Kathmandu: The Ministry of Industry, Commerce and Supplies has issued its regulations as per the Safeguard, Anti-Dumping and Countervailing Act.



As per the Act, the regulations have been brought by the Ministry of Industry, Commerce and Supplies and the government will impose additional duty on the import of goods that harm the indigenous industries.



Domestic industries are required to submit a written and electronic application to the Ministry of Industry, Commerce and Supplies for the installation of safeguards.



After the ministry brought the regulations as per the law, the industrialists have allowed safeguards and anti-dumping to be imposed on the import of various goods. According to the regulations, the Ministry has to send the application to the Department of Commerce, Supplies and Consumer Protection within three days of the industrialist submitting the application through electronic and written means.



The department may appoint a research officer and recommend to the Ministry to impose safeguards and anti-dumping charges if the goods imported from abroad have affected the goods produced by the domestic industry.



If the government has given subsidy to the goods imported from abroad and its price has become cheaper and affected the Nepali producers, the government may impose counter whaling fee on such goods.



The government can impose anti-dumping duty in case of non-sale of products produced by indigenous industries in Nepal due to very cheap cost abroad and dumping of foreign products.



There is a greater risk that the government will resort to anti-dumping and countervailing laws in the name of protecting indigenous industries. On the one hand, it is said that the indigenous industries have been protected, but the main objective is to increase the revenue target.

Govt issue Safeguards, Anti-Dumping Countervailing Regulations

Kathmandu: On Thursday, the last trading day of the year, a new record has been set in the share market. The Nepse index, which measures share turnover, reached a new high of 2,374.64.



The Nepse index has risen by 31.87 points on Thursday. Although the Nepse index improved overall, banks and mutual fund subgroups did not grow.



The banking index declined by 3.83 points and the mutual fund by 0.05 points. A total of 181,5671 shares of 209 companies have been traded in the secondary market, bringing the total turnover to Rs 7.79 billion.



Investors in support microfinance are seen earning a lot today. The share price rose by 10 percent of support, causing a circus break. The share price of the company, which could not be traded during the day, has risen by Rs 138 to Rs 1,510.



Swabhiman MFI is the second highest earning financial institution. The company's share price has risen 9.98 percent or Rs 178 to Rs 1,962.



Similarly, Siddhartha Insurance accounted for 9.97 per cent, Mahila Sahyatra Microfinance 9.96 per cent, Rural Development Microfinance 9.96 per cent, Asha Microfinance 9.96 per cent, Suryodaya Microfinance 9.94 per cent, Infinity Microfinance 9.94 per cent and United Insurance 9.93 per cent. The share price has risen.



Investors in these companies, who have lost a lot, have lost even as the stock market has risen by about 32 points. Narayani Development Bank is the number one loser on Thursday.



Najarayani's share price fell 6.70 percent to Rs 696. Nepal Hydro, the second-biggest loser, fell 4.25 percent to Rs 248.



Similarly, shares of Barun Hydropower fell by 3.33 percent, Bank of Kathmandu by 2.13 percent, Sunrise First Mutual Fund by 1.96 percent, and Manjushree Finance by 1.65 percent.

New record in the stock market

Kathmandu: Nepal has signed a protocol with Israel to send 500 Nepali workers. Kumar Dahal, Director General of the Department of Foreign Employment and Khanan Goder, Ambassador of Israel to Nepal, signed the protocol.



According to the agreement, 60 percent of women and 40 percent of male caregivers will go to Israel. Those who have passed SLC and studied health care for 15 months or have completed 12 months and completed three months of care giver training, who can speak English and Hebrew will be given the opportunity to go for this job. The Government of Nepal will select the workers.



The government's previous agreement with Israel in 2015 to send care givers did not benefit enough workers. The lottery system was implemented in the selection after many applications were received in low demand. As a result, many could not go to work even after learning the language. Manpower companies used to send care givers to Israel.



Now, workers going to Israel will have to bear the cost of visa fees, medical fees, tickets, insurance and so on. Labor experts have questioned the agreement. The government has taken a policy that all the fees have to be paid by the employer country or the company there when sending workers through a manpower company. The manpower company has a policy of charging only the prescribed service fee.



In the case of Israel, experts say, the old policy is being scrapped by an agreement to supply workers from the government machinery.



The Ministry of Labor, Employment and Social Development has been interpreting the policy of 'Visa Free, Free Ticket' as foreign employment policy. The government has been taking action against the manpower companies that do not follow this policy.



Due to the policy of 'zero cost of labor' for sending workers abroad, the manpower company is not allowed to charge service fee of more than Rs 10,000 to the workers going to Malaysia, Saudi Arabia, Qatar, Dubai, Oman, Kuwait and other Gulf countries.



There is a provision not to send workers for employment if the employer does not provide 'free visa-free ticket'. The government has made zero cost a 'bottom line' when negotiating labor in major labor destination countries. On the basis of this, labor agreement has also been reached with Malaysia and both. The decision has not been implemented due to lack of effective monitoring.

Govt signs protocol to send 500 workers to Isreal

Kathmandu: The National One-Door System will be launched from next week to facilitate international trade by linking import and export with customs.



In a program held at the Ministry of Finance, the Department of Customs informed that a one-door system will be started in the Department of Food Technology and Quality Control, Department of Animal Services and Plant Quarantine Center from next week.



Programs to be started from three departments will be expanded in phases, which will include government and private sectors. According to the customs department, once the one-door system is launched, the digital system will be launched in all the three departments and their subordinate offices. Export and importers do not have to visit departments and offices for licenses or permits.



On the occasion, Director General of the Customs Department Suman Dahal informed that the one-door system would be implemented in 40 government and private agencies. A one-stop system will be implemented in coordination and cooperation between the Ministry of Finance, Ministry of Industry, Commerce, and Supplies, and Ministry of Agriculture and Livestock Development.

One-stop system from next week to facilitate international trade

NEW YORK (AP): Stocks are ticking higher on Wall Street Tuesday, recovering some of last week’s losses to pull closer to their record highs.



The S&amp;P 500 was up 0.5 percent in morning trading and back within 1 percent of its record set earlier this month. The Dow Jones Industrial Average was up 128 points, or 0.4 percent, at 30,942, as of 10:38 a.m. Eastern time, and the Nasdaq composite was 0.7 percent higher.



Wall Street’s rally is getting back on track after stocks ran out of steam last week. Markets have been rising on enthusiasm about a coming economic recovery as COVID-19 vaccines roll out and Washington gets set to try for another massive round of stimulus for the economy.



Janet Yellen, President-elect Joe Biden’s nominee to be Treasury Secretary, is calling on Congress to do more to boost the economy. In testimony prepared for her confirmation hearing on Tuesday, she said that with interest rates near their record lows, “the smartest thing we can do is act big” to avoid an even worse downturn in the near term and scarring for the economy in the long term.



Biden last week released details of a $1.9 trillion plan to bolster the economy, which would include $1,400 cash payments for most Americans. Democrats are also pushing for an accelerated rollout of COVID-19 vaccines, a higher minimum wage for workers and enhanced benefits for laid-off workers. The hope is that such stimulus can carry the economy until later this year, when more widespread vaccinations get life returning to some semblance of normal.



The case for such stimulus has been rising by the day. Dismal reports have piled up showing how the worsening pandemic has more workers applying for jobless benefits and shoppers feeling less confident.



Tuesday’s Senate Finance Committee hearing with Yellen is one of several that the Senate will be holding as the incoming Biden administration tries to get its top Cabinet officials in office quickly. Biden is set to take the oath of office on Wednesday, ending President Donald Trump’s four-year term.



Besides stocks, the optimism about an eventual acceleration for the economy and another round of stimulus have also helped push Treasury yields up sharply recently.



The yield on the 10-year Treasury climbed back to 1.11 percent from 1.08 percent late Friday. Higher rates could eventually add pressure on stocks, underscoring more how expensive stocks have become relative to the profits that companies are producing.



But some areas of the stock market could benefit, including banks. Higher rates and a healthier economy would allow them to earn bigger profits from making loans.



Bank of America was down 0.7 percent after flipping between small losses and gains after reporting a weaker profit for the last three months of 2020 than a year earlier, but still above analysts’ expectations. The bank also said expectations for a healing economy mean it doesn’t need to hold onto as much in reserves to cover for potentially bad loans.



Goldman Sachs, State Street and Halliburton also reported stronger results for the end of 2020 than analysts expected as earnings reporting season picks up pace. Wall Street is expecting a relatively weak showing across the S&amp;P 500 this time around, with another sharp drop in earnings per share. But analysts expect growth to rebound powerfully through 2021.



General Motors jumped 8.6 percent for one of the biggest gains in the S&amp;P 500 after saying its self-driving car company, Cruise, will work with Microsoft to develop autonomous, all-electric vehicles. GM, Microsoft, Honda, and other investors will also pump $2 billion into Cruise, valuing it at $30 billion. GM bought Cruise in 2016.



Microsoft added 0.4 percent.



Western Union rose 3.2 percent after it said it will begin offering money transfer and other services at more than 4,700 Walmart stores, beginning in the spring. Walmart slipped 0.8 percent.



On the losing end was NOV, which fell 6.3 percent after saying it expects to report weaker revenue and results for the end of 2020 than it had earlier forecast. The energy company said the resurgence of COVID-19 infections pushed customers to slow their orders.



In Europe, Germany’s DAX lost 0.1 percent, and France’s CAC 40 slipped 0.2 percent. The FTSE 100 in London was virtually unchanged.



In Asian markets, Hong Kong’s Hang Seng gained a rose of 2.7 percent, Nikkei 225 in Tokyo gained 1.4 percent and South Korea’s Kospi jumped 2.6 percent. Stocks in Shanghai slipped 0.8 percent.



On Monday, trading got off to a slow start for the week around the world with U.S. markets closed in observance of Martin Luther King Day.

Wall Street’s momentum swings back as stocks, yields tick up

BEIJING (AP): China eked out 2.3 percent economic growth in 2020, likely becoming the only major economy to expand as shops and factories reopened relatively early from a shutdown to fight the coronavirus while the United States, Japan and Europe struggled with rising infections.



Growth in the three months ending in December rose to 6.5 percent over a year earlier as consumers returned to shopping malls, restaurants and cinemas, official data showed Monday. That was up from the previous quarter’s 4.9 percent and stronger than many forecasters expected.



In early 2020, activity contracted by 6.8 percent in the first quarter as the ruling Communist Party took the then-unprecedented step of shutting down most of its economy to fight the virus. The following quarter, China became the first major country to grow again with a 3.2 percent expansion after the party declared victory over the virus in March and allowed factories, shops and offices to reopen.



Restaurants are filling up while cinemas and retailers struggle to lure customers back. Crowds are thin at shopping malls, where guards check visitors for signs of the disease’s tell-tale fever.



Domestic tourism is reviving, though authorities have urged the public to stay home during the Lunar New Year holiday in February, normally the busiest travel season, in response to a spate of new infections in some Chinese cities.



Exports have been boosted by demand for Chinese-made masks and other medical goods.



The growing momentum “reflected improving private consumption expenditure as well as buoyant net exports,” said Rajiv Biswas of IHS Markit in a report. He said China is likely to be the only major economy to grow in 2020 while developed countries and most major emerging markets were in recession.



The economy “recovered steadily” and “living standards were ensured forcefully,” the National Bureau of Statistics said in a statement. It said the ruling party’s development goals were “accomplished better than expectation” but gave no details.



2020 was China’s weakest growth in decades and below 1990′s 3.9 percent following the crackdown on the Tiananmen Square pro-democracy movement, which led to China’s international isolation.



Despite growth for the year, “it is too early to conclude that this is a full recovery,” said Iris Pang of ING in a report. “External demand has not yet fully recovered. This is a big hurdle.”



Exporters and high-tech manufacturers face uncertainty about how President-elect Joseph Biden will handle conflicts with Beijing over trade, technology and security. His predecessor, Donald Trump, hurt exporters by hiking tariffs on Chinese goods and manufacturers including telecom equipment giant Huawei by imposing curbs on access to U.S. components and technology.



“We expect the newly elected U.S. government will continue most of the current policies on China, at least for the first quarter,” Pang said.



The International Monetary Fund and private sector forecasters expect economic growth to rise further this year to above 8 percent.



China’s quick recovery brought it closer to matching the United States in economic output.



Total activity in 2020 was 102 trillion yuan ($15.6 trillion), according to the government. That is about 75 percent the size of the $20.8 trillion forecast by the IMF for the U.S. economy, which is expected to shrink by 4.3 percent from 2019. The IMF estimates China will be about 90 percent of the size of the U.S. economy by 2025, though with more than four times as many people average income will be lower.



Exports rose 3.6 percent last year despite the tariff war with Washington. Exporters took market share from foreign competitors that still faced anti-virus restrictions.



Retail spending contracted by 3.9 percent over 2019 but gained 4.6 percent in December over a year earlier as demand revived. Consumer spending recovered to above the previous year’s levels in the quarter ending in September.



Online sales of consumer goods rose 14.8 percent as millions of families who were ordered to stay home shifted to buying groceries and clothing on the internet.



Factory output rose 2.8 percent over 2019. Activity accelerated toward the end of the year. Production rose 7.3 percent in December.



Despite travel controls imposed for some areas after new cases flared this month most of the country is unaffected.



Still, the government’s appeal to the public to avoid traditional Lunar New Year gatherings and travel might dent spending on tourism, gifts and restaurants.



Other activity might increase, however, if farms, factories and traders keep operating over the holiday, said Chaoping Zhu of JP Morgan Asset Management in a report.



“Unusually high growth rates in this quarter are likely to be seen,” said Zhu.

China economy grows in 2020 as rebound from virus gains

Kathmandu: Investors have been attracted to the IPO of Nepal Infrastructure Development Bank, which has started selling IPOs to the public since last Friday. Within three days of the eviction, more than Rs 14 billion worth of IPO applications have been demanded.



So far, an IPO demand of Rs 14.19 billion has been received. The bank has started the sale of 80 million shares worth Rs 8 billion from Friday.



Out of 80 million, 160,000 will go for employees and 400,000 will go to mutual funds. The general public can buy the remaining 75.84 million ordinary shares.



The general public can apply for 10 to 20 million share units. The application deadline is January 6.



If the application is not received within the stipulated period, the time will be extended again. Due to the large size of the bank's ordinary shares will be received by all who fill the IPO.

NIFRA receives IPO application worth Rs 14 billion in three days

Kathmandu: The claim payment to Corona insurers has exceeded Rs 5 billion.



According to the Insurance Committee, a total of 51,717 claims have been verified. The total amount to be paid to those applicants is more than Rs 5 billion.



Out of which, Rs 2.46 billion has been paid to 25,313 people so far.



Another 26,404 will have to be paid. According to the committee, the amount to be paid has not been decided yet. The application process is still going on.



Another 14,000 applications are in process. That is, it has already been approved by the insurance companies but is yet to be approved by the Epidemiology Disease Control Division.



After the verification of those applications from the branch, the number of applicants who have to pay for insurance will now reach 40,000. Taking this into account, it is estimated that Corona has to pay around Rs 6.5 billion for insurance.



The non-life insurance companies that have collected a total of Rs 1 billion in premiums for Corona insurance have already paid the entire amount. The company is reimbursing over Rs 1 billion to Rs 2 billion.



Rs 2 billion to Rs 2.5 billion will be borne by the catastrophe bridge of insurance companies.



The Insurance Committee will bear the payment of Rs 2.5 billion to Rs 3.5 billion. Payments above Rs 3.5 billion are clearly mentioned in the Corona insurance criteria to be borne by the government.



There are also examples of some applications being returned. According to the committee, 183 applications have been returned so far.



Those who are insured with two or more companies and have more than two applications are paid only by one company.



Similarly, such applications have been rejected even though some of them have written another name while checking but the name of the real citizen will be used while insuring.



As the number of corona infections has been declining in recent days, the number of applications received from insurance companies has also been declining.



Corona insurance has been implemented through a joint bridge of 20 non-life insurance companies. This plan will be canceled automatically after Chait.



The criteria for corona insurance was revised in the meantime after the number of applications for corona insurance claims became excessive.



Accordingly, only 25 percent of the total sum insured will be paid in cash and the remaining 75 percent will be paid on the basis of the bill for the treatment expenses.



If the corona has already been insured before September 12 but has been infected and applied by April, the full amount will be paid in cash to such applicants.

Corona insured amount to exceed Rs 5 billion, only half paid so far

Kathmandu: The stock market has crossed 2300 points. On Sunday, the NEPSE index rose by 28.46 points to 2315 points. This is the highest point ever.



Shares of all groups except hydropower rose on Sunday. Shares of trade group rose by 232 points, development bank group by 110 points, manufacturing group by 49 points, micro finance by 115 points, others by 60 points, finance by 25 points, life insurance by 221 points and non-life insurance group by 78 points.



A total of 15.35 million shares of 208 companies were traded at Rs 6.37 billion on Sunday. The highest number of shares of Nepal Telecom worth Rs 581 million has been bought and sold.



Shares of Salt Trading Corporation gained 10 percent on Sunday, while those of 15 companies gained more than nine percent.



Despite the rise in the overall market, United Finance's shareholders have lost about 6 percent.

Nepse crossed 2300 points, an increase of 28 points on Sunday

SILVER SPRING, Md. (AP): U.S. industrial production rose 1.6 percent in December, a third straight monthly gain, but remains below its pre-pandemic level.



The December gain in industrial output followed a 0.5 percent increase in November and a one percent increase in October, the Federal Reserve reported Friday. Even with those gains, industrial output is still about 3.3 percent below its level in February before the pandemic hit.



Manufacturing increased 0.9 percent, its eighth straight monthly gain, even as production of motor vehicles and parts declined 1.6 percent. That follows a string of gains for the auto sector, including last month’s strong 5 percent increase. Without the drag in the auto sector last month, manufacturing posted gains of 1.1 percent.



Mining production rose 1.6 percent, while utilities’ output rose 6.2 percent as a rebound in December demand followed a 4.2 percent decline in November due to unseasonably warm weather.



U.S. industry operated at 74.5 percent of capacity in December, still below the pre-pandemic rate of 76.9 percent in February.



While December’s topline numbers were better than economists had expected, there is concern that rising coronavirus infections and a rocky vaccination campaign could further hamstring an already uneven recovery for the U.S. economy.



On Thursday night, President-elect Joe Biden unveiled a $1.9 trillion coronavirus plan that would speed up vaccines and deal financial help to those struggling with the pandemic’s prolonged economic fallout.



Oren Klachkin, an economist with Oxford Economics, said a financial relief package would provide a much-needed immediate boost for the economy, but added that in the long-term, “vaccine roll outs will shift consumer spending more towards services, softening consumer goods demand and weighing on industrial activity.”



The Institute for Supply Management reported Tuesday that American factories grew in December at the fastest pace in more than two years. The manufacturing sector has weathered the pandemic better than the battered services sector but continues to face virus-related headwinds such as factory shutdowns needed to sanitize facilities and difficulties in hiring new workers as the virus surges again.

US industrial production jumps 1.6 pc in December

Kathmandu: In the six-month period from July to December, the government has spent only 14.4 percent on capital.



The target for capital expenditure in the current Fiscal Year is Rs. 352.91 billion. However, capital expenditure alone stood at Rs. 50.81 billion by mid-December(Wednesday).



This is Rs 13 billion less than the same period last year. In the first six months of the last fiscal year, capital expenditure was Rs. 63.14 billion. Even that year, only 15.48 percent of the target was achieved.



Generally, the first six months are considered by government agencies as a time of preparation and contract management. That is why the Ministry of Finance has been saying that there is no progress in capital expenditure.



Current expenditure has not decreased in the last six months. A total of Rs. 342.35 billion has been spent on recurrent expenditure during this period. This amount is 36.08 percent of the target. The government has set a target of Rs. 948.94 billion for recurrent expenditure this fiscal year. In the first six months, total government expenditure reached 28.19 percent.



During this period, progress towards financial management has been 13.06 percent. Expenditure on financial management has been Rs. 22.57 billion in the last six months.

Only 14.4 percent development expenditure in six months

Kathmandu: Stakeholders related to agriculture sector have said that the government's decision to attract foreign direct investment in Nepal's agricultural sector is wrong.



The Dairy Industry Association, Nepal Dairy Association among other orgnizations held a joint press conference in Kathmandu on Tuesday and said that the government's decision to bring foreign investment in agriculture sector should be reversed.



The stakeholders said that the government has taken an opaque decision in the face of billions of rupees being invested in the agricultural sector by the private sector. Speaking at a press conference, Nepal Dairy Association President Radha Krishna Sapkota said that attracting foreign investment in agriculture would have a long-term impact on the country's economy. He said that the steps taken against the interest of the farmers should be taken back immediately without consulting the stakeholders in the sector where billions of rupees are being invested by the private sector.



Former president of the Nepal Dairy Association, Sumit Kedia, said that it would be wrong to bring in foreign investment when there is a return on investment. He said that these steps should be taken back immediately as the government has already published it in the Nepal Gazette without informing anyone.



The government has decided to open foreign direct investment in the agricultural sector related to dairy industry, animal husbandry, bee keeping, fish farming, fruits, vegetables and other agricultural primary products with conditions in the agricultural sector.



Stakeholders in the agricultural sector, who came to know only after it was published in the Gazette, have demanded immediate reversal of the government's decision. They have also said that various struggle programs will be launched to overturn such a decision.

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