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    ICC Cricket World Cup 2019 LIVE

    Sunday 16 June 2019

    ICC Cricket World Cup 2019 Live Streaming

    June 16, 2019 1
    ICC Cricket World Cup 2019 Live Streaming




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    Monday 21 August 2017

    Oil prices hit a four-year low

    August 21, 2017 0
    Oil prices hit a four-year low
    Falling oil price creates tension in OPEC
    The global market experienced a four-year lowest price of Brent crude oil, which fell below $80. This continuous down move of oil prices has rattled the Organization of the Petroleum Exporting Countries (OPEC) and there is a raising voice for a solid action plan to control this situation. This matter will hit the topic in the crucial meeting of OPEC scheduled next month.
    Kuwait and Iran has been serious regarding this concern about record low of oil prices and making the voice louder to draft the action plans of OPEC. This action plan is supposed to recover the falling prices and protect its member countries from this disastrous situation.  International Energy Agency has warned that this situation will continue to remain until first half of next year.
    An “extraordinary” joint meeting was held between Kuwait’s cabinet and the country’s Supreme Petroleum Council held where the issue of price fell heated the table and necessary steps to curb this situation was discussed.



    According to the news agency of Kuwait, the meeting concluded with the discussion on the steps that are required to be taken promptly at every level to prevent the disastrous situation to evolve out in near future. The meeting also discussed about consulting with other OPEC members about the situation and take every possible steps to take over this situation while maintaining the interest of all member countries.
    This high-level joint meeting came out as a surprise package considering the previous confidence statement of Kuwaiti government. The statement had stated why the price rebound is most likely pacifying the situation. The Vienna meeting of November 27 was also concluded with positive hopes.
    On Sunday, Iran’s minister for oil criticised the member countries who urged to maintain the same production level. This production level was set when Iran was under economic blockade from USA. After this blockade was relaxed, the oil produced in Iran got market in the international market, which caused the oversupply of oil. This excess supply is also believed to be the cause of decreasing oil price in the global market. Iran has already started using its sovereign wealth fund to alleviate the reducing oil prices.
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    Nepal and India to Develop Upper Karnali Hydel Project

    August 21, 2017 0
    Nepal and India to Develop Upper Karnali Hydel Project
    Indian infrastructure company GMR will develop the Upper Karnali Hydel Project in Nepal, and is a significant investment for Nepal, which will export energy to India.
    Investment Board Nepal (IBN) signed a project development agreement (PDA) with India based GMR on Friday, September 19, to develop the Upper Karnali Hydel Project. The Upper Karnali project is estimated to product 900MW of hydel energy, and it is believed to give relief to Nepal regarding acute power shortage. It took six years to ink this agreement after GMR signed a memorandum of understanding (MoU) with the Nepal government.
    Radhesh Pant, CEO of IBN, and RV Seshan, president of Hydro Energy Business Unit of GMR, signed the agreement at Kathmandu, Nepal. This agreement is a key that will open the door to the arrangement of financial requirements for the project.
    After the visit of the Indian Prime Minister, this agenda was taken seriously from both sides, and the agreement was concluded. Nepali Prime Minister Sushil Koirala along with cabinet ministers, high designated government ministers, Indian Home Minister Rajnath Singh and Ranjit Rae, and Indian Ambassador to Nepal were present in Singha Durbar, Kathmandu where the agreement was signed.
    “This agreement will be a break-through in the development of mega hydro-projects in Nepal and this agreement will be implemented with high priority,” said Bam Dev Gautam, Deputy Prime Minister and Home Minister of Nepal. Indian Home Minister Singh said that the Indian government is very happy with this ‘historic’ agreement. He added, “this is the single biggest foreign investment in Nepal and GMR will prove its credibility by completing the project on stipulated time.”
    “After series of serious talks with stakeholders and addressing their issues, the PDA document was produced,” said IBM CEO Pant. “The document is prepared following all the international standards, norms and good practices,” added Pant.
    This project is expected to be constructed with 25% equity and 75% debt from international lenders. GMR has to complete its financial closure within two years. Seshan showed his confidence on raising capital without any hassles. This PDA was concluded after the Indian side agreed to build the re-regulating dam on its own, the absence of which will affect the irrigation projects downstream of the hydro project.
    Upon successful implementation of this agreement and completion of the 1.5 billion dollar project, Nepal will get 27% free equity stake and 108MW electricity for free while rest of the energy is exported to India.
    Nepal will gain the ownership of the project along with its 100 kilometre transmission line after 25 years of operation. As per the agreement, GMR will have to build another 2MW project to provide electricity to the local communities. This project will provide jobs to more than 2000 people while the locals will benefit from the construction of roads, schools, hospitals and other infrastructures by the project.
    The project was awarded to GMR after the company placed the lowest bid in the open bidding in 2008.


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    Trade Volume Between Nepal and India Upsurges

    August 21, 2017 0
    Trade Volume Between Nepal and India Upsurges
    Nepal’s side of trade relations with India have suffered recently, with the country struggling to make decent exports.
    Despite the fact that trade volume between Nepal and India has risen rapidly in recent years, it seems to be weakening with the rising trade deficit on the Nepali side of trade. Skyrocketing imports and decreasing exports due to sluggish industrial output have contributed a lot in generating the negative trade balance for Nepal. Increasing load shedding, higher costs of production, low labor productivity, political instability, and poor labor relations in the industrial sector have contributed to a huge chunk in the deficit portion. Every year the productive capacity of Nepali industries is decreasing and there are very few export-based industries in the country. This has been the major reason for increasing deficit, says a trade expert. In addition to that, various barriers in the form of non-tariffs from India has also been a fire-igniting factor for increasing deficit, adds the expert.
    A report from the Trade and Export Promotion Centre (TEPC) shows that the deficit increased by Rs 64.99 billion during the first 11 months in the fiscal year of 2013-14, and hit the mark of Rs 379.64 billion. The deficit was Rs 47.96 billion in 2003-04 which, in a decade, rose to Rs 379.64 billion. In 2008-09, the figure was Rs 121.54 billion. With the increasing trade between these countries, the deficit will go up if Nepal does not increase its competitive advantage and exports. Nepal does two thirds of its trade with India alone. Petroleum has been one of the major imports for Nepal and it has a major impact on the trade balance. Last year alone, Nepal imported around Rs 100 billion worth of petroleum from India – about double the total value of Nepal total exports. Major imports from India were petroleum, vehicles, machinery parts and steel products.
    An economic survey of 2013-14 reflects that the percentage of the deficit with the nation’s gross domestic product (GDP) has also increased in the last decade. The percentage of deficit to GDP was 15.3% in the last decade, which has now reached 32.1%, says the economic survey report.
    As the number of youths going abroad for jobs is increasing, this has substantially increased the remittance inflow in the country, thereby increasing the purchasing power of the people and increasing demands. This increased demand has been fulfilled by the imports mainly from India as Nepal lacks a productive facility of high end user products.
    According to Purushottam Ojha, former commerce secretary, “Nepal lacks industries for those luxury products whose demand is increasing. In the recent years demands for small vehicles are increasing, demands for modern household products are increasing. But we lack industries to produce them. So, we have no other option to import them from abroad.”
    “Almost all Nepali products, excluding tobacco and alcoholic drinks has been provided duty free access to India, Nepal due to its low competitiveness is unable to take advantage of it,” Ojha continued. “After India got liberalised and open to rest of the world, Nepal is gaining difficulties to capitalise the Indian market as we do not have competitive and comparative advantage in most of the products to compete in the Indian market where products from all over the world come. Moreover, India’s quota policy on our high exporting products like zinc, vegetable ghee, and acrylic yarn has been one of the reasons for low exports from our side.”
    Not only does the Government of Nepal have dissatisfaction with trade relations that exist between these two countries, private sectors have even louder complaints. One private sector in Nepal complains of India’s frequent action of imposing countervailing duty on Nepali ready-made garments, and utensils made of copper against the trade treaty. This leads these products to lose their competitive strength in the Indian market. India creates a barrier in agricultural products in the name of poor quality as India gives no value and acceptance to quality certificates issued by the Nepali side.
    In addition to these, the government has not taken any serious steps to facilitate the trade procedures with India. Private sectors are also responsible for this situation as they ignore exporting to the Indian market because the government provides incentives for exporting goods to third countries.
    It’s a time to take a serious step before it is too late for Nepal to rise in the trade relation with India. If this situation persists, then one day there might be a situation when the GDP of the country will be largely supporting the deficit of Nepal. Both private and government sector must think about the issue seriously and take some serious steps to bring Nepal out of this deep hole of darkness.


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