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..

Cabinet meeting decides to merge NIDC Development Bank and RBB

KATHMANDU: The government has decided to merge the NIDC Development Bank with the Rastriya Banijya Bank (RBB). A meeting of the Council of Ministers on Friday took this decision, according to Minister for Information and Communications Surendra Kumar Karki who is also the government spokesperson. The government is learnt to have decided to merge the state-owned NIDC Development Bank with another state owned RBB to make latter stronger. The meeting agreed to appoint Tribhuvan University (TU)..

ADB to provide loan assistance for SSDP implementation

KATHMANDU: The Asian Development Bank has agreed to provide US dollar 120 million loan equivalent to Rs 13,111 million for the implementation of School Sector Development Plan (SSDP). More, the ADB is to provide technical assistance worth Rs 54.5 million for the capacity development technical assistance project, supporting policies and implementation in the school sector. An agreement to this effect was signed and exchanged at the Ministry of Finance today, as stated by the Ministry. The SSDP..

Ncell transfers Rs 9.97 billion to the government

KATHMANDU: Ncell a private telecom company in Nepal, transferred Rs 9.97 billion to the state coffers, as per the instructions issued by the government to pay applicable capital gains tax on Ncell buyout deal. The amount deposited today, as per Ncell, is 15 per cent of the gains made by TeliaSonera while selling Ncell to Malaysian telecom giant, Axiata. “Yes, Ncell has deposited the amount,” a senior official of the Large Taxpayers’ Office told, on condition of anonymity. “The amount..

Europe recouping losses, Asia muted after Belgian attacks

TOKYO, (AP): European share prices appeared headed to recoup losses that had followed the deadly bombings in Belgium, while Asian stock indexes mostly fell, although moderately, on Wednesday in cautious trading. KEEPING SCORE: France's CAC 40 recovered 0.6 percent in early trading to 4,456.18. Germany's DAX edged up 0.7 percent to 10,057.43. Britain's FTSE 100 was up 0.1 percent at 6,201.70. U.S. shares appeared headed to little change with Dow futures unchanged at 17,504. S&P 500 futures..

Gold clings to gains as ETF inflows at highest since Sept 2014

MANILA, (REUTERS): Gold clung to modest overnight gains on Thursday as inflows to the world’s top gold-back exchange-traded fund climbed to the highest since September 2014, reflecting optimism bullion can stretch this year’s rally. FUNDAMENTALS * Spot gold XAU= was little changed at $1,239.40 an ounce by 0027 GMT, after rising 0.7 percent on Wednesday. The metal hit a one-year high of $1,260.60 on Feb. 11 as uncertainty in the global economy whetted investor appetite for safe havens. *..

Economic growth without collaboration with private sector impossible-Khatiwada

POKHARA: National Planning Commission (NPC) Vice-Chair Yubaraj Khatiwada said that it was not possible to attain economic growth without collaboration with private sector. The NPC Vice-Chair said this at a concluding session of the two-day interaction organized as part of the preparation of 14th three-year plan in province number 4. He further said the plans and projects to be completed on the involvement of government and private sector would only be sustainable. Noting that the..

Is flying business class from Dubai to Muscat worth the money?

While it might be difficult to be adversely affected by a 45-minute flight to Muscat from Dubai, flydubai’s business-class cabin made the short hop that much more comfortable and convenient. But at Dh1,300, it could be considered a little pricey for such a short trip. An economy ticket would set you back just Dh590. However, the upgrade begins to feel like a good idea after one glance at the economy queue. The ticket includes access to flydubai’s business-class lounge, which opened in..

Nepal Rastra Bank Governor proposes 4 names for deputies

KATHMANDU: Four Nepal Rastra Bank officials have been recommended for the two vacant posts of Deputy Governor. The NRB Governor Chiranjibi Nepal recommended Chintamani Siwakoti, Narayan Paudel, Trilochan Pangeni and Shiva Nath Pandey to the posts. Paudel is from the Bank Supervision Department, Siwakoti from Currency Management Department, Pangeni from the Governor’s Office and Pandey from the Bank and Financial Institutions Regulation Department. Siwakoti hails from Jhapa while the..

Agriculture Dev Bank to invest further investment in agro sector

KATHMANDU: The Agriculture Development Bank is to invest special investment for the commercialization and modernization of agriculture of 14 quake-hit districts. The Bank has Rs 13 billion as authorized capital and Rs 9.86 billion as current capital. At a programme organised on the occasion of 49th anniversary of the Bank here today, it was informed that a total of Rs 617 billion has been invested so far. Established on January 21, 1968, the Bank was transformed into company on 27 June,..

Mewa micro hydropower to come to operation soon

KHOTANG: The under-construction Mewa Rivulet Hydropower Project based in Khotang district will come into operation from coming mid-April. The construction of 1-MW hydropower project is almost in the final stage with possibility of its full-fledged operation after three months. Having total investment of around Rs 300 million, most of the works of the hydropower project is completed, said project chief Lalit Kumar Rai. The construction of dam and power house, installation of hume pipe and..

Gold price increased, silver constant

KATHMANDU: Gold price increased by a whopping Rs 2,000 per tola, while silver remained stable over the week, from January 3 to 8. According to BullionVault, over the 10 years since 2006, January has become gold’s single best month of the year, showing a fall only twice in dollar terms, and averaging a gain of 4.7 per cent overall. “Thanks to the latest crash in China’s financial markets, January 2016 matched that gain in less than a week.” The rate of the precious metals in the..

Over 20,000 industries closed due to blockade, Tarai unrest

KATHMANDU: More than 20,000 big and small industries were closed in the country in recent period due to the unofficial border blockade imposed by India. Addressing the 36th annual general meeting of the Lalitpur Chamber of Commerce and Industry (LCCI) here today, President of the Federation of Nepalese Chamber of Commerce and Industry, Pashupati Murarka, expressed sorrow that the industry operators were compelled to pay interest to banks although the industries remained closed due to the..

Energy saving methods can save millions: Report

KATHMANDU: Energy efficiency intervention can save energy significantly, a project report shows. “Energy saving methods applied in 126 Nepali companies for a year saved Rs 95 million worth of energy and material costs,” a report prepared by Sustainable and Efficient Industrial Development (SEID) shows. “Energy saved by these companies is equivalent to annual energy consumption of 14,000 households,” SEID quoted excerpts of the report in a press release issued on Tuesday. The project..

US adds more support to Nepal reconstruction efforts

KATHMANDU: The United States on Wednesday announced three programmes to support the Nepal government in post-earthquake reconstruction efforts. The US government, through the US Agency for International Development (USAID), would support Nepal’s model of owner-driven housing reconstruction following the April 25, the US Embassy in Kathmandu said in a statement today. “Building on previous investments, USAID programmes will train an estimated 13,500 local construction professionals and..

Dollar, bond yields rise on Fed rate risk

BY WAYNE COLE, SYDNEY, (REUTERS): Asian share markets were in a mixed mood on Wednesday as the mounting risks of a hike in U.S. interest rates as early as next month lifted the dollar and bond yields, pressuring currencies across the region. Moves were mostly minor with Japan's Nikkei .N225 up 0.2 percent and South Korea's KOSPI .KS11 off 0.1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.5 percent. In China, the CSI300 index .CSI300 of the largest..

Yarcha pickers taken ill in Dolpa

DOLPA: With the end of season to collect the Yarchagumba, Ophiocordyceps sinensis, in the Himalayas this year, the number of patients visiting the district hospital has gone up. The hospital said that most of the patients are returnee Yarsagumba pickers. As high as 80 patients have reached the hospital to take services against 20/25 of the past after the local residents’ arrival from highlands, collecting Yarcha. Dr Niresh Thapa said that most of the people visiting the hospital have..

YouTube redesigns app; priority is ‘mobile, mobile, and mobile’

(CNN): The way you watch and create YouTube videos on your phone is about to change. YouTube is unveiling a redesign to its mobile app, visible right away on Android devices and coming soon to Apple devices. The app has a "streamlined design," YouTube says, with three main pathways: a personalized home page, a subscriptions page for channels that users have signed up for, and an account page. The app updates were announced at VidCon, the annual online video conference in Southern California,..

CNN’s Sanjay Gupta clarifies reporting following Nepal earthquake

By Brian Stelter, New York, (CNN): CNN's chief medical correspondent Dr. Sanjay Gupta stressed Wednesday that he did perform brain surgery on a young child following an earthquake in Nepal in April -- though he acknowledged he may have misidentified the patient. The girl was reportedly 14, not a different 8-year old. "We are trying to independently verify exactly which child it was," Gupta said on CNN's "New Day." The clarification came after a report challenged Gupta's version of events. The..

Tax waiver facility on prioritized relief materials extended till May 27 

KATHMANDU: The government has identified four priority relief materials for which it will extend tax waiver facility for another 10 days. The meeting of Central Disaster Relief Committee (CDRC) held on Sunday decided to continue tax waiver facility on medical consumables and equipments, shelter items, hygiene/sanitation materials, and food items for 10 days until May 27. Following the devastating earthquake that rattled the country on April 25, the government had announced tax waiver facility..

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