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Category: Finance

Uniqlo brings fashion back to the source in Bangladesh

5 July, DHAKA (Reuters) – On a bustling Dhaka street full of buyers looking for deals on export rejects and designer fakes, a flight of stairs leads up to an anomaly in a country known for producing international clothing brands – a global high street fashion store. Uniqlo, owned by Japan’s Fast Retailing Co , on Friday opened two stores in Bangladesh, a favourite low-cost sourcing hub for many international retailers but a country where, until now, they have not sold their clothes. On the level below the brightly lit store, a crowd of about 150 people waited patiently for the larger of Uniqlo’s two Dhaka stores to let in customers. “Youngsters in Dhaka are hoping Uniqlo starts a trend and more brands follow,” said a beaming Dipjon Mitra, a lecturer at a local university, who had queued since 7.30 a.m. to check the store out. The Japanese retailer, in a tie-up with Bangladesh’s Grameen Bank, founded by Nobel laureate Mohammad Yunus, is venturing into a $70 billion retail market untouched by global chains, where about 30 million people make up the middle-income bracket. In April, more than 1,100 garment workers died in the collapse of a eight-story building in Bangladesh, putting pressure on international fashion brands to improve worker safety and livelihoods. MIDDLE CLASS FOCUS At 1,000 sq ft (90 sq metres), the Dhaka store is a far...

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Tourist arrivals in Nepal decrease; arrival of Chinese tourist up by 25.7%

4 July, KATHMANDU: The tourist arrivals in the month of June 2013 have decreased by 4.6 percent to 41259 compared to the same month last year, according to the figures released by Immigration Office, Tribhuvan International Airport (TIA). In aggregate, the South Asian segment has registered negative growth of 12.5 per cent. The arrival of Indian tourists has decreased by 15.3 per cent. Also, arrival from Pakistan has decreased by 28.8 per cent though Bangladeshi and Sri Lanka tourists’ arrivals increased by 53.8 per cent and 62.9 per cent respectively, the press statement reads. Arrivals from Asia (other than...

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SKorea proposes talks with NKorea on factory park

4 July, SEOUL, South Korea (AP): South Korea’s government said Thursday that it has reached out to North Korea to discuss restarting a jointly run factory park after weeks of testy silence between the two sides. The industrial complex in the North Korean city of Kaesong, just north of the Demilitarized Zone dividing the two Koreas, has been shut since a political showdown in April. As South Korea held military exercises with the U.S. not far from the border, North Korea pulled its 53,000 workers in protest. South Korea then ordered its managers to leave as well, against their...

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Toyota to recall 185,000 cars globally, including Yaris

3 July, Tokyo (Reuters): The world’s best-selling carmaker, Toyota Motor Corp <7203.T>, said it was recalling around 185,000 vehicles globally, including the Yaris compact, owing to a glitch in the electric power steering system that could make the steering heavier. Models of the Yaris, known in Japan as the Vitz, that were made between November 2010 and March 2012, have been recalled. Toyota said it was also recalling the Verso-S, known in Japan as the Ractis, made from August 2010 to August 2011. Short circuits could be caused in the vehicles by water droplets forming on certain wires in...

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NIC Bank and Bank of Asia merge to be NIC Asia Bank

30 June, KATHMANDU: The NIC Bank and Bank of Asia have begun transaction after merging as the NIC Asia Bank on Sunday. The unified bank was inaugurated by Nepal Bank Governor Dr Yuvraj Khatiwada at Thapathali Trade Tower. This is the first time two ‘A’ class commercial banks have merged. Following the merge, NIC Asia becomes the fourth largest bank of Nepal. The new bank has a paid up capital of Rs 5 billion while Rs 38 is deposit and Rs 38 billion the loan investment. Trilok Chandra Agrawal is the Chairman of the Board of Directors of the Bank while the members are Tulsiram Agrawal, Lokmanya Golchha and Ram Chandra Saghai. Sashin Joshi is Chief Executive...

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Business confidence rises in Nepal, Report

28 June, KATHMANDU: The environment of industrial and trade promotion has become favourable while business confidence is on the rise since the formation of the interim election council of ministers, says a report. According to the report of a study carried out by the Privatization Unit of the Finance Ministry, the investment confidence in industrialists and business has increased by eight per cent in compared to the previous year. The study period covered the past four months. A similar study carried out by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) last year had shown business confidence at 39.7 per cent. As per international norms, business confidence for investment is industry and commerce should be 50 per cent. The report made public at the Finance Ministry on Friday said the confidence of those investing in medicine, hospital and other service sector as well as in infrastructure and agriculture has increased while those investing in the real estate and industries is on decline. Releasing the report, Minister for Finance and Industry Shanker Prasad Koirala said the government is ready to move ahead by taking the private sector into confidence and laid emphasis on public-private partnership....

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Gold is cheaper by Rs 1,400 per tola on Friday

28 June: The price of gold has decreased by Rs 1,400 per tola to Rs 48,100 on Friday in the local market. The precious yellow metal was traded at Rs 49,500 per tola on Thursday, according to the Federation of Nepal Gold and Silver Dealers´ Association...

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Nepal Airlines Corporation to buy two planes of France’s Airbus Company

27 June, KATHMANDU: The Nepal Airlines Corporation (NAC) signed on Thursday an agreement with the Airbus Company of France to purchase two narrow body Airbus A 320-200. The market price of the aircraft is 75 million US dollars and the aircraft would be delivered within February-April of 2015, according to information shared at a press conference held here today. The memorandum of understanding to that end was signed by General Manager of NAC Madan Kharel and Director Ganesh Bahadur Chand, and on behalf of Airbus by senior sales director Shil Shukla and sales agreement director Rob Gorden. It may...

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Gold further cheaper

26 June, KATHMANDU: The bullion price has further decreased in the domestic market on Wednesday. The yellow metal is traded at Rs 49,350 per tola by decreasing Rs 850 per tola against the Tuesday, according to the Nepal Gold and Silver Dealers’ Association. Similarly, the worked gold is traded at Rs 49,100 in the domestic market. Analysts have said that the strong US dollar has contributing to the price decrease of the yellow metal....

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New budget to focus on energy sector’s development

24 June, KATHMANDU: Finance Minister Shankar Prasad Koirala has said that the new budget would give top priority for the development of energy sector to end the long hours of power cuts. Receiving a memorandum submitted by journalists at his own office, the Finance Minister said that the new budget would be free from political influence and would focus on investment-friendly environment. Koirala also pledged to implement Working Journalist Act and work for the professional development of media sector. On the occasion, Minister Koirala said the government was planning to hike the salary of the government employees as per...

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