Business & Economy


Nepal new law to be brought for export promotion Friday, June 12th, 2020

KATHMANDU:- Nepal Government has proposed a new law with an aim to promote export of goods produced at home by the use of domestic labour and skills, and raw materials. The bill on exports promotion and trade deficit reduction is registered at the Federal Parliament Secretariat and given to the..

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Asia shares drop after Wall Street rout as virus cases rise Thursday, June 11th, 2020

By YURI KAGEYAMA, TOKYO, (AP):- Asian shares were moderately lower Friday after an overnight rout on Wall Street as investors were spooked by reports of rising coronavirus cases in the U.S. Fear that a so-called “second wave,” is already coming has punctured bubbling optimism that a quick..

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World Bank approves $450 million in loan

KATHMANDU:- The World Bank on Wednesday approved a $450 million in loan to help Nepal. The amount would be used to improve Nepal’s roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. According..

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Japan’s debt mountain: How is it sustainable? Wednesday, June 10th, 2020

TOKYO, (AFP):- Already the global leader in accumulating debt, Japan is adding nearly $2 trillion to its mountain this fiscal year with record stimulus packages to cushion the impact of coronavirus. With debt levels around two and a half times the size of its economy, Japan manages to keep..

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30.16 per cent capital expenditure spent as of now: FCGO

KATHMANDU:- The government’s capital expenditure (capex) as of June 9 of the current fiscal year has been recorded at 30.16 per cent, according to the Financial Comptroller General Office (FCGO). The government had allocated Rs 4.859 trillion budget for spending on development works for the..

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World Bank Projects Nepal’s economy will grow by 1.8 percent Tuesday, June 9th, 2020

KATHMANDU:- The World Bank has estimated that Nepal’s economy will grow by 1.8 per cent in 2020 which is lower than the government projection of 2.28 per cent. According to the WB, Nepal is posed to witness the second highest growth rate this year after India which is projected to achieve 4.2..

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BP to cut 10,000 jobs worldwide amid virus pandemic

By DANICA KIRKA, LONDON (AP):- Energy producer BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry. Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP’s global workforce of 70,000..

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OPEC, allies agree to extend deep output cuts through July Saturday, June 6th, 2020

VIENNA, (AFP):- OPEC members, led by Saudi Arabia, and other key oil producers agreed Saturday to extend historic output cuts through July, as oil prices tentatively recover and coronavirus lockdowns ease. The 13-member cartel and its allies, notably Russia, decided to extend by a month deep May..

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46 percent of the industries run due to lockdown in Nepal

KATHMANDU:- As ongoing lockdown continues, production capacity of the industries has sharply decreased in the country, painting a bleak picture of the industrial output. In a report released on Saturday by the Ministry of Industry, Commerce and Supplies, operation of the industries in the country..

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3 Billion investment post-lockdown in Nepal Friday, June 5th, 2020

KATHMANDU:- Investment worth almost Rs. 3 billion has been received from home and abroad in various industries in the past one month of the lockdown period. Four domestic and 11 foreign industries in the country got investment worth Rs. 2.74 billion in the past one month, according to the Ministry..

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US unemployment drops unexpectedly to a still-high 13.3%

By CHRISTOPHER RUGABER, WASHINGTON (AP):- The U.S. unemployment rate fell unexpectedly in May to 13.3% — still on par with what the nation witnessed during the Great Depression — as states loosened their coronavirus lockdowns and businesses began recalling workers faster than economists had..

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Shops open amid dismal presence of customers

Sharmila Pathak, KATHMANDU:- Meena Shrestha opened her clothes shop at New Road, Kathmandu, for the first time in two months since the nationwide lockdown ordered in the country to prevent the outbreak of COVID-19. Much to her dismay, not a single customer turned up in her shop. Due to the..

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Another huge blow to US workers expected in May jobs report Thursday, June 4th, 2020

By CHRISTOPHER RUGABER, WASHINGTON (AP):- America’s workers likely suffered another devastating blow in May, with millions more jobs lost to the viral pandemic and an unemployment rate near or even above 20% for the first time since the Great Depression. Economists have forecast that the..

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