Roundup of Economic & Business News (July 30 - July 31)

Carpet export down by 11 pc
ekantipur.com, July 31
Hand-knotted woolen carpet industry, the second largest export commodity of the country, suffered a double-digit decline in export in the last fiscal year, indicating tough days ahead. more…

NEA's loss swells to Rs 2.70b
ekantipur.com, July 31
High capital cost, leakage, outstanding arrears and tariff structure has ballooned Nepal Electricity Authority's (NEA's) loss to over Rs 2.70 billion in 2005/06, said NEA Chief Arjun Kumar Karki. more…

BIMSTEC implementation hits more roadblocks
The Himalayan Times, July 31
Despite BIMSTEC free trade area (FTA) agreement having been scheduled to come into force from July 1, 2006, it could not happen due to political situation in Thailand. Member countries of the BIMSTEC Trade Negotiating Committee (TNC) have failed to meet the deadline on ‘trade-in-goods’ for tariff reduction in the meeting held from July 25 to 28 in Colombo. more…

Yak & Yeti resumes operation
The Himalayan Times, July 31
After eight months of closure, Yak & Yeti, one of the six 5-star hotels in Kathmandu, is all set to resume its operations from Tuesday, ending loggerheads between the management and the trade unions. more…

Biz Briefs
The Himalayan Times, July 31
Machhapuchchhre Bank Ltd (MBL) has opened an ATM counter at the gate of Nepal Rastra Bank (NRB) central office, Baluwatar. more…

"Abnormality in middle Marshyangdi": NEA Chief
Nepalbiznews.com, July 31
Management of Nepal Electricity Authority (NEA) on Tuesday has appealed to form a high-level parliamentary committee to probe the irregularities of ongoing middle Marshyangdi hydro electricity project located about 170 km west of Kathmandu, in Lamjung district. more…

One village one product rolling ahead
Nepalbiznews.com, July 31
The government is all set to go for implementing "one village one product" programme on public private partnership basis with selection of 2 to 3 VDCs from each district out of 9 selected for the project as per the recent budget announcement. more…

History high price of gold last year Biz News
Nepalbiznews.com, July 31
The last fiscal year was the period the gold witnessed the history’s highest price with the increased price of petroleum products and Iranian nuclear crisis. more…

Legal lacuna disappoints cargo entrepreneurs
Nepalbiznews.com, July 31
Despite the effort to make specific cargo law, legal lacuna over the years pertaining cargo business has disappointed the freight entrepreneurs. more…

Economic diplomacy urgent necessity
Nepalbiznews.com, July 30
Private sector representatives, government officials, foreign policy experts and other stakeholders have reiterated that Nepal's foreign policy has to be redefined in accordance with the changed context of globalization and to cater the aspirations of Nepalese people after mass movement -2. more…

Gherao in Nepal Stock Exchange
Nepalbiznews.com, July 30
Nepal Stock Exchange Limited popularly known as NEPSE has remained closed on Sunday following a protest organised by the investors and brokers. more…