NMB's social initiative

HIMALAYAN NEWS SERVICE

KATHMANDU: NMB Social Initiative, with technical assistance from Srijana College of Fine Arts, organised the NMB Bank Inter-school Heritage Painting Competition, a nationwide event on Saturday on the premises of Hanuman Dhoka Museum, Kathmandu. The competition was part of the initiative on corporate social responsibility on heritage preservation undertaken by NMB Bank on its 16th anniversary. A total of 116 students from 69 schools from all over the nation participated in the competition, making the event a grand success. NMB Social Initiative believes that the schools and their combined efforts will help them take a step forward towards spreading awareness about preserving the rich heritage sites of Nepal. Chief guest for the event, Head of Office and UNESCO Representative Axel Plathe presented ‘The Best Five Artists’ with cheques of Rs 20,000 each as part of the prize package.

Mega extends service

KATHMANDU: Mega Bank Nepal launched its branchless banking service with state-of-the-art technology in Dhading’s Nalang on Saturday to provide banking services to the rural population. This is the bank’s 16th branchless banking service. With a motive to provide banking services to all the citizens of rural areas, the bank is focused on establishing such branchless banking service outlets in geographically difficult to reach places throughout the country. The outlets will allow the rural population to withdraw and transfer money, pay bills, and receive remittance payments among others.

Facebook shares

WASHINGTON: Shares of Facebook Inc fell 4.5 per cent to a new low on Friday after brokerages cut their price targets on the company’s shares, saying several lock-up expirations over the next year will weigh on the stock. Early investors got the green light to sell Facebook shares for the first time on August 16, sending its stock down 6.3 per cent and prompting price target cuts. About 243 million shares will become available for trading from mid-October, with November 14 being the big day when more than 1.2 billion shares will enter the market. The company’s current free float is about 628 million shares. “We expect investor attention to return to fundamentals after the technical challenges presented by lock-up expirations over the next six months have been absorbed by the stock,” BMO Capital Markets analysts said in a note. They added that Wall Street sentiment on Facebook is now much worse than advertiser sentiment.

Taiwan, China deal

TAIWAN: Taiwan and China on Friday signed a deal paving the way for Taiwanese banks to take Chinese yuan deposits and make yuan loans, in the latest agreement to boost trade between the former arch rivals. The memorandum of understanding outlines the new arrangement, known as direct yuan clearing, which is expected to come into force in 60 days, Taiwan’s central bank said. China is Taiwan’s largest trading partner and its largest investment destination, although currently Taiwan banks can only buy and sell Chinese yuan through Bank of China’s Hong Kong branch. The measure will lower the cost of currency exchange and the risk of exchange rate fluctuation for businesses on both sides, said spokesman for China’s Taiwan Affairs Office Yang Yi, cited by state news agency Xinhua. The deal will also allow Taiwanese companies to issue yuan bonds and sell yuan-denominated investment products on the island, Taiwan’s central bank said.