Nepal Today

Monday, June 10, 2013

NEPSE FALLS Kathmandu, 10 June: Nepse closed at 495.67 point after stock prices fell 1/82 points Monday. Altogether 223,100 shares were traded for Rs.51.358 million in1092 transactions. Hydro power shares gained 2.14 point. Nnnn ADVANI RESIGNS FROM BJP POSTS Kathmanfu, 1- June:: Senior BJP leader L K Advani has resigned from all party posts, television channels reported on Monday, a day after Narendra Modi was chosen to head the party's campaign in elections due next year, Reuters reports from New Delhi.. Advani was among several senior BJP leaders who stayed away from the meeting in Goa at which Modi was appointed as standard-bearer for the elections, a position that could make him the party's candidate for prime minister. Nnnn NEW BUDGET WILL FOCUS DEVELOPMENT SAYS MINISTER KOIRALA Kathmandu, 10 June: Minister for Finance, Shankar Koirala, has said that the next budget would be development focused, RSS reports.. At a programme organised by the Finance Ministry and Society of Economic Journalists Nepal (SEJON) here on Monday, Minister Koirala said that the budget would not be influenced from any political ideology and slogans. He said high priority would be given to energy, infrastructure development, tourism and export-oriented activities in the budget. The Finance Minister said that poverty alleviation, increasing employment, investment-friendly environment, increasing foreign investment and economic good governance would be the main goal of the budget. He further said that there is a challenge that economic growth rate should be seven per cent every year to make Nepal a developed country within 2022. On the occasion, Finance Secretary, Shantaraj Subedi, said that revenue collection is increased by more than eight billion rupees in the current fiscal year as compared to previous fiscal year and added that now emphasis should be given on capital expenditure. Subedi said that preparation of the draft of foreign assistance policy is underway. Similarly, Chairman of SEJON, Pradeep Chaulagain, said that the budget should take a concrete step for the economic good governance and stability in the country. Economic journalists, who participated in the programme, suggested financial reform and mobilization of communities in the budget. Nnnn INDIA RUPEE FALLS TO NEW LOW Kathmandu, 10 June: India´s rupee hit a record low of 57.54 against the dollar on Monday, on growing demand for dollars among oil importers, while the greenback was also boosted by upbeat US jobs data, according to a report from Mumbai in Republica. The partially convertible rupee hit its previous low of 57.32 against the dollar on June 28 last year. On Monday it fell to a new record low before trading up slightly at 57.49 later in the morning. The fall is the latest blow to the damaged growth story of India, Asia´s third-largest economy, which has also been beset by sharply slower growth, worsening public finances and political turmoil. The rupee depreciated seven percent against the dollar in May, similar to other Asian currencies. Analysts and traders will now watch for any possible intervention from the central Reserve Bank of India to stem any further weakening of the currency. The widening of India´s current account deficit -- the broadest trade measure -- to just under five percent of gross domestic product in the last financial year from 4.2 percent the previous year has also weighed on the rupee. The weaker currency makes imports costlier, especially of foreign oil on which India relies heavily, and will stoke already high consumer inflation. The RBI has a policy of not commenting on movements in the forex market and has a stated policy of intervening only to curb volatility. Nnnn


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