Tuesday, June 03, 2008

Roundup of Economic & Business News (May 1 - May 31)

May 1
Food shortages and rising prices hit western Nepal (ekantipur)
Nepal's tourism industry bounces right back (ekantipur)
Govt restricts exports of rice and wheat (Nepalnews)
Butwal Spinning Mill downs shutter (ArthaExpress)
Diversify Nepali exports to US (ArthaExpress)

May 2
Study shows SAFTA makes economic sense (ekantipur)
RMBF unveils 11.7pc interest scheme (ekantipur)
April slump fails to halt upward trend in arrivals (ekantipur)
Biratnagar customs collection down (ekantipur)
PABSON urges schools to submit fee structure (ArthaExpress)

May 3
‘Most bottled water sub-standard’ (ekantipur)
Ghee industries fall into distress (ekantipur)
CA members to consume 300 million in monthly perks (TelegraphNepal)

May 4
Invest more on midwives: UNFPA (ekantipur)
Tomato price nosedives in Khandbari (ekantipur)
18 VDCs, two municipalities prone to bird-flu (ekantipur)
Sky bridge project in limbo due to red tape (ekantipur)
Shares to flood capital market (ArthaExpress)
Improve labour laws to lure FDI (ArthaExpress)

May 5
Six insurers to cover overseas workers (ekantipur)
RBI to launch retail payment for remittances (ekantipur)
Dr Mahat calls for more ADB aid (ekantipur)
‘Strong leadership must for economic revolution’: Prachanda (Nepalnews)

May 6
Maoists 'seize' 40 bighas (ekantipur)
FCAN demands rate hike in govt construction contracts (ekantipur)
Fiscal federalism challenging: Dr Sharma (ekantipur)
Garment entrepreneurs tell tales of woe to Maoist chiefs (ekantipur)
Court nullifies cell phone ban by NBE (ekantipur)
Rolpalis face acute food shortage (Nepalnews)
Month of April sees marginal decline in tourist arrival (Nepalnews)
Maoists against privatisation of Gorkhapatra Corporation (Nepalnews)
YCL announces month-long 'development campaign' (Nepalnews)
Construction materials dear, contractors hit (ArthaExpress)

May 7
‘Scrap private education in new constitution’ (ekantipur)
WB approves Rs 8.2bn grant (ekantipur)
Four China companies bid for Melamchi tunnel (ekantipur)
Nepal's inflation at 7.2pc (ekantipur)
NEPSE bans trading of 5 companies (ekantipur)
Govt to order industries to cut pollution (ekantipur)
‘Modernize farming to prevent food crisis’ (ekantipur)
Nepali union leader lands in Korean jail as authorities crackdown on 'illegal' migrant workers (Nepalnews)

May 8
NOC squeezes supplies (ekantipur)
Inflation continues to grow as food crisis deepens (Nepalnews)
Wheat production decreases (ArthaExpress)
Tibet protest hurts Nepal tourism (ArthaExpress)

May 9
Khasa cargo fares skyrocket (ekantipur)
Ministry to probe deforestation (ekantipur)
Reform customs administration: Entrepreneurs (ekantipur)
Transporters called to end syndicate (ekantipur)
Nine new tea factories to open (ekantipur)
Ilam tea goes green: Nepal's organic teas now rival Darjeeling in world markets (NepaliTimes)

May 10
NAC to cancel int’l flights for a week (ekantipur)
Bird-flu resurfaces in West Bengal (ekantipur)
Regulate Nepal-India border: Dr Bhattarai (ekantipur)
Foreign employment sector sees upward trend (Nepalnews)
Industrialisation of agriculture necessary (ArthaExpress)

May 11
Diesel crisis affects farmers (ekantipur)
Bank promoters have not cooperated as desired': Basu Deb Joshi (ekantipur)

May 12
Cost of building materials continues upward trend (ekantipur)

May 13
Economy offers glimmer of hope (ekantipur)
Cereal output expected to increase 10pc (ekantipur)
‘ADSL will revolutionize Internet usage’ (ekantipur)
Kalikot hit hard by severe food shortage (Nepalnews)
Eastern Nepal affected by transportation strike (Nepalnews)
NOC seeks Rs 2 b grant from govt to bail it out from bankruptcy (Nepalnews)

May 14
Govt provides Rs 800m to keep NOC afloat (ekantipur)
FlyYeti opens first sales shop (ekantipur)
Garment exports down by one-third (ekantipur)
Dr. Bhattarai urges businessmen to invest (Nepalnews)
Khetan takes up the mantle of Laxmi Bank (Nepalnews)
Except for few, all to get Nepal Telecom shares (ArthaExpress)

May 15
Nepali garments find respite in India (ekantipur)
Udayapur cement shortage artificia (ekantipur)
Women workers migrate to town mainly due to financial problems: Study (Nepalnews)
Airliners Ask Govt to Roll Back ATF Price Rise (ArthaExpress)
Dr. Yadav Prasad Pant research and development academy establishes (People's Review)

May 16
Fertilizer shortage hits agriculture (ekantipur)
Rupee falls to 13-month low against US dollar (ekantipur)
Foreign trade up 9pc while deficit widens (ekantipur)
Agitating entrepreneurs withdraw transport strike (Nepalnews)

May 17
‘Lack of social security, stability hamper economic growth’ (ekantipur)
RRFC registers Rs 4.5m earnings (ArthaExpress)

May 18
End scrap duty: Businessmen (ekantipur)
Branding the product has helped Shikhar grow': Ram K Prasai (ekantipur)
Our main focus is economic revolution: Dr Bhattarai (Nepalnews)
$4m IFAD grant to Nepal (ArthaExpress)

May 19
Top leaders commit to economic prosperity (ekantipur)
Food shortages predicted despite increased output (ekantipur)
Fuel crisis hits industries, farmers (ekantipur)
IFAD to provide Rs 270 million grant (ekantipur)
Govt spending hits Rs 100 billion (Nepalnews)
Govt not to revise POL prices, no more loan to NOC (Nepalnews)
PM assures of additional food supply to Karnali (Nepalnews)
NAC Stops Flights to Manthali (ArthaExpress)

May 20
‘Gorkha recruitment may stop if Nepal wants’ (ekantipur)
New directives for IPO transparency (ekantipur)
Foreign exchange reserves up (ekantipur)
Tiger Tops employees agitating for pay hike (ekantipur)
New directives for IPO transparency (ArthaExpress)
Nepal Ice beer in British market (ArthaExpress)

May 21
Hydro investors protest ministry decision (ekantipur)
Hetauda Cement to cut pollutant discharge (ekantipur)
India lifts ban on cement export to Nepal (ekantipur)
Petroleum retailers to launch agitation (ekantipur)
Valley bandh affects normal life (Nepalnews)
Yeti brings sixth Jetstream 41 (ArthaExpress)
Poultry prices go up (ArthaExpress)
Hetauda Cement to cut pollutant discharge (ArthaExpress)

May 22
Food shortage hits Sankhuwasabha (ekantipur)
PM Koirala requests India to normalise fuel supply (Nepalnews)
NOC warns of grave petroleum crisis within few days (Nepalnews)
Escorts to sell more tractors in Nepal (ArthaExpress)

May 23
NOC gets Rs 1b more Problem remains (ekantipur)
New guidelines for fair IPO coming up (ekantipur)
DCBL to become commercial bank from Sunday (ekantipur)

May 24
Food shortage hits Dailekh (ekantipur)
Japan to take in Nepali workers (ekantipur)
Mayos production to resume today (ekantipur)
Production of coffee rises in Baglung (ArthaExpress)

May 25
Workers halt Himalayan Snacks again (ekantipur)
NRNs say they are committed to nation building process (Nepalnews)

May 26
Load-shedding cut to 9 hrs weekly (ekantipur)
Nepal requests India to waive duty on steel (ekantipur)
Strong output pushes down veggie prices (ekantipur)
NRB loosens grip on NCC bank (ekantipur)
Nepalis enter India in search of fuel (ekantipur)
NBL to hire CEO on individual contract (ekantipur)
NCC Bank credit limit restriction lifted (ArthaExpress)
Water tariff hike in pipeline (ArthaExpress)

May 27
6,593 qualified apply for Korean jobs (ekantipur)
ADB to provide more aid if govt performs (ekantipur)
NOC gets Rs 800m on PM’s instructions (ekantipur)
NRB directives to encourage genuine investors (ekantipur)
NEPSE to open OTC market (ekantipur)
Union demands investigation (ArthaExpress)
Nepal SBI Bank’s new scheme (ArthaExpress)

May 28
Federal Democratic Republic of Nepal (ekantipur)
Nepal, India commerce secys to discuss trade woes (ekantipur)
Revenue collection jumps by 24pc (ekantipur)
Tourists increase in Khumbu region (ekantipur)
Can Infotech starts in Hetauda (ekantipur)
AIT plans training centre in Nepal (ArthaExpress)

May 29
Overseas jobs jump 24pc (ekantipur)
Mandi can benefit farmers (ArthaExpress)

May 30
Happy porter The backbone of trekking industry (ekantipur)
‘Adopt separate pricing policies for different fuels’ (ekantipur)
Summer Rickshaw Run starts Sunday (ekantipur)

May 31
Kailali newspapers shut down (ekantipur)
Rising inflation poses challenge for economy (ekantipur)
ILO to discuss food crisis, rural poverty reduction (ekantipur)
Fifty finalists will compete for NDM (ArthaExpress)
Call to promote rural tourism (ArthaExpress)

Nepal becomes a federal democratic republic

Nepal becomes a federal democratic republic
Nepalnews, 28-May-08

The historic first meeting of the Constituent Assembly (CA) has endorsed a proposal to amend the interim constitution implementing the declaration of Nepal as a federal democratic republic.

The officiating chairman of the CA, Kul Bahadur Gurung said that of the 564 CA members who took part in the voting on the proposal, 560 voted in its favour while four members voted against it.

The motion for implementing the republic declaration was introduced by the government.

Home Minister Krishna Sitaula introduced the proposal as per the Article 159 of the Interim Constitution, which was put for voting.

Following the voting result, the CA also approved a proposal stating that the King should vacate the Narayanhity royal palace within 15 days.

The proposal states that the King will lose all perks and privileges except his rights as a common citizen. The Narayanhity royal palace will be turned into a national museum or used in national interest as deemed necessary by the government, the proposal adds.

The CA meeting had started after 9 pm on Wednesday night at Birendra International Convention Center (BICC).

Earlier in the day, the major parties including Nepali Congress (NC), Unified Marxist Leninist (UML) and the Maoists had agreed to introduce a proposal to implement republic at the CA. They also agreed to establish constitutional president and executive prime minister and bring about necessary changes in the interim constitution for this purpose.

“The president will be the commander in chief of the national army. He will act as per the recommendation of the Prime Minister. He will be authorised to declare emergency in accordance with the cabinet decision,” said NC leader Bimalendra Nidhi.

He added that president will be elected by the CA and details about his election process will be worked out and incorporated in another amendment proposal soon.


Japan to take in Nepali workers

Japan to take in Nepali workers
eKantipur, 24-May-08
BY PRABHAKAR GHIMIRE

Japanese officials have agreed to accept Nepali semi-skilled and skilled trainee workers for employment with different business enterprises in Japan, said a top Nepali official.

Taking to the Post, Shyam Prasad Mainali, secretary at the Ministry of Labor and Transport Management (MoLTM), said officials of the two countries have signed Minutes of Understanding, specifying priorities in the process of recruiting Nepalis for jobs in Japan.

The minutes were signed in Tokyo by Mainali and the vice president of the Japan International Training and Co-operation Organization (JITCO) - the government entity there for overseeing the training and recruitment of workers.

Mainali said both sides agreed to designate Nepali institutions with authority to send trainees to one of the most lucrative labor destinations, and also to adopt measures to check possible cheating of job seekers during the recruitment process.

Japan is expected to absorb Nepali workers mainly in the industrial and agriculture sectors.

"We are in the process of setting criteria for selecting institutions that can undertake recruitment for Asia's largest economy," Mainali added. Both sides have also agreed to wipe out the possible role of middlemen between employers and designated Nepali institutions to minimize cheating.

"We see Japan becoming a destination for huge numbers of Nepali job aspirants who are skilled or semi skilled but we cannot estimate the exact demand there at this initial stage," said Mainali who also met the Japanese vice-ministers for justice and labor, local employers and JITCO officials.

During the meetings, Japanese officials put forwarded eligibility criteria for Nepali workers in Japan. According to Mainali, workers having knowledge of Japanese language and culture, good work experience and the skills that can be capitalized by the home country in future will be favored while selecting them for jobs.

Under the understanding, the trainee workers will get two years of training and one year of internship at work places in Japan, with handsome pay. He said during their trainee period the workers can earn between Rs 80,000 and Rs100,000 per month as allowance, excluding overtime, depending on the status of the employing companies.

Meanwhile, the officials of both countries also agreed in principle to recruit Nepali workers in Japan through the government level. "We are agreed in principal on a recruitment process through the government level without the involvement of any recruiting agencies," said Mainali, who held talks with the Japanese justice minister in this connection.

He said that the government would complete necessary homework within two months before initiating procedures in consultation with Japanese officials preparatory to sending Nepali workers to this most attractive labor destination.