Category: Finance

Foreigners donate over Rs. 700,000 to Amaghar

1 Nov, Kathmandu :  Nepal’s Thangka entrepreneurs and foreign donors of Australia and other countries have donated Rs. 750,000 to the Amaghar, an elderly shelter located at Kalimati in the capital, under the initiative of the Director of the Lumbini Buddhist Art Gallery Anil Thapa.   Director Thapa donated the amount to owner of the Amaghar Dilshova Shrestha at a programme organized at the Amaghar Thursday.   The amount is to be spent in building well-equipped rooms and a bath room for the elderly, it is learnt. RSS...

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Facebook 3rd-Q Results Fly Past Expections

31 Oct-NEW YORK (AP) — Facebook’s latest quarterly results showed continued strength in mobile advertising, which spurred a 60 percent revenue increase in the July-September quarter. The numbers beat Wall Street’s expectations for the second consecutive quarter, but after an initial after-hours trading spike, Facebook’s stock took a downturn during the company’s conference call with analysts. Investors may have been spooked by a remark by Facebook finance chief David Ebersman, who said the company saw a decrease in daily use among younger teenagers, an important but fickle demographic. After soaring as much as 18 percent to $57.98 after the quarterly results came out, shares of Menlo Park, Calif.-based Facebook slid to $48.44 in extended trading during the company’s conference call. The stock had closed Wednesday’s regular trading day down 39 cents at $49.01. The stock’s fluctuations overshadowed a stellar quarter. The world’s largest social network said Wednesday that it earned $425 million, or 17 cents per share, in the third quarter. That’s up from a loss of $59 million, or 2 cents per share, in the same period a year ago. Adjusted earnings were $621 million, or 25 cents per share, in the latest quarter. That’s 6 cents better than analysts expected. This figure excludes special items, mainly stock compensation expenses. Revenue grew 60 percent to $2.02 billion from $1.26 billion, helped by increasing mobile advertising revenue. Analysts, on...

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Finance Minister Koirala Stresses on Export-Based Trade

Kathmandu, Oct. 30: Minister for Finance, Industry, Commerce and Supplies, Shankar Prasad Koirala has stressed the need of export-based production and trade.   There is a need of promoting more beneficial and competitive products for the development of the country’s economy, he said.   Taking part in an interaction programme on Promotion of Nepali products in the international market jointly organised by Nestrade Project under the Ministry of Commerce and Supplies and IBN Media Research Pvt. Ltd. here today, he said handicraft products which have comparative advantage to others and its promotion is the priority of the government.   The government is focused on the development of physical infrastructures for the promotion of export-based trade, the Finance Minister said and added that lack of sufficient resources is a challenge to export promotion and find a good market of Nepali products.   Secretary at the Ministry of Commerce and Supplies Madhav Prasad Regmi said trade is the backbone of the country’s economy. He emphasized on the production of quality goods of competitive goods meeting international standards and export them so as to reduce trade deficit suffered by the country.   Promotion of beneficial goods like honey, ginger and cardamom is the priority of the government, he added.   Non Resident Nepali Association General Secretary Kumar Panta said export of Nepali products to foreign countries and promoting investment is the focus...

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FM KOIRALA STRESSES ON EXPORT-BASED TRADE

Oct. 30, Kathmandu: Minister for Finance, Industry, Commerce and Supplies, Shankar Prasad Koirala has stressed the need of export-based production and trade  .There is a need of promoting more beneficial and competitive products for the development of the country’s economy, he said.  Taking part in an interaction programme on Promotion of Nepali products in the international market jointly organised by Nestrade Project under the Ministry of Commerce and Supplies and IBN Media Research Pvt. Ltd. here today, he said handicraft products which have comparative advantage to others and its promotion is the priority of the government. The government is focused on the development of physical infrastructures for the promotion of export-based trade, the Finance Minister said and added that lack of sufficient resources is a challenge to export promotion and find a good market of Nepali products.  Secretary at the Ministry of Commerce and Supplies Madhav Prasad Regmi said trade is the backbone of the country’s economy. He emphasized on the production of quality goods of competitive goods meeting international standards and export them so as to reduce trade deficit suffered by the country.  Promotion of beneficial goods like honey, ginger and cardamom is the priority of the government, he added.  Non Resident Nepali Association General Secretary Kumar Panta said export of Nepali products to foreign countries and promoting investment is the focus of the Association.             Chairman of...

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Power Cut Paralyzes Nepali Media Industry

30 Oct-Kathmandu: Regular power cut resulted from insufficient electricity supply has devastating impact in Nepali industrial sector. Most affected is Nepali Media Industry say media tycoons. In winter season industries suffer daily 12-16 hours power cut the result into high cost in alternative energy resources. Nepal Electricity Authority (NEA) has said it would try to limit power cut into 12 hours a day during this winter. Mostly electronic media, basically televisions have to pay high cost for alternative energy resources, which even has been an easy defense for the owners not to pay regular salary to the media workers. Nepal should focus its investment on hydro sector to minimize the current damage in industrial sector and annual loss for imported alternative energy resources. Insufficient electricity supply has vary  bad impacts in other general traders and supermarkets as well. Even some of the mega project that are supposed to produce high scale electricity are politicized and paralyzed for the misfortune of...

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Floriculture trade fair

     30 Oct,   Pokhara,: The Floriculture Association Nepal is organizing the Second Godavari (Chrysenthemum) Flower Exhibition cum Floriculture Trade Fair October 31 through November 3 in Pokhara. Flowers and plants of some 300 different varieties would be put on display at the floriculture trade fair. The organizers expect that some 20 thousand visitors would observe the fair resulting in transactions worth approximately Rs. 2.5 million. There will be 25 stalls in the exhibition to be participated in by 21 nurseries and a horticulture research centre. ...

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World Bank Says Business Environment in Nepal Improved

3K0 Oct-Kathmandu: A World Bank Group report says that Nepal, over the past year, made it much easier to start a new business.   The report, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises,released on Tuesday says this was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process.   The report finds that South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes.   The report ranks Nepal 105th out of 189 global economies. In terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, surpassed only by Sri Lanka and Maldives.The country’s rank in Starting a Business topic is 97, compared to 103 in 2013.   Singapore tops the global ranking on the ease of doing business. Joining it on the list of the top 10 economies with the most business-friendly regulations are Hong Kong SAR, China,New Zealand,the United States,Denmark,Malaysia,the Republic of Korea,Georgia,Norway,and the United...

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FM Ghimire Urges UAE Team to increase Investment

30 Oct-Kathmandu: Foreign Minister Madhav Prasad Ghimire has requested the United Arab Emirates (UAE) to invest in the area of comparative advantage in Nepal.   Minister Ghimire made such request to a visiting UAE delegation led by Labour Minister Saqr Ghobas Saeed Ghobas at meeting held at the Foreign Ministry on Tuesday. The areas the UAE was suggested to invest were hydro electricity and tourism.   On the occasion, discussion was held on the issues as service of Nepali workers in UAE, perks and benefit to them, amnesty to the Nepali workers jailed over accidental offences/crime, hearing on their grievances and others, according to Spokesperson Dipak Dhital.   Foreign Minister Ghimire also proposed the UAE to set up its consulate or embassy in Nepal as UAE was one of the attractive destination of foreign employment for the Nepali workers.   UAE Minister Ghobas took the proposal positively and said he would inform his country’s foreign minister about it. Also, he informed Nepal government about the policy of UAE’s laws and policy on general amnesty granted on the occasion of Ramadan.   Foreign Minister Ghimire had reiterated that some Nepali workers were jailed in course of work despite being innocent or without involvement in serious crimes.   Minister Ghimire hosted a luncheon in honour of UAE Minister Ghobas today. The luncheon was attended by ministers, secretaries from different ministers and...

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Co-operatives Emerge as Main Loan Provider in The Country

29 Oct-Kathmandu: Cooperatives have become a main source of loan in Nepal in recent years. The cooperatives established at every village of the country are main institution where people feel comfortable to deposit their savings and borrow from. The easy provision of taking loans and deposit in the cooperatives has attracted many people to it. In villages farmers have begun commercial farming by taking loan from cooperatives where as in suburbs too cooperatives have replaced banks. Spreading their scopes even in hydro and other mega projects cooperatives in recent times have established themselves as substitute of commercial...

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Nepal in the List of Country Facing Food Shortage

Biratnagar, Oct. 29: Nepal is listed in the 16th position among the 31 countries facing food shortage in the world.   This information was shared at a programme organized by the District Agriculture Development Office, Morang, on the occasion of 33rd World Food Day here on Tuesday.   Speaking at the programme, Chief of the Eastern Regional Agricultural Directorate, Suresh Gautam, said the government investment in the agriculture sector has been increased and stressed on the need of encouraging commercial agricultural production to avoid from possible food shortage.   Similarly, Manager of the East Regional Agriculture Inputs Company, Punya Prasad Ghimire, said the government has been providing subsidy in chemical fertile to increase the productive ratio and the government has made distribution and supply of the fertilizers more efficient as compared to the past.   According to information shared by the Agricultural Development Office, Morang as much as 46 per cent population were facing food shortage in the country.   Morang district produces the highest quantity of food. Morang alone cultivates paddy in 104,000 hectares of land from which around 350,000 metric tones of paddy is produced annually....

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