|
| Archive of February 2010 |
|
Huge quake hits Chile; tsunami threatens Pacific
TALCA, Chile – A devastating earthquake struck Chile early Saturday, toppling homes, collapsing bridges and plunging trucks into the fractured earth. A tsunami set off by the magnitude-8.8 quake threatened every nation around the Pacific Ocean — roughly a quarter of the globe.
Interior Minister Edmundo Perez Yoma said the most powerful quake to hit the country in a half-century killed at least 82 people, but the death toll was rising
Read More  |
Create Frighten by Poorness & Load- shedding
The country's economy is being increasingly debilitated by prolonged load-shedding hours. Production of industries in the Birgunj-Pathlaiya Industrial Corridor has been hit hard by the 11-hour load-shedding imposed by the Nepal Electricity Authority (NEA).Productions in the corridor nosedived by 80 percent compared to the past due to alarming load-shedding. There are over 200 small and big industries in the corridor.
Read More |
|
Nepal Tourism Year 2011 launched
Nepal Tourism Year(NTY) 2011 has been formally inaugurated by Prime Minister Madhav Kumar Nepal. Nepal highlighted the importance of tourism by saying that tourism can play a crucial role in miving the country into a new economic dimension.
Read More |
|
WFP to provide iodized food
World food program (WFP) Nepal has expressed it’s commitment to support for the Ministry of Health’s target to reduce iodine deficiency in Nepal by 2011.
Read More |
|
Destination Manang 2010 from April
Tourism entrepreneures of Manang district have expressed their dissatisfaction over the government decision to restrict Nar and Phoo villages for individual tourists.They said the provision was limiting tourism activities in the region.
Read More |
|
NIBL completes 24 years
Nepal Investment Bank Limited (NIBL), which is celebrating its 24th anniversary, opened its new branch office in Maharajgunj, Kathmandu on Thursday.
With this the bank has 38 beanches and 68 ATMs across the country.
Read More |
|
MoF promises to address stock investors’ demands
The Ministry of Finance (MoF) on Thursday promised to address all genuine concerns of the agitating stock investors and appealed them to withdraw their strike.
Speaking with the investors on Thursday, Finance Secretary Rameshwor Khanal assured the investors of an amicable solution soon after the Ministry’s discussion with Nepal Rastra Bank,
Read More |
|
BoK appoints new CEO
The Board of Directors of Bank of Kathmandu (BoK), one of the leading commercial banks of Nepal, has appointed Ajay Shrestha as its Chief Executive Officer.
Shrestha has been in the banking industry for more than two decades. According to a press statement issued by the bank, Shrestha had provided his service to BoK
Read More |
|
NTY 2011 being launched today
The National Programme Implementation Committee is launching its first tourism promotional event on Feb. 26 at Tundikhel with the slogan-'Together for Tourism'-that aims to bring all the political leaders, investors and professionals at one platform to make the commitment that they are together to make the campaign success.
Read More |
|
HLPM meeting inconclusive again
The meeting of high level political mechanism on Thursday was inconclusive on ending the protracted political deadlock, but the top leaders agreed to sit again Tuesday to end all the plitical differences in their entirety.
“If the current situation persists, the country could face an accident. So we concluded that we should reach an agreement to resolve the problems in their entirety,” said Maoist vice chairman Narayankaji Shrestha
Read More |
|
India says ‘NO’ to ending IOC’s monopoly
India has turned down the request of Nepal’s government to end the monopoly of Indian Oil Corporation in supplying petroleum products to Nepal. This has closed options for Nepal to introduce alternate fuel suppliers for Nepal Oil Corporation (NOC).
“Officially India is yet to respond to our call to open oil export to all Indian refineries and oil marketing companies. But unofficially, it has already said no,” said a highly placed government source.
Read More |
|
Attempts to down Nepse
Nepal Stock Exchange (Nepase) Wednesday foiled attempts by agitating investors to shut down its main server.
A source at Nepse told that the Nepse officials rejected calls to down the
Read More |
|
Deny of koirala’s Treatment Expence
The expense claims of the Sigapore treatment of Nepali Congress President Girija Parasad Koirala have finally reached the Ministry of Finance for settlement but the ministry officials are
Read More |
|
Investors' protest affects transaction
Nepal Stock Exchange (NEPSE) saw no transaction for the second consecutive trading day on Monday as the investors continued to protest against the government's perceived lethargy towards the plagued share market.
The move on the part of Nepal Rastra Bank (NRB) to ease existing provisions regarding the margin lending to mollify the agitated investors failed to yield desirable result.
Read More |
|
Sunrise goes door-to-door
Sunrise Bank Limited got an overwhelming response from new customers to its door-to-door campaign organised to inform people about banking services. On Feb. 19, employees of its 15 branches located outside the Kathmandu Valley were deputed for the purpose. New depositors were obtained within five hours of its campaign, said a press statement issued by the bank. The bank has 26 branches across the country with 30 ATM counters. The bank is planning to open a new branch at Bouddha shortly.
Read More |
|
Govt preparing to import sugar from Brazil
The government is preparing to seal a deal with an Australian firm to import 12,500 tonnes of sugar from Brazil. It will open a letter of credit (LC) to this regard within a week. According to National Trading Limited (NTL), the state-owned entity to import sugar in the country, along with Salt Trading Corporation (STC) and Nepal Food Corporation (NFC), the government started a fresh process as there is no possibility of receiving 25,000 tonnes sugar from Brazil under the old agreement.
Read More |
|
NEPSE brokers to start outside valley
Nepal Stock Exchange (NEPSE) has granted four stockbrokers to start test transactions from Pokhara and Biratnagar beginning from Wednesday.
According to a press release issued by NEPSE, Premier Securities Company and Nepal Stock House have been granted permission to start transaction from Pokhara. Nepal Investment and Securities Trading and Pragyan Securities got approval to start business from Biratnagar.
Read More |
|
International donors halt aid
International donors which had been funding or have pledged to fund various education projects including the School Sector Reform Programme (SSRP) have suspended aid on the projects demanding action against education minister Ram Chandra Kushwaha who has been charged of corruption.
Read More |
|
Economic growth of 5.5pc not possible: FM
Finance Minister Dr Surendra Pandey has said that posting the projected economic growth of 5.5 percent will not be possible due to the low yield in agriculture. The finance minister had forecasted an ambitious growth of 5.5 percent in his budget speech expecting for good agricultural output.
Read More |
|
FNCCI proposes BOOT concept for fast-track
The Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has proposed for the construction of Kathmandu-Nijgadh fast track under the concept of BOOT (Build--Own-Operate-Transfer).
The apex body of the country's business community also pointed out the possibility of constructing the fast track through joint investment of FNCCI, NRNs (Non-Resident Nepalis) and Federation of Construction Entrepreneurs of Nepal.
Read More |
|
Govt to work on ‘one combatant, one weapon’
Minister for Peace and Reconstruction Rakam Chemjong Monday said the government was working on an action plan on integration of Maoist combatants as per a theory of ‘one combatant, one weapon,’ and the process would be completed in a month if the Maoists cooperated.
Read More |
|
Better to take Passports before March 31: Foreign Ministry
Foreign ministry has advised citizens planning to visit a foreign country for work, study or any other purposes in near future to take a passport before March 31.
The ministry issued such advice Monday as hand-written passports issued after March 31 will not be valid to travel abroad as per a provision of International Civil Aviation Organisation (ICAO).
Read More |
|
Butwal Finance in Kapilvastu
Butwal Finance inaugurated its fourth branch office in Kapilvastu on Friday. It also collected over NRs 10 million deposit from 200 people on the opening day. Butwal Finance director Rajendra Prasad Dhoju said that finance company will extend its services in the coming days.
Read More |
|
Lord Buddha's AGM
Lord Buddha Finance Ltd held its fourth annual general annual meeting on Friday. The company posted NRs 14.1 million operating profit and has invested NRs 383.8 million. It collected deposit NRs 421.6 million in the last fiscal year. The company will issue 3:1 rights share to increase its paid-up capital to NRs 150 million.
Read More |
|
IDBL extends branch
International Development Bank Ltd (IDBL) has extended its service to Manthali of Ramechhap district. Chief District Officer of Ramechhap Shankar Prasad Aryal inaugurated the seventh branch amid a function on Friday. The branch will provide modern banking facilities like any branch banking and ATM. IDBL has collected deposit worth NRs 1.32 billion and invested NRs 1.60 billion in the first five months of the current fiscal year.
Read More |
|
Investors on protest
Investors have started protest against the various malfunctions, rigid and deficient rules and regulations in stock markets from Friday with a press meeting in the venue of Nepal Stock Exchange. Various investors associations asGeneral Investors Association of Nepal, Nepal Investors Forum and Nepal Securities Investors Association initiated the protest program where supportive hand of many investors followed the lead. Giving thumbs up to the key demands that were raised, well-known and active investors (few to name as Rakesh Adukia, Nirmal Pradhan, Prabin Naulakha, Bimal Pande) gave their absolute support during the struggle floor.
Read More |
|
Nepse sees fall for the entire week
Nepal Stock Exchange (NEPSE) index saw a plunge last week as well with an overall slump of 7.88 points. According to Nepal Stock Exchange Limited, on the opening day of the market on Monday, the index was 493.02 points which gradually went down to 485.14 points on Thursday.
Read More |
|
Constitution will be promulgated on time: PM
Prime Minister Madhav Kumar Nepal has said that the new constitution would be promulgated within the stipulated time despite having less than 100 days to accomplish the task.
"It is quite possible to promulgate the new constitution by May 28 (14 Jestha 2067). There will be no problem for the formulation and promulgation of the new constitution within the stipulated time if we sort out our existing differences and other obstacles," said Prime Minister Nepal while talking to journalists on Saturday.
Read More |
|
Five companies submit proposals for Budhigandaki
Five international companies have submitted proposals for commissioning the Dhading-based Budhi Gandaki Hydropower Project with installed capacity of 600-MW.
Nepal Electricity Authority (NEA) had formed a committee headed by its board member Lekhman Singh Bhandary a month ago to assess the financial and technical capability of the five proposing companies. The committee is preparing financial and
Read More |
|
Supply of gold gets higher
The supply of precious yellow metal came to normalcy, as the government has allowed gold importers to import it to the country through hand-carry bags.
After the government’s permission for bringing in gold through hand carry bags, the supply of this precious metal has become normal, according to the Gold and Silver Dealers Association (NEGOSIDA).
Read More |
|
Handricraft fair sees positive response
The 8th Handicraft Trade Fair and 6th Craft Competition drew positive response from traders and visitors during the first two days of the five-day fair. According to the organizers, the fair succeeded extensively in attracting the traders and foreigners.
Pushkar Man Shakya, Immediate Past President of the Federation of Handicraft Associations Nepal (FHAN), said that the influx of visitors, potential buyers and traders was more than their expectations. Badri Rupakheti, Sales Manager of Nawa Durga Jewelry, said though the entry of the visitors was quite exciting in the fair, they had made very little transaction
Read More |
|
Maoists- Army dispute over import of weapons
The government has clarified that the two trucks that were obstructed by Maoist cadres at Naubise along the Prithvi Highway Saturday morning were carrying explosives, detonators and logistics for the Armed Police Force (APF), not arms as claimed by the Maoists.
Read More |
|
Kerosene and diesel up by Re. 1 per ltr
Nepal Oil Corporation (NOC) has increased the price of kerosene and diesel by Re. 1 per liter effective from Thursday morning. Now, the price of both products will be NRs. 59 in the Kathmandu Valley and NRs. 57.50 in Tarai. With the decision to increase the price during its board meeting late Wednesday night, the state-owned corporation maintains a profit of 75 paisa per liter in diesel and NRs. 5.50 in kerosene.
Read More |
|
MoF issues arrest warrant against 40 NDB officials
Ministry of Finance has sent a list of names former officials of Nepal Development Bank to police asking the latter to nab them. The Ministry of Finance has demanded strict action against them for being involved in acts of banking offences. The ministry has charged the officials of misusing the deposits worth crores from the customers which has led to the bank in the current situation.
Read More |
|
EPAN registration high in Bharatpur
The number of people taking E-PAN registration number from the Inland Revenue Office, Bharatpur, has increased.
The number of individuals taking the E-PAN numbers has increased after the campaign to distribute E-PAN was started in the presence of Finance Minister Surendra Pandey last month.
Read More |
|
NTY-2011 being launched on Feb 26
Nepal Tourism Year 2011 (NTY-2011) Secretariat has appealed to one and all to take part in the formal launching programme of NTY-2011 on February 26 along with a national flag.
According to the NTY Secretariat, the programme will formally begin with the lighting of peace torch brought from Lumbini by Prime Minister Madhav Kumar Nepal at Tundikhel amidst a celebration.
Read More |
|
India pledges $250m aid
India has pledged $250 million as credit apart from 20,000 tonnes of rice to Nepal. This is in addition to 50,000 tonnes of wheat and 10,000 tonnes of yellow peas it pledged earlier. India offered this aid through EXIM bank to Nepal.
Indian Prime Minister Manmonan Singh and President Ram Baran Yadav on Tuesday discussed an entire gamut of issues ranging from economic cooperation to the political situation in Nepal.
Read More |
|
Nepse drops for the third day
Following the downhill trend for the third day, the homestock market lost points on Wednesday as well.
According to Nepal Stock Exchange Limited, the nepse index on Wednesday 1 point to close at 485.82 points.
Except the sub-indices of development banks and the group categorized as others, all trading groups went downhill yesterday.
Read More |
|
Cabinet meeting fails to choose NRB governor
The cabinet meeting of Wednesday could not make any decision regarding the appointment of new governor for Nepal Rastra Bank (NRB) from the three nominees tabled by Minister for Finance Surendra Pandey upon the recommendation of a Ministerial-level committee formed for the purpose.
Read More |
|
Cabinet approves India-Raxaul pipeline construction plan
The cabinet meeting on Wednesday approved in principle the action plan on construction of India-Raxaul-Amlekhgunj oil pipeline and the Terms of Reference (ToR) for the implementation of Janata Aawash-2066 or people’s residence.
The meeting has decided to develop the Kathmandu-Tarai fast-track as a closed-road prohibiting residential areas on its sides.
Read More |
|
NC CC meeting fails again
The central committee meeting of the ruling Nepali Congress which was organized Wednesday to fix the next date of its general convention remained inconclusive following a tense situation that emerged at the party central office Sanepa regarding the issue of party unification process.
Read More |
|
Gold prices to be fixed twice a day
Keeping in view the volatile international gold market, Nepal Gold and Silver Dealers´ Association is doing groundwork to fix gold prices twice a day. The association said the new pricing system will come into effect within a month.
Gold prices have been in an upward trend in the domestic market for the last couple of weeks in line with the price in international market. The yellow metal became dearer by NRs 85
Read More |
|
RBB reduces its NPL
Rastriya Banijya Bank (RBB) has been able to reduce its non-performing loans (NPL) to 12.98 percent during the second quarter of the current fiscal year from 15.4 percent in the fiNRst quarter. The bank's NPL was 21.6 percent during the second quarter of the last fiscal year.
Read More |
|
Panel shortlists three names for NRB governor
A panel formed to suggest the names of governor of Nepal Rastra Bank has shortlisted three persons and forwarded the same to the Council of Ministers (CoM), Wednesday morning.
Finance minister Surendra Pandey, also the coordinator of the panel, tabled names of Yub Raj Khatiwada, vice chairman of National Planning Commission, Bir Bikram Rayamajhi, incumbent deputy governor of NRB and Rameshwar Khanal, secretary at the finance ministry, for the position of NRB governor at a CoM meeting held this morning.
Read More |
|
World Bank VP calls PM
Visiting vice-president of the World Bank, South Asian Region, Isabel Guerrero on Tuesday called on Prime Minister Madhav Kumar Nepal at the latter’s office.
Discussions were held at the meeting on the possibility of hydropower generation, development of East-West transmission lines and immediate prospects of constructing micro-hydropower projects, Prime Minister’s Foreign Affairs Advisor Rajan Bhattarai quoted PM Nepal as saying.
Read More |
|
Revenue collection up 30 pc
The government collected NRs. 94.28 billion revenue in the fiNRst seven months of the current fiscal year. The amount is almost 30 per cent more compared to the same period of the previous year.
The revenue collection rose to NRs. 94.28 billion in Magh (January) as against NRs. 77.26 billion during the same period last year, Krishna Hari Baskota, Revenue Secretary at the Ministry of Finance told The Rising Nepal quoting the Nepal Rastra Bank’s figures.
Read More |
|
Maoists block another hydel project
Even as the work stopped by the Unified CPN (Maoist) at Upper Carnal Hydroelectric project is yet to resume, work at another hydro-project has been stopped.
The Maoists stopped work at the 600 MW Upper Marshyangdi-II, saying the project was against the welfare of the locals, from Tuesday by planting their flag at the construction site.
Read More |
|
Nepse slumps to 486.82
The homestock market dived down though it started above the benchmark on Tuesday.
According to Nepal Stock Exchange Limited, the benchmark Nepse index shot off 6.2 points to close at session's low of 486.82 primarily hampered by bulky slump in share price of Nepal Telecom along with other key financial scrip.
Read More |
|
100 days for new constituion promulgation
With 100 days remaining to the expiry of the deadline for promulgation of a new constitution by the Constituent Assembly (CA) as per the provision in the Interim Constitution (IC), leaders of three ruling parties and the main opposition have come to the conclusion that the deadline should be extended given the slow pace in the constitution writing process and differences yet to be resolved.
Read More |
|
Nepal,India sign MoU on air service expansion
Nepal and India signed memorandum of understandings (MoUs) on the presence of President Dr. Ram Baran Yadav and Indian Prime Minister Manmohan Singh at the Hydrabad House on Tuesday. Minister for Civil Aviation and Tourism Sharat Singh Bhandari and Indian Minister for External Affairs SM Krishna singed the MoU regarding the expansion of air service, on the behalf of their countries, respectively.
Read More |
|
| |
Rajendra Man Shakya, Chief Executive Officer of CMB Finance Limited, a versatile and reputed professional in the financial sector of Nepal, spoke to Nepal Business Times regarding the economic scenario, financial and banking sector of Nepal and the progress achieved by CMB over the years. Excerpts: 
Shekhar Raj Bastakoti
