Category: Finance

Petro prices down

16 June, Kathmandu: The Nepal Oil Corporation (NOC) has reduced the prices of petroleum products to be effective from this midnight. NOC Spokesperson Sitaram Pokharel said that Rs 1.50 has been cut in the prices of petrol, diesel and kerosene. As per the new price rate, the petrol would be available at Rs 100 per litre while diesel and kerosene would cost Rs 76 per litre. However, the price of LP Gas is kept unchanged. RSS...

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Shakya and Ghale discuss investment possibilities in Kathmandu

13 June, Kathmandu: Kathmandu Metropolitan City (KMC) mayor Bidya Sundar Shakya has said an investment – friendly policy can be formulated to facilitate the non – resident Nepali people living abroad to venture into investment for Kathmandu’s prosperity. KMC major Shakya made the comment during a meeting with Non Resident Nepali Association (NRNA) President Shesh Ghale. Apart from the commercial venture, Shakya argued that the social responsibility was also an aspect through which participation can be made in Kathmandu’s management. He further underscored the need for upgrading Kathmandu – the capital city of Nepal – on socio-economic, political and...

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Agreement signed on aircraft purchase, CIT providing Rs 12 billion loan

12 June, Kathmandu: Citizen’s Investment Trust and Nepal Airlines Corporation on Monday signed an agreement to purchase an aircraft. As per the agreement, the CIT is to provide Rs 12 billion to the NAC for aircraft purchase. At a programme organized at the CIT office, its Executive Director Ram Krishna Pokhrel and Director General at NAC, Sugat Ratna Kansakar, signed the agreement. Earlier, such agreement was made only with the Employee Provident Fund. The loan has been provided at nine per cent interest rate. The interest rate would not change until the aircraft makes first commercial flight. The payment...

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Nepal-Bangladesh Youth Meet to seek ways to promote bilateral trade

10 June, Kathmandu: The Nepal-Bangladesh Youth Conference-2017 kicked off here from Saturday. The two-day conference will discuss on finding possible ways to promote bilateral trade activities in the context of two countries having limited trade volume despite the proximity in view of the geographical location. Inaugurating the conference, Bangladesh Ambassador for Nepal, Ms Mashfee BinteShams, pointed out the possibility of resolving common problems among the BBIN(Bangladesh, Bhutan, India and Nepal) Initiative member countries and of achieving economic progress through mutual cooperation and collaboration. The event would hold extensive discussions on the issues relating to environment, economic and business sectors,...

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More than 1.7 million collected in fine after clampdown on electricity theft

10 June, Gaushala: Nepal Electricity Authority (NEA), Mahottari Distribution Centre has collected Rs 1.7 million in fine after a clampdown on electric power hooking. Centre’s Chief Hardev Prasad Gupta said a total of 195 people were arrested for stealing electricity from September last year to June this year. The amount was collected in fine slapped against them. NEA team accompanied by Nepal Police and Armed Police Force (APF) personnel also seized television sets, motors, fans, power inverters and stabilizers from houses involved in stealing electricity. The Centre also cut off power supply to 945 customers that have not paid...

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British pound tumbles as UK election gamble fails

9 June, London: The pound plunged Friday as Prime Minister Theresa May’s Conservatives lost its parliamentary majority in Britain’s general election, fuelling political uncertainty just days before the start of Brexit talks. Sterling slumped in early morning deals to a seven-week low of $1.2636, while the euro hit a seven-month peak at 88.59 pence. However, that propelled the London stock market higher as the weaker pound boosts multinational companies that earn in currencies other than sterling. Investors also brushed off news of a monthly rise in industrial output. May had called Thursday’s snap vote in a bid to boost...

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Water pipe laying for Melamchi project picking up pace

9 June, Kathmandu: The laying of water pipes for much-awaited Melamchi Drinking Water Project has been speeded up in Kathmandu valley. The project aims to supply water to valley’s dwellers within the Nepali month of Asoj, a project official said. Out of the total 670 kilometers of water pipes to be laid for the project, the installation of pipes has been over on 585 kilometers, said project chief of the project implementation directorate Tiresh Khatri. Water that will be supplied through tunnel will be filtered in Sundarijal before distributing at homes of Kathmandu dwellers through various 11 tanks set...

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Country witnesses annual trade deficit of Rs 700 billion

8 June, Kathmandu: Country’s hilly region is costlier than other belts, according to the current macroeconomic and financial situation of the country released by the central bank Thursday. According to the Nepal Rastra Bank (NRB), price hike stands at four percent in the hilly region while it is 3.6 per cent in Tarai, 2.8 per cent in mountain region and 1.9 per cent in Kathmandu valley. The price hike was in double digit in the hilly region and the Kathmandu valley last year while it was 8.6 per cent in Tarai and 9.1 in mountain region. Regular market monitoring...

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Panchakoshi Highway linking Surkhet-Dailekh-China

8 June, Dailekh: The Panchakoshi Highway is to be constructed to explore identity and development opportunities of historically important Dailekh district. There is no bound of happiness among the local folks when the government came up with an important plan in the national budget to expand the road stretch leading to Nankche-Nagla. The road expansion drive would also offer opportunity to widen linkage with China through the construction of road stretch from Mahabu-Jumla to Rara Lake. Finance Ministry Advisor Dr Purna Prasad Regmi shared that the Highway has been named before Panchakoshi for it is considered the identity marker...

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Excessive heat causes death of 1500 chickens at a poultry farm

7 June, Tanahun: As many as 15,000 chickens died due to excessive heat at a farm here in Tanahun district. The chickens in Sulav Poultry Farm owned by Himal Shrestha of Byas Municipality – 5 died in the scorching heat. Shrestha said of the total of 4,600 Layer chickens 1,500 died on Sunday causing a loss of around Rs 1.5 million. The farmer had been a worker with the Standard Chartered Bank in Saudi Arabia and returned to the country and started chicken farming for commercial egg production some 6 to 7 months ago....

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