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Private sector urges PM for economic talks during India visit


KHATMANDU: The private sector has suggested that Prime Minister Sher Bahadur Deuba’s visit to neighbouring India should primarily focus on some crucial issues of bilateral trade, investment and connectivity. Major umbrella bodies of the private sector namely, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), Nepal Chamber of Commerce (NCC) and Nepal-India Chamber of ... Read More »

Nepal’s widening trade deficit of Rs 900b in last fiscal year


KHATMANDU: The country has witnessed the trade deficit of around Rs 909 billion in the last fiscal year, according to the Ministry of Commerce. The trade deficit with India has crossed Rs 600 billion while the volume of trade deficit with China is Rs 128 billion in the last fiscal year. Similarly, the country had the trade deficit of Rs ... Read More »

China-Nepal sign 3 agreements on economic cooperation


BEIJING: Nepal and China have reached three different bilateral agreements to further bolster economic cooperation between the two countries. During the official meeting held between the two countries in Kathmandu on Tuesday in the presence of visiting Chinese Vice Premier Wang Yang and Deputy Prime Minister and Local Development Minister Bijaya Kumar Gachchhadar, Nepal and China signed Agreement on Economic ... Read More »

Nepse suffers double digit decline


KHATMANDU: Floods and landslides across the country have caused a severe effect on Nepal Stock Exchange as the benchmark index has suffered a double-digit fall today. The index dipped by 12.97 points to close at 1629.16 points. A total of Rs 16 lakh 15 thousand and 738 shares of the total 160 companies were traded at Rs 78 crore 36 ... Read More »

Nepal Rastra Bank opens licence for Infrastructure Development Bank


KHATMANDU: Nepal Rastra Bank (NRB) has opened the licence for Infrastructure Development Bank, which will have paid-up capital of Rs 20 billion. By issuing the ‘Licensing Policy for Infrastructure Development Bank 2017’ today, NRB has called the interested parties to apply for opening the mega bank in the country. According to NRB officials, if the bank is established under foreign ... Read More »

Midmark India plans to increase exports


KHATMADU: Midmark India, a fully-owned subsidiary of Midmark Corporation and a leading provider of medical furniture, is aiming to increase the revenue share from exports by up to four times by 2020, said a top official. “Currently, we export medical furniture, which works to 3% of our revenue,” said Sumeet Aggarwal, managing director, Midmark India Pvt. Ltd. “Our plan is ... Read More »

Revenue collection from vehicle tax surged 47% last fiscal


KHATMANDU: Revenue collection from vehicle tax in fiscal year 2016-17 surged by 47 per cent compared to the previous fiscal. Department of Transport Management (DoTM) today revealed that it collected vehicle tax worth Rs 20 billion under different headings in 2016-17 compared to Rs 13.8 billion collected in 2015-16. However, revenue amount does not include customs and excise duty levied ... Read More »

Govt’s taxi permit scheme backfires


KHATMANDU: The government’s target to create livelihood opportunities for quake victims by distributing taxi permits seems to have fallen flat, as a large number of such victims, after acquiring the taxi permits, have been transferring the ownership of their cabs immediately after getting it registered with the government office. Due to their inability to make an investment in purchasing the ... Read More »

29 products obtain NS mark in FY 2016/17


KATHMANDU: The Nepal Bureau of Standards and Metrology has granted the Nepal Standard certification mark to 29 goods in the fiscal year 2016/17. The products of Nepal Gas, Manoj Gas, Shalimar Steel, Kishan Pipe Products Pvt Ltd, International Cement, Kathmandu Steel and OM Ganapati Industries among others were provided with the NS mark in the previous fiscal year. An applicant ... Read More »

Govt may hike milk price as production cost rises


KHATMANDU: The government is gearing up to hike the price of milk within a month considering the demand from farmers. Citing that the cost of livestock farming has gone up significantly in recent years while milk price given to farmers has not increased for the last three years, dairy farmers who are paid an average of Rs 42 for a ... Read More »

Birgunj customs office hits the target


BIRGUNJ: Birgunj Custom Office, which is also known as the gateway to Nepal, has hit the set target of revenue collection. With the end of the fiscal year 2073/74 BS, Birgunj Customs Office has collected Rs 108 billion. In the last fiscal year 2072/73, it could not achieve the target due to the blockade imposed on Nepal by India. The ... Read More »

India at risk of losing Nepal transit trade to China


KHATMANDU: India is at risk of losing the Nepalese transit trade to China, whose high-speed rail link, particularly under the One Belt One Road (OBOR) initiative, compares favourably to the slow trundle of Indian goods trains and the capacity constraints on the border with Nepal. According to the World Integrated Trade Solution (WITS), set up by the World Bank and ... Read More »

Banks of Communications to invest $1b in new Hong Kong unit


KHATMANDU: Bank of Communications said it plans to invest HK$7.9 billion ($1.01 billion) to set up a wholly-owned subsidiary in Hong Kong, which will focus on the retail and private banking business. The bank said in a statement on Friday it proposes to transfer the assets and liabilities, which constitute the retail and private banking businesses in Hong Kong of ... Read More »

Lawmakers seek incentive package on remittance


KHATMANDU: Lawmakers have asked the government to launch schemes to encourage migrant workers to send remittances through the formal channel. Speaking at the Finance Committee meeting of the Legislature-Parliament, lawmakers urged the government to announce schemes to increase the flow of remittances from South Korea, India and the United Arab Emirates (UAE) through the banking channel. During the meeting, former ... Read More »

Nepal receives FDI commitment for 379 new projects


KHATMANDU: Nepal has received foreign investment pledges for 379 new projects in the industrial sector in the ongoing fiscal (until July 7) against pledges for 348 such projects in 2016-17, thanks to endorsement of key investment-related legislations which have lured foreign investors to Nepal. However, these foreign direct investment (FDI) projects are approved by Department of Industry (DoI), which is ... Read More »

COSCO Shipping, Orient Overseas shares leap after lofty $6.3b bid


KHATMANDU: COSCO Shipping’s and Hong Kong’s Orient Overseas International Ltd’s shares leapt on Monday after the Chinese shipping giant made a $6.3 billion offer for its smaller rival on Sunday. Analysts said the pricing of the deal, at a 31.1 percent premium to OOIL’s previous close, was high given the global container shipping industry is only just beginning to emerge ... Read More »

Buffett bets big on power with $9b Oncor deal


KHATMANDU: Warren Buffett’s Berkshire Hathaway Inc said on Friday it agreed to pay $9 billion to buy the parent of Texas power transmission company Oncor Electric Delivery Co, stepping up its pursuit of steady profits from utilities and infrastructure deals. If the all-cash purchase wins approval from federal and state regulators and a bankruptcy judge, Buffett’s Berkshire Hathaway Energy unit ... Read More »

Rs 88.53b raised from domestic borrowing


KHATMANDU: The Ministry of Finance (MoF) has raised debt worth Rs 88.53 billion from the domestic market to maintain the budget deficit of current fiscal year 2016-17. The government had initially proposed to raise Rs 111 billion through domestic borrowing in the budget. However, the ceiling was revised to Rs 90 billion in May. According to Laxman Aryal, chief of ... Read More »

Nepal’s trade volume takes hit


KHATMANDU: Import from India has plunged significantly since the southern neighbour enforced goods and services tax (GST) on Saturday, owing to confusion related to the refund mechanism under the new tax system. Various customs offices along the southern border have reported to the Department of Customs that there has been no import from India since new tax rules came into ... Read More »

Samsung to invest $19b in chip, display plants


KHATMANDU: Samsung Electronics said Tuesday it will invest 21.4 trillion won ($19 billion) in the next four years in its memory chip and display plants in South Korea. The South Korean company’s announcement comes as the global memory chip industry enjoys a massive boom thanks to a surge in demand for microchips. Global tech companies have been increasing servers and ... Read More »