The morning ledger · Friday 29 October
Analysis · 09 minThe finance ministry says revenue will grow eleven percent. The supporting note is four pages long and three of them are last year's. Here is what the arithmetic actually requires.
“A revenue target is not a forecast. It is a promise with a deadline attached.”
The close
Thursday close · values in NPR
Coverage
We do not cover every company. We cover the numbers that move the ones we do: rates, remittance, contracts and the informal market that never makes the index.
Tips to any beat · same form
NRB decisions, interbank liquidity, the cost of a loan at the counter and the spread nobody quotes.
Pratik Adhikari
Daily
NEPSE, gold, fuel and the retail investor who reads the board on the way to work.
Nisha Karki
Daily close
Public procurement, the award letters and the companies that keep appearing in both.
Anil Shrestha
Weekly
Remittance, rent, school fees and where the family budget actually breaks.
Maya Gurung
Fortnightly
Deep dives
Every chart has a source line
Budget
09 minThree revenue lines carry the plan. Two of them depend on imports that fell last quarter, and the third is a fee the ministry has not yet published.
Revenue growth assumed
11.0%
By Pratik Adhikari
Banking
Banks call them 'relief'. The borrowers call them the only reason the shop is still open. Both are right, which is the problem.
4.8%
Of total lending
Procurement
We matched award notices to company registrations. The addresses overlap more than the bids do.
41%
Award value
Remittance
Transfers are up. So is the price of the things they buy. The gap is the story.
8.2%
Transfer growth YoY
Explainer
A walk through the spread, the collateral and the two signatures that decide the rate.
6.5%
Policy rate
Method
Analysis is an argument, not a verdict. We show the working, name the source and publish the caveat next to the claim, not in a footnote.
Primary source first: the award letter, the balance sheet, the gazette. A press release is a lead, not evidence.
If a claim is arithmetic, we redo it. If it is a forecast, we state the assumptions the author used.
Limits sit next to the finding. When a source will not go on record, we say what that costs the story.
Artha is an independent business desk. Nothing here is investment advice.
Analyst notes
Unsolicited · edited for clarity
“The restructured-loan piece was the first thing I have read that treated forbearance as a balance-sheet fact rather than a moral one.”
“They called three times before printing the procurement story. That is three more than the award letter did.”
“I do not agree with the budget read, but the working is on the page. I can argue with arithmetic; I cannot argue with a vibe.”
Press desk
Tips, press releases and corrections for the business desk. Attach the number behind the claim. We verify every figure before it runs and credit the document, not the messenger.
Embargoes honoured · receipts issued
Business desk
Form B-2