. the risks and returns between the government and the investors as neither of them can bear all of the risks alone.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Investment Board started to draft the PDA according to investment polices of foreign banks. Meanwhile, the government decided to bring even projects with capacities below 500 MW under the purview of the PDA. Ministry of Energy thus drafted a separate PDA. The risks are almost the same even in 499 MW projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although the objectives are similar, there are differences between the draft presented by the board and that by the Ministry of Energy. Fundamental differences are seen between the ministry&rsquo;s draft two years ago and its draft today. The previous thinking was that only foreign developers needed the PDA.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Policy stability is a must for hydropower projects and this is one reason why the private sector has begun to pressure the government for PDA. They fear that if the government increases the rate of VAT, the project cost will go up enormously.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	On the other hand, if the bank sees low possibility of pay back, it may stop releasing even the sanctioned funds, this jeopardising the project. Investors have therefore demanded that a PDA should be made mandatory for projects with capacities less than 500MW.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Recently, the Independent Power Producers&rsquo; Association, Nepal (IPPAN) had reviewed the PDA draft formulated for lower capacity hydropower projects. We have been raising demands that the PDA should be in line with international standards. That is, the notion of give-and-take should be articulated well in the document.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Failure of the government to issue the permission on time is one of the main reasons for delay in project implementation. The government has to approve the Environmental Impact Assessment (EIA) on time. Similarly, it has the responsibility of facilitating promoters at various levels where they face hurdles such as at the local level created by forestry users and by taxes levied on sand, stone aggregates and inland, cargo transportation, among others.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There has been doubt among private investors regarding inconsistency in law and the tax structure. The government should investors from frequent changes in policy and should pledge to bear all risks if generated by such abrupt change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Force majeure provision of another point of contention. Force majeure prevails when the situation is out of control of the developer such as in case of natural calamity. But in Nepal, government action is major such situation.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, we have differences on various issues including lender rights and rights on water, among others. The draft is ambiguous on such issues and we want clarity for long term investment.&nbsp;</div>
<div>
	(Bisht is Vice President at Independent Power Producers&rsquo; Association, Nepal (IPPAN))</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-05',
			'modified' => '2013-08-05',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA)',
			'sortorder' => '1417',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1511',
			'article_category_id' => '145',
			'title' => 'The Next Social Contract',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Kemal Derviş" src="/userfiles/images/Kemal%20Dervi%C5%9F.jpg" style="width: 100px; height: 112px; margin: 5px;" /></div>
<div>
	<strong>By Kemal Derviş</strong></div>
<div>
	&nbsp;</div>
<div>
	Around the world nowadays, persistent unemployment, skill mismatches, and retirement frameworks have become central to fiscal policy &ndash; and to the often-fierce political debates that surround it. The advanced countries are facing an immediate &ldquo;aging&rdquo; problem, but most of the emerging economies are also in the midst of a demographic transition that will result in an age structure similar to that of the advanced economies &ndash; that is, an inverted pyramid &ndash; in just two or three decades. Indeed, China will get there much sooner.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Multiple problems affect employment. Weak demand in the aftermath of the global financial crisis that began in 2008 remains a key factor in Europe, the United States, and Japan. But longer-term structural issues are weighing down labor markets as well.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Most important, globalization results in a continuous shift of comparative advantage, creating serious adjustment problems as employment created in new activities does not necessarily compensate for the loss of jobs in old ones. In any case, most new jobs require different skills, implying that workers losing their jobs in dying industries have little hope of finding another one.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moreover, technological progress is becoming ever more &ldquo;labor-saving,&rdquo; with computers and robots replacing human workers in settings ranging from supermarkets to automobile assembly lines. Given the volatile macroeconomic outlook, many firms are reluctant to hire new workers, leading to high youth unemployment throughout the world.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	At the same time, aging &ndash; and the associated cost of health care for the elderly &ndash; constitutes the main fiscal challenge in maturing societies. By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Marginal changes to existing arrangements are unlikely to be sufficient to respond to technological forces, reduce social tensions and young people&rsquo;s fears, or address growing fiscal burdens. A radical reassessment of work, skill formation, retirement, and leisure is needed, with several principles forming the core of any comprehensive reform.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	For starters, skill formation and development must become a life-long process, starting with formal schooling, but continuing through on-the-job training and intervals of full-time education at different points in life. Special youth insertion programs should become a normal part of public support for employment and career formation, with exemption from social-security contributions for the first one or two years of employment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A second principle is that retirement should be a gradual process. People could work an average of 1,800-2,000 hours per year until they reach their 50&rsquo;s, taper off to 1,300-1,500 hours in their early 60&rsquo;s, and move toward the 500-1,000 range as they approach 70. A hospital nurse, an airplane crew member, or a secondary-school teacher, for example, could work five days a week until her late fifties, four days a week until age 62, three days until age 65, and perhaps two days until age 70.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Employers and workers should negotiate such flexibility, but they should do so with incentives and financial support from government &ndash; for example, variable social-security and income taxes. Paid holidays can be 3-4 weeks until age 45, gradually increasing to 7-8 weeks in one&rsquo;s late 60&rsquo;s. Maternity and paternity leave should be increased where it is low, such as in the United States.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Public policies should also encourage greater scope for individual choice. For example, every ten years, a worker should be able to engage in a year of formal learning, with one-third of the cost paid by the employer, one-third by public funds, and one-third by personal savings (these proportions could vary by income bracket).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The overall objective should be a society in which, health permitting, citizens work and pay taxes until close to the age of 70, but less intensively with advancing age and in a flexible manner that reflects individual circumstances. In fact, gradual and flexible retirement would in many cases benefit not only employers and governments, but also workers themselves, because continued occupational engagement is often a source of personal satisfaction and emotionally enriching social interaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Using the Gallup World Poll, my colleagues at the Brookings Institution in Washington, DC, Carol Graham and Milena Nikolova, have found that the happiest cohorts are those who work part-time voluntarily. In exchange for longer work lives, citizens would have more time for both leisure and skill formation throughout their lives, with positive effects on productivity and life satisfaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The new social contract for the first half of the twenty-first century must be one that combines fiscal realism, significant room for individual preferences, and strong social solidarity and protection against shocks stemming from personal circumstances or a volatile economy. Many countries are taking steps in this direction. They are too timid. We need a comprehensive and revolutionary reframing of education, work, retirement, and leisure time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Vice President of the Brookings Institution.)&nbsp;</em></div>
<div>
	<em>&nbsp; &nbsp;Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-29',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.',
			'sortorder' => '1372',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1421',
			'article_category_id' => '145',
			'title' => 'The Right Green Industrial Policies',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By Dani Rodrik</span></strong></div>
<div>
	&nbsp;</div>
<div>
	The future of our planet depends on the world economy&rsquo;s rapid transition to &ldquo;green growth&rdquo; &ndash; modes of production based on clean technologies that significantly reduce emissions of carbon dioxide and other greenhouse gases. Yet carbon remains badly mispriced, owing to fossil-fuel subsidies and the absence of tax revenues needed to address the global externalities of climate change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this context, subsidies that promote the development of green technologies &ndash; wind, solar, bio-energy, geothermal, hydrogen, and fuel-cell technologies, among others &ndash; are doubly important. First, they nudge pioneers to invest in uncertain, risky ventures, with the resulting research-and-development efforts generating highly valuable social benefits. Second, they counter the effects of carbon mispricing on the direction of technological change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	These two considerations provide mutually reinforcing reasons for governments to nurture and support green technologies. Such support has, in fact, become extensive, both in advanced and emerging economies. Look around these economies and you will find a bewildering array of government initiatives designed to encourage renewable-energy use and stimulate green-technology investment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although full pricing of carbon would be a far better way to address climate change, most governments apparently prefer to rely on subsidies and regulations that increase the profitability of investments in renewable energy. Often, the authorities&rsquo; motive seems to be to give domestic industries a leg up in global competition.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Normally, we would consider these competitive motives to be beggar-thy-neighbor in nature. Market-share considerations are zero-sum from a global standpoint in traditional industries, and any resources invested in generating national gains come at the cost of global losses.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	But in the context of green growth, national efforts to boost domestic green industries can be globally desirable, even if the motives are parochial and commercial. When cross-border spillovers militate against taxing carbon and subsidizing technological development in clean industries, boosting green industries for competitive reasons is a good thing, not a bad thing.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opponents of industrial policy rely on two arguments. The first is that governments do not have the information needed to make the right choices about which firms or industries to support. The second is that once governments are in the business of supporting a particular industry, they become vulnerable to rent-seeking and political manipulation by well-connected firms and lobbyists. In the United States, the 2011 bankruptcy of Solyndra &ndash; a solar cell manufacturer that folded after having received more than a half-billion dollars in government loan guarantees &ndash;seems to illustrate both failures.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In reality, the first of these arguments &ndash; lack of omniscience &ndash; is largely irrelevant, while the rent-seeking problem can be overcome with appropriate institutional design. Good industrial policy does not rely on governments&rsquo; omniscience and ability to pick winners; indeed, failures are an inevitable and necessary part of a well-designed program.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	While it is too early to reach a conclusive verdict on the US loan-guarantee program, it is clear that the Solyndra case cannot be properly evaluated without taking into account the many successes that the program has spawned. Tesla Motors, which received a $465 million loan guarantee in 2009, has seen its shares soar and has repaid its loan early. An evaluation of US Department of Energy efficiency programs found that the net benefits amounted to $30 billion &ndash; an excellent return for an investment of roughly $7 billion over 22 years (in 1999 dollars). Interestingly, much of the positive impact resulted from three relatively modest projects in the building sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Intelligent industrial policy requires mechanisms that recognize errors and revise strategies accordingly. Clear objectives, measurable targets, close monitoring, proper evaluation, well-designed rules, and professionalism provide useful institutional safeguards. As challenging as applying them may be, they constitute a much less formidable requirement than that of picking winners. Moreover, an explicit industrial policy &ndash; conducted self-consciously and designed with pitfalls in mind &ndash; is more likely to overcome the typical informational and political barriers than one that is implemented surreptitiously, as is too often the case.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention. Fortunately, this is the exception rather than the rule for green industrial policy. Trade restrictions have so far played a small role relative to subsidies to domestic industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In practice, we are unlikely to get purely green industrial policy, which would focus solely on the development and diffusion of green technologies while excluding considerations of competitiveness, commercial gain, and employment growth. Indirect but politically salient objectives such as &ldquo;green jobs&rdquo; will most likely continue to present a more attractive platform for promoting industrial policy than alternative energy or clean technologies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	From a global standpoint, it would be far better if concerns about national competitiveness were to lead to a subsidy war, which expands the global supply of clean technologies, rather than a tariff war, which restricts it. So far, we have been getting the former, though there is no way to determine whether, or for how long, this trend will continue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:11px;"><em>(Dani Rodrik, Professor of Social Science at the Institute for Advanced Study, is the author of The Globalization Paradox: Democracy and the Future of the World Economy.)&nbsp;</em></span></div>
<div>
	&nbsp;</div>
<div>
	<em>Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-15',
			'modified' => '2013-07-15',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention.',
			'sortorder' => '1283',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1352',
			'article_category_id' => '145',
			'title' => 'Need To Unveil Forward Looking Economic Policy Agenda',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Dr Dilli Raj Khanal</span></strong></p>
<p>
	Many people citing steady reduction in consumption-based poverty amidst trade and finance-induced economic activities together with some progress in education and health services including limited expansion in physical infrastructure facilities, think that businesses as usual discourse grounded on ongoing but failed globally dominant economic regime is best suited for Nepal’s advancement. Such a view apparently has received added impetus in the present governance setting. As such, viewing problems primarily through technical lence, that too without reference to Nepalis initial conditions, some minor change in the policies wherever necessary is advocated. Such thinking, at first, derecognizes the role and contribution of the perpetuated underdevelopment and contemporary state of the economy in the historical political change of 2006. As a corollary, the asymmetrical tendency between realization of limited successes as stated above (that too driven primarily by remittances) and deepening problems of low growth and jobless trap amidst high inflation, exclusive and non-sustainable nature of development and, above all, the burgeoning external dependency multiplying the vulnerability of the Nepalis economy, is almost fully undermined. Such a tendency, if persists for long, may have more pervasive and wide-ranging devastating impact on the Nepalis economy in the coming days.&nbsp;</p>
<p>
	As is well known, in Nepal the entire macroeconomic policies are revolving around economic stabilization since mid 1980s. Very liberal and open up policies that are continuously being pushed are grounded on it. Undeniably, economic stabilization is a precondition for creating entrepreneurial and business environment and thereby embarking on the path to sustainable development. But Nepal’s experience indicates that this is not a sufficient condition and hence what matters is how that stabilization objective has been achieved. It is ironical that amidst maintenance of fiscal balance through tight fiscal policy the share of capital expenditure in total government expenditure has gone down below 15 percent and it is further declining. This means that the balance has been maintained simply at the cost of jeopardizing fiscal role of the government which is supposed to play catalyst task of augmenting productive capacity of the economy. The problem in monetary front is perhaps more serious.&nbsp;</p>
<p>
	Tight monetary policy which deliberately escapes from growth enhancing role has also dismally failed to contain prices as well as maintain balance of payment.&nbsp;</p>
<p>
	Instead, by contributing to unproductive investment-led non-tradable economic activities amidst massive inflow of remittances, it has helped deceleration of production sectors (agriculture and industry), thereby establishing a culture of trade not production. This has led to, among others, destabilization in external trade and payments fronts.&nbsp;</p>
<p>
	Today, the trade deficit has reached alarmingly level, surpassing 28 percent of GDP which is hardly observed around the globe.&nbsp;</p>
<p>
	Amidst immature frequent decisions grounded simply on instant technical reasoning, poor prudential regulations, weak control and monitoring mechanism, inefficiency-led financial instability and increased fraud are raising high risk in the entire banking system. The institutionally driven exclusionary practices encouraging lending activities in certain urban centers and in (that too catering limited business houses and companies) is another paradox of monetary policy under business as usual principle.&nbsp;</p>
<p>
	Another fundamental flaw is that the business as usual discourse presumes trickle downing or spill over effects. Hence identification of linkages or transmission mechanisms through which macro and sectoral policies could play both catalyst and complementary role each simultaneously are either ignored or treated in isolation. In this context increased evidences show (apart from policies linked to tax structure), quality of both public and private investment, policies in the areas of exchange rate, finance, industry, trade and business services together with their institutional and governance dimension become critically important.&nbsp;</p>
<p>
	In Nepal’s specific condition, given the tremendous potentiality and competitive advantages of sectors like agriculture, energy, tourism and richness in biodiversity, interlinking of macro and sectoral policies in an economy-wide frame ensuring comprehensiveness becomes critically important. Here again the micro dimension comes to the forefront in which area-specific policy incentive backed by a strategy of providing basic infrastructure and other facilities under the broad macro, sectoral and interlinked micro policy setting, becomes critically important. A policy of value chain through institutional or organizational structure from the grass roots in an integrated manner has emerged the best alternative as successes of many countries in expanding the domestic production base of the economy and enhancing sustainable growth, indicate. This means that simultaneous consideration from both horizontal and vertical dimension becomes utmost important which is lacking in the present economic policy discourse.&nbsp;</p>
<p>
	In view of all these, time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way. There is a need of maximum use of our entrepreneurial capability accompanied by development and unleashing of productive forces. Grounded on the existing characteristics of the economy and identification of underlying reasons, a comprehensive forward looking economic policy agenda backed by institutional setups and arrangements must be framed and introduced with utmost priority by involving various stakeholders and other catalyst forces for a new economic discourse that could contribute to enhance productive base of the economy and augment societal transformation in a dynamic way. As such, time has come to engage in much needed concrete agenda rather than repeating simply rhetoric.&nbsp;</p>
<p>
	<em><span style="font-size:11px;">(Dr khanal, is a former member of the National Planning Commission.)</span></em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way.',
			'sortorder' => '1214',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1266',
			'article_category_id' => '145',
			'title' => 'Desirable Fiscal Innovations @ 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 12px;">--</span><strong style="font-size: 12px;">By Madhukar SJB Rana</strong></p>
<p>
	<span style="font-size: 12px;">It is necessary to bring a unified legislation for budgetary limits to executive powers and the manner of accountability (of Ministers and Bureaucrats separately) along with procedures for maintaining transparency, providing data and analysis for enlightened debate and discourse in Parliament as well, monitored by the Parliamentary Committee on Finance. A rough draft Act was submitted by this author in late 2003. This now needs to be addressed for its pros and cons, needs and adequacy and promulgated by an Ordinance after due deliberations. The Korean and Indian legislations are very good examples for examining and drawing upon lessons. A desirable administrative innovation would be for all Senior Executives in the Ministry to enter into Management Performance Contract with the Minister and be accountable (a) to Minister for execution of Policies and Budget/s as per targets and (b) furthermore, the Secretary and Director Generals to be uniquely accountable to Parliament for omissions and commissions in the execution of the Financial Acts in their jurisdiction, and pursuance of the Directives and Recommendations of the Auditor General. This way the rule of the law will be safeguarded and thus, financial propriety will be advanced significantly.</span></p>
<p>
	<strong>Strengthen Revenue Forecasting &amp; Analysis&nbsp;</strong></p>
<p>
	Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.&nbsp;</p>
<p>
	These revenue forecasts must be made at the macro meso (functional) and micro (tax office) levels to obtain the fullest comprehension of the revenue potential based on the national and local economic structures. Local Tax Offices therefore, need, to be provided with simple forecasting models as instruments with which they can estimate the revenue potential of each district by total and type of taxes and other levies. Maximum effort should be made to garner ICT and GIS technologies locally. Local Tax Administrators should be duly encouraged, recognized and rewarded for such innovations.&nbsp;</p>
<p>
	Such knowledge will improve the budgetary process with a solid framework (at both the national and local levels) as plan in Nepal are not built around sophisticated, scientific estimates of expected revenues-- rather based on expenditures based on each ministry’s demand that are customarily inflated with simple ‘guesstimates’ for revenue based in past trends and probable inflation.&nbsp;</p>
<p>
	<strong>Reform Financial Administration Radically&nbsp;</strong></p>
<p>
	It can be underscored that along with financial and economic reforms, there is a need to restructure and re-engineer tax administration.&nbsp;</p>
<p>
	What is desired is the creation of Tax Authorities — rather than having Departments within the Ministry of Finance -- that are autonomous from the Ministry of Finance and made professional, free from political patronage. Such innovations in Peru and Zambia, for example, had revolutionary impact on resource mobilization where tax collection sky rocketed despite reducing the tax burden on the citizens!&nbsp;</p>
<p>
	This administrative reform will go a long way in creating the desirable ‘managerial civil service’ in Nepal and the revenue service cadres fully empowered and competent as tax professionalized to be able to mobilize up to 20% GDP as revenue by 2018. With this ratio of Revenue to GDP, foreign aid will not be calling the shots any longer: and we could have inclusive growth and development pursuing the national, rather than international, agenda.&nbsp;</p>
<p>
	When this happens, politics will take on a new meaning as party Manifestos will, then, be of worth and substance relying on national fiscal innovations rather than foreign aid-dictated policies and projects. More time and effort of the Ministry are spent to cater to the needs of foreign aid which contributes 3-4% of GDP only as compared to the private sectors that contribute 9-10% of the national economy with their suggestions for growth, employment and consumer protection.&nbsp;</p>
<p>
	<strong>Costing and Cost Control Modalities&nbsp;</strong></p>
<p>
	Another shortcoming in the budgetary process is the acute ineffectiveness of monitoring with a view to link the outputs with the inputs. This way financial and economic accountability will be more widened and deepened. The measurement of the efficiency, effectiveness as well as impact of the budget on a sector, program or project will be possible and will generate new policies from well grounded experience.</p>
<p>
	Eventually, as important sectors of the economy move toward a sector programming approach -- a veritable missing link in our planning process (due to the domination by the NPC and the ineffectiveness of the ministerial planning and coordination divisions) would be to innovate toward programme/performance budgeting for which costing studies and cost control mechanisms are vital innovations. When this will be achieved, no more will our planners be swamped by the irony of more P1 projects thanP2; and P2 than P3 ones! With very few of them being dropped to save the ‘face’, , of the ambassadors and their aid bureaucracies! We will be able to move rapidly towards the desired ‘managerial civil service’ alluded above—without which all dreams of double digit growth rates will remain mere naïve fantasies.</p>
<p>
	<strong>Lower Direct Taxes, Abolish VAT&nbsp;<span style="font-size: 12px;">Threshold, Raise Average VAT Rate&nbsp;</span><span style="font-size: 12px;">to 15% (but with Differential Rates&nbsp;</span><span style="font-size: 12px;">for Products and Services) and Levy&nbsp;</span><span style="font-size: 12px;">Agricultural Income Tax.</span></strong></p>
<p>
	Fine-tuning of taxation rates is necessary. Dividend tax should be abolished to encourage savings and investment. More retailers and wholesalers should be made to participate into the tax net and provided incentives must be provided to the local governments to mobilize the informal sector. Perhaps they may be allowed to levy, subject to central audit of the proceeds, a nominal turnover tax of say 0.5% of monthly turnover of local business not registered in PAN.&nbsp;</p>
<p>
	In order to advance fiscal devolution, agricultural income above Rs 200,000 per annum per household should also be taxed at 50% of the non-agricultural income tax. The proceeds should be 100% handed to the local governments at the ratio of 75% to the VDC and 25% to the DDC to make it politically palatable.</p>
<p>
	A massive public relations campaign should be engaged at the national level to motivate landlords-- the urban middle class self employed lawyers, doctors, engineers, consultants to pay their taxes. Tax brokers should be registered to guide tax payers and fill tax simplified returns.&nbsp;</p>
<p>
	<strong>Land Bank, FDI in Retail &amp; Resident Tourists&nbsp;</strong></p>
<p>
	Revisit the policy of Land Banks as a method for agriculture commercialization, including inviting FDI in retail trade and allowing foreigners to buy apartments as ‘resident tourists’.&nbsp;</p>
<p>
	<em>(Former Finance Minister Rana is currently a professor at SAIM)</em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.',
			'sortorder' => '1128',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1210',
			'article_category_id' => '145',
			'title' => 'Financial Innovations@2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><img alt="" height="178" src="https://lh4.googleusercontent.com/FKYmXpq2e4I_H926dsWLXD9QmLRg0pXsAldCeSCISR8=w174-h207-p-no" width="150" /><br />
	</strong></p>
<p>
	<strong>By Madhukar SJB Rana</strong></p>
<p>
	<strong>Promote Local Bond Markets through People-Public-Private Partnerships (4Ps) </strong></p>
<p>
	A national bond market is eminently needed to generate greater savings and investment for economic growth and employment, especially at the district/ municipal level through local initiatives. PPPP-projects that are commercially viable should be allowed to raise their capital by floating municipal bonds against firm pledges of fixed annual interest payments by the concerned people-public-private partnerships. This will provide ample opportunities for local banks and financial institutions to invest local savings locally— rather than sending them to Kathmandu (or elsewhere across the border).</p>
<p>
	To safeguard the interest of local banks and local financial institutions they should be represented on the Board of Directors, if they so desire, either as independent members in the said Board or as a separate body in the form of Executive Advisors representing the creditors duly empowered with veto rights over Board’s decisions-- but subject to Compulsory Arbitration in the event of disputes.</p>
<p>
	Naturally, when the national bond market is so under-developed it may be considered foolhardy to even think of local bond markets. Nevertheless, given the on-going global financial crisis, Nepal, along with all development nations, must begin to think out of the aid box, so to speak. Bond markets are a way out; just as negotiating ‘debt write offs’ with donors.</p>
<p>
	It is estimated that in South Asia only 20% of GDP is accounted for by South Asia’s bond market, as compared to 45% by equity markets and 35% by bank assets. Contrast this with South Korea whose bond market is 114% of GDP!</p>
<p>
	And why not this measure if one desires to arrest the informal capital outflows that never comeback and to tide over the idle dollars balance lying with the Nepal Rastra Bank to more productive uses? Long term financing is the need of the hour for investments in the acutely needed economic and social infrastructure in Nepal (e.g roads, railways, metros, hydro and solar energy, power lines, warehouses and cold storages, technological universities, resorts hotels, modern hospitals catering to health tourism, SEZs, EPVs, EPzs to promote exports and import substitution in manufacturing etc).</p>
<p>
	<strong>Promote Local Stock Markets through Private Venture Capital Companies </strong><br />
	State owned banks and financial institutions should be privatized as “it’s not the business of Nepal Government to do business”. Fears will naturally mount with employees of such institutions as to their future. The experience and skills in finance of those whose service will become redundant should be harnessed innovatively. A possible innovation is to create locally-based Venture Capital Companies (VCCs) to buy and sell equities of local businesses locally. In this way, proprietorships and partnerships can be upgraded into private or public limited companies gradually –and the informal sector encouraged to turn formal with new possibilities for debt and equity finance. These VCCs could also serve as business consulting enterprises to harness Nepal’s local entrepreneurial spirit from amidst all classes and castes.</p>
<p>
	These VCCs can be created as private or public limited companies jointly owned by shareholders (say national and local governments, banks and financial institutions, individual promoters and also its employees), who should raise their capital from their own investments in sufficient manner to be able to meet the cost of operations; as well as raise debt finance to the extent of 40% of equity holdings. This debt finance can be drawn from a National Venture Capital Fund (NVCF) initially created by the Ministry of Finance where interested companies should be required to submit competitive bids for the loan of the funds from NVCF.</p>
<p>
	It is expected that this innovation will help boost rural small industries and businesses as well as promote a culture of equity transactions that will contribute to stopping land fragmentation due to inheritance portioning. Through this financial innovation family members will see the benefit of equitization of their land holdings as commercial businesses (rather than engaging in partition of land into uneconomical parcels as now prevails to the detriment of the local economy).</p>
<p>
	<strong>Deepen Debt Market and Enhance Monetary Independence </strong></p>
<p>
	Three innovations are suggested: <br />
	(A) (1) Encourage lease finance (note: the fear of revenue loss must be weighed against the social costs of youth unemployment and alienation; further, the fact is that small businesses are not paying income taxes as yet) to benefit, in particular, the youth employment in the film, media and sports businesses; (2) small businesses engaged in logistic management—the structural weakness of a mountain economy ( in such areas as cold storage, warehouses, construction, auto-repair workshop that suffer from low productivity due to lack of capital investment and modern technology; (3) information technology (IT) businesses; (4) foreign employment loans and education loans for youth especially; (5) acceptance of second mortgage financing provision by banks and finance companies; and (6) allowing access to Indian stock and bond markets for investments as well as mobilizing Indian portfolio investments and FDI--- on a balanced basis , if need be, by each bank or FI to safeguard from net capital outflows.</p>
<p>
	(B) Negotiate with India to go into a managed flexible exchange rate system for the provision by them to Nepal of the required Indian Rupees credit to bring equilibrium in the balance of payments; hedge against currency speculation and deal with the likely inflationary impact on basic commodities on account of depreciation of Nrs through compensatory fiscal and monetary policies to subsidize imports and import substation agriculture production and industries. This will have the salutary impact by curtailing imports, promoting exports and further import substitution in the agriculture and manufacturing sector. Tourism will boom. Without an industrialization process, found mainly on forest and agro-industries, Nepal will not be able to be a modern developed economy: which it should strive to be by 2030 with 20% share of GDP.</p>
<p>
	(C) Government to refrain from creating an Asset Management Company in the public sector. It is bound to be self defeating and worse than the disease with the rampant graft and corruption that is guaranteed in such a state monopoly. As an alternative, encourage banks, with suitable incentives, to open their own private asset management companies for their asset securitization.</p>
<p>
	<strong>- (Former Finance Minister Rana is currently a professor at SAIM)</strong><br />
	 </p>',
			'published' => true,
			'created' => '2013-06-30',
			'modified' => '2013-06-30',
			'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'description' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'sortorder' => '1072',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1150',
			'article_category_id' => '145',
			'title' => 'Ace Nurtures Student’s Potential To Bring Out The Best',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<b><span style="font-size:16.0pt;line-height:115%;
mso-bidi-font-family:&quot;Century Gothic&quot;;color:#B11015">Overall </span></b><span style="font-size:16.0pt;line-height:115%;mso-bidi-font-family:&quot;Century Gothic&quot;;
color:#221E1F">Runner-Up </span></p>
<p>
	<br />
	 </p>
<p>
	<strong>Ace Higher Secondary School</strong><br />
	<br />
	<br />
	Ace Higher Secondary School, a conscientious learning centre where students rediscover themselves and learn to be thoughtful and responsible managers and leaders, was established in 1999. Established with the vision of enhancing capacity of individuals and institutions in Nepal to contribute to the nation’s development, Ace broke new ground by launching the first Executive MBA programme in Nepal in 1999 itself. Ace Institute’s MBA programme has acquired a distinguished reputation of being the most rigorous and fulfilling experience. <br />
	<br />
	The higher secondary programme of Ace Higher Secondary School, a spinoff of Ace Institute of Management, has established itself as students’ first choice programme in the management stream. In a short span of five years, Ace A-Level has distinguished itself from the crowd with its individual centered approach to learning and focus on management and social sciences stream only. <br />
	<br />
	<img alt="" border="1" height="77" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ace.jpg" vspace="10" width="400" /><br />
	<br />
	<strong>Other programmes offered by Ace include MBA, EMBA, BBA-BI, MBAe and ASH.</strong><br />
	<br />
	<strong><img alt="" border="1" height="209" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ashish.jpg" vspace="10" width="200" /><br />
	Aashish Tiwari <br />
	Director</strong><br />
	<br />
	<strong>second in the HSS ranking. What is your reaction to the recognition? </strong><br />
	<br />
	Ace College accepts the award with great gratitude and humility. I am thankful to New Business Age Pvt Ltd for granting this award to our college. <br />
	<br />
	<br />
	<strong>What are the top three priorities of your college? </strong><br />
	<br />
	At Ace, we lay a very strong foundation for the all-round development of students. It is not only the intellectual development of the students or the grades that matter. Ace nurtures every student’s potential and brings out the best in them. We try to focus on the weaknesses of our students and help them overcome them. Secondly, we treat our students with respect as all humans are born equal. Lastly, we believe that learning is a lifelong process. We want our students to not just focus on academics, but also experience the real world. <br />
	<br />
	<strong><br />
	How do you assess higher secondary education in Nepal? </strong><br />
	<br />
	There has been a sea change in the field of higher secondary studies in the country in the last 15 years. Colleges, the number of which is growing by the day, have helped enhance the quality of education. Similarly students have more choices. <br />
	<br />
	<strong><br />
	What is your take on the impact of ranking of colleges? </strong><br />
	<br />
	It is a good initiative. Earlier, the ratings were only based on grades. However, this event was organised with a holistic approach. Such events give good platforms for colleges.<br />
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1013',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1149',
			'article_category_id' => '145',
			'title' => 'Awards Like This Motivate Us To Become More Responsible',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<strong><strong><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;
mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:
&quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi">Overall Best : <br />
	</span></strong></strong></p>
<p>
	<strong><br />
	</strong><br />
	<strong>GoldenGate College<br />
	</strong><br />
	E stablished in 2007, GoldenGate College continues to grow from strength to strength and make its mark as one of the best educational institutions in Nepal. <br />
	The college offers six Masters and 13 Bachelors programmes affiliated to Tribhuvan University, Nepal. The college is associated with Advanced Engineering and Management College (AEMC) and GoldenGate Professional Academy (GGPA). <br />
	<br />
	It offers professional courses in Engineering and Chartered Accountancy. The college also offers the +2 courses affiliated to the Higher Secondary Education Board, Nepal. The college is planning to introduce new courses/programmes in the days to come. The programmes in the pipeline are Bachelors in Business Administration (BBA), Bachelor in Information Management (BIM), MSc in Chemistry and MA in Peace, Conflict and Development. <br />
	<br />
	Currently, around 135 teachers have been working in the science faculty whereas there are 98 in management and 25 in humanities stream. The college has 13 different labs. <br />
	Students of the college have shown outstanding performance in Extra Curricular Activities (ECA) such as sports, fine art and music. The pass percentage of the students from this college stands at 92 percent in the past three years. <br />
	<br />
	The college also offers scholarship schemes for deserving and needy students in various categories. The college has been organising separate classes for those students whose performance in the exam is comparatively weak. The college has well-stocked library with 15,000 books.<br />
	<br />
	<br />
	<img alt="" border="1" height="245" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ramesh.jpg" vspace="10" width="200" /><br />
	<strong>Ramesh Silwal <br />
	CEO, GoldenGate College</strong><br />
	<br />
	<br />
	<br />
	<strong>How do you feel on winning the award? <br />
	</strong><br />
	We are happy and proud. We feel that we must now live up to our name. Awards like this motivate us to become more responsible towards our duty. We have realized that to maintain our position, we need to emphasise more on providing quality education to our students. We accept the challenge to move ahead to transform the college into a university. <br />
	<br />
	<strong><br />
	What are three things that helped your college secure the number one position? </strong><br />
	<br />
	We have a clear vision. We have an excellent management team and world-class infrastructure. The performances of our students in the academic and extracurricular activities speak for themselves. All this has helped us secure the top position. <br />
	<br />
	<br />
	<strong>What do you think will be the impact of ranking programmes like this on the education sector? </strong><br />
	<br />
	The ranking programme is unique and different from others as it is very holitistic. New Business Age’s initiative in this regard is really praise-worthy. Such rankings help us know about our own weaknesses and strengths. Events such as these will definitely help the overall development of the education sector in the days to come. <br />
	<br />
	<br />
	<br />
	<strong>What are your suggestions for the overall improvement of colleges? </strong><br />
	<br />
	Schools should take the initiative to develop themselves and teach students ways to address the current scenario and challenges. Education must make students capable of handling all of what life may throw at them.<br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1012',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]
Code Context
  //  $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '1647',
			'article_category_id' => '145',
			'title' => 'Climate Change Impacts And National Development Agendas',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Krishna Prasad Sigdel" src="/userfiles/images/KPS.jpg" style="width: 100px; height: 112px;" /></div>
<div>
	<strong>--By Krishna Prasad Sigdel</strong></div>
<div>
	&nbsp;</div>
<div>
	The Climate Change Risk Atlas 2010 ranked Nepal as the 4th most vulnerable country worldwide out of 170 countries. More than 10,000 people have died in last ten years due to natural calamity in the mid and far west of Nepal. Alarmingly, the overall greenhouse gas emission in Nepal is amongst the least in the world. If things continue like this then it will have a significant impact and make this country prone to natural disasters causing threats to its natural ecosystems, forests and biodiversity, livelihoods, and public health.</div>
<div>
	&nbsp;</div>
<div>
	Those who are poor and belong to the marginalized communities will be the worst sufferer due to its (climate change) impact. Nepal is one of the least developed countries and we all know that its climate is affected by the Himalaya mountain range as well as South Asian monsoon. Its fragile geological conditions, steep sloping terrains, presence of Himalayas and glacier lakes became a concern for the environmentalists.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Major impacts of climate change in Nepal</span></strong></div>
<div>
	Over the years landslides and flood are increasing due to climate change, which leading to an abnormal rainfall. The noticeable impact of climate change is the rapid retreat of glacial and formation of glacier lakes.</div>
<div>
	&nbsp;</div>
<div>
	Thousands of people are living in the danger zone and a major disaster is waiting to happen due Glacial Lake Outburst Flood (GLOF). There are 3,252 glacial lakes in Nepal and 21 GLOF incidents already occurred. Thirteen of these took place between 1964 and 1988; among them nine occurred in the Tibetan autonomous region (China).</div>
<div>
	&nbsp;</div>
<div>
	The latter took place along the trans-boundary Rivers like, Trishuli, Arun and Sunkoshi in Nepal. In 1981 GLOF damaged the Sunkoshi hydropower plant and many houses were washed away. In 1985, a similar event gulped three persons, one hydropower plant, 14 bridges and 35 houses along the Dudh Koshi River.</div>
<div>
	&nbsp;</div>
<div>
	Nepal has a potential of 83,000 MW hydro-powers but unfortunately despite having the potential, the country is generating only 703 MW due to many issues. In Nepal most of the plants are running on Run-of-the-river hydroelectricity (ROR) technology, with no associated storage dams, making them vulnerable to stream-flow variability. Because of discharge fluctuation and increase in sediment load, the hydropower will significantly be affected by the impact of climate change.</div>
<div>
	&nbsp;</div>
<div>
	The Himalaya in Nepal is geologically active and having a peculiar meteorological condition where both the rainfall and river flow vary tremendously in both time and space, make the landscape vulnerable to water-induced disasters.</div>
<div>
	&nbsp;</div>
<div>
	Along with its vulnerability, development activities and rise in population have caused destabilization of land resources. These factors include human activities such as deforestation, cultivation of marginal land, and construction of the roads in the hilly regions and encroachment of flood plains.</div>
<div>
	&nbsp;</div>
<div>
	In June 2013, few people went on missing and over 50 houses including government offices have been swept away after the swollen Mahakali River rampaged through Darchula district headquarters Khalanga. Such frequent incidents are clear indication that it&rsquo;s time to stress upon the issues involving experts and scientists across the world.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is rich in biodiversity where there is no dearth of endangered species and plant. As per the recent report of SAGUN, 2009, doubling of the atmospheric CO2 &nbsp; concentration will reduce Nepal&rsquo;s forest types from 15 to 12, and habitats and ecosystems will also be destroyed. Climate change will also affect the productivity of natural eco systems, particularly provision of environmental services, rising temperatures, glacier retreat and changes in and water availability lead to changes in natural biodiversity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Climate change will ruin the livelihoods of poor people by damaging their livelihood assets. They are vulnerable to the loss of physical capital in terms of shelter and infrastructure, while malnutrition and diseases when it comes to human capital.</div>
<div>
	&nbsp;</div>
<div>
	It will also leave an irreparable impact on social and financial capital through displacement of communities, natural capital through loss of productivity in agriculture, fisheries, frequent disasters and lower income. Degradation of livelihoods by climate change will thus leave poor people with fewer assets damaging their capacity to with stand shocks and stresses. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	To sum up, climate has induced the water stress which is affecting the biodiversity, fresh water resources, agricultural productivity, malnutrition, health and sanitation. The shortage of rainfall at one part and intensified monsoon on the other part are creating hundreds of different environmental refugees. Such hazards are not only causing damage and loss of human lives and property; but also undermine development progress in Nepal, finally putting the achievement of the Millennium Development Goals (MDGs) at risk. The state of natural hazards like, land slide, flood and drought are of great concern for infrastructure planning, designing, constructing and monitoring.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">NAPA to LAPA&nbsp;</span></strong></div>
<div>
	The Government of Nepal has issued the Climate Change Policy, 2011 to mainstream climate change activities in the development programs and projects. The policy has focused primarily on inter alia, on climate adaptation, resilient and low carbon development path and climate-friendly resources management to minimize impacts of climate change in the country. The policy has also urged to spend over 80 percent of the total fund received in the field level. In addition, the Government of Nepal implemented National Adaptation Programme of Action (NAPA) to climate change in 2010. It is an important priority and a starting point for vulnerability reduction in climate sensitivity sectors and sub-regions in Nepal. Nepal has also implemented Local Adaptation Program of Action (LAPA) to promote community-based adaptation through integrated management of agriculture, water, forest and biodiversity; building and enhancing adaptive capacity of vulnerable communities through improved system and access to service for agricultural development and so on.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">The Ways Ahead,</span></strong></div>
<div>
	Ice has broken to implement climate change regime in Nepal as climate change is the national development agenda. In order to benefit from climate regime, and reduce adverse impacts of climate change, Nepal sees the urgency of implementing National Adaptation Program of Action (NAPA) through new and additional financing. In Nepal, strong political will exists on climate change. Several institutions have been involved in climate change should double or quadruple their activities to address the adverse impacts of climate change. It seems that options and opportunities exist to have the fresh fruits before being rotten. In a nut shell, opportunities exist to benefit from economic implication of climate change regime if we act together through common understanding in major issues.&nbsp;</div>
<div>
	<em>(Writer is an Ecologist and can be contacted at kpsigdel@gmail.com)</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-19',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Climate change will ruin the livelihoods of poor people by damaging their livelihood assets.They are vulnerable to the loss of physical capital in terms of shelter and infrastructure.',
			'sortorder' => '1508',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1603',
			'article_category_id' => '145',
			'title' => 'Non-Tariff Barriers Posing Challenge For SAARC',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By R.B. Rauniar&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Global experience shows that non-tariff issues are emerging as major barriers to trade in goods and services across borders. With MFN tariffs coming down, issues of NTBs are gaining importance in South Asia too along with the rest of the world. Whilst SAFTA has made some headway in moving towards duty-free access for tradable goods, NTB issues have tended to remain relatively less addressed within the context of the SAARC.</div>
<div>
	&nbsp;</div>
<div>
	If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed adequately since NTBs pose one of the major challenges for SAARC in context of strengthened regional economic and trade cooperation.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Definition of Non-Tariff Measure (NTM)</span></strong></div>
<div>
	Policy measures other than border tariffs that affect trade in goods, services, and factors of production are referred to as Non-tariff measures (NTMs). According to the United Nations Conference on Trade and Development (UNCTAD), classification of NTBs falls into six broad categories:&nbsp;</div>
<div>
	1.<span class="Apple-tab-span" style="white-space:pre"> </span>Specific Limitations on Trade: Import Licensing requirements, Proportion restrictions of foreign to domestic goods (local content requirements), Minimum import price limits, Embargoes&nbsp;</div>
<div>
	2.<span class="Apple-tab-span" style="white-space:pre"> </span>Customs and Administrative Entry Procedures: Valuation systems, Anti-dumping practices, Tariff classifications, Documentation requirements, Fees</div>
<div>
	3.<span class="Apple-tab-span" style="white-space:pre"> </span>Standards: Standard disparities, Intergovernmental acceptances of testing methods and standards, Packaging, labeling, and marking</div>
<div>
	4.<span class="Apple-tab-span" style="white-space:pre"> </span>Government Participation in Trade: Government procurement policies, Export subsidies, countervailing duties, Domestic assistance programs</div>
<div>
	5.<span class="Apple-tab-span" style="white-space:pre"> </span>Charges on imports: Prior import deposit subsidies, Administrative fees, Special supplementary duties, Import credit discrimination, Variable levies, Border taxes</div>
<div>
	6.<span class="Apple-tab-span" style="white-space:pre"> </span>Others: Voluntary export restraints, Orderly marketing agreements</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Non-Tariff Barriers in SAARC</span></strong></div>
<div>
	Trade officials of South Asian nations often points out non-tariff barriers as the major obstacles in intra-regional trade. Despite tremendous trade potentials within the South Asia region, lack of trade infrastructures, complicated customs procedures and certification on quality of goods have been creating roadblocks in the process of regional trade enhancement. Some of the pertaining issues regarding NTB are lack of border infrastructure and traffic planning, problem of land ports at the border and lack of cross border transport agreements among SAARC countries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Some studies found that a 50 per cent reduction in time of export can generate benefits equivalent to 4 per cent GDP of SA- LDCs. Further, due to lack of through-transport movement, formidable transport inefficiencies exist at the interface.</div>
<div>
	&nbsp;</div>
<div>
	In view of the SAFAS, there is a possibility that NTBs will also emerge with regard to services trade in future:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Thresholds on the total value of service transactions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Restrictions on the number of service operations</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the number of natural persons to be employed in case of supply for a particular service</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Measures which force a service supplier to supply a service through a particular set of legal means</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the percentage share of foreign investment, which may be accounted for by foreign shareholders&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Dispute Settlement Mechanism</span></strong></div>
<div>
	The SAFTA Agreement stipulates formation of the Committee of Experts (CoE) to deal with NTB issues. The work of the CoE is carried out in the following manner:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The Contracting States notifies the SAARC Secretariat of all non-tariff and para-tariff measures imposed on their exports on an annual basis</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The measures are then reviewed by the CoE, established under Article 10, in its regular meetings, to examine their compatibility with relevant WTO provisions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The CoE then recommends the elimination or implementation of the measure in the least trade restrictive manner in order to facilitate intra- SAARC trade</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Member countries submit their complains in sub-group meetings on non-tariff barriers; responding countries give their responses; a majority of notifications and complaints are being dealt through bilateral negotiations.</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Whilst the SAFTA stipulates that CoE would act as the DSB for the purpose of settling NTB related disputes. In majority of the cases RTAs such as EU and NAFTA tend to follow the WTO DSM mechanism whilst ASEAN&rsquo;s DSM is somewhat different.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Policy Recommendations</strong></span></div>
<div>
	A majority of NTBs and perceived NTBs relate to SPS-TBT, and health-hygiene related standards. Many of these concern national standards. The best way to go forward would be to :&nbsp;</div>
<div>
	a)<span class="Apple-tab-span" style="white-space:pre"> </span>Ensure that these are not country-specific but of general/common nature</div>
<div>
	b)<span class="Apple-tab-span" style="white-space:pre"> </span>Ascertain that whether the requirements are beyond internationally recognised standards e.g. Codex plus;&nbsp;</div>
<div>
	c)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthen national standard setting institutions to meet compliance requirement;&nbsp;</div>
<div>
	d)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthening of technical laboratories, standardisation, testing, quality management, certification authorities and inspection bodies, which ought to be perceived as an investment priority by the SAARC members;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Mutual Recognition Agreements (MRAs)</span></strong></div>
<div>
	Developing MRAs is also critically important for delivery of services particularly through Mode 4 (Movement of Natural Persons). Lack of recognition of qualifications, skills, or experience is one of the most common barriers affecting Mode 4 (Chanda 2005).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, a targeted programme needs to be designed to facilitate cross-border trade through development of border infrastructure, and if required, coordination of infrastructure development at border points;</div>
<div>
	(a)<span class="Apple-tab-span" style="white-space:pre"> </span>harmonization of customs rules and regulations, valuations and customs procedures;&nbsp;</div>
<div>
	(b)<span class="Apple-tab-span" style="white-space:pre"> </span>building of capacities to deal with the most prevalent SPS-TBT related NTBs at particular border points</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Conclusion</span></strong></div>
<div>
	Given the lowering of classical import barriers such as tariffs, non-tariff measures (NTMs) are becoming an increasingly important instrument governments use to safeguard domestic societal concerns. Between January 1995 and October 2011, 10,366 regular and emergency measures had been notified to the WTO. According to WTO, 2010 saw the largest number of notifications in a single year so far, at 1,436.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	SAARC countries should realize the need of customs reform, improvement of trade infrastructure, removal of visa barrier for business people, simplification in movement of goods as well as vehicles, and improved facilities for warehousing of trade goods to pave the way for greater trade within the region.</div>
<div>
	(Writer is Executive Committee member of SAARC Chamber of Commerce &amp; Industry (SCCI). He can be contacted at rauniar@mos.com.np)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-12',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed.',
			'sortorder' => '1464',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1556',
			'article_category_id' => '145',
			'title' => 'Private Sector Demands On PDA Draft',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong style="font-size: 12px;">--By Khadk Bahadur Bisht</strong></div>
<div>
	&nbsp;</div>
<div>
	Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA) with the government while Foreign banks&rsquo; hesitate to invest in hydropower in the absence of government commitment. Promoters have been demanding for security from the government due to high risks associated with this sector and drafting the PDA is closely related to this.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	It was initially known as &lsquo;Project Agreement&rsquo; (PA). The term was later changed to Project Development Agreement (PDA). The PDA draft was initiated after immense pressure from the developers. However, the present draft has been criticised for not being bankable.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Promoters of big projects had applied for PDA in 2010 when there was no Investment Board. After the board was established, the government decided to adopt the practice, whereby the projects 500MW or above came under the responsibility of the Investment Board.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similar contracts between the government and investors are prevalent in countries like Canada and Australia. PDA is meant to .. the risks and returns between the government and the investors as neither of them can bear all of the risks alone.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Investment Board started to draft the PDA according to investment polices of foreign banks. Meanwhile, the government decided to bring even projects with capacities below 500 MW under the purview of the PDA. Ministry of Energy thus drafted a separate PDA. The risks are almost the same even in 499 MW projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although the objectives are similar, there are differences between the draft presented by the board and that by the Ministry of Energy. Fundamental differences are seen between the ministry&rsquo;s draft two years ago and its draft today. The previous thinking was that only foreign developers needed the PDA.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Policy stability is a must for hydropower projects and this is one reason why the private sector has begun to pressure the government for PDA. They fear that if the government increases the rate of VAT, the project cost will go up enormously.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	On the other hand, if the bank sees low possibility of pay back, it may stop releasing even the sanctioned funds, this jeopardising the project. Investors have therefore demanded that a PDA should be made mandatory for projects with capacities less than 500MW.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Recently, the Independent Power Producers&rsquo; Association, Nepal (IPPAN) had reviewed the PDA draft formulated for lower capacity hydropower projects. We have been raising demands that the PDA should be in line with international standards. That is, the notion of give-and-take should be articulated well in the document.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Failure of the government to issue the permission on time is one of the main reasons for delay in project implementation. The government has to approve the Environmental Impact Assessment (EIA) on time. Similarly, it has the responsibility of facilitating promoters at various levels where they face hurdles such as at the local level created by forestry users and by taxes levied on sand, stone aggregates and inland, cargo transportation, among others.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There has been doubt among private investors regarding inconsistency in law and the tax structure. The government should investors from frequent changes in policy and should pledge to bear all risks if generated by such abrupt change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Force majeure provision of another point of contention. Force majeure prevails when the situation is out of control of the developer such as in case of natural calamity. But in Nepal, government action is major such situation.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, we have differences on various issues including lender rights and rights on water, among others. The draft is ambiguous on such issues and we want clarity for long term investment.&nbsp;</div>
<div>
	(Bisht is Vice President at Independent Power Producers&rsquo; Association, Nepal (IPPAN))</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-05',
			'modified' => '2013-08-05',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA)',
			'sortorder' => '1417',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1511',
			'article_category_id' => '145',
			'title' => 'The Next Social Contract',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Kemal Derviş" src="/userfiles/images/Kemal%20Dervi%C5%9F.jpg" style="width: 100px; height: 112px; margin: 5px;" /></div>
<div>
	<strong>By Kemal Derviş</strong></div>
<div>
	&nbsp;</div>
<div>
	Around the world nowadays, persistent unemployment, skill mismatches, and retirement frameworks have become central to fiscal policy &ndash; and to the often-fierce political debates that surround it. The advanced countries are facing an immediate &ldquo;aging&rdquo; problem, but most of the emerging economies are also in the midst of a demographic transition that will result in an age structure similar to that of the advanced economies &ndash; that is, an inverted pyramid &ndash; in just two or three decades. Indeed, China will get there much sooner.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Multiple problems affect employment. Weak demand in the aftermath of the global financial crisis that began in 2008 remains a key factor in Europe, the United States, and Japan. But longer-term structural issues are weighing down labor markets as well.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Most important, globalization results in a continuous shift of comparative advantage, creating serious adjustment problems as employment created in new activities does not necessarily compensate for the loss of jobs in old ones. In any case, most new jobs require different skills, implying that workers losing their jobs in dying industries have little hope of finding another one.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moreover, technological progress is becoming ever more &ldquo;labor-saving,&rdquo; with computers and robots replacing human workers in settings ranging from supermarkets to automobile assembly lines. Given the volatile macroeconomic outlook, many firms are reluctant to hire new workers, leading to high youth unemployment throughout the world.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	At the same time, aging &ndash; and the associated cost of health care for the elderly &ndash; constitutes the main fiscal challenge in maturing societies. By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Marginal changes to existing arrangements are unlikely to be sufficient to respond to technological forces, reduce social tensions and young people&rsquo;s fears, or address growing fiscal burdens. A radical reassessment of work, skill formation, retirement, and leisure is needed, with several principles forming the core of any comprehensive reform.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	For starters, skill formation and development must become a life-long process, starting with formal schooling, but continuing through on-the-job training and intervals of full-time education at different points in life. Special youth insertion programs should become a normal part of public support for employment and career formation, with exemption from social-security contributions for the first one or two years of employment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A second principle is that retirement should be a gradual process. People could work an average of 1,800-2,000 hours per year until they reach their 50&rsquo;s, taper off to 1,300-1,500 hours in their early 60&rsquo;s, and move toward the 500-1,000 range as they approach 70. A hospital nurse, an airplane crew member, or a secondary-school teacher, for example, could work five days a week until her late fifties, four days a week until age 62, three days until age 65, and perhaps two days until age 70.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Employers and workers should negotiate such flexibility, but they should do so with incentives and financial support from government &ndash; for example, variable social-security and income taxes. Paid holidays can be 3-4 weeks until age 45, gradually increasing to 7-8 weeks in one&rsquo;s late 60&rsquo;s. Maternity and paternity leave should be increased where it is low, such as in the United States.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Public policies should also encourage greater scope for individual choice. For example, every ten years, a worker should be able to engage in a year of formal learning, with one-third of the cost paid by the employer, one-third by public funds, and one-third by personal savings (these proportions could vary by income bracket).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The overall objective should be a society in which, health permitting, citizens work and pay taxes until close to the age of 70, but less intensively with advancing age and in a flexible manner that reflects individual circumstances. In fact, gradual and flexible retirement would in many cases benefit not only employers and governments, but also workers themselves, because continued occupational engagement is often a source of personal satisfaction and emotionally enriching social interaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Using the Gallup World Poll, my colleagues at the Brookings Institution in Washington, DC, Carol Graham and Milena Nikolova, have found that the happiest cohorts are those who work part-time voluntarily. In exchange for longer work lives, citizens would have more time for both leisure and skill formation throughout their lives, with positive effects on productivity and life satisfaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The new social contract for the first half of the twenty-first century must be one that combines fiscal realism, significant room for individual preferences, and strong social solidarity and protection against shocks stemming from personal circumstances or a volatile economy. Many countries are taking steps in this direction. They are too timid. We need a comprehensive and revolutionary reframing of education, work, retirement, and leisure time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Vice President of the Brookings Institution.)&nbsp;</em></div>
<div>
	<em>&nbsp; &nbsp;Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-29',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.',
			'sortorder' => '1372',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1421',
			'article_category_id' => '145',
			'title' => 'The Right Green Industrial Policies',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By Dani Rodrik</span></strong></div>
<div>
	&nbsp;</div>
<div>
	The future of our planet depends on the world economy&rsquo;s rapid transition to &ldquo;green growth&rdquo; &ndash; modes of production based on clean technologies that significantly reduce emissions of carbon dioxide and other greenhouse gases. Yet carbon remains badly mispriced, owing to fossil-fuel subsidies and the absence of tax revenues needed to address the global externalities of climate change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this context, subsidies that promote the development of green technologies &ndash; wind, solar, bio-energy, geothermal, hydrogen, and fuel-cell technologies, among others &ndash; are doubly important. First, they nudge pioneers to invest in uncertain, risky ventures, with the resulting research-and-development efforts generating highly valuable social benefits. Second, they counter the effects of carbon mispricing on the direction of technological change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	These two considerations provide mutually reinforcing reasons for governments to nurture and support green technologies. Such support has, in fact, become extensive, both in advanced and emerging economies. Look around these economies and you will find a bewildering array of government initiatives designed to encourage renewable-energy use and stimulate green-technology investment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although full pricing of carbon would be a far better way to address climate change, most governments apparently prefer to rely on subsidies and regulations that increase the profitability of investments in renewable energy. Often, the authorities&rsquo; motive seems to be to give domestic industries a leg up in global competition.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Normally, we would consider these competitive motives to be beggar-thy-neighbor in nature. Market-share considerations are zero-sum from a global standpoint in traditional industries, and any resources invested in generating national gains come at the cost of global losses.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	But in the context of green growth, national efforts to boost domestic green industries can be globally desirable, even if the motives are parochial and commercial. When cross-border spillovers militate against taxing carbon and subsidizing technological development in clean industries, boosting green industries for competitive reasons is a good thing, not a bad thing.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opponents of industrial policy rely on two arguments. The first is that governments do not have the information needed to make the right choices about which firms or industries to support. The second is that once governments are in the business of supporting a particular industry, they become vulnerable to rent-seeking and political manipulation by well-connected firms and lobbyists. In the United States, the 2011 bankruptcy of Solyndra &ndash; a solar cell manufacturer that folded after having received more than a half-billion dollars in government loan guarantees &ndash;seems to illustrate both failures.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In reality, the first of these arguments &ndash; lack of omniscience &ndash; is largely irrelevant, while the rent-seeking problem can be overcome with appropriate institutional design. Good industrial policy does not rely on governments&rsquo; omniscience and ability to pick winners; indeed, failures are an inevitable and necessary part of a well-designed program.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	While it is too early to reach a conclusive verdict on the US loan-guarantee program, it is clear that the Solyndra case cannot be properly evaluated without taking into account the many successes that the program has spawned. Tesla Motors, which received a $465 million loan guarantee in 2009, has seen its shares soar and has repaid its loan early. An evaluation of US Department of Energy efficiency programs found that the net benefits amounted to $30 billion &ndash; an excellent return for an investment of roughly $7 billion over 22 years (in 1999 dollars). Interestingly, much of the positive impact resulted from three relatively modest projects in the building sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Intelligent industrial policy requires mechanisms that recognize errors and revise strategies accordingly. Clear objectives, measurable targets, close monitoring, proper evaluation, well-designed rules, and professionalism provide useful institutional safeguards. As challenging as applying them may be, they constitute a much less formidable requirement than that of picking winners. Moreover, an explicit industrial policy &ndash; conducted self-consciously and designed with pitfalls in mind &ndash; is more likely to overcome the typical informational and political barriers than one that is implemented surreptitiously, as is too often the case.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention. Fortunately, this is the exception rather than the rule for green industrial policy. Trade restrictions have so far played a small role relative to subsidies to domestic industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In practice, we are unlikely to get purely green industrial policy, which would focus solely on the development and diffusion of green technologies while excluding considerations of competitiveness, commercial gain, and employment growth. Indirect but politically salient objectives such as &ldquo;green jobs&rdquo; will most likely continue to present a more attractive platform for promoting industrial policy than alternative energy or clean technologies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	From a global standpoint, it would be far better if concerns about national competitiveness were to lead to a subsidy war, which expands the global supply of clean technologies, rather than a tariff war, which restricts it. So far, we have been getting the former, though there is no way to determine whether, or for how long, this trend will continue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:11px;"><em>(Dani Rodrik, Professor of Social Science at the Institute for Advanced Study, is the author of The Globalization Paradox: Democracy and the Future of the World Economy.)&nbsp;</em></span></div>
<div>
	&nbsp;</div>
<div>
	<em>Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-15',
			'modified' => '2013-07-15',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention.',
			'sortorder' => '1283',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1352',
			'article_category_id' => '145',
			'title' => 'Need To Unveil Forward Looking Economic Policy Agenda',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Dr Dilli Raj Khanal</span></strong></p>
<p>
	Many people citing steady reduction in consumption-based poverty amidst trade and finance-induced economic activities together with some progress in education and health services including limited expansion in physical infrastructure facilities, think that businesses as usual discourse grounded on ongoing but failed globally dominant economic regime is best suited for Nepal’s advancement. Such a view apparently has received added impetus in the present governance setting. As such, viewing problems primarily through technical lence, that too without reference to Nepalis initial conditions, some minor change in the policies wherever necessary is advocated. Such thinking, at first, derecognizes the role and contribution of the perpetuated underdevelopment and contemporary state of the economy in the historical political change of 2006. As a corollary, the asymmetrical tendency between realization of limited successes as stated above (that too driven primarily by remittances) and deepening problems of low growth and jobless trap amidst high inflation, exclusive and non-sustainable nature of development and, above all, the burgeoning external dependency multiplying the vulnerability of the Nepalis economy, is almost fully undermined. Such a tendency, if persists for long, may have more pervasive and wide-ranging devastating impact on the Nepalis economy in the coming days.&nbsp;</p>
<p>
	As is well known, in Nepal the entire macroeconomic policies are revolving around economic stabilization since mid 1980s. Very liberal and open up policies that are continuously being pushed are grounded on it. Undeniably, economic stabilization is a precondition for creating entrepreneurial and business environment and thereby embarking on the path to sustainable development. But Nepal’s experience indicates that this is not a sufficient condition and hence what matters is how that stabilization objective has been achieved. It is ironical that amidst maintenance of fiscal balance through tight fiscal policy the share of capital expenditure in total government expenditure has gone down below 15 percent and it is further declining. This means that the balance has been maintained simply at the cost of jeopardizing fiscal role of the government which is supposed to play catalyst task of augmenting productive capacity of the economy. The problem in monetary front is perhaps more serious.&nbsp;</p>
<p>
	Tight monetary policy which deliberately escapes from growth enhancing role has also dismally failed to contain prices as well as maintain balance of payment.&nbsp;</p>
<p>
	Instead, by contributing to unproductive investment-led non-tradable economic activities amidst massive inflow of remittances, it has helped deceleration of production sectors (agriculture and industry), thereby establishing a culture of trade not production. This has led to, among others, destabilization in external trade and payments fronts.&nbsp;</p>
<p>
	Today, the trade deficit has reached alarmingly level, surpassing 28 percent of GDP which is hardly observed around the globe.&nbsp;</p>
<p>
	Amidst immature frequent decisions grounded simply on instant technical reasoning, poor prudential regulations, weak control and monitoring mechanism, inefficiency-led financial instability and increased fraud are raising high risk in the entire banking system. The institutionally driven exclusionary practices encouraging lending activities in certain urban centers and in (that too catering limited business houses and companies) is another paradox of monetary policy under business as usual principle.&nbsp;</p>
<p>
	Another fundamental flaw is that the business as usual discourse presumes trickle downing or spill over effects. Hence identification of linkages or transmission mechanisms through which macro and sectoral policies could play both catalyst and complementary role each simultaneously are either ignored or treated in isolation. In this context increased evidences show (apart from policies linked to tax structure), quality of both public and private investment, policies in the areas of exchange rate, finance, industry, trade and business services together with their institutional and governance dimension become critically important.&nbsp;</p>
<p>
	In Nepal’s specific condition, given the tremendous potentiality and competitive advantages of sectors like agriculture, energy, tourism and richness in biodiversity, interlinking of macro and sectoral policies in an economy-wide frame ensuring comprehensiveness becomes critically important. Here again the micro dimension comes to the forefront in which area-specific policy incentive backed by a strategy of providing basic infrastructure and other facilities under the broad macro, sectoral and interlinked micro policy setting, becomes critically important. A policy of value chain through institutional or organizational structure from the grass roots in an integrated manner has emerged the best alternative as successes of many countries in expanding the domestic production base of the economy and enhancing sustainable growth, indicate. This means that simultaneous consideration from both horizontal and vertical dimension becomes utmost important which is lacking in the present economic policy discourse.&nbsp;</p>
<p>
	In view of all these, time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way. There is a need of maximum use of our entrepreneurial capability accompanied by development and unleashing of productive forces. Grounded on the existing characteristics of the economy and identification of underlying reasons, a comprehensive forward looking economic policy agenda backed by institutional setups and arrangements must be framed and introduced with utmost priority by involving various stakeholders and other catalyst forces for a new economic discourse that could contribute to enhance productive base of the economy and augment societal transformation in a dynamic way. As such, time has come to engage in much needed concrete agenda rather than repeating simply rhetoric.&nbsp;</p>
<p>
	<em><span style="font-size:11px;">(Dr khanal, is a former member of the National Planning Commission.)</span></em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way.',
			'sortorder' => '1214',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1266',
			'article_category_id' => '145',
			'title' => 'Desirable Fiscal Innovations @ 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 12px;">--</span><strong style="font-size: 12px;">By Madhukar SJB Rana</strong></p>
<p>
	<span style="font-size: 12px;">It is necessary to bring a unified legislation for budgetary limits to executive powers and the manner of accountability (of Ministers and Bureaucrats separately) along with procedures for maintaining transparency, providing data and analysis for enlightened debate and discourse in Parliament as well, monitored by the Parliamentary Committee on Finance. A rough draft Act was submitted by this author in late 2003. This now needs to be addressed for its pros and cons, needs and adequacy and promulgated by an Ordinance after due deliberations. The Korean and Indian legislations are very good examples for examining and drawing upon lessons. A desirable administrative innovation would be for all Senior Executives in the Ministry to enter into Management Performance Contract with the Minister and be accountable (a) to Minister for execution of Policies and Budget/s as per targets and (b) furthermore, the Secretary and Director Generals to be uniquely accountable to Parliament for omissions and commissions in the execution of the Financial Acts in their jurisdiction, and pursuance of the Directives and Recommendations of the Auditor General. This way the rule of the law will be safeguarded and thus, financial propriety will be advanced significantly.</span></p>
<p>
	<strong>Strengthen Revenue Forecasting &amp; Analysis&nbsp;</strong></p>
<p>
	Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.&nbsp;</p>
<p>
	These revenue forecasts must be made at the macro meso (functional) and micro (tax office) levels to obtain the fullest comprehension of the revenue potential based on the national and local economic structures. Local Tax Offices therefore, need, to be provided with simple forecasting models as instruments with which they can estimate the revenue potential of each district by total and type of taxes and other levies. Maximum effort should be made to garner ICT and GIS technologies locally. Local Tax Administrators should be duly encouraged, recognized and rewarded for such innovations.&nbsp;</p>
<p>
	Such knowledge will improve the budgetary process with a solid framework (at both the national and local levels) as plan in Nepal are not built around sophisticated, scientific estimates of expected revenues-- rather based on expenditures based on each ministry’s demand that are customarily inflated with simple ‘guesstimates’ for revenue based in past trends and probable inflation.&nbsp;</p>
<p>
	<strong>Reform Financial Administration Radically&nbsp;</strong></p>
<p>
	It can be underscored that along with financial and economic reforms, there is a need to restructure and re-engineer tax administration.&nbsp;</p>
<p>
	What is desired is the creation of Tax Authorities — rather than having Departments within the Ministry of Finance -- that are autonomous from the Ministry of Finance and made professional, free from political patronage. Such innovations in Peru and Zambia, for example, had revolutionary impact on resource mobilization where tax collection sky rocketed despite reducing the tax burden on the citizens!&nbsp;</p>
<p>
	This administrative reform will go a long way in creating the desirable ‘managerial civil service’ in Nepal and the revenue service cadres fully empowered and competent as tax professionalized to be able to mobilize up to 20% GDP as revenue by 2018. With this ratio of Revenue to GDP, foreign aid will not be calling the shots any longer: and we could have inclusive growth and development pursuing the national, rather than international, agenda.&nbsp;</p>
<p>
	When this happens, politics will take on a new meaning as party Manifestos will, then, be of worth and substance relying on national fiscal innovations rather than foreign aid-dictated policies and projects. More time and effort of the Ministry are spent to cater to the needs of foreign aid which contributes 3-4% of GDP only as compared to the private sectors that contribute 9-10% of the national economy with their suggestions for growth, employment and consumer protection.&nbsp;</p>
<p>
	<strong>Costing and Cost Control Modalities&nbsp;</strong></p>
<p>
	Another shortcoming in the budgetary process is the acute ineffectiveness of monitoring with a view to link the outputs with the inputs. This way financial and economic accountability will be more widened and deepened. The measurement of the efficiency, effectiveness as well as impact of the budget on a sector, program or project will be possible and will generate new policies from well grounded experience.</p>
<p>
	Eventually, as important sectors of the economy move toward a sector programming approach -- a veritable missing link in our planning process (due to the domination by the NPC and the ineffectiveness of the ministerial planning and coordination divisions) would be to innovate toward programme/performance budgeting for which costing studies and cost control mechanisms are vital innovations. When this will be achieved, no more will our planners be swamped by the irony of more P1 projects thanP2; and P2 than P3 ones! With very few of them being dropped to save the ‘face’, , of the ambassadors and their aid bureaucracies! We will be able to move rapidly towards the desired ‘managerial civil service’ alluded above—without which all dreams of double digit growth rates will remain mere naïve fantasies.</p>
<p>
	<strong>Lower Direct Taxes, Abolish VAT&nbsp;<span style="font-size: 12px;">Threshold, Raise Average VAT Rate&nbsp;</span><span style="font-size: 12px;">to 15% (but with Differential Rates&nbsp;</span><span style="font-size: 12px;">for Products and Services) and Levy&nbsp;</span><span style="font-size: 12px;">Agricultural Income Tax.</span></strong></p>
<p>
	Fine-tuning of taxation rates is necessary. Dividend tax should be abolished to encourage savings and investment. More retailers and wholesalers should be made to participate into the tax net and provided incentives must be provided to the local governments to mobilize the informal sector. Perhaps they may be allowed to levy, subject to central audit of the proceeds, a nominal turnover tax of say 0.5% of monthly turnover of local business not registered in PAN.&nbsp;</p>
<p>
	In order to advance fiscal devolution, agricultural income above Rs 200,000 per annum per household should also be taxed at 50% of the non-agricultural income tax. The proceeds should be 100% handed to the local governments at the ratio of 75% to the VDC and 25% to the DDC to make it politically palatable.</p>
<p>
	A massive public relations campaign should be engaged at the national level to motivate landlords-- the urban middle class self employed lawyers, doctors, engineers, consultants to pay their taxes. Tax brokers should be registered to guide tax payers and fill tax simplified returns.&nbsp;</p>
<p>
	<strong>Land Bank, FDI in Retail &amp; Resident Tourists&nbsp;</strong></p>
<p>
	Revisit the policy of Land Banks as a method for agriculture commercialization, including inviting FDI in retail trade and allowing foreigners to buy apartments as ‘resident tourists’.&nbsp;</p>
<p>
	<em>(Former Finance Minister Rana is currently a professor at SAIM)</em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.',
			'sortorder' => '1128',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1210',
			'article_category_id' => '145',
			'title' => 'Financial Innovations@2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><img alt="" height="178" src="https://lh4.googleusercontent.com/FKYmXpq2e4I_H926dsWLXD9QmLRg0pXsAldCeSCISR8=w174-h207-p-no" width="150" /><br />
	</strong></p>
<p>
	<strong>By Madhukar SJB Rana</strong></p>
<p>
	<strong>Promote Local Bond Markets through People-Public-Private Partnerships (4Ps) </strong></p>
<p>
	A national bond market is eminently needed to generate greater savings and investment for economic growth and employment, especially at the district/ municipal level through local initiatives. PPPP-projects that are commercially viable should be allowed to raise their capital by floating municipal bonds against firm pledges of fixed annual interest payments by the concerned people-public-private partnerships. This will provide ample opportunities for local banks and financial institutions to invest local savings locally— rather than sending them to Kathmandu (or elsewhere across the border).</p>
<p>
	To safeguard the interest of local banks and local financial institutions they should be represented on the Board of Directors, if they so desire, either as independent members in the said Board or as a separate body in the form of Executive Advisors representing the creditors duly empowered with veto rights over Board’s decisions-- but subject to Compulsory Arbitration in the event of disputes.</p>
<p>
	Naturally, when the national bond market is so under-developed it may be considered foolhardy to even think of local bond markets. Nevertheless, given the on-going global financial crisis, Nepal, along with all development nations, must begin to think out of the aid box, so to speak. Bond markets are a way out; just as negotiating ‘debt write offs’ with donors.</p>
<p>
	It is estimated that in South Asia only 20% of GDP is accounted for by South Asia’s bond market, as compared to 45% by equity markets and 35% by bank assets. Contrast this with South Korea whose bond market is 114% of GDP!</p>
<p>
	And why not this measure if one desires to arrest the informal capital outflows that never comeback and to tide over the idle dollars balance lying with the Nepal Rastra Bank to more productive uses? Long term financing is the need of the hour for investments in the acutely needed economic and social infrastructure in Nepal (e.g roads, railways, metros, hydro and solar energy, power lines, warehouses and cold storages, technological universities, resorts hotels, modern hospitals catering to health tourism, SEZs, EPVs, EPzs to promote exports and import substitution in manufacturing etc).</p>
<p>
	<strong>Promote Local Stock Markets through Private Venture Capital Companies </strong><br />
	State owned banks and financial institutions should be privatized as “it’s not the business of Nepal Government to do business”. Fears will naturally mount with employees of such institutions as to their future. The experience and skills in finance of those whose service will become redundant should be harnessed innovatively. A possible innovation is to create locally-based Venture Capital Companies (VCCs) to buy and sell equities of local businesses locally. In this way, proprietorships and partnerships can be upgraded into private or public limited companies gradually –and the informal sector encouraged to turn formal with new possibilities for debt and equity finance. These VCCs could also serve as business consulting enterprises to harness Nepal’s local entrepreneurial spirit from amidst all classes and castes.</p>
<p>
	These VCCs can be created as private or public limited companies jointly owned by shareholders (say national and local governments, banks and financial institutions, individual promoters and also its employees), who should raise their capital from their own investments in sufficient manner to be able to meet the cost of operations; as well as raise debt finance to the extent of 40% of equity holdings. This debt finance can be drawn from a National Venture Capital Fund (NVCF) initially created by the Ministry of Finance where interested companies should be required to submit competitive bids for the loan of the funds from NVCF.</p>
<p>
	It is expected that this innovation will help boost rural small industries and businesses as well as promote a culture of equity transactions that will contribute to stopping land fragmentation due to inheritance portioning. Through this financial innovation family members will see the benefit of equitization of their land holdings as commercial businesses (rather than engaging in partition of land into uneconomical parcels as now prevails to the detriment of the local economy).</p>
<p>
	<strong>Deepen Debt Market and Enhance Monetary Independence </strong></p>
<p>
	Three innovations are suggested: <br />
	(A) (1) Encourage lease finance (note: the fear of revenue loss must be weighed against the social costs of youth unemployment and alienation; further, the fact is that small businesses are not paying income taxes as yet) to benefit, in particular, the youth employment in the film, media and sports businesses; (2) small businesses engaged in logistic management—the structural weakness of a mountain economy ( in such areas as cold storage, warehouses, construction, auto-repair workshop that suffer from low productivity due to lack of capital investment and modern technology; (3) information technology (IT) businesses; (4) foreign employment loans and education loans for youth especially; (5) acceptance of second mortgage financing provision by banks and finance companies; and (6) allowing access to Indian stock and bond markets for investments as well as mobilizing Indian portfolio investments and FDI--- on a balanced basis , if need be, by each bank or FI to safeguard from net capital outflows.</p>
<p>
	(B) Negotiate with India to go into a managed flexible exchange rate system for the provision by them to Nepal of the required Indian Rupees credit to bring equilibrium in the balance of payments; hedge against currency speculation and deal with the likely inflationary impact on basic commodities on account of depreciation of Nrs through compensatory fiscal and monetary policies to subsidize imports and import substation agriculture production and industries. This will have the salutary impact by curtailing imports, promoting exports and further import substitution in the agriculture and manufacturing sector. Tourism will boom. Without an industrialization process, found mainly on forest and agro-industries, Nepal will not be able to be a modern developed economy: which it should strive to be by 2030 with 20% share of GDP.</p>
<p>
	(C) Government to refrain from creating an Asset Management Company in the public sector. It is bound to be self defeating and worse than the disease with the rampant graft and corruption that is guaranteed in such a state monopoly. As an alternative, encourage banks, with suitable incentives, to open their own private asset management companies for their asset securitization.</p>
<p>
	<strong>- (Former Finance Minister Rana is currently a professor at SAIM)</strong><br />
	 </p>',
			'published' => true,
			'created' => '2013-06-30',
			'modified' => '2013-06-30',
			'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'description' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'sortorder' => '1072',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1150',
			'article_category_id' => '145',
			'title' => 'Ace Nurtures Student’s Potential To Bring Out The Best',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<b><span style="font-size:16.0pt;line-height:115%;
mso-bidi-font-family:&quot;Century Gothic&quot;;color:#B11015">Overall </span></b><span style="font-size:16.0pt;line-height:115%;mso-bidi-font-family:&quot;Century Gothic&quot;;
color:#221E1F">Runner-Up </span></p>
<p>
	<br />
	 </p>
<p>
	<strong>Ace Higher Secondary School</strong><br />
	<br />
	<br />
	Ace Higher Secondary School, a conscientious learning centre where students rediscover themselves and learn to be thoughtful and responsible managers and leaders, was established in 1999. Established with the vision of enhancing capacity of individuals and institutions in Nepal to contribute to the nation’s development, Ace broke new ground by launching the first Executive MBA programme in Nepal in 1999 itself. Ace Institute’s MBA programme has acquired a distinguished reputation of being the most rigorous and fulfilling experience. <br />
	<br />
	The higher secondary programme of Ace Higher Secondary School, a spinoff of Ace Institute of Management, has established itself as students’ first choice programme in the management stream. In a short span of five years, Ace A-Level has distinguished itself from the crowd with its individual centered approach to learning and focus on management and social sciences stream only. <br />
	<br />
	<img alt="" border="1" height="77" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ace.jpg" vspace="10" width="400" /><br />
	<br />
	<strong>Other programmes offered by Ace include MBA, EMBA, BBA-BI, MBAe and ASH.</strong><br />
	<br />
	<strong><img alt="" border="1" height="209" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ashish.jpg" vspace="10" width="200" /><br />
	Aashish Tiwari <br />
	Director</strong><br />
	<br />
	<strong>second in the HSS ranking. What is your reaction to the recognition? </strong><br />
	<br />
	Ace College accepts the award with great gratitude and humility. I am thankful to New Business Age Pvt Ltd for granting this award to our college. <br />
	<br />
	<br />
	<strong>What are the top three priorities of your college? </strong><br />
	<br />
	At Ace, we lay a very strong foundation for the all-round development of students. It is not only the intellectual development of the students or the grades that matter. Ace nurtures every student’s potential and brings out the best in them. We try to focus on the weaknesses of our students and help them overcome them. Secondly, we treat our students with respect as all humans are born equal. Lastly, we believe that learning is a lifelong process. We want our students to not just focus on academics, but also experience the real world. <br />
	<br />
	<strong><br />
	How do you assess higher secondary education in Nepal? </strong><br />
	<br />
	There has been a sea change in the field of higher secondary studies in the country in the last 15 years. Colleges, the number of which is growing by the day, have helped enhance the quality of education. Similarly students have more choices. <br />
	<br />
	<strong><br />
	What is your take on the impact of ranking of colleges? </strong><br />
	<br />
	It is a good initiative. Earlier, the ratings were only based on grades. However, this event was organised with a holistic approach. Such events give good platforms for colleges.<br />
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1013',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1149',
			'article_category_id' => '145',
			'title' => 'Awards Like This Motivate Us To Become More Responsible',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<strong><strong><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;
mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:
&quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi">Overall Best : <br />
	</span></strong></strong></p>
<p>
	<strong><br />
	</strong><br />
	<strong>GoldenGate College<br />
	</strong><br />
	E stablished in 2007, GoldenGate College continues to grow from strength to strength and make its mark as one of the best educational institutions in Nepal. <br />
	The college offers six Masters and 13 Bachelors programmes affiliated to Tribhuvan University, Nepal. The college is associated with Advanced Engineering and Management College (AEMC) and GoldenGate Professional Academy (GGPA). <br />
	<br />
	It offers professional courses in Engineering and Chartered Accountancy. The college also offers the +2 courses affiliated to the Higher Secondary Education Board, Nepal. The college is planning to introduce new courses/programmes in the days to come. The programmes in the pipeline are Bachelors in Business Administration (BBA), Bachelor in Information Management (BIM), MSc in Chemistry and MA in Peace, Conflict and Development. <br />
	<br />
	Currently, around 135 teachers have been working in the science faculty whereas there are 98 in management and 25 in humanities stream. The college has 13 different labs. <br />
	Students of the college have shown outstanding performance in Extra Curricular Activities (ECA) such as sports, fine art and music. The pass percentage of the students from this college stands at 92 percent in the past three years. <br />
	<br />
	The college also offers scholarship schemes for deserving and needy students in various categories. The college has been organising separate classes for those students whose performance in the exam is comparatively weak. The college has well-stocked library with 15,000 books.<br />
	<br />
	<br />
	<img alt="" border="1" height="245" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ramesh.jpg" vspace="10" width="200" /><br />
	<strong>Ramesh Silwal <br />
	CEO, GoldenGate College</strong><br />
	<br />
	<br />
	<br />
	<strong>How do you feel on winning the award? <br />
	</strong><br />
	We are happy and proud. We feel that we must now live up to our name. Awards like this motivate us to become more responsible towards our duty. We have realized that to maintain our position, we need to emphasise more on providing quality education to our students. We accept the challenge to move ahead to transform the college into a university. <br />
	<br />
	<strong><br />
	What are three things that helped your college secure the number one position? </strong><br />
	<br />
	We have a clear vision. We have an excellent management team and world-class infrastructure. The performances of our students in the academic and extracurricular activities speak for themselves. All this has helped us secure the top position. <br />
	<br />
	<br />
	<strong>What do you think will be the impact of ranking programmes like this on the education sector? </strong><br />
	<br />
	The ranking programme is unique and different from others as it is very holitistic. New Business Age’s initiative in this regard is really praise-worthy. Such rankings help us know about our own weaknesses and strengths. Events such as these will definitely help the overall development of the education sector in the days to come. <br />
	<br />
	<br />
	<br />
	<strong>What are your suggestions for the overall improvement of colleges? </strong><br />
	<br />
	Schools should take the initiative to develop themselves and teach students ways to address the current scenario and challenges. Education must make students capable of handling all of what life may throw at them.<br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1012',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 133]
Code Context
  //  $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
		(int) 0 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 1 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 2 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 3 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 4 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 5 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 6 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 7 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 8 => array(
			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 9 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '1647',
			'article_category_id' => '145',
			'title' => 'Climate Change Impacts And National Development Agendas',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Krishna Prasad Sigdel" src="/userfiles/images/KPS.jpg" style="width: 100px; height: 112px;" /></div>
<div>
	<strong>--By Krishna Prasad Sigdel</strong></div>
<div>
	&nbsp;</div>
<div>
	The Climate Change Risk Atlas 2010 ranked Nepal as the 4th most vulnerable country worldwide out of 170 countries. More than 10,000 people have died in last ten years due to natural calamity in the mid and far west of Nepal. Alarmingly, the overall greenhouse gas emission in Nepal is amongst the least in the world. If things continue like this then it will have a significant impact and make this country prone to natural disasters causing threats to its natural ecosystems, forests and biodiversity, livelihoods, and public health.</div>
<div>
	&nbsp;</div>
<div>
	Those who are poor and belong to the marginalized communities will be the worst sufferer due to its (climate change) impact. Nepal is one of the least developed countries and we all know that its climate is affected by the Himalaya mountain range as well as South Asian monsoon. Its fragile geological conditions, steep sloping terrains, presence of Himalayas and glacier lakes became a concern for the environmentalists.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Major impacts of climate change in Nepal</span></strong></div>
<div>
	Over the years landslides and flood are increasing due to climate change, which leading to an abnormal rainfall. The noticeable impact of climate change is the rapid retreat of glacial and formation of glacier lakes.</div>
<div>
	&nbsp;</div>
<div>
	Thousands of people are living in the danger zone and a major disaster is waiting to happen due Glacial Lake Outburst Flood (GLOF). There are 3,252 glacial lakes in Nepal and 21 GLOF incidents already occurred. Thirteen of these took place between 1964 and 1988; among them nine occurred in the Tibetan autonomous region (China).</div>
<div>
	&nbsp;</div>
<div>
	The latter took place along the trans-boundary Rivers like, Trishuli, Arun and Sunkoshi in Nepal. In 1981 GLOF damaged the Sunkoshi hydropower plant and many houses were washed away. In 1985, a similar event gulped three persons, one hydropower plant, 14 bridges and 35 houses along the Dudh Koshi River.</div>
<div>
	&nbsp;</div>
<div>
	Nepal has a potential of 83,000 MW hydro-powers but unfortunately despite having the potential, the country is generating only 703 MW due to many issues. In Nepal most of the plants are running on Run-of-the-river hydroelectricity (ROR) technology, with no associated storage dams, making them vulnerable to stream-flow variability. Because of discharge fluctuation and increase in sediment load, the hydropower will significantly be affected by the impact of climate change.</div>
<div>
	&nbsp;</div>
<div>
	The Himalaya in Nepal is geologically active and having a peculiar meteorological condition where both the rainfall and river flow vary tremendously in both time and space, make the landscape vulnerable to water-induced disasters.</div>
<div>
	&nbsp;</div>
<div>
	Along with its vulnerability, development activities and rise in population have caused destabilization of land resources. These factors include human activities such as deforestation, cultivation of marginal land, and construction of the roads in the hilly regions and encroachment of flood plains.</div>
<div>
	&nbsp;</div>
<div>
	In June 2013, few people went on missing and over 50 houses including government offices have been swept away after the swollen Mahakali River rampaged through Darchula district headquarters Khalanga. Such frequent incidents are clear indication that it&rsquo;s time to stress upon the issues involving experts and scientists across the world.</div>
<div>
	&nbsp;</div>
<div>
	Nepal is rich in biodiversity where there is no dearth of endangered species and plant. As per the recent report of SAGUN, 2009, doubling of the atmospheric CO2 &nbsp; concentration will reduce Nepal&rsquo;s forest types from 15 to 12, and habitats and ecosystems will also be destroyed. Climate change will also affect the productivity of natural eco systems, particularly provision of environmental services, rising temperatures, glacier retreat and changes in and water availability lead to changes in natural biodiversity.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Climate change will ruin the livelihoods of poor people by damaging their livelihood assets. They are vulnerable to the loss of physical capital in terms of shelter and infrastructure, while malnutrition and diseases when it comes to human capital.</div>
<div>
	&nbsp;</div>
<div>
	It will also leave an irreparable impact on social and financial capital through displacement of communities, natural capital through loss of productivity in agriculture, fisheries, frequent disasters and lower income. Degradation of livelihoods by climate change will thus leave poor people with fewer assets damaging their capacity to with stand shocks and stresses. &nbsp;</div>
<div>
	&nbsp;</div>
<div>
	To sum up, climate has induced the water stress which is affecting the biodiversity, fresh water resources, agricultural productivity, malnutrition, health and sanitation. The shortage of rainfall at one part and intensified monsoon on the other part are creating hundreds of different environmental refugees. Such hazards are not only causing damage and loss of human lives and property; but also undermine development progress in Nepal, finally putting the achievement of the Millennium Development Goals (MDGs) at risk. The state of natural hazards like, land slide, flood and drought are of great concern for infrastructure planning, designing, constructing and monitoring.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">NAPA to LAPA&nbsp;</span></strong></div>
<div>
	The Government of Nepal has issued the Climate Change Policy, 2011 to mainstream climate change activities in the development programs and projects. The policy has focused primarily on inter alia, on climate adaptation, resilient and low carbon development path and climate-friendly resources management to minimize impacts of climate change in the country. The policy has also urged to spend over 80 percent of the total fund received in the field level. In addition, the Government of Nepal implemented National Adaptation Programme of Action (NAPA) to climate change in 2010. It is an important priority and a starting point for vulnerability reduction in climate sensitivity sectors and sub-regions in Nepal. Nepal has also implemented Local Adaptation Program of Action (LAPA) to promote community-based adaptation through integrated management of agriculture, water, forest and biodiversity; building and enhancing adaptive capacity of vulnerable communities through improved system and access to service for agricultural development and so on.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">The Ways Ahead,</span></strong></div>
<div>
	Ice has broken to implement climate change regime in Nepal as climate change is the national development agenda. In order to benefit from climate regime, and reduce adverse impacts of climate change, Nepal sees the urgency of implementing National Adaptation Program of Action (NAPA) through new and additional financing. In Nepal, strong political will exists on climate change. Several institutions have been involved in climate change should double or quadruple their activities to address the adverse impacts of climate change. It seems that options and opportunities exist to have the fresh fruits before being rotten. In a nut shell, opportunities exist to benefit from economic implication of climate change regime if we act together through common understanding in major issues.&nbsp;</div>
<div>
	<em>(Writer is an Ecologist and can be contacted at kpsigdel@gmail.com)</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-19',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Climate change will ruin the livelihoods of poor people by damaging their livelihood assets.They are vulnerable to the loss of physical capital in terms of shelter and infrastructure.',
			'sortorder' => '1508',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '1603',
			'article_category_id' => '145',
			'title' => 'Non-Tariff Barriers Posing Challenge For SAARC',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong>--By R.B. Rauniar&nbsp;</strong></div>
<div>
	&nbsp;</div>
<div>
	Global experience shows that non-tariff issues are emerging as major barriers to trade in goods and services across borders. With MFN tariffs coming down, issues of NTBs are gaining importance in South Asia too along with the rest of the world. Whilst SAFTA has made some headway in moving towards duty-free access for tradable goods, NTB issues have tended to remain relatively less addressed within the context of the SAARC.</div>
<div>
	&nbsp;</div>
<div>
	If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed adequately since NTBs pose one of the major challenges for SAARC in context of strengthened regional economic and trade cooperation.</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Definition of Non-Tariff Measure (NTM)</span></strong></div>
<div>
	Policy measures other than border tariffs that affect trade in goods, services, and factors of production are referred to as Non-tariff measures (NTMs). According to the United Nations Conference on Trade and Development (UNCTAD), classification of NTBs falls into six broad categories:&nbsp;</div>
<div>
	1.<span class="Apple-tab-span" style="white-space:pre"> </span>Specific Limitations on Trade: Import Licensing requirements, Proportion restrictions of foreign to domestic goods (local content requirements), Minimum import price limits, Embargoes&nbsp;</div>
<div>
	2.<span class="Apple-tab-span" style="white-space:pre"> </span>Customs and Administrative Entry Procedures: Valuation systems, Anti-dumping practices, Tariff classifications, Documentation requirements, Fees</div>
<div>
	3.<span class="Apple-tab-span" style="white-space:pre"> </span>Standards: Standard disparities, Intergovernmental acceptances of testing methods and standards, Packaging, labeling, and marking</div>
<div>
	4.<span class="Apple-tab-span" style="white-space:pre"> </span>Government Participation in Trade: Government procurement policies, Export subsidies, countervailing duties, Domestic assistance programs</div>
<div>
	5.<span class="Apple-tab-span" style="white-space:pre"> </span>Charges on imports: Prior import deposit subsidies, Administrative fees, Special supplementary duties, Import credit discrimination, Variable levies, Border taxes</div>
<div>
	6.<span class="Apple-tab-span" style="white-space:pre"> </span>Others: Voluntary export restraints, Orderly marketing agreements</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Non-Tariff Barriers in SAARC</span></strong></div>
<div>
	Trade officials of South Asian nations often points out non-tariff barriers as the major obstacles in intra-regional trade. Despite tremendous trade potentials within the South Asia region, lack of trade infrastructures, complicated customs procedures and certification on quality of goods have been creating roadblocks in the process of regional trade enhancement. Some of the pertaining issues regarding NTB are lack of border infrastructure and traffic planning, problem of land ports at the border and lack of cross border transport agreements among SAARC countries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Some studies found that a 50 per cent reduction in time of export can generate benefits equivalent to 4 per cent GDP of SA- LDCs. Further, due to lack of through-transport movement, formidable transport inefficiencies exist at the interface.</div>
<div>
	&nbsp;</div>
<div>
	In view of the SAFAS, there is a possibility that NTBs will also emerge with regard to services trade in future:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Thresholds on the total value of service transactions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Restrictions on the number of service operations</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the number of natural persons to be employed in case of supply for a particular service</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Measures which force a service supplier to supply a service through a particular set of legal means</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Limits on the percentage share of foreign investment, which may be accounted for by foreign shareholders&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Dispute Settlement Mechanism</span></strong></div>
<div>
	The SAFTA Agreement stipulates formation of the Committee of Experts (CoE) to deal with NTB issues. The work of the CoE is carried out in the following manner:</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The Contracting States notifies the SAARC Secretariat of all non-tariff and para-tariff measures imposed on their exports on an annual basis</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The measures are then reviewed by the CoE, established under Article 10, in its regular meetings, to examine their compatibility with relevant WTO provisions</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>The CoE then recommends the elimination or implementation of the measure in the least trade restrictive manner in order to facilitate intra- SAARC trade</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Member countries submit their complains in sub-group meetings on non-tariff barriers; responding countries give their responses; a majority of notifications and complaints are being dealt through bilateral negotiations.</div>
<div>
	&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Whilst the SAFTA stipulates that CoE would act as the DSB for the purpose of settling NTB related disputes. In majority of the cases RTAs such as EU and NAFTA tend to follow the WTO DSM mechanism whilst ASEAN&rsquo;s DSM is somewhat different.</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:14px;"><strong>Policy Recommendations</strong></span></div>
<div>
	A majority of NTBs and perceived NTBs relate to SPS-TBT, and health-hygiene related standards. Many of these concern national standards. The best way to go forward would be to :&nbsp;</div>
<div>
	a)<span class="Apple-tab-span" style="white-space:pre"> </span>Ensure that these are not country-specific but of general/common nature</div>
<div>
	b)<span class="Apple-tab-span" style="white-space:pre"> </span>Ascertain that whether the requirements are beyond internationally recognised standards e.g. Codex plus;&nbsp;</div>
<div>
	c)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthen national standard setting institutions to meet compliance requirement;&nbsp;</div>
<div>
	d)<span class="Apple-tab-span" style="white-space:pre"> </span>Strengthening of technical laboratories, standardisation, testing, quality management, certification authorities and inspection bodies, which ought to be perceived as an investment priority by the SAARC members;&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Mutual Recognition Agreements (MRAs)</span></strong></div>
<div>
	Developing MRAs is also critically important for delivery of services particularly through Mode 4 (Movement of Natural Persons). Lack of recognition of qualifications, skills, or experience is one of the most common barriers affecting Mode 4 (Chanda 2005).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, a targeted programme needs to be designed to facilitate cross-border trade through development of border infrastructure, and if required, coordination of infrastructure development at border points;</div>
<div>
	(a)<span class="Apple-tab-span" style="white-space:pre"> </span>harmonization of customs rules and regulations, valuations and customs procedures;&nbsp;</div>
<div>
	(b)<span class="Apple-tab-span" style="white-space:pre"> </span>building of capacities to deal with the most prevalent SPS-TBT related NTBs at particular border points</div>
<div>
	&nbsp;</div>
<div>
	<strong><span style="font-size:14px;">Conclusion</span></strong></div>
<div>
	Given the lowering of classical import barriers such as tariffs, non-tariff measures (NTMs) are becoming an increasingly important instrument governments use to safeguard domestic societal concerns. Between January 1995 and October 2011, 10,366 regular and emergency measures had been notified to the WTO. According to WTO, 2010 saw the largest number of notifications in a single year so far, at 1,436.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	SAARC countries should realize the need of customs reform, improvement of trade infrastructure, removal of visa barrier for business people, simplification in movement of goods as well as vehicles, and improved facilities for warehousing of trade goods to pave the way for greater trade within the region.</div>
<div>
	(Writer is Executive Committee member of SAARC Chamber of Commerce &amp; Industry (SCCI). He can be contacted at rauniar@mos.com.np)</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-12',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'If regional cooperation is to be deepened through vertical integration and promoting cross border supply-chains, NTBs in South Asia will need to be addressed.',
			'sortorder' => '1464',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '1556',
			'article_category_id' => '145',
			'title' => 'Private Sector Demands On PDA Draft',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	&nbsp;</div>
<div>
	<strong style="font-size: 12px;">--By Khadk Bahadur Bisht</strong></div>
<div>
	&nbsp;</div>
<div>
	Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA) with the government while Foreign banks&rsquo; hesitate to invest in hydropower in the absence of government commitment. Promoters have been demanding for security from the government due to high risks associated with this sector and drafting the PDA is closely related to this.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	It was initially known as &lsquo;Project Agreement&rsquo; (PA). The term was later changed to Project Development Agreement (PDA). The PDA draft was initiated after immense pressure from the developers. However, the present draft has been criticised for not being bankable.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Promoters of big projects had applied for PDA in 2010 when there was no Investment Board. After the board was established, the government decided to adopt the practice, whereby the projects 500MW or above came under the responsibility of the Investment Board.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similar contracts between the government and investors are prevalent in countries like Canada and Australia. PDA is meant to .. the risks and returns between the government and the investors as neither of them can bear all of the risks alone.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The Investment Board started to draft the PDA according to investment polices of foreign banks. Meanwhile, the government decided to bring even projects with capacities below 500 MW under the purview of the PDA. Ministry of Energy thus drafted a separate PDA. The risks are almost the same even in 499 MW projects.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although the objectives are similar, there are differences between the draft presented by the board and that by the Ministry of Energy. Fundamental differences are seen between the ministry&rsquo;s draft two years ago and its draft today. The previous thinking was that only foreign developers needed the PDA.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Policy stability is a must for hydropower projects and this is one reason why the private sector has begun to pressure the government for PDA. They fear that if the government increases the rate of VAT, the project cost will go up enormously.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	On the other hand, if the bank sees low possibility of pay back, it may stop releasing even the sanctioned funds, this jeopardising the project. Investors have therefore demanded that a PDA should be made mandatory for projects with capacities less than 500MW.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Recently, the Independent Power Producers&rsquo; Association, Nepal (IPPAN) had reviewed the PDA draft formulated for lower capacity hydropower projects. We have been raising demands that the PDA should be in line with international standards. That is, the notion of give-and-take should be articulated well in the document.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Failure of the government to issue the permission on time is one of the main reasons for delay in project implementation. The government has to approve the Environmental Impact Assessment (EIA) on time. Similarly, it has the responsibility of facilitating promoters at various levels where they face hurdles such as at the local level created by forestry users and by taxes levied on sand, stone aggregates and inland, cargo transportation, among others.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	There has been doubt among private investors regarding inconsistency in law and the tax structure. The government should investors from frequent changes in policy and should pledge to bear all risks if generated by such abrupt change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Force majeure provision of another point of contention. Force majeure prevails when the situation is out of control of the developer such as in case of natural calamity. But in Nepal, government action is major such situation.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Similarly, we have differences on various issues including lender rights and rights on water, among others. The draft is ambiguous on such issues and we want clarity for long term investment.&nbsp;</div>
<div>
	(Bisht is Vice President at Independent Power Producers&rsquo; Association, Nepal (IPPAN))</div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-08-05',
			'modified' => '2013-08-05',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Promoters of Upper Karnali, Arun III, Tamakoshi III and lower Arun have demanded for Project Development Agreements (PDA)',
			'sortorder' => '1417',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '1511',
			'article_category_id' => '145',
			'title' => 'The Next Social Contract',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<img alt="Kemal Derviş" src="/userfiles/images/Kemal%20Dervi%C5%9F.jpg" style="width: 100px; height: 112px; margin: 5px;" /></div>
<div>
	<strong>By Kemal Derviş</strong></div>
<div>
	&nbsp;</div>
<div>
	Around the world nowadays, persistent unemployment, skill mismatches, and retirement frameworks have become central to fiscal policy &ndash; and to the often-fierce political debates that surround it. The advanced countries are facing an immediate &ldquo;aging&rdquo; problem, but most of the emerging economies are also in the midst of a demographic transition that will result in an age structure similar to that of the advanced economies &ndash; that is, an inverted pyramid &ndash; in just two or three decades. Indeed, China will get there much sooner.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Multiple problems affect employment. Weak demand in the aftermath of the global financial crisis that began in 2008 remains a key factor in Europe, the United States, and Japan. But longer-term structural issues are weighing down labor markets as well.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Most important, globalization results in a continuous shift of comparative advantage, creating serious adjustment problems as employment created in new activities does not necessarily compensate for the loss of jobs in old ones. In any case, most new jobs require different skills, implying that workers losing their jobs in dying industries have little hope of finding another one.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Moreover, technological progress is becoming ever more &ldquo;labor-saving,&rdquo; with computers and robots replacing human workers in settings ranging from supermarkets to automobile assembly lines. Given the volatile macroeconomic outlook, many firms are reluctant to hire new workers, leading to high youth unemployment throughout the world.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	At the same time, aging &ndash; and the associated cost of health care for the elderly &ndash; constitutes the main fiscal challenge in maturing societies. By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Marginal changes to existing arrangements are unlikely to be sufficient to respond to technological forces, reduce social tensions and young people&rsquo;s fears, or address growing fiscal burdens. A radical reassessment of work, skill formation, retirement, and leisure is needed, with several principles forming the core of any comprehensive reform.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	For starters, skill formation and development must become a life-long process, starting with formal schooling, but continuing through on-the-job training and intervals of full-time education at different points in life. Special youth insertion programs should become a normal part of public support for employment and career formation, with exemption from social-security contributions for the first one or two years of employment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	A second principle is that retirement should be a gradual process. People could work an average of 1,800-2,000 hours per year until they reach their 50&rsquo;s, taper off to 1,300-1,500 hours in their early 60&rsquo;s, and move toward the 500-1,000 range as they approach 70. A hospital nurse, an airplane crew member, or a secondary-school teacher, for example, could work five days a week until her late fifties, four days a week until age 62, three days until age 65, and perhaps two days until age 70.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Employers and workers should negotiate such flexibility, but they should do so with incentives and financial support from government &ndash; for example, variable social-security and income taxes. Paid holidays can be 3-4 weeks until age 45, gradually increasing to 7-8 weeks in one&rsquo;s late 60&rsquo;s. Maternity and paternity leave should be increased where it is low, such as in the United States.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Public policies should also encourage greater scope for individual choice. For example, every ten years, a worker should be able to engage in a year of formal learning, with one-third of the cost paid by the employer, one-third by public funds, and one-third by personal savings (these proportions could vary by income bracket).&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The overall objective should be a society in which, health permitting, citizens work and pay taxes until close to the age of 70, but less intensively with advancing age and in a flexible manner that reflects individual circumstances. In fact, gradual and flexible retirement would in many cases benefit not only employers and governments, but also workers themselves, because continued occupational engagement is often a source of personal satisfaction and emotionally enriching social interaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Using the Gallup World Poll, my colleagues at the Brookings Institution in Washington, DC, Carol Graham and Milena Nikolova, have found that the happiest cohorts are those who work part-time voluntarily. In exchange for longer work lives, citizens would have more time for both leisure and skill formation throughout their lives, with positive effects on productivity and life satisfaction.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	The new social contract for the first half of the twenty-first century must be one that combines fiscal realism, significant room for individual preferences, and strong social solidarity and protection against shocks stemming from personal circumstances or a volatile economy. Many countries are taking steps in this direction. They are too timid. We need a comprehensive and revolutionary reframing of education, work, retirement, and leisure time.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<em>(Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is Vice President of the Brookings Institution.)&nbsp;</em></div>
<div>
	<em>&nbsp; &nbsp;Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-29',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'By the middle of this century, life expectancy at age 60 will have risen by about ten years relative to the post-World War II period, when current retirement ages were fixed.',
			'sortorder' => '1372',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1421',
			'article_category_id' => '145',
			'title' => 'The Right Green Industrial Policies',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div>
	<strong><span style="font-size: 12px;">--By Dani Rodrik</span></strong></div>
<div>
	&nbsp;</div>
<div>
	The future of our planet depends on the world economy&rsquo;s rapid transition to &ldquo;green growth&rdquo; &ndash; modes of production based on clean technologies that significantly reduce emissions of carbon dioxide and other greenhouse gases. Yet carbon remains badly mispriced, owing to fossil-fuel subsidies and the absence of tax revenues needed to address the global externalities of climate change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In this context, subsidies that promote the development of green technologies &ndash; wind, solar, bio-energy, geothermal, hydrogen, and fuel-cell technologies, among others &ndash; are doubly important. First, they nudge pioneers to invest in uncertain, risky ventures, with the resulting research-and-development efforts generating highly valuable social benefits. Second, they counter the effects of carbon mispricing on the direction of technological change.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	These two considerations provide mutually reinforcing reasons for governments to nurture and support green technologies. Such support has, in fact, become extensive, both in advanced and emerging economies. Look around these economies and you will find a bewildering array of government initiatives designed to encourage renewable-energy use and stimulate green-technology investment.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Although full pricing of carbon would be a far better way to address climate change, most governments apparently prefer to rely on subsidies and regulations that increase the profitability of investments in renewable energy. Often, the authorities&rsquo; motive seems to be to give domestic industries a leg up in global competition.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Normally, we would consider these competitive motives to be beggar-thy-neighbor in nature. Market-share considerations are zero-sum from a global standpoint in traditional industries, and any resources invested in generating national gains come at the cost of global losses.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	But in the context of green growth, national efforts to boost domestic green industries can be globally desirable, even if the motives are parochial and commercial. When cross-border spillovers militate against taxing carbon and subsidizing technological development in clean industries, boosting green industries for competitive reasons is a good thing, not a bad thing.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Opponents of industrial policy rely on two arguments. The first is that governments do not have the information needed to make the right choices about which firms or industries to support. The second is that once governments are in the business of supporting a particular industry, they become vulnerable to rent-seeking and political manipulation by well-connected firms and lobbyists. In the United States, the 2011 bankruptcy of Solyndra &ndash; a solar cell manufacturer that folded after having received more than a half-billion dollars in government loan guarantees &ndash;seems to illustrate both failures.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In reality, the first of these arguments &ndash; lack of omniscience &ndash; is largely irrelevant, while the rent-seeking problem can be overcome with appropriate institutional design. Good industrial policy does not rely on governments&rsquo; omniscience and ability to pick winners; indeed, failures are an inevitable and necessary part of a well-designed program.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	While it is too early to reach a conclusive verdict on the US loan-guarantee program, it is clear that the Solyndra case cannot be properly evaluated without taking into account the many successes that the program has spawned. Tesla Motors, which received a $465 million loan guarantee in 2009, has seen its shares soar and has repaid its loan early. An evaluation of US Department of Energy efficiency programs found that the net benefits amounted to $30 billion &ndash; an excellent return for an investment of roughly $7 billion over 22 years (in 1999 dollars). Interestingly, much of the positive impact resulted from three relatively modest projects in the building sector.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Intelligent industrial policy requires mechanisms that recognize errors and revise strategies accordingly. Clear objectives, measurable targets, close monitoring, proper evaluation, well-designed rules, and professionalism provide useful institutional safeguards. As challenging as applying them may be, they constitute a much less formidable requirement than that of picking winners. Moreover, an explicit industrial policy &ndash; conducted self-consciously and designed with pitfalls in mind &ndash; is more likely to overcome the typical informational and political barriers than one that is implemented surreptitiously, as is too often the case.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention. Fortunately, this is the exception rather than the rule for green industrial policy. Trade restrictions have so far played a small role relative to subsidies to domestic industries.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	In practice, we are unlikely to get purely green industrial policy, which would focus solely on the development and diffusion of green technologies while excluding considerations of competitiveness, commercial gain, and employment growth. Indirect but politically salient objectives such as &ldquo;green jobs&rdquo; will most likely continue to present a more attractive platform for promoting industrial policy than alternative energy or clean technologies.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	From a global standpoint, it would be far better if concerns about national competitiveness were to lead to a subsidy war, which expands the global supply of clean technologies, rather than a tariff war, which restricts it. So far, we have been getting the former, though there is no way to determine whether, or for how long, this trend will continue.&nbsp;</div>
<div>
	&nbsp;</div>
<div>
	<span style="font-size:11px;"><em>(Dani Rodrik, Professor of Social Science at the Institute for Advanced Study, is the author of The Globalization Paradox: Democracy and the Future of the World Economy.)&nbsp;</em></span></div>
<div>
	&nbsp;</div>
<div>
	<em>Copyright: Project Syndicate, 2013.</em></div>
<div>
	&nbsp;</div>',
			'published' => true,
			'created' => '2013-07-15',
			'modified' => '2013-07-15',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Green industrial policy can be damaging when national strategies take the form not of subsidizing domestic industries but of taxing foreign green industries or restricting their market access. The case of solar panels provides a cautionary tale. Trade disputes between China, on the one hand, and the US and Europe, on the other, have attracted much attention.',
			'sortorder' => '1283',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1352',
			'article_category_id' => '145',
			'title' => 'Need To Unveil Forward Looking Economic Policy Agenda',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><span style="font-size: 12px;">--By Dr Dilli Raj Khanal</span></strong></p>
<p>
	Many people citing steady reduction in consumption-based poverty amidst trade and finance-induced economic activities together with some progress in education and health services including limited expansion in physical infrastructure facilities, think that businesses as usual discourse grounded on ongoing but failed globally dominant economic regime is best suited for Nepal’s advancement. Such a view apparently has received added impetus in the present governance setting. As such, viewing problems primarily through technical lence, that too without reference to Nepalis initial conditions, some minor change in the policies wherever necessary is advocated. Such thinking, at first, derecognizes the role and contribution of the perpetuated underdevelopment and contemporary state of the economy in the historical political change of 2006. As a corollary, the asymmetrical tendency between realization of limited successes as stated above (that too driven primarily by remittances) and deepening problems of low growth and jobless trap amidst high inflation, exclusive and non-sustainable nature of development and, above all, the burgeoning external dependency multiplying the vulnerability of the Nepalis economy, is almost fully undermined. Such a tendency, if persists for long, may have more pervasive and wide-ranging devastating impact on the Nepalis economy in the coming days.&nbsp;</p>
<p>
	As is well known, in Nepal the entire macroeconomic policies are revolving around economic stabilization since mid 1980s. Very liberal and open up policies that are continuously being pushed are grounded on it. Undeniably, economic stabilization is a precondition for creating entrepreneurial and business environment and thereby embarking on the path to sustainable development. But Nepal’s experience indicates that this is not a sufficient condition and hence what matters is how that stabilization objective has been achieved. It is ironical that amidst maintenance of fiscal balance through tight fiscal policy the share of capital expenditure in total government expenditure has gone down below 15 percent and it is further declining. This means that the balance has been maintained simply at the cost of jeopardizing fiscal role of the government which is supposed to play catalyst task of augmenting productive capacity of the economy. The problem in monetary front is perhaps more serious.&nbsp;</p>
<p>
	Tight monetary policy which deliberately escapes from growth enhancing role has also dismally failed to contain prices as well as maintain balance of payment.&nbsp;</p>
<p>
	Instead, by contributing to unproductive investment-led non-tradable economic activities amidst massive inflow of remittances, it has helped deceleration of production sectors (agriculture and industry), thereby establishing a culture of trade not production. This has led to, among others, destabilization in external trade and payments fronts.&nbsp;</p>
<p>
	Today, the trade deficit has reached alarmingly level, surpassing 28 percent of GDP which is hardly observed around the globe.&nbsp;</p>
<p>
	Amidst immature frequent decisions grounded simply on instant technical reasoning, poor prudential regulations, weak control and monitoring mechanism, inefficiency-led financial instability and increased fraud are raising high risk in the entire banking system. The institutionally driven exclusionary practices encouraging lending activities in certain urban centers and in (that too catering limited business houses and companies) is another paradox of monetary policy under business as usual principle.&nbsp;</p>
<p>
	Another fundamental flaw is that the business as usual discourse presumes trickle downing or spill over effects. Hence identification of linkages or transmission mechanisms through which macro and sectoral policies could play both catalyst and complementary role each simultaneously are either ignored or treated in isolation. In this context increased evidences show (apart from policies linked to tax structure), quality of both public and private investment, policies in the areas of exchange rate, finance, industry, trade and business services together with their institutional and governance dimension become critically important.&nbsp;</p>
<p>
	In Nepal’s specific condition, given the tremendous potentiality and competitive advantages of sectors like agriculture, energy, tourism and richness in biodiversity, interlinking of macro and sectoral policies in an economy-wide frame ensuring comprehensiveness becomes critically important. Here again the micro dimension comes to the forefront in which area-specific policy incentive backed by a strategy of providing basic infrastructure and other facilities under the broad macro, sectoral and interlinked micro policy setting, becomes critically important. A policy of value chain through institutional or organizational structure from the grass roots in an integrated manner has emerged the best alternative as successes of many countries in expanding the domestic production base of the economy and enhancing sustainable growth, indicate. This means that simultaneous consideration from both horizontal and vertical dimension becomes utmost important which is lacking in the present economic policy discourse.&nbsp;</p>
<p>
	In view of all these, time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way. There is a need of maximum use of our entrepreneurial capability accompanied by development and unleashing of productive forces. Grounded on the existing characteristics of the economy and identification of underlying reasons, a comprehensive forward looking economic policy agenda backed by institutional setups and arrangements must be framed and introduced with utmost priority by involving various stakeholders and other catalyst forces for a new economic discourse that could contribute to enhance productive base of the economy and augment societal transformation in a dynamic way. As such, time has come to engage in much needed concrete agenda rather than repeating simply rhetoric.&nbsp;</p>
<p>
	<em><span style="font-size:11px;">(Dr khanal, is a former member of the National Planning Commission.)</span></em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-08',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Time has come to review whole gamut of policy and institutional set ups and arrangements in a way that our tremendous potentials are harnessed more judiciously for rapid growth and economic prosperity in a sustainable way.',
			'sortorder' => '1214',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1266',
			'article_category_id' => '145',
			'title' => 'Desirable Fiscal Innovations @ 2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 12px;">--</span><strong style="font-size: 12px;">By Madhukar SJB Rana</strong></p>
<p>
	<span style="font-size: 12px;">It is necessary to bring a unified legislation for budgetary limits to executive powers and the manner of accountability (of Ministers and Bureaucrats separately) along with procedures for maintaining transparency, providing data and analysis for enlightened debate and discourse in Parliament as well, monitored by the Parliamentary Committee on Finance. A rough draft Act was submitted by this author in late 2003. This now needs to be addressed for its pros and cons, needs and adequacy and promulgated by an Ordinance after due deliberations. The Korean and Indian legislations are very good examples for examining and drawing upon lessons. A desirable administrative innovation would be for all Senior Executives in the Ministry to enter into Management Performance Contract with the Minister and be accountable (a) to Minister for execution of Policies and Budget/s as per targets and (b) furthermore, the Secretary and Director Generals to be uniquely accountable to Parliament for omissions and commissions in the execution of the Financial Acts in their jurisdiction, and pursuance of the Directives and Recommendations of the Auditor General. This way the rule of the law will be safeguarded and thus, financial propriety will be advanced significantly.</span></p>
<p>
	<strong>Strengthen Revenue Forecasting &amp; Analysis&nbsp;</strong></p>
<p>
	Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.&nbsp;</p>
<p>
	These revenue forecasts must be made at the macro meso (functional) and micro (tax office) levels to obtain the fullest comprehension of the revenue potential based on the national and local economic structures. Local Tax Offices therefore, need, to be provided with simple forecasting models as instruments with which they can estimate the revenue potential of each district by total and type of taxes and other levies. Maximum effort should be made to garner ICT and GIS technologies locally. Local Tax Administrators should be duly encouraged, recognized and rewarded for such innovations.&nbsp;</p>
<p>
	Such knowledge will improve the budgetary process with a solid framework (at both the national and local levels) as plan in Nepal are not built around sophisticated, scientific estimates of expected revenues-- rather based on expenditures based on each ministry’s demand that are customarily inflated with simple ‘guesstimates’ for revenue based in past trends and probable inflation.&nbsp;</p>
<p>
	<strong>Reform Financial Administration Radically&nbsp;</strong></p>
<p>
	It can be underscored that along with financial and economic reforms, there is a need to restructure and re-engineer tax administration.&nbsp;</p>
<p>
	What is desired is the creation of Tax Authorities — rather than having Departments within the Ministry of Finance -- that are autonomous from the Ministry of Finance and made professional, free from political patronage. Such innovations in Peru and Zambia, for example, had revolutionary impact on resource mobilization where tax collection sky rocketed despite reducing the tax burden on the citizens!&nbsp;</p>
<p>
	This administrative reform will go a long way in creating the desirable ‘managerial civil service’ in Nepal and the revenue service cadres fully empowered and competent as tax professionalized to be able to mobilize up to 20% GDP as revenue by 2018. With this ratio of Revenue to GDP, foreign aid will not be calling the shots any longer: and we could have inclusive growth and development pursuing the national, rather than international, agenda.&nbsp;</p>
<p>
	When this happens, politics will take on a new meaning as party Manifestos will, then, be of worth and substance relying on national fiscal innovations rather than foreign aid-dictated policies and projects. More time and effort of the Ministry are spent to cater to the needs of foreign aid which contributes 3-4% of GDP only as compared to the private sectors that contribute 9-10% of the national economy with their suggestions for growth, employment and consumer protection.&nbsp;</p>
<p>
	<strong>Costing and Cost Control Modalities&nbsp;</strong></p>
<p>
	Another shortcoming in the budgetary process is the acute ineffectiveness of monitoring with a view to link the outputs with the inputs. This way financial and economic accountability will be more widened and deepened. The measurement of the efficiency, effectiveness as well as impact of the budget on a sector, program or project will be possible and will generate new policies from well grounded experience.</p>
<p>
	Eventually, as important sectors of the economy move toward a sector programming approach -- a veritable missing link in our planning process (due to the domination by the NPC and the ineffectiveness of the ministerial planning and coordination divisions) would be to innovate toward programme/performance budgeting for which costing studies and cost control mechanisms are vital innovations. When this will be achieved, no more will our planners be swamped by the irony of more P1 projects thanP2; and P2 than P3 ones! With very few of them being dropped to save the ‘face’, , of the ambassadors and their aid bureaucracies! We will be able to move rapidly towards the desired ‘managerial civil service’ alluded above—without which all dreams of double digit growth rates will remain mere naïve fantasies.</p>
<p>
	<strong>Lower Direct Taxes, Abolish VAT&nbsp;<span style="font-size: 12px;">Threshold, Raise Average VAT Rate&nbsp;</span><span style="font-size: 12px;">to 15% (but with Differential Rates&nbsp;</span><span style="font-size: 12px;">for Products and Services) and Levy&nbsp;</span><span style="font-size: 12px;">Agricultural Income Tax.</span></strong></p>
<p>
	Fine-tuning of taxation rates is necessary. Dividend tax should be abolished to encourage savings and investment. More retailers and wholesalers should be made to participate into the tax net and provided incentives must be provided to the local governments to mobilize the informal sector. Perhaps they may be allowed to levy, subject to central audit of the proceeds, a nominal turnover tax of say 0.5% of monthly turnover of local business not registered in PAN.&nbsp;</p>
<p>
	In order to advance fiscal devolution, agricultural income above Rs 200,000 per annum per household should also be taxed at 50% of the non-agricultural income tax. The proceeds should be 100% handed to the local governments at the ratio of 75% to the VDC and 25% to the DDC to make it politically palatable.</p>
<p>
	A massive public relations campaign should be engaged at the national level to motivate landlords-- the urban middle class self employed lawyers, doctors, engineers, consultants to pay their taxes. Tax brokers should be registered to guide tax payers and fill tax simplified returns.&nbsp;</p>
<p>
	<strong>Land Bank, FDI in Retail &amp; Resident Tourists&nbsp;</strong></p>
<p>
	Revisit the policy of Land Banks as a method for agriculture commercialization, including inviting FDI in retail trade and allowing foreigners to buy apartments as ‘resident tourists’.&nbsp;</p>
<p>
	<em>(Former Finance Minister Rana is currently a professor at SAIM)</em></p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-07-01',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'Continuous, data-based research and analyses needs to be undertaken on a sophisticated manner using well known forecasting models to have a precise, firm overview of the revenue potential for Nepal as well as estimating the revenue and identification of causes.',
			'sortorder' => '1128',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1210',
			'article_category_id' => '145',
			'title' => 'Financial Innovations@2013-14',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong><img alt="" height="178" src="https://lh4.googleusercontent.com/FKYmXpq2e4I_H926dsWLXD9QmLRg0pXsAldCeSCISR8=w174-h207-p-no" width="150" /><br />
	</strong></p>
<p>
	<strong>By Madhukar SJB Rana</strong></p>
<p>
	<strong>Promote Local Bond Markets through People-Public-Private Partnerships (4Ps) </strong></p>
<p>
	A national bond market is eminently needed to generate greater savings and investment for economic growth and employment, especially at the district/ municipal level through local initiatives. PPPP-projects that are commercially viable should be allowed to raise their capital by floating municipal bonds against firm pledges of fixed annual interest payments by the concerned people-public-private partnerships. This will provide ample opportunities for local banks and financial institutions to invest local savings locally— rather than sending them to Kathmandu (or elsewhere across the border).</p>
<p>
	To safeguard the interest of local banks and local financial institutions they should be represented on the Board of Directors, if they so desire, either as independent members in the said Board or as a separate body in the form of Executive Advisors representing the creditors duly empowered with veto rights over Board’s decisions-- but subject to Compulsory Arbitration in the event of disputes.</p>
<p>
	Naturally, when the national bond market is so under-developed it may be considered foolhardy to even think of local bond markets. Nevertheless, given the on-going global financial crisis, Nepal, along with all development nations, must begin to think out of the aid box, so to speak. Bond markets are a way out; just as negotiating ‘debt write offs’ with donors.</p>
<p>
	It is estimated that in South Asia only 20% of GDP is accounted for by South Asia’s bond market, as compared to 45% by equity markets and 35% by bank assets. Contrast this with South Korea whose bond market is 114% of GDP!</p>
<p>
	And why not this measure if one desires to arrest the informal capital outflows that never comeback and to tide over the idle dollars balance lying with the Nepal Rastra Bank to more productive uses? Long term financing is the need of the hour for investments in the acutely needed economic and social infrastructure in Nepal (e.g roads, railways, metros, hydro and solar energy, power lines, warehouses and cold storages, technological universities, resorts hotels, modern hospitals catering to health tourism, SEZs, EPVs, EPzs to promote exports and import substitution in manufacturing etc).</p>
<p>
	<strong>Promote Local Stock Markets through Private Venture Capital Companies </strong><br />
	State owned banks and financial institutions should be privatized as “it’s not the business of Nepal Government to do business”. Fears will naturally mount with employees of such institutions as to their future. The experience and skills in finance of those whose service will become redundant should be harnessed innovatively. A possible innovation is to create locally-based Venture Capital Companies (VCCs) to buy and sell equities of local businesses locally. In this way, proprietorships and partnerships can be upgraded into private or public limited companies gradually –and the informal sector encouraged to turn formal with new possibilities for debt and equity finance. These VCCs could also serve as business consulting enterprises to harness Nepal’s local entrepreneurial spirit from amidst all classes and castes.</p>
<p>
	These VCCs can be created as private or public limited companies jointly owned by shareholders (say national and local governments, banks and financial institutions, individual promoters and also its employees), who should raise their capital from their own investments in sufficient manner to be able to meet the cost of operations; as well as raise debt finance to the extent of 40% of equity holdings. This debt finance can be drawn from a National Venture Capital Fund (NVCF) initially created by the Ministry of Finance where interested companies should be required to submit competitive bids for the loan of the funds from NVCF.</p>
<p>
	It is expected that this innovation will help boost rural small industries and businesses as well as promote a culture of equity transactions that will contribute to stopping land fragmentation due to inheritance portioning. Through this financial innovation family members will see the benefit of equitization of their land holdings as commercial businesses (rather than engaging in partition of land into uneconomical parcels as now prevails to the detriment of the local economy).</p>
<p>
	<strong>Deepen Debt Market and Enhance Monetary Independence </strong></p>
<p>
	Three innovations are suggested: <br />
	(A) (1) Encourage lease finance (note: the fear of revenue loss must be weighed against the social costs of youth unemployment and alienation; further, the fact is that small businesses are not paying income taxes as yet) to benefit, in particular, the youth employment in the film, media and sports businesses; (2) small businesses engaged in logistic management—the structural weakness of a mountain economy ( in such areas as cold storage, warehouses, construction, auto-repair workshop that suffer from low productivity due to lack of capital investment and modern technology; (3) information technology (IT) businesses; (4) foreign employment loans and education loans for youth especially; (5) acceptance of second mortgage financing provision by banks and finance companies; and (6) allowing access to Indian stock and bond markets for investments as well as mobilizing Indian portfolio investments and FDI--- on a balanced basis , if need be, by each bank or FI to safeguard from net capital outflows.</p>
<p>
	(B) Negotiate with India to go into a managed flexible exchange rate system for the provision by them to Nepal of the required Indian Rupees credit to bring equilibrium in the balance of payments; hedge against currency speculation and deal with the likely inflationary impact on basic commodities on account of depreciation of Nrs through compensatory fiscal and monetary policies to subsidize imports and import substation agriculture production and industries. This will have the salutary impact by curtailing imports, promoting exports and further import substitution in the agriculture and manufacturing sector. Tourism will boom. Without an industrialization process, found mainly on forest and agro-industries, Nepal will not be able to be a modern developed economy: which it should strive to be by 2030 with 20% share of GDP.</p>
<p>
	(C) Government to refrain from creating an Asset Management Company in the public sector. It is bound to be self defeating and worse than the disease with the rampant graft and corruption that is guaranteed in such a state monopoly. As an alternative, encourage banks, with suitable incentives, to open their own private asset management companies for their asset securitization.</p>
<p>
	<strong>- (Former Finance Minister Rana is currently a professor at SAIM)</strong><br />
	 </p>',
			'published' => true,
			'created' => '2013-06-30',
			'modified' => '2013-06-30',
			'keywords' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'description' => 'new business age voices news & articles, voices news & articles from new business age nepal, voices headlines from nepal,  current and latest voices news from nepal, economic news from nepal, nepali voices economic news and events, ongoing voices news of nepal',
			'sortorder' => '1072',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1150',
			'article_category_id' => '145',
			'title' => 'Ace Nurtures Student’s Potential To Bring Out The Best',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<b><span style="font-size:16.0pt;line-height:115%;
mso-bidi-font-family:&quot;Century Gothic&quot;;color:#B11015">Overall </span></b><span style="font-size:16.0pt;line-height:115%;mso-bidi-font-family:&quot;Century Gothic&quot;;
color:#221E1F">Runner-Up </span></p>
<p>
	<br />
	 </p>
<p>
	<strong>Ace Higher Secondary School</strong><br />
	<br />
	<br />
	Ace Higher Secondary School, a conscientious learning centre where students rediscover themselves and learn to be thoughtful and responsible managers and leaders, was established in 1999. Established with the vision of enhancing capacity of individuals and institutions in Nepal to contribute to the nation’s development, Ace broke new ground by launching the first Executive MBA programme in Nepal in 1999 itself. Ace Institute’s MBA programme has acquired a distinguished reputation of being the most rigorous and fulfilling experience. <br />
	<br />
	The higher secondary programme of Ace Higher Secondary School, a spinoff of Ace Institute of Management, has established itself as students’ first choice programme in the management stream. In a short span of five years, Ace A-Level has distinguished itself from the crowd with its individual centered approach to learning and focus on management and social sciences stream only. <br />
	<br />
	<img alt="" border="1" height="77" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ace.jpg" vspace="10" width="400" /><br />
	<br />
	<strong>Other programmes offered by Ace include MBA, EMBA, BBA-BI, MBAe and ASH.</strong><br />
	<br />
	<strong><img alt="" border="1" height="209" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ashish.jpg" vspace="10" width="200" /><br />
	Aashish Tiwari <br />
	Director</strong><br />
	<br />
	<strong>second in the HSS ranking. What is your reaction to the recognition? </strong><br />
	<br />
	Ace College accepts the award with great gratitude and humility. I am thankful to New Business Age Pvt Ltd for granting this award to our college. <br />
	<br />
	<br />
	<strong>What are the top three priorities of your college? </strong><br />
	<br />
	At Ace, we lay a very strong foundation for the all-round development of students. It is not only the intellectual development of the students or the grades that matter. Ace nurtures every student’s potential and brings out the best in them. We try to focus on the weaknesses of our students and help them overcome them. Secondly, we treat our students with respect as all humans are born equal. Lastly, we believe that learning is a lifelong process. We want our students to not just focus on academics, but also experience the real world. <br />
	<br />
	<strong><br />
	How do you assess higher secondary education in Nepal? </strong><br />
	<br />
	There has been a sea change in the field of higher secondary studies in the country in the last 15 years. Colleges, the number of which is growing by the day, have helped enhance the quality of education. Similarly students have more choices. <br />
	<br />
	<strong><br />
	What is your take on the impact of ranking of colleges? </strong><br />
	<br />
	It is a good initiative. Earlier, the ratings were only based on grades. However, this event was organised with a holistic approach. Such events give good platforms for colleges.<br />
	&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1013',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1149',
			'article_category_id' => '145',
			'title' => 'Awards Like This Motivate Us To Become More Responsible',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<!--[if gte mso 9]><xml>
 <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
  DefSemiHidden="true" DefQFormat="false" DefPriority="99"
  LatentStyleCount="267">
  <w:LsdException Locked="false" Priority="0" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
  <w:LsdException Locked="false" Priority="9" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
  <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 1"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 2"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 3"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 4"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 5"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 6"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 7"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 8"/>
  <w:LsdException Locked="false" Priority="39" Name="toc 9"/>
  <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
  <w:LsdException Locked="false" Priority="10" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Title"/>
  <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
  <w:LsdException Locked="false" Priority="11" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
  <w:LsdException Locked="false" Priority="22" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
  <w:LsdException Locked="false" Priority="20" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
  <w:LsdException Locked="false" Priority="59" SemiHidden="false"
   UnhideWhenUsed="false" Name="Table Grid"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
  <w:LsdException Locked="false" Priority="1" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 1"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
  <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
  <w:LsdException Locked="false" Priority="34" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
  <w:LsdException Locked="false" Priority="29" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
  <w:LsdException Locked="false" Priority="30" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 1"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 2"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 2"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 3"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 3"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 4"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 4"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 5"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 5"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
  <w:LsdException Locked="false" Priority="60" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="61" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light List Accent 6"/>
  <w:LsdException Locked="false" Priority="62" SemiHidden="false"
   UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="63" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="64" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="65" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="66" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="67" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
  <w:LsdException Locked="false" Priority="68" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
  <w:LsdException Locked="false" Priority="69" SemiHidden="false"
   UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
  <w:LsdException Locked="false" Priority="70" SemiHidden="false"
   UnhideWhenUsed="false" Name="Dark List Accent 6"/>
  <w:LsdException Locked="false" Priority="71" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
  <w:LsdException Locked="false" Priority="72" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
  <w:LsdException Locked="false" Priority="73" SemiHidden="false"
   UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
  <w:LsdException Locked="false" Priority="19" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
  <w:LsdException Locked="false" Priority="21" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
  <w:LsdException Locked="false" Priority="31" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
  <w:LsdException Locked="false" Priority="32" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
  <w:LsdException Locked="false" Priority="33" SemiHidden="false"
   UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
  <w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
  <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
 </w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
 /* Style Definitions */
 table.MsoNormalTable
	{mso-style-name:"Table Normal";
	mso-tstyle-rowband-size:0;
	mso-tstyle-colband-size:0;
	mso-style-noshow:yes;
	mso-style-priority:99;
	mso-style-qformat:yes;
	mso-style-parent:"";
	mso-padding-alt:0in 5.4pt 0in 5.4pt;
	mso-para-margin-top:0in;
	mso-para-margin-right:0in;
	mso-para-margin-bottom:10.0pt;
	mso-para-margin-left:0in;
	line-height:115%;
	mso-pagination:widow-orphan;
	font-size:11.0pt;
	font-family:"Calibri","sans-serif";
	mso-ascii-font-family:Calibri;
	mso-ascii-theme-font:minor-latin;
	mso-hansi-font-family:Calibri;
	mso-hansi-theme-font:minor-latin;
	mso-bidi-font-family:"Times New Roman";
	mso-bidi-theme-font:minor-bidi;}
</style>
<![endif]--></p>
<p class="MsoNormal">
	<strong><strong><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;
mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:
&quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi">Overall Best : <br />
	</span></strong></strong></p>
<p>
	<strong><br />
	</strong><br />
	<strong>GoldenGate College<br />
	</strong><br />
	E stablished in 2007, GoldenGate College continues to grow from strength to strength and make its mark as one of the best educational institutions in Nepal. <br />
	The college offers six Masters and 13 Bachelors programmes affiliated to Tribhuvan University, Nepal. The college is associated with Advanced Engineering and Management College (AEMC) and GoldenGate Professional Academy (GGPA). <br />
	<br />
	It offers professional courses in Engineering and Chartered Accountancy. The college also offers the +2 courses affiliated to the Higher Secondary Education Board, Nepal. The college is planning to introduce new courses/programmes in the days to come. The programmes in the pipeline are Bachelors in Business Administration (BBA), Bachelor in Information Management (BIM), MSc in Chemistry and MA in Peace, Conflict and Development. <br />
	<br />
	Currently, around 135 teachers have been working in the science faculty whereas there are 98 in management and 25 in humanities stream. The college has 13 different labs. <br />
	Students of the college have shown outstanding performance in Extra Curricular Activities (ECA) such as sports, fine art and music. The pass percentage of the students from this college stands at 92 percent in the past three years. <br />
	<br />
	The college also offers scholarship schemes for deserving and needy students in various categories. The college has been organising separate classes for those students whose performance in the exam is comparatively weak. The college has well-stocked library with 15,000 books.<br />
	<br />
	<br />
	<img alt="" border="1" height="245" hspace="10" src="http://www.newbusinessage.com/images/thecorporate/ramesh.jpg" vspace="10" width="200" /><br />
	<strong>Ramesh Silwal <br />
	CEO, GoldenGate College</strong><br />
	<br />
	<br />
	<br />
	<strong>How do you feel on winning the award? <br />
	</strong><br />
	We are happy and proud. We feel that we must now live up to our name. Awards like this motivate us to become more responsible towards our duty. We have realized that to maintain our position, we need to emphasise more on providing quality education to our students. We accept the challenge to move ahead to transform the college into a university. <br />
	<br />
	<strong><br />
	What are three things that helped your college secure the number one position? </strong><br />
	<br />
	We have a clear vision. We have an excellent management team and world-class infrastructure. The performances of our students in the academic and extracurricular activities speak for themselves. All this has helped us secure the top position. <br />
	<br />
	<br />
	<strong>What do you think will be the impact of ranking programmes like this on the education sector? </strong><br />
	<br />
	The ranking programme is unique and different from others as it is very holitistic. New Business Age’s initiative in this regard is really praise-worthy. Such rankings help us know about our own weaknesses and strengths. Events such as these will definitely help the overall development of the education sector in the days to come. <br />
	<br />
	<br />
	<br />
	<strong>What are your suggestions for the overall improvement of colleges? </strong><br />
	<br />
	Schools should take the initiative to develop themselves and teach students ways to address the current scenario and challenges. Education must make students capable of handling all of what life may throw at them.<br />
	<br />
	 </p>',
			'published' => true,
			'created' => '2013-06-25',
			'modified' => '0000-00-00',
			'keywords' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'description' => 'the corporate weekly from Nepal, nepali corporate events – news – interviews – reviews, nepali corporate focus, nepali corporate status and news, news from nepali corporate industry, corporate happenings – events – news from nepal',
			'sortorder' => '1012',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117