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BUSINESS BRIEFS: StanChart wins 'Bank of the Year' award

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KATHMANDU, Dec 3:  Standard Chartered Bank Nepal has been awarded the prestigious ´Bank of the Year´ award at The Banker Awards 2012, according to a statement from the bank. The award was handed over to Joseph Silvanus, CEO of Standard Chartered Bank Nepal, at a function held in London on November 28. This is the third time Standard Chartered Bank Nepal has won the ´Bank of the Year´ award.



The bank had earlier won the award in 2002 and 2009. Now in its 13th year, The Banker Awards has become one of the most prestigious events within the industry. The Banker is the world´s premier banking and finance magazine, read in over 180 countries around the world.[break]



Ford´s Big Deal-Midnight Sale



KATHMANDU
: After two previous successful Big Deal-Midnight Sale, Ford has decided to organize this unique one day event yet again at all of its showrooms across the country on December 5. Disclosing its plans in a press release, the company said all Ford dealerships will remain open till midnight and conduct business for extended hours, offering customers unparalleled convenience of "car shopping at leisure" on Wednesday. Ford will also offer special schemes to those customers who book their cars during the event.



“Customers will get special interest rates and offers along with assured gifts with the purchase of every new Ford vehicle on the day,” the company said in the release. The assured gifts that the company is providing include items such as LED TV and Samsung home appliances. [break]The Big Deal-Midnight Sale is an initiative of Ford to make the car buying experience more convenient and rewarding one for its customers while allowing them more flexibility. During the first and second Big Deal-Midnight sale held in December 2011 and May 2012, the company sold 28 and 37 vehicles respectively across the country in a single day.



Force emergency light in market



KATHMANDU
: Saurabh Photo International, a firm that trades in electronics goods, has launched Force emergency light in the market. Issuing a press release on the occasion, the firm said the Force emergency light is built incorporating modern technology such as built-in rechargeable batteries with automatic Light UPS and overcharge protection. The light, which is handy and durable, is available in three different models. The first two models incorporate super bright 24 pieces LED and the third model comes with 28 super bright 28 LED. “These lights provide uninterrupted power back up for approximately 7-8 hours,” the company said in the release. Locally manufactured, Force emergency light is comparatively cheaper than other brands.



Govt impose VAT on paragliding



POKHARA
: Paragliding business is now under the purview of Value Added Tax (VAT). Although paragliding has been in operation from almost 15 years, the government had not categorically imposed VAT on it so far. Now on, local as well as foreign tourist will have to pay 13 percent VAT for the service, which will make the flight costlier. Entrepreneurs were at first rejecting government attempts to bring it under the purview of VAT stating that the service was equivalent to aviation industry which is not register under VAT. They had argued that as the licensing condition was similar for airlines and paragliding there should not be separate provision of VAT registration. At present there are 19 registered paragliding companies in Pokhara out of which 17 are in operation.



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