Business & Economy


Lawmakers stress on changing fiscal year Sunday, October 12th, 2014

KATHMANDU: Most of the members of the Finance Committee under the Legislature-Parliament stressed on the need of changing the date of fiscal year and fixing the date for unveiling the annual budget estimates. At a meeting of the Committee chaired by Committee Chair Prakash Jwala this morning, they..

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Export of pashmina shawls increase by 29.4 percent Friday, October 10th, 2014

KATHMANDU: The quality upgradation efforts of the government and entrepreneurs appear to have paid off as export of Nepali pashmina has started to pick up. The export of pashmina shawls increased by 29.4 per cent to Rs. 2.82 billion during the last fiscal year 2013/14. The export of pashmina had..

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India agrees to repair Gandak power house Thursday, October 9th, 2014

PARASI: Indian government has agreed to repair the Gandak power house closed for the past four months in Nawalparasi district. India is to repair as per the agreement between Indian embassy and officials of Nepal and India, the power house said. Paper works have been forwarded for the repair of..

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Casino Royale shaken now stirring as Nepal nods reopening Tuesday, October 7th, 2014

KATHMANDU: The Casino Royale gaming property in Nepal’s capital Kathmandu has resumed operations after being given clearance by the country’s Supreme Court, reports the Himalayan News Service. The national government had previously decided to shut down 10 casinos located in five-star hotels..

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Rs. 110 million goes abroad for lack of home workers

Kanchanpur: Rs. 110 million is going out of the country each year as brick industries in Kanchanpur are run with Indian workers for lack of local workers. Rs. 112 million goes to India with the Indian workers from 32 industries run in various places of the district. The capital flight is due to..

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‘PTA, PDA signed to attract FDI’ Sunday, September 28th, 2014

KATHMANDU: Finance Minister Dr. Ram Sharan Mahat on Sunday said that the government had signed Project Development Agreement (PDA) with the promoter of the 900 MW Upper Karnali Hydropower Project and Power Trade Agreement with India for attracting foreign direct investment (FDI) in Nepal and..

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Nepal, India agree to expedite stalled Pancheshwar project Wednesday, September 24th, 2014

KATHMANDU (PTI): Nepal and India have agreed to expedite the Pancheshwar Multipurpose Development Project, pending for 17 years, which has the capacity to generate 6,720 MW of hydropower along with increased irrigation facilities. The first meeting of the governing body of the Pancheshwar..

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US providing USD 402mln to Nepal Tuesday, September 23rd, 2014

KATHMANDU: The United States has agreed to provide a financial support of USD 402 million to Nepal in the next five years. The funds, which will be channelised through the U.S. Agency for International Development (USAID), will be used to reinforce recent gains in democratic processes such as..

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GMR signs agreement to build 900-MW hydel project in Nepal Monday, September 22nd, 2014

KATHMANDU: GMR Group on Monday announced the signing of an agreement with the Nepal government for development of the 900 Mega Watt Upper Karnali hydro-electric project, in what could be the country's largest foreign direct investment and GMR Group's largest investment outside India. The..

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Finance Minister Directs revenue staff

CHITWAN: Finance Minister Dr. Ramsharan Mahat has directed revenue staff to engage in revenue collection with strong measures. Inspecting the Inland Revenue Office, Bharatpur, he directed the staff to bring new tax payers to tax net and honor old taxpayers. Directing to undertake audit works..

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Capital market continues with downward trend Sunday, September 21st, 2014

KATHMANDU: The continuous downward trend of the capital market has made the investors jittery. Those who entered the market recently have suffered the most due to loss causing fall of the index, experts said. By Sunday, the Nepal Stock Exchange (NEPSE) index decreased by more than 200 points in..

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Nepal Clears Indian Firm to Build Hydropower Plant Friday, September 19th, 2014

By BINAJ GURUBACHARYA, KATHMANDU (AP): Nepal's government signed an agreement Friday with Indian company GMR to build the Himalayan nation's largest hydroelectric plant in a small step toward easing chronic power shortages and attracting new investment. The $1.15 billion Upper Karnali Hydro..

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Chameliya hydel project construction begins after four months Thursday, September 18th, 2014

Gokuleswor (Darchula): Construction of Chameliya Hydropower Project has started Tuesday after four months of disruption. China Gerjuwa Group of Power Company (CGGC) – which was awarded a contract for civil construction part of the project – had halted construction works for an indefinite time..

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First meet slated for Sept 22-23 Tuesday, September 16th, 2014

KATHMANDU: The first meeting of the Pancheshwor Development Authority is scheduled to be held from September 22-23 in Kathmandu. Indian Prime Minister Narendra Modi, during his Nepal visit in the first week of August, had pledged to take ahead the project within a year. The Pancheswor..

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Hustle and Bustle to take Himalayan Goats to Kathmandu Sunday, September 14th, 2014

MYAGDI: With the great of festival of Nepali people, Dashain, coming near, the hustle and bustle of traders began in Mustang to buy Himalayan goats (bhedachyangra) and take to the Capital City, Kathmandu. During the Dashain and Tihar festivals, the Himalayan goats from Mustang are of high demand...

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Nepal eyes Europe and US for foreign employment

KATHMANDU: After sending hundreds of thousands of Nepalis to the Gulf and Middle East countries for foreign employment, the Nepal government is now eyeing European and American destinations for the same, officials said yesterday. The Foreign Employment Promotion Board (FEPB), a government agency..

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