Category: Finance

Foreign Aid Commitment Reaches Rs 115 Billion Plus

21 Sept-Kathmandu: Nepal received over Rs 115 billion foreign aid commitment for the fiscal year 2012/013 for the implementation of various development projects.   According to the Finance Ministry, Nepal received over Rs 115 billion foreign aid commitments during the last fiscal year from different development agencies and countries.   Of the total amount, Rs 53.9 billion was grant commitment while the remaining amount was received as loan.   Similarly, at the end of August, 2013, the new foreign aid commitment for fiscal year 2013/014 has reached the total of Rs 3049 million including Rs 2900 million as loan.   Agricultural development, commerce and supplies, culture, energy, environment conservation, good governance promotion, health, capacity building and strengthening of home ministry, local development and supply of drinking water are the top foreign aid and loan receiving areas in Nepal.   The Ministry said that energy sector was the highest foreign loan receiving sector.   The multilateral donor agencies like World Bank, different bodies of the UN and ADB, and neighboring countries India, China, Japan, South Korea, Germany, Switzerland, and UK among others have been supporting in Nepal’s development process. RSS    ...

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Locals Seized 16 Vehicals Carrying Poultry Product from Thankot

2- Sept-Kirtipur: The Western Belt Poultry Farmers Struggle Committee, Kathmandu, today brought 16 vehicles carrying poultry related products under control from Thankot Check Post. The Committee seized four vehicles carrying chickens, 10 vehicles carrying eggs and two carrying poultry feed at a time when bird flu has not come under control completely in Kathmandu valley. Coordinator of the Committee, Ganesh Kunwar, blamed that government has played with human health by allowing to transport poultry related products at risk area before the control of bird flu. The government had declared the Kathmandu valley as bird flu risk...

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Technical Tests in high priority of Gvt:Regmi

19 Sept-Kathmandu: Chairman of the Interim Election Council of Ministers, Khil Raj Regmi, has said the government was giving high priority for the primary technical tests of the projects.   He said, “The government would carry out the primary technical tests of different 21 projects of national pride through National Vigilance Centre in the current fiscal year.”   Addressing a programme jointly organized by the Centre and the Society for Primary Technical Tests here today, Chairman Regmi, said the primary technical tests were important to control financial irregularities, correct the mistakes, and provide swift services to people through development works.   He said lack of research-oriented labs, available human resources, and timely training to the technical trainers to keep them upto date, among others, has appeared as challenges for swift services.   The government would give priority for timely updating of the technical tests, build the Centre’s own building, establish well-equipped lab, manage necessary quotas and human power, said Chairman Regmi.   The government has forwarded the process to prepare centre’s own Act to make its activities effective and present it as a body with further strength and rights.   Chairman Regmi also directed to implement the reports and suggestions coming from the technical tests and irregularities.   A Directory on technical tests was prepared and brought into implementation since 2062/2063 B.S. The Centre had carried out technical tests...

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ASIA STOCKS JUMP, FED REFRAINS FROM STIMULUS CUT

BANGKOK (AP) — Asian stock markets surged Thursday after the U.S. Federal Reserve unexpectedly refrained from reducing its massive economic stimulus. Not even dour data out of Japan showing a swelling trade deficit could dampen the rally sparked by the Fed’s decision to keep in place its $85 billion in monthly bond purchases, part of its “quantitative easing” approach of pumping money into the financial system to help stimulate the U.S. economy. Investors had braced themselves for a slight reduction in monthly bond purchases. Instead, the Fed, at the end of its two-day policy meeting Wednesday, announced no timetable for winding down the stimulus and even threw in a note of caution: the U.S. still has not attained adequate levels of job and economic growth. “Employment growth has been very weak … Private sector GDP growth is slowing, not accelerating,” analysts at DBS Bank Ltd. in Singapore said. Investors ignored the Fed’s cautious tone and instead cheered the retention of the stimulus program, which has helped bolster global stock markets. The Nikkei 225 in Tokyo rose 1.4 percent to 14,701.68, even though government data showed a bigger-than-expected gap in trade. Imports, boosted by higher fuel costs, rose 16 percent from a year earlier to 6.74 trillion yen ($68.7 billion) while exports gained 14.7 percent to 5.78 trillion yen ($58.9 billion). Australia’s S&P/ASX 200 added 1 percent to 5,290.50. Benchmarks...

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Nepali inmates in Saudi Arabia on hunger strike

14 September, KATHMANDU: Eighteen Nepali inmates, who completed their jail terms in Jubail prison in Saudi Arabia, have staged a hunger strike for a week, demanding the jail authorities to release them immediately. According to the sources, most of them were imprisoned for drinking alcohol, harassing women sexually, changing jobs without the consent of their employers and urinating at public places. Forty-three Nepalis have been serving Jubail prison. About 600,000 Nepali migrants have been working in Saudi Arabia .It is the highest number of Nepali migrant workers there. It is reported that 150 Nepalis are in different Saudi jails on charge of different...

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A large number of informal workers in Valley are Indians: Report

12 September, KATHMANDU: A large number of informal workers in the Kathmandu Valley are reported to be Indian workers. According to the Informal Labour Market: Non-Nepali Labourers in Kathmandu, the prepared by the Department of Labour, about 40 to 50 per cent of workers in the informal labour market of the Valley are Indian nationals. Among them, more than 50 per cent hail from Bihar. The remaining are from West Bengal, Rajasthan and Orissa. The informal labour market includes  construction workers, jewellery makers, brick kiln workers, carpenters, street vendors, garment workers and scrap pickers in the Kathmandu Valley. A worker is reported to earn Rs 5,000 to more than Rs 100,000 monthly, as per their skills and nature of work. The report says each Indian worker on an average remits somewhere between Rs 7,000 and Rs 30,000 per month, mostly through informal channels. Moreover,  Rs 7.37 billion that foreigners working in Nepal were remitted to their home countries in the last fiscal year through formal channel. Interestingly,  more than 1,000 Nepalis migrants are leaving the country every day seeking job placements abroad, citing lack of employment opportunities at home. About 25-30 per cent of 200,000 workers employed in the Valley’s construction sector are Indians. Average savings stand at around Rs 7,000 per month. The ornament sector receives 75 per cent of its estimated 65,000-strong workforce from India. These migrants working...

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Students call series protest against petro price hike

11 Sept- Kathmandu: Various students’ unions affiliated with main parties have announced series of protests against hike of prices of petroleum products. Meeting of the 14 different student’s unions along with Nepali Congress affiliated Nepal Students Union (NSU) and UCPN (Maoist) aligned All Nepal Independent Students Union-Revolutionary in Ratopul, Kathmandu on Wednesday evening decided to go with a week-long protests against hike.   Nepal Oil Corporation (NOC) had hiked the price of petroleum products on Tuesday 2nd time within this month. According to the student leaders present in the meeting, they would stage protest demonstrations outside the colleges across...

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288 bank accounts of terrorists ceased in Nepal

10 September, KATHMANDU: The Ministry of Home Affairs has ceased the suspicious 288 bank accounts related to international terrorists and criminal dons in Nepal. Among them, 224 accounts are related to organisations and persons belonging to Al Qaeda groups and 64 are linked to underworld don Dawood Ibrahim, according to the Ministry of Home Affairs. By publishing the lists of ceased bank accounts and terrorists, the Home Ministry has directed the persons, institutions and financial organisations not to deal with financial transaction. In course of implementing the Money Laundering Act by ratifying UN resolution, the government decided to cease the bank accounts of international...

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ADB Trishuli branch launches online banking services

9 Sept, Trishuli (Nuwakot) : The Agricultural Development Bank (ADB), Trishuli branch has launched online banking services from last Sunday. The bank aims to provide fast and convenient sevices to its service recepients through online services.  The Trishuli branch is the 87th branch out of the 242 branches using online services across the country, said branch manger Pitambar Bhandari. The service recepients can take services from any branches of the bank through Core Banking  System (CBS) in the country, said Bhandari. The bank has  invested in agriculture, education, industry, energy and trade sectors and has earned  Rs. 20 million...

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Nepali currency hits an all-time low

3 September, KATHMANDU: The Nepali currency has plunged an all-time low against the US dollar. The Nepal Rastra Bank, the central bank, has fixed the reference selling rate of the USD at Rs. 109.03 for Wednesday. Likewise, the reference buying rate has been fixed at Rs. 108.43. The Nepali currency is pegged to the Indian rupee, and the latter’s depreciation affects the Nepali rupee. Earlier, the Nepali rupee depriciated to Rs. 108.90 on August...

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