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China pledges five times more FDI in Nepal than India
Source: RSS

China pledges five times more FDI in Nepal than India

China has surpassed India in terms of committing foreign direct investment (FDI) in Nepal. According to the latest statistics maintained by Nepal Rastra Bank (NRB), China has outdone India in terms of committing FDI in Nepal as well as in terms of projects in Nepal. The latest data put India on the fourth position in terms of the number of development projects pledged in Nepal and on the sec...


Indian liquor giant United Spirits quits Nepal

The Department of Industry (DoI) has permitted Indias United Spirits Ltd to divest its 82.46 percent shares in United Spirits Nepal Pvt Ltd to existing shareholder Rajesh Bir Singh Tuladhar. As per the share purchase agreement documents submitted at DoI, per unit price has been set at Rs 5,042. Tuladhar is paying Rs 341.4 million for 67,716 units of shares held by United Spirits Nepal. He alread...


Nepse ends week 8.19 pts higher
Source: Business News

Nepse ends week 8.19 pts higher

Weekly transaction at Nepal Stock Exchange (Nepse) fell 21.4 percent as the market headed towards stability after massive fluctuations in previous weeks. Last week, the market recorded a turnover of Rs3.45 billion. The figure had hit as high has Rs9.54 billion four weeks ago when the benchmark index jumped to its all-time high of 1,877.93 points. However, a planned probe by the Securities Bo...


Nepse to operate trade guarantee fund, start auction trading

The Nepal Stock Exchange (Nepse) has forwarded its draft on securities-listing bylaws, trade-guarantee fund bylaws and auction-trading working procedure to the Securities Board of Nepal (Sebon) for approval. While the securities-listing bylaws is an updated version of an earlier one, the other two are new and aim to ease the clearing and settlement process even when there is a shortfall of cash...


NEA starts cuting power supply to defaulters
Source: RSS
NEA

NEA starts cuting power supply to defaulters

Nepal Electricity Authority (NEA) has started to disconnect power supply to defaulters. Energy Minister Janardan Sharma has directed the NEA to cut electricity supply to 10 defaulting customers. NEAs Ratnapark Distribution Centre on Sunday disconnected the supply to three customers, including Mahendra Manjil, the residence of former Queen Mother Ranta Rajya Laxmi Shah. We disconnected the po...


Bilateral treaties cannot function fully without stability in Nepal: Li

Chinese Primier Li Keqiang has emphasized the need for political stability in Nepal for its sustainable economic and social development. During his meeting with Deputy Prime Minister Krishna Bahadur Mahara in Beijing Wednesday, Li underlined that agreements and treaties between Nepal and China could not fully function without political stability in Nepal. Mahara had called on the Chinese premie...


China is willing to increase investment in Nepal: Mahara
Source: RSS

China is willing to increase investment in Nepal: Mahara

What is your assessment after meeting Chinese Foreign Minister Wang Yi? My visit to China is yet to be complete as there are a couple of other important meetings lined up. I will be in a better position to talk about the assessment after meeting Chinese Premier Li Keqiang and the leaders of communist Party of China. My meeting with Foreign Minister Wang Yi has made it clear that both the cou...


Fifty percent factories defunct
Source: RSS

Fifty percent factories defunct

A huge bulk of the industries registered with the Cottage and Small Industry Development Committee Ilam have shutdown. Of the total of 2837 industries registered with the Committee, only 1452 are found to be still functioning. The rest of the industries have closed down, Committee said. The industries still running include 79 tea factories, 262 rice mills, 63 computer labs, 170 dairies, 10...


Despite Saudi slump, Nepalis keep flocking to Gulf kingdom

At a time when thousands of migrant workers have been laid off and stranded in Saudi Arabia, the number of Nepali migrant workers leaving for the Saudi has not declined. According to the Department of Foreign Employment (DFE), as many as 13,227 people have left for Saudi Arabia over the past one month (since July 1 to August 12). The number of outbound workers to Saudi Arabia was 13,553 during...


Despite big losses, Banijya Bank issuing bonus to staff
Source: RSS

Despite big losses, Banijya Bank issuing bonus to staff

Rastriya Banijya Bank has decided to distribute Rs 870 million in bonuses to its employees despite its accumulated losses amounting to Rs 4.12 billion. The banks board meeting last week took a decision to this effect by way of implementation of a Supreme Court order last December to pay out bonuses from profits earned in the last seven years. The bank, which is 100 percent government-owned, ...


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