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2014 May | Nepali Economy | Page 2
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Monthly Archives: May 2014

Workers’ protest hits tea industry in Jhapa

Jhapa tea industry is hit hard by tea workers’ indefinite protest as .almost all the factories have been shut down since last three weeks. The tea workers have been asking to provide minimum wage fixed by the government. The government

Government asked to raise capital spending

Central bank governor Dr Yubaraj Khatiwada stressed on the need to increase capital expenditure spending. Since last couple of years, the government’s spending capacity has eroded making the government treasure budget surplus. For the current fiscal year, the government had

Government forms three-member panel, protestors reject

Ministry of Culture, Tourism and Civil Aviation formed a three-member probe committee led by joint secretary at the ministry Purna Chandra Bhattarai to study the demands of agitating tourism entrepreneurs but the protesters are not impressed by the government move.

Tourism entrepreneurs shut TIMS counter at NTB down

Tourism entrepreneurs today shut down Trekkers Information Management System (TIMS) card sales counter for Free Independent Tourists from the premises of Nepal Tourism Board (NTB). The Joint Tourism Coordination Committee (JTCC) has vowed that they would close the counter down

APEC Foundation to launch Lumbini project soon

A Chinese non-governmental organisation is waiting the incumbent government’s response to start its plan to develop Lumbini, the birthplaceof Lord Buddha. Asia Pacific Exchange and Cooperation (APEC) Foundation had proposed to invest $3 billion for the development of Lumbini. Executive

Manual clearance poses ‘systemic risk’: NRB

Manual clearance of high-volume cheques poses a greater systemic risk to the financial system, according to the central bank. The central bank review report of National Payment System revealed that the current arrangement on high-volume cheque payment poses a systemic

Minister asks agitating tourism entrepreneurs to end protest

Tourism Minister Bhim Acharya today asked the agitating tourism entrepreneurs to end their protest and sit for talks. The government will not bow down with the protestors, he said, asking Joint Tourism Coordination Committee to end their agitation immediately and

Brazilian Bernado Fonseca to run 60-km Mt Everest Diamond Jubilee celebration trail

The season has started for Tenzing Hillary Everest Marathon. For the first time Brazil’s celebrated national runner Bernado Fonseca – together with his friend Eugenio Andrade and Cameraman Robson – is taking part in Everest Extreme Ultra Marathon which stretches

Over 492,000 youth left Nepal for foreign employment

Some 1,349 Nepali youth are leaving the country for foreign employment every day in an average making it some 41,044 every month as the government failed to generate employment back home. Some 492, 532 youth left the country for foreign

Garment exports surge by 52.8 per cent in first eight months

Readymade garments export from Nepal increased by 52.8 per cent to Rs 3.615 billion ($37.633 million) during the first eight months of the current financial year 2013-14, compared to the exports of Rs 2.366 billion during the same period of

Some 291 firms to get agri-grant

Agricultural Commercialisation and Trade Project (PACT) has selected some 291 projects to provide its grant aimed at enabling farmers and agribusiness groups to engage in profitable market-oriented production. According to PACT, among the 1,400 proposals, it has selected some 291

Telecom regulator renews Nepal Telecom’s mobile licence

A board meeting of Nepal Telecommunication Authority (NTA) today decided to renew the GSM mobile licence of Nepal Telecom without charging any fee, for the time being. Yesterday, Ministry of Information and Communication had sent a letter to the telecom

Tourism entrepreneurs condemn NTB press statement

The agitating tourism entrepreneurs today came heavily against Nepal Tourism Board (NTB) as the board has blamed them of creating disturbances in day-to-day operations of the NTB. Joint Tourism Coordination Committee (JTCC) burning the press statement issued by the board

Government to raise foreign investment threshold to $200,000

The government is planning to revise its threshold for foreign direct investment (FDI) by four fold from the existing $50,000 to $200,000. Ministry of Industry is holding discussions to hike the threshold to control low-end foreign investment that has not

SAARC Payments Council meet begins in Kathmandu

South Asian central bankers emphasised on the need to promote integration of domestic payment systems of the member countries first before developing an intra-regional payment and settlement system. Central bankers of the South Asia also underlined the need to strengthen

Central bank plans National Payment System

The central bank is planning to launch National Payment System that will help mobile banking more adaptable to masses. The central bank is also mulling to make remittances inflow Nepal through the system that will make it cost efficient. The

Government declares 72 new municipalities

The government today announced 72 new municipalities making it to a total of 130 minicipalities in the country. A cabinet meeting today at Singha Durbar announced 72 new municipalities – including 41 declared earlier but not implemented, informed communication minister

Landline phone subscribers base decreases to 827,295

The fixed telephony base has gone down to 827,295 by mid-March from 852,169 in mid-February, according to according to the Nepal Telecommunications Authority (NTA). The total includes 654,748 PSTN subscribers and 172,547 WLL telephony users, it said, adding that Nepal