MONEY

Hunt on for new ports

The government has been scouting for alternative ports in India for third country trade to replace congested Kolkata Port in a bid to cut costs and permit movement of large volumes of cargo.

Rajesh Khanal, Feb 19 2018

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Banks urged to take on payday lenders with small, lower-cost loans

Those who find themselves pinched for cash often turn to high-cost payday lenders. But traditional banks and credit unions could serve that role for borrowers and do it at much lower rates, according to a new proposal from the Pew Charitable Trusts.

Feb 19 2018

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Indian bank hacked, $2 million stolen

India’s City Union Bank said on Sunday that “cyber criminals” had hacked its systems and transferred nearly $2 million through three unauthorised remittances to lenders overseas via the SWIFT financial platform.

Post Report, Feb 19 2018

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Indian banks to take over $3b hit from PNB fraud

Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the centre of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated

Reuters, Feb 19 2018

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FNCCI urges govt to declare Nation-Building Decade

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the newly-formed government to declare 2018-27 as Nation-Building Decade.

NARESH NEUPANE, Feb 19 2018

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Kentucky 2030? Could Korea export its rural Olympic gamble?

A coal mine stands on the mountain exactly as it was the day it was abandoned, now a rusting relic of blue-collar glory lost to a globalised world.

Associated Press, Feb 19 2018

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Canada’s PM in India to promote trade

Canadian Prime Minister Justin Trudeau on Sunday toured the Taj Mahal with his wife and children as he began a week-long visit to promote trade and investment with India.

Agence France-Presse, Feb 19 2018

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Japan mulls hiking pension age beyond 70

Japan has okayed plans to let people choose to start drawing their state pensions beyond the age of 70 as it grapples with severe labour shortages, ballooning welfare costs and a shrivelling tax base stemming from its greying population.

Reuters, Feb 19 2018

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Iran offers discounts to boost oil sales to India

Iran has offered to raise the freight discount on oil sales to India in return for New Delhi agreeing to boost imports, as the Opec member is keen to eat into the market share of other producers including top rivals Saudi Arabia and Iraq.

Reuters, Feb 19 2018

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Even as markets shook, many investors held firm

This month’s sell-off for stocks marked the first big test of investors’ mettle in years. And many ended up doing exactly what the experts were recommending: hold steady.

Associated Press, Feb 19 2018

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Inbound flight bookings for April exceed 70 percent

Inbound flight bookings by holidaymakers from different long and short haul markets have exceeded 70 percent for April. Bookings for March, however, have slowed to 50 percent this year compared to last year, figures obtained from travel agencies showed.

Post Report, Feb 19 2018

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Nepal needs Rs1,770b annually to meet SDGs

The government’s revenue and private sector investment will not be sufficient to attain the United Nations-backed Sustainable Development Goals (SDGs) by 2030, which implies Nepal’s dependence on foreign aid will go up sharply in the coming years, a latest report says.

Post Report, Feb 19 2018

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Wagle quits NPC

Swarnim Wagle has resigned from the post of the vice chairman of the National Planning Commission (NPC), the apex body that frames the government’s plans and policies.

Post Report, Feb 19 2018

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Nepal abandons LDC graduation plan

Nepal has abandoned the plan of relying on the non-income criteria framed by the United Nations (UN) to graduate from the Least Developed Country (LDC) category, fearing the transition would significantly reduce the flow of foreign aid and deprive the country of other international support measures.

Post Report, Feb 19 2018

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