Rs 7 billion released for local level infrastructure, office operation

KATHMANDU: The Finance Ministry on Wednesday allocated Rs 7.44 million for the infrastructure and office operation in the local level. Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara said that each unit would get Rs 10 million as seed money. Out of total 744 local unites, there are four metropolis, 13 sub-metropolis, 246 municipalities and 481 rural municipalities. Meanwhile, the government has deployed civil servants to the local units today itself. Joint Secretary has..

Indian investment dipping due to insecurity: Ambassador Upadhyay

BHAIRAHAWA: Nepal's Ambassador to India, Deep Kumar Upadhyay, has noted that the rate of Indian investment in Nepal has dipped due to insecurity towards investment felt by the Indian investors. Speaking at an interactive programme held on Monday in Bhairahawa by the District Administration Office (DAO), Rupandehi, ambassador Upadhyay blamed the prime reason of the falling rate of Indian investment in Nepal as shown by the recently concluded investment summit in Kathmandu to 'investment..

China hands over Araniko highway to Nepal after repair

KATHMANDU: China has handed over the Araniko highway to Nepal after repairing it. The 114 kilometres long highway from Kathmandu to Tatopani of Sindhupalchok district was damaged at five different places by the April 25, 2015 devastating earthquake, disrupting vehicular movement. The highway was repaired with Chinese grant assistance equivalent to Rs 760 million. Ambassador of China to Nepal, Ms Yu Hong, handed over papers related to the highway repair to Secretary at the Ministry of..

Nepal seeks foreign investment to help recovery from quake

KATHMANDU, (AP): Nepal made a pitch to foreign investors Thursday for help in developing its struggling economy as the Himalayan nation recovers from a devastating 2015 earthquake. The government hopes to attract at least $1 billion in new foreign investment during the two-day conference in the capital, Kathmandu. Prime Minister Pushpa Kamal Dahal promised to foster a good business environment. "We want to use all opportunities for economic development. I want to assure you the government is..

Preparations complete for Nepal Investment Summit 2017

KATHMANDU: Preparations for the Nepal Investment Summit 2017 which will start from tomorrow have been completed, the Ministry of Industry stated on Wednesday. The two-day summit is being organised by the Ministry of Industry with the objective of inviting foreign investment in nine key sectors that form the backbone of the country's development. The Ministry has stated that different working papers would be presented in the thematic sessions as energy, infrastructure, tourism, information..

Nepal to organise international investment summit on March 2-3

KATHMANDU: A number of Indian and Chinese companies will participate in an international summit in Nepal next week that aims to position the landlocked country as an attractive investment hub. The Nepal Investment Summit 2017 in Kathmandu on March 2-3 will see the participation of nearly 250 companies from about two dozen countries, Ministry for Industry Nabindra Raj Joshi told reporters here today. Around 300 Nepalese firms will also take part in the summit themed 'Harnessing Investment..

India proposes direct rail link to Kathmandu from Delhi & Kolkata; mulls cargo train to Bangladesh

Dipanjan Roy Chaudhury, NEW DELHI, (ET): India is pushing for better land connectivity with neighblouring Nepal and Bangladesh for effective sub-regional cooperation despite the obstacles created by the absence of SAARC Motor Vehicles and Railways Agreements. In what would be first of its kind, India has expressed interest to link Kathmandu with Delhi and Kolkata, using direct railway lines in a bid to strengthen cross-border connectivity and facilitate people movement between the two..

India approves 16 road projects in Nepal

KATHMANDU: India has approved 16 road projects to be undertaken through its financial assistance to the Himalayan country under the third Line of Credit. The matter was agreed upon here on Wednesday during the 5th bilateral two-day Line of Credit (LoC) Review Meeting between the two governments. The Indian Embassy in Kathmandu said the projects -- including the Mahakali bridge in far western Nepal -- needed to be consolidated since it was desirable to attract quality contractors. Both sides..

Taskforce formed to study budget fund transfer

KATHMANDU: Legislature-Parliament's International Relations and Labour Committee has formed a 13-member taskforce to study into the amendment to the programmes included in the budget and the transfer of budgetary funds, and to present a report on this. The committee decided to constitute the taskforce and carry out a study on the issue in response to the complaints that the budget fund earmarked for the programmes by the erstwhile government through the budget statement had been extensively..

Trump’s first month augurs stormy trans-Atlantic relations

BRUSSELS, (AP): After President Donald Trump’s raucous first month in office, Europeans have reacted with demonstrations, counter-barbs and sheer angst that a century of trans-Atlantic friendship may be sinking. “Too much as happened,” European Union leader Donald Tusk said Monday, “for us to pretend that everything is as it used to be.” The governments of some traditional allies have gone a step further, uniting with fundraising plans and a special conference to balance the new..

Nepal offering preferential polices to Chinese investors: Envoy to China

BEIJING, (PTI): Nepal is offering "preferential" policies to Chinese companies for large-scale investments, Nepalese envoy here has said amid China's strategic push into the landlocked Himalayan nation. "Nepal is offering preferential policies to Chinese companies which want to invest in the country, though challenges remain such as limited public land and power supply, slow Internet speed and language barriers," said Leela Mani Paudyal, Nepalese Ambassador to China. Chinese enterprises are..

Asian stocks mixed on upbeat US data, rate hike expectations

SEOUL, (AP): Asian stocks were mixed Thursday as investors took profit amid expectations that the Federal Reserve could raise interest rates more aggressively than expected following upbeat U.S. economic data. KEEPING SCORE: Japan's Nikkei 225 fell 0.5 percent to 19,347.53 while South Korea's Kospi edged down 0.1 percent to 2,081.84. Hong Kong's Hang Seng index gained 0.5 percent to 24,116.40 and Shanghai Composite Index rose 0.4 percent to 3,227.27. Australia's S&P/ASX 200 inched up 0.1..

India, Nepal agree to build new cross-border power lines

KATHMANDU, (IANS): In view of the various power projects being developed in Nepal, India and the Himalayan nation have agreed to lay down new cross-border transmission lines. In this regard, laying of new Butwal (Nepal)-Gorakhpur (India) and Lumki (Nepal)-Bareilly (India) transmission lines and setting up of new 400kV sub-stations at Dhalkebar, Butwal and Hetauda -- all in Nepal -- were discussed during the fourth meeting of the Indo-Nepal Joint Working Group and Joint India-Nepal Steering..

Inflation rises to highest since June 2014 as fuel costs surge

LONDON, (REUTERS): British consumer prices rose last month at the fastest pace since June 2014, caused by higher global oil prices and the Brexit vote-fuelled fall in the value of sterling, official data showed on Tuesday. Consumer prices rose 1.8 percent compared with a year earlier, the Office for National Statistics said, slightly below expectations for a 1.9 percent annual rise in a Reuters poll of economists. The Bank of England forecast earlier this month that inflation will rise..

World stocks extend rally sparked by Trump tax cut vow

HONG KONG, (AP): World stock markets extended gains on Friday following U.S. President Donald Trump's promise that he would soon cut taxes for businesses. KEEPING SCORE: European shares opened higher. Germany's DAX added 0.4 percent to 11,692.55 and France's CAC 40 rose 0.2 percent to 4,834.93. Britain's FTSE 100 climbed 0.5 percent to 7,267.69. U.S. benchmarks were poised to rise, with Dow futures rising 0.2 percent to 20,170.00 and broader S&P 500 futures gaining 0.1 percent to..

Trade deficit increases by 71 per cent

KATHMANDU: The trade deficit has gone up by 71.3 per cent in the first six month of the current fiscal year, thanks to heavy increase in goods import despite normal rise in the exports in the country. According to a statistics released by the Trade and Exports Promotion Centre in the Capital on Thursday, the trade deficit has reached as high as Rs 429.73 billion in the review period. As per the preliminary report of the Centre, country's foreign trade has crossed Rs 502.3 billion with 58.8..

NEPSE records double digit decline

KATHMANDU: The benchmark capital market index- Nepal Stock Exchange (NEPSE) - recorded a double digits decline of 21.62 points on Wednesday to close at 1,322.98 points. The NEPSE index has been showing continuously declining trend for the last one week. The sensitive index which measures the performance of group ‘A’ companies also declined by 4.76 points on Wednesday The stock exchange traded 1,018,602 unit shares of 137 companies worth Rs. 345,717,940 in 4,668 transactions. Sub-indices..

Global shares mostly higher cheered by Wall Street rise

TOKYO, (AP): European shares were mostly lower despite gains in Asian benchmarks on Monday after President Donald Trump moved to scale back regulation of the U.S. financial industry last week. KEEPING SCORE: France's CAC 40 slipped 0.2 percent in early trading to 4,817.20. Germany's DAX fell 0.6 percent to 11,580.82. Britain's FTSE 100 was up 0.1 percent at 7,196.90. U.S. shares were set for a tepid start, with Dow futures up nearly 0.01 percent and S&P 500 futures down 0.03..

No liquidity crunch in market: NRB

KATHMANDU: Nepal Rastra Bank (NRB) has clarified that there is no liquidity crunch in the finance market. Addressing a programme organised in the Capital today by Nepal Bankers' Association, Deputy Governor Chinta Mani Siwakoti said there is still Rs 30 billion that could be invested in the market. "It does not mean big development projects lack adequate money for investment, but there is not a proper management of such money," he said. Calling for increasing saving account interest rate to..

Upper Trishuli Three ‘A’ completion tenure extended

KATHMANDU: The deadline to complete the Upper Trishuli Three ' A' project has been extended by the next 34 months. The implementation of the 12.42 billion project got affected due to the Gorkha Earthquake and India's unofficial border blockade. A meeting of Nepal Electricity Authority (NEA) Board of Directors held last Wednesday, deciding to extend the project's completion term, urged the Chinese contractor to immediately resume the construction works. As per the new development, the..

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