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PAGE 10 www.thehimalayantimes.com Business • BIZ BRIEFS A model parading a creation during the bi-annual China Fashion Week in Beijing, on Saturday. S Africa mines’ woes AFP / RSS JOHANNESBURG: South Africa’s mining sector is creeping back toward normality but large wage increases afforded to strikers mean the sector will face shrinking profit margins that could force companies to mechanise or close shafts. On Thursday, gold operators agreed to pay raises of up to 20.8 per cent for some workers, a month after a platinum mine conceded a 22 per cent pay hike to end illegal stoppages. The agreements offered the prospect of an end to crippling strikes, but also tighten the screws on the largest employer in Africa’s number one economy. It is a sector that has changed little in the last century and is battling for survival amid rising operating costs and a global crunch. The mining industry lost $ 1.1 billion since the start of the strikes in August. Individual operators are now looking hard at the books to see which mines can be considered a going concern. —AFP Suzlon mired in debt MUMBAI: Wind energy giant Suzlon, once a star of India’s green technology, is facing a stormy future after aggressive expansion left it mired in debt at a tricky time for the industry, analysts say. The world’s fifth largest wind turbine firm this month made the biggest default on repayments by an Indian company, after bondholders rejected its request for a fourmonth extension to more than $ 200 million of debt. Investors are watching with concern to see if founder Tulsi Tanti can steer them out of a desperate fund-crunch over the coming crucial months, in an uncertain global business environment. The picture was once far rosier for Suzlon, headquartered on a sprawling 10acre campus on the outskirts of Pune, a city in western India. Before the global financial crisis, the firm was the bluest of blue-chips and chairman Tanti was a poster-boy for entrepreneurship and unbridled ambition in the country’s growth story. —AFP Ambitious Asia plan SYDNEY: An ambitious plan aimed at maximising links with booming China and other soaring Asian economies will power Australia into the world’s top 10 wealthiest nations by 2025, the government said Sunday. The sweeping policy blueprint, titled ‘Australia in the Asian Century’, sets a series of goals for the next 13 years to seize upon Asia’s rapid ascent as a global economic powerhouse led by the modernisation of China and India. By 2025, Gillard said Australia’s GDP per person — a measure of personal wealth — would jump into the world’s top 10, joining the likes of Qatar, Singapore, Hong Kong, Brunei, the UAE and the US. —AFP Workers pelt police TAIPEI: Slogan-chanting workers threw eggs at riot police Sunday as thousands took to Taipei’s streets amid drizzle to demand a pay rise and better protection of their rights. Dozens of riot police in the square outside the presidential office were pelted. A small group of demonstrators briefly scuffled with officers but there were no arrests. The rally came after the government in September decided not to raise the minimum wage. Business leaders said they feared the additional cost amid the economic downturn. “The (president) Ma Ying-jeou administration pledges to improve the economy, but what has happened is that workers’ rights and interests were sacrificed to benefit business groups,” said Chu Wei-li, of the National Federation of Independent Trade Union. —AFP Valley witnesses low petrol use Himalayan News Service Kathmandu, October 28 Though Kathmandu valley consumes over a quarter of the national demand at around 350,000 litres of petrol and around 400,000 litres of diesel every day in normal conditions, due to low vehicular movement during the festive season of Dashain and Tihar — Ashwin and Kartik months — are the lowest consuming months in the year. “Though the Thankot depot distributed petroleum products today too, consumption has not yet picked up to the normal level of 400,000 litres of diesel,” said spokesperson of the Nepal Oil Corporation Mukunda Dhungel. However, it might not make any difference in national consumption round the year, because the Kathmandu valley consumes the least in the festive season, he said, adding that the winter season after the festive season has been usually witnessing an increase in the consumption of petroleum products due to increasing load-shedding hours. According to transport entrepreneurs, more than 1.5 million people were expected to leave Kathmandu valley — Kathmandu, Lalitpur and Bhaktapur districts — for Dashain. Around 1,100 buses, minibuses and microbuses have ferried the floating population of Kathmandu to the districts since Ghatasthapana, the first day of Dashain festival, when almost all the government offices and most of the pri- vate sector closes. Besides buses and microbuses, around 40,000 motorcycles also leave the Kathmandu Valley every day during Dashain, lessening the pressure on the valley petrol pumps. The petrol pumps in the Kathmandu valley feel less pressure during Dashain, according to the Nepal Petroleum Dealers National Association. The low consumption of petroleum products in Kathmandu valley — one of the highest consumers — puts less pressure in the distribution system too, said Dhungel, adding that Nepal Oil PAN,VAT registration must Himalayan News Service Kathmandu, October 28 The Finance Ministry and the Office of Company Registrar have agreed to collaborate to bring new companies into Permanent Account Number (PAN) and Value Added Tax (VAT) compliances in a more effective manner. The ministry reached an agreement with the Office of the Company Registrar last week, making the provision of PAN or VAT registration compulsory for new companies who approach the office for registration, newly appointed finance secretary at the ministry Shanta Raj Subedi said, adding that the agreement will come into effect within a month. The provision will help expand the tax net, said secretary Subedi. “Similarly, the provision will discourage the trend of non-filers.” Cooperation between the tax administration and the Office of the Company Registrar will help maintain a strong database of companies, and also help the tax administration track the transaction details of every single company if any is found to be involved in any suspicious activity, according to Subedi. A company, with transactions worth | LOWEST CONSUMING MONTHS | more than Rs 2 million, will automatically come under the VAT net after the implementation of the new agreement, he further said. Secretary Subedi further said that the ministry will put its effort to reducing non-filers. “Most of the revenue fraud has been committed by non-filer firms,” he said, adding that the tax administration should develop a scientific database to track such non-filers. Up to 35 per cent VAT registered firms have been found to be a nonfiler, according to director general of the Inland Revenue Department Tanka Mani Sharma. The tax administration has long been demanding for a reform in the existing VAT registration system to make the VAT-registered firms more reliable. A total of 813,710 taxpayers are registered at the tax administration, the department said. Of the total, around 113,622 taxpayers are under the VAT net, 274,696 under Permanent Account Number net, and 539,014 taxpayers under the income tax net. The number of taxpayers will further rise after the implementation of the compulsory provision of either VAT or PAN registration to open new companies, the ministry said. Corporation’s Thankot depot has been distributing petroleum products in the festive season too, to ease supply, Dhungel said. Though some of the petrol pumps that were running out of stock could not refill fuel on Saturday due to a public holiday, they got the fuel today but the demand is less than normal. The Kathmandu valley consumes nearly 31 per cent of the total petroleum products supplied to the country, according to a survey report ‘The Share of Kathmandu Valley in the National Economy’ published by the central bank. (Figures in billion rupees. Source: Nepal Rastra Bank) The consumption of Liquefied Petroleum Gas (LPG) — popularly known as cooking gas — stands at 60 per cent of total domestic consumption, the survey of the fiscal year 2010-11 said, adding that the valley consumes 45.5 per cent petrol, 15.5 per cent diesel and 37.6 per cent kerosene. Last fiscal year, the country imported petroleum products worth Rs 92.25 billion, almost double in the last two years, when in 2009- 10, it had imported Rs 51.61 billion worth petroleum products, according to the data made available by the central bank. THE HIMALAYAN TIMES, MONDAY,OCTOBER 29, 2012 ‘Infrastructure holds investment potential’ Himalayan News Service Kathmandu, October 28 Nepal still holds a huge potential for growth as a major tourist destination. “Air traffic to Nepal increased at a compounded annual rate of 10 per cent between 2005 and 2010,” said advisor to the prime minister and former finance secretary Rameshwor Khanal. Some 29 international airlines currently operate 284 flights per week to the mystic Shangri-La Nepal, he said, adding that the country offers huge potential for the growth of the tourism industry. The country has 54 airports currently and there is still a huge potential for infrastructuredevelopment like airports, the former bureaucrat said. “The country has permitted foreign direct investment in domestic airlines, international airlines, flying schools, and repair and maintenance work.” Similarly, the second international airport that is planned at Nijgadh in Bara district, and upgradation of Gautam Buddha Airport in Bhairahawa and the only international airport in the country, speaks volume of the need for foreign investment in infrastructure development in the country, Khanal added. Air transport is the only and efficient mode for a mountainous country like Nepal as it will take more time to construct roads. The domestic demand for infrastructure, energy, and communication exceeds supply, creating a huge growth potential in domestic market itself Though the country is within reach of achieving its target for road accessibility by 2016, according to International Finance Corporation (IFC), a lending arm of the World Bank Group, there is huge potential for investment for the north-to-south road corridors. Envisioning the need for transport corridors for trade between India and China, eight different road corridors have been identified, he said, adding that these road corridors will provide easy trade and transportation between India and China, the two rising Asian economies which have a target to increase bilateral trade to over $100 billion by 2015. Besides infrastructure for the rising tourist arrivals, the country also has a huge demand for investment in the industrial corridor that could contribute significantly to the economy. “The domestic demand for infrastructure, energy, and communication exceeds supply, creating a huge growth potential in domestic market itself,” said Khanal. “Due to access to trainable and low cost workforce, Nepal offers a huge potential for foreign investment.” Similarly, with help of development partners, the country is constructing a dry port in Birgunj and international container depots in Biratnagar and Bhairahawa, and they are sufficient to support industrial growth. AFP / RSS Demonstrators taking part in a protest in Taipei on Sunday. Slogan-chanting workers pelted eggs at police as thousands took to Taipei's streets to demand a pay rise and better protection of their rights. Food supply to be affected in coming months, says report Himalayan News Service Kathmandu, October 28 | FOOD PRICE INFLATION | mal to moderate except in a few hilly districts, says report. Likewise, the festive season 10.1 per cent in the corresponding period of the previous year. Overall food availability is ex- of mid-October to mid-No- Under the items of the food pected to be affected in comvember is likely to aid prices of and beverage group, the price ing months, according to a re- staple food commodities and index of sugar and sweets subport. “Food supply will be af- prices of meats, fruits, vegetagroup increased by the highest fected as paddy production is bles and edible oils to stay rate of 23.4 per cent during the likely to be low in some eastern high. Prices of most commodi- review period, as compared to Tarai districts due to late monties, regularly monitored by an increase of 5.7 per cent in soon and shortage of fertilisers MoAD and WFP, showed an the corresponding period of during plantation,” according upward trend over the past one the previous year. to a joint report published by month, says the report. The consistent increase in UN World Food Programme Retail prices of staple foods fuel prices has also led trans- (WFP), Ministry of Agriculture such as coarse rice and wheat port fares to go up by 15.7 per Development (MoAD), Feder- flour increased by 3.6 per cent cent during the review period, ation of Nepalese Chambers of to Rs 37, and by 4.9 per cent to as compared to an increase of Commerce and Industries, and Rs 37.6 per kilo, respectively. 12.7 per cent in the corre- Consumer Interest Protection Likewise, Nepal Rastra sponding period of the previ- Forum. Bank’s inflation data also show ous year. Such increment in The report has predicted increased food prices con- transportation cost has also fu- that the production of crops in tributing to the increased level elled the food price. 2012, such as paddy and of overall inflation. By mid- Report, however, anticipates maize, is expected to decline September, the index of food improved food supply in food by 10 per cent. Moreover, sum- and beverage group increased deficit areas since many roads mer crops, mainly maize, has by 10.4 per cent, as overall in- linked to the hill and mountain started to be harvested in the flation reached 11.2 per cent markets from the Tarai have hilly region and overall production is expected to be nor- (Figures in per cent. Source: Nepal Rastra Bank) during the review period. The food index had increased by begun to operate smoothly as monsoon has ended.
THE HIMALAYAN TIMES, MONDAY, OCTOBER 29, 2012 www.thehimalayantimes.com BUSINESS • BIZ BRIEFS HK’s realty plans HONG KONG: Hong Kong announced Friday it will raise real-estate purchasing and resale costs to cool its overheating property market down, in a move targeting non-local buyers and speculative activities. The prices of small and medium sized residential flats in the southern Chinese city, famous for its sky-high rent, surged 20 per cent for the first nine months of the year, prompting the government to take action. The new measures include the increase of special stamp duties for properties resold within the first three years of its purchase and imposing an extra 15 per cent transaction cost on non-local buyers and local and foreign companies. The measures ‘targets speculative activities, and for most genuine homebuyers it would not affect them because they won’t be reselling in a short period of time’. —AFP Samsung profit up SEOUL: South Korean technology powerhouse Samsung Electronics Co posted a fourth straight record quarterly profit - of $7.4 billion - with strong sales of its Galaxy range of phones masking sharply lower sales of memory chips. The record run, though, is likely to end in December, with profit growth slowing even more next year as TV markets stagnate and growth in high-end smartphones eases from the recent breakneck speed. Profit is expected to grow 16 per cent next year, down from a forecast 73 per cent this year. Samsung said July-September operating profit almost doubled to 8.12 trillion won, in line with its earlier estimate. Net profit rose to 6.56 trillion won. —AFP Australia’s new rating SYDNEY: Australian treasurer Wayne Swan welcomed a decision by ratings agency Fitch to affirm the country’s AAA credit rating, days after his midyear economic review lowered this year’s growth forecast. The affirmation overnight of the AAA rating with a stable outlook comes after the government last week cut its growth and budget surplus forecasts as worsening global conditions hurt revenues in the mining-driven economy. “We manage our economy in the interests of working people and we’ve had a big tick from the rating agencies overnight,” said Swan. —AFP HUL beats forecasts MUMBAI: Consumer goods giant Hindustan Unilever (HUL), Indian unit of Anglo-Dutch Unilever, on Friday reported an above-expected rise in quarterly profit. HUL, which is India’s largest consumer goods maker, posted a 17 per cent rise in net profit at IRs 8.07 billion ($152 million) in the three months to September, compared to IRs 6.89 billion a year earlier. Sales rose 12 per cent to IRs 61.55 billion rupees. HUL’s earnings beat market expectations of a 7.7-billion-rupee profit. Its personal care business rose in quarter by 12 per cent yearon-year, while soaps and detergents jumped 22 per cent. Its food products segment grew 10 per cent in the quarter from a year earlier. —AFP • FOREX RATES The foreign exchange rates for October 29 as fixed by Nepal Rastra Bank are as follows: CURRENCY UNIT BUYING (in Rs.) SELLING (in Rs.) Swiss Franc 1 91.34 91.98 Australian Dollar 1 88.60 89.22 Canadian Dollar 1 85.60 86.20 Singapore Dollar 1 69.89 70.39 Saudi Arab Riyal 1 22.77 22.93 Qatari Riyal 1 23.45 23.62 Thai Bhat 1 2.78 2.80 UAE Dihram 1 23.25 23.41 Malaysian Ringit 1 28.09 28.29 Swedish Krona 1 12.76 Danish Krona 1 14.81 Hongkong Dollar 1 11.02 Note: Under the present system the open market exchange rates quoted by different /commercial banks may differ. Himalayan News Service Kathmandu, October 28 In the first half of 2012, global FDI fell by eight per cent to an estimated $668 billion, down from $729 billion in first half of 2011, according to UNCTAD’s FDI Global Quarterly Index. South Asia witnessed a fall by 40 per cent in its FDI inflows as a result of declines across nearly all countries in the subcontinent. Inflows to India, which accounts for the lion’s share of inward FDI to the sub-region, fell from $18 billion to $10 billion, partly as a result of shrinking market-seeking FDI to the country. Strong interest by foreign investors in manufacturing, especially in garments, helped keep FDI inflows to Bangladesh at a relatively high level — about $430 million in the first two quarters. It was due to increased uncertainty in the global economy, marked by fears of an exacerbation of the sovereign debt crisis in Europe and a slow down of growth in major emerging market economies, it said, adding that in the second quarter of 2012 the value of index, which tracks FDI flows, dropped from 128 to 123. The $61 billion fall was mainly caused by a decline of $37 billion in inflows to the US and a $23 billion fall in inflows to BRIC — Brazil, Russian Federation, India and China — countries. The declines were caused by steep falls in both greenfield investment projects (down by 40 per cent) and cross-border Merger and Ac- Value of shares appreciates Himalayan News Service Kathmandu, October 28 The value of shares with investors has appreciated by more than one third of its value in the last six months due to a surge in stock market capitalisation. Nepal Stock Exchange (Nepse)’s market capitalisation surged by 36 per cent since mid-April 2012. The stock market capitalisation, that stood at Rs 302 billion in mid-April, has reached Rs 413.5 billion by October 27. The surge in market capitalisation has also been accompanied by the bullish benchmark index that also scaled by 36 per cent during the review period. On April 12, the Nepse index stood at 319.94 points, which kept travelling north on positive political cue, reaching 425.46 points in the next two weeks. Though the ascent did not continue at the same rate in the following weeks, the benchmark index though has not disappointed investors. “Investors who entered the market before mid-April 2012 have benefited a lot as the index was hovering around 300 points then, and it will not go back to that level in the near future,” said general secretary of Nepal Stock Investors’ Association Prakash Rajaure. The waxing size of market capitalisation has upgraded the asset values of shareholders. However, in the last two and a half years, plunging share prices had caused the market capitalisation of listed companies to decline by more than 25 per cent. Market capitalisation is the total val- Chocolate conquers new worlds Agence France Presse Paris, October 28 History is coming full circle: borrowed from the Aztecs four centuries ago, perfected for the palate by the Europeans, chocolate is conquering new worlds, with sales booming from Asia to Brazil. Every second, 95 tonnes of chocolate are wolfed down around the world, or three million tonnes a year, according to figures supplied by the annual Salon du Chocolat fair, which kicks off Wednesday in Paris. The globalisation of chocolate is most striking in Japan, where annual sales are soaring by 25 per cent and French chocolatiers are feted like stars while their Japanese counterparts now rank among the world’s best. For the Salon’s annual fashion show featuring life-sized chocolate dresses, this year’s model is a kimono-inspired number created by French chocolatier Frederic Cassel — who has three stores in Japan. The 15-kilo edible dress — a month in the making — will be slipped on just moments before the show, lest it should melt under the spotlights. Afterwards, it will be shipped straight to Japan. According to Jacques Pessis, president of the highly serious Chocolate Crunchers’ Club which each year rewards the best world chocolates, France and Japan are the current masters of the game. Japan aside, chocolate sales are also growing 30 percent year on year in China, while in India — even though one in two Indians have never tasted chocolate — growth is 20 per cent. Six multinational firms together account for 85 per cent of the vast market: Hershey, Mars, Philip Morris, Nestle, Cadbury and Ferrero. quisitions (M&As) transactions (down by 60 per cent), which are also visible in the reduced importance of the equity component of FDI inflows. The fact that the overall decline remains limited to downfall by eight per cent reflects the stable reinvested earnings component of FDI, indicating that transnational companies’ (TNCs) earnings overseas continued to be strong. Developing countries — without transition economies — for the first time absorbed half of global FDI inflows due to the steep fall in flows to the US and a moderate decline in flows to the EU. Despite a decline in FDI inflows, China became the world’s largest recipient in the first half of 2012. ue of the shares of the stock market. Investors were attracted towards the secondary market mostly due to the availability of lucrative shares at historically low prices of companies such as Nepal Telecom, Chilime Hydropower, Bank of Kathmandu, Everest Bank, Nabil Bank, and Standard Chartered among others. The performance of class ‘A’ companies as shown by the sensitive index has also appreciated by 33 per cent. In mid-April, the sensitive index stood at 84.5 points, which is now at 112 points. FDI flows showed an uneven pattern among regions. In developing economies, while flows to developing Asia declined, those to Latin America and Africa rose. In developed countries, the rise in flows to Europe — in spite of a fall in flows to the European Union and other developed countries — was not enough to compensate for the decline in flows to North America. Compared to the full-year forecast of FDI inflows published in July, UNCTAD now projects | SECONDARY MARKET MOVEMENT | Earlier, the higher interest rates being offered by banks used to be blamed for taking away investors from the stock market. But now as banks are offering less than eight per cent interest on fixed deposits, investors are returning once again to stock investing due to relatively increased returns. “If the lending rate of banks for share purchase loans becomes more reasonable then the market will further go up,” pointed out Rajaure. At present, banks are providing share purchase loans or margin type lend- that FDI flows will, at best, level-off in 2012 at slightly below $1.6 trillion. The slow and bumpy recovery of the global economy, weak global demand and elevated risks related to regulatory policy changes continue to reinforce the wait-and-see attitude of many TNCs toward investment abroad. In the first half of 2012, developing and transition economies continued to absorb more than half of global FDI flows. For the first time, (Figures of Nepse in points and market capitalisation in billion rupees. Source: Nepse) ing at an interest rate that is higher than 14 per cent. In the last six months, the number of listed companies has gone up to 225 from 215. The number of shares listed has increased to 1.6 billion units from 1.2 billion units six months ago. The increased number of shares listing at Nepal Stock Exchange has also contributed in a surge in market capitalisation as it is calculated by multiplying a company’s shares outstanding by the current market price of one share. Mobile market booms in Dashain Himalayan News Service Kathmandu, October 28 Sales of mobile sets and accessories increased by three times during the Dashain festival, according to the Mobile Traders Association of Nepal. “Normal sales of mobile sets is around 3,000 to 4,000 per day during normal times,” president of association Purushottam Basnet said, adding that sales increased to around 10,000 to 12,000 every day when consumers started their Dashain shopping. The sales of smartphones remarkably went up this year, as compared to earlier years, he informed. “The preliminary data collected by the association has revealed that Samsung and Color brands of mobiles are on the top of the list according to consumers’ choice.” There are a total of 25 brands of mobile sets in the Nepali market, according to Basnet. The annual turnover of the mobile business is around Rs 13 billion, he said, adding that the trade volume is expected to go up this year due to the popularity of smartphones. The mobile handset market has been growing by 20 per cent to 25 per cent annually, according to the association. The domestic market, according to traders, consumes approximately 1.5 million handsets annually. The trade volume of mobile sets will witness a steep rise for some more years due to increasing mobile penetration rate, according to traders. The telephone penetration rate in the country has reached 64.91 per cent until mid-July, according to telecom regulator Nepal Telecommunications Authority (NTA). Out of total 17.28 million telephone users, 15.33 million consumers have access to mobile phones including Global System for Mobile Communication, and Code Division Multiple Access, according to NTA. Number of users has been growing every month, creating a lot of opportunities for mobile traders and companies, said the association. “However, consumers’ selectivity and choice in buying mobile sets have also increased in recent days,” Basnet said, adding sales of branded sets and smartphones not only help increase the quality of the consumers but also boosts the revenue. Foreign direct investment flows retreat in first half of 2012: UNCTAD Global FDI fell by eight per cent to an estimated $668 billion,down from $729 billion in the first half of 2011 Developing countries — without transition economies — for the first time absorbed half of global FDI inflows developing economies alone accounted for a half of the global total. “Investment leads economic growth but the current trends of investment flows to developing countries, particularly to Asia, are worrisome and the challenge for channeling FDI into key development sectors such as infrastructure, agriculture and the green economy remains daunting” said secretarygeneral of UNCTAD Supachai Panitchpakdi. Despite a slight decline in FDI inflows, China became the largest recipient country in the first half of 2012, followed by the US. However, early indications show that FDI flows to the US might be stronger in the second half of 2012. The value of cross-border M&As in the third quarter of 2012 were double those of the first half of the year, while some further acquisitions are already taking place or announced in the fourth quarter. FDI flows fell to the BRICs as a whole and to each of individual country within the group. In the first half of 2012, FDI inflows declined by 11 per cent in developing Asia, despite a strong recovery after the global financial crisis. It reflects a protracted period of weak external demand with consequent strongly negative effects on exports and increasing uncertainty about high-growth emerging countries, the UNCTAD said, adding that as a result of declines in China and Hong Kong (China), PAGE 11 Churi has huge potential Himalayan News Service Kathmandu, October 28 Churi — a fruit berry that is found in the hilly districts of Nepal — can generate employment for around 150,000 people if the government can help boost its development. “Around 50 districts have Churi,” according to national programme manager of Micro Enterprise Development Programme (MEDEP) Dr Lakshman Pun. Aesandra butyracea or popularly known as Churi in Nepal can help produce some 17,825 metric tonnes of honey, he said, adding that at the rate of Rs 200 per kg of honey, Nepal can earn around Rs 3.5 billion from Churi — that flowers for three months a year — honey. Similarly, it can also help produce 37,245 metric tonnes of butter and herbal soap from Churi could earn the country around Rs 26.81 billion, Pun added. “The total employment generation from the honey and soap production of Churi could be around 150,000,” he informed. Churi is a medium sized tree native to Nepal and is abundantly found in the mountain areas between 300 to 2,000 msl. It can reach heights of up to 20 metres and the seeds from Churi trees produce fatty acid oils that are mainly used as vegetable butter in rural areas. According to a resource assessment of Churi undertaken by Micro Enterprise Development Programme, out of the 75 districts of Nepal, almost 50 districts are known to have Churi plants. The geographical distribution extends from Darchula, Baitadi and Dadeldhura districts in the far-west to Dhankuta and Ilam districts in the east. The total number of Churi trees in the country is estimated at 10.8 million, according to MEDEP. The highest number of trees (almost 40 per cent) are found in the midwestern development region, which is followed by far western development region. These two regions combined account for about 70 per cent of the total number of trees in the country. There are an estimated 5.6 million Churi trees at fruit bearing stage in the country with the potential to produce 37,245 metric tonnes of butter, the study revealed, adding that there is a huge potential in terms of resource availability to produce Churi butter as well as honey. The common method followed by micro-entrepreneurs for Churi herbal soap making is based on what is called the ‘Cold Process Soap Making’. Herbal soap making is a specialised process with a wide diversity in type of ingredients used depending on the target markets consisting of low end and upscale consumers. There are various kinds of oils, essential oils, and fragrances available that could be combined by individual entrepreneurs to come up with specific products with unique characteristics. The ferry ‘Napoleon-Bonaparte’, which manages Mediterranean sea transport shuttles, tilts to the side against a quay in France, on Sunday. AFP / RSS total FDI inflows to East Asia fell by about 11 per cent. Half-year inflows to China amounted to $59 billion, a three per cent decline from $61 billion in the first half of last year. China is experiencing structural adjustments in their FDI flows, including the relocation of labour-intensive and low-end marketoriented FDI to neighbouring countries. Compared to the full-year forecast of FDI inflows published in July, UNCTAD now projects that FDI flows will, at best, level-off in 2012, at slightly below $1.6 trillion. UNCTAD’s longer term projections still show a moderate rise. However, the risk of further macroeconomic shocks in 2013 can impact FDI inflows negatively.
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