India, S Africa trade

NEW DELHI: The booming pharma sector would act as a major catalyst in enhancing the India and South Africa bilateral trade to $12 billion by 2010. Apart from promoting the exports of Indian pharmaceutical products to South Africa, both the countries should actively engage in enhancing collaboration and joint ventures in segments such as clinical trials and research and development, according to FICCI. — HNS

Thai energy search

BATAM: Southeast Asia’s biggest offshore oil platform, weighing in at 16,800 tonnes, is near completion in Indonesia’s island of Batam. Destined for the Arthit gas fields in the Gulf of Thailand, the half-billion-dollar behemoth is expected to soon take centre stage in Thailand’s bid to escalate drilling and secure energy supplies. Natural gas generates nearly all of the electricity in Thailand, which long ago shed its rural roots and is galloping towards greater urbanisation and a broader industrial base. — AFP

Compensation policy

NEW DELHI: The new policy to compensate people whose land is being acquired for development projects has many flaws and neither specifies the role of the state in such transactions nor fixes the floor price for the property being acquired, says the head of an expert panel on special economic zones. “The government needs to be clearer on how it wants to go about implementing the new policy,” Ajay Nijhawan, convener of the panel on export oriented units and special economic zones said. — HNS

BoK gives dividend

KATHMANDU: The board meeting of Bank of Kathmandu (BoK) on Sunday has announced 20 per cent cash dividend to its shareholders — for the fiscal year 2063-64 — that is subject to NRB’s approval. BoK has generated net profit of Rs 2,62,386,980 for the fiscal year 2063-64, an increase of 29.61 per cent from the previous fiscal year. Loans and advances for 2063-64 is at Rs 9,694,101,954, an increase by 29.45 per cent from the previous fiscal year. — HNS

Ghale wins motorbike

KATHMANDU: Kunju Ghale from Thamel has won a Bajaj Pulsar DTS-i 200cc motorcycle under the consumer promotion scheme — Talu Ma Aalu — presented by Samsung for the festive season of the year 2064 BS. Ghale has become the first winner under the scheme, states a press release. The winner was selected through a lucky draw during a live programme in Image Channel’s ‘Music of your Choice’ programme. The second winner of the scheme will be announced on the October 15 in the same programme. Samsung is also giving free wrist watch on every purchase of Samsung product. — HNS

RBB opens on holiday

KATHMANDU: Rastriya Banijya Bank (RBB) has announced that its some branch offices in major cities of the country will remain open during the Dashain holidays also. Issuing a press release, RBB said that its main branch office at Bishal Bazaar and branch offices at New Baneswar, Singh Durbar, Narayangarh, Birgunj, Mahendrapool Pokhara, Bargachhi and Janakpur will provide deposit and payment services even during the holidays of Dashain and Tihar. — HNS

PFCL to float IPO

KATHMANDU: Securities Board of Nepal (SEBON) has approved the initial public offering (IPO) of Prabhu Finance Company Ltd (PFCL) worth Rs 48 million. Issuing a press release, SEBON stated that PFCL will issue 480,000 ordinary shares with a face value of Rs 100 each to the public. Nepal Merchant Banking and Finance Ltd is the issue and sales manager for the IPO. — HNS

Fund invasion

PARIS: The increasing clout of state-run investment funds is causing concern in European countries, where policymakers are anxious to protect industry and strategic assets from foreign takeovers. These sovereign wealth funds have $2,800 billion in assets and are multiplying. — AFP