Page last updated at 2014-11-01 09:58:23 RSS
  BUSINESS & ECONOMY
Procurement Act Change Seeks Status Quo Ante In Variation Order
RUDRA PANGENI
KATHMANDU, Oct 31: The authority of government secretaries to approve variation orders in construction contracts was ended by the Public Procurement Act 2007, but now a draft amendment seeks to restore the authority for up to 10 percent. A variation order is issued for payments for construction project work which could not be foreseen during the project design and cost-estimate stage.

The draft amendment says that the provision for restoring the discretionary authority of the secretaries is meant to make variation orders more accountable.
Gorakhkali Rubber Industry Halts Production
REPUBLICA
GORKHA, Oct 31: Gorakhkali Rubber Industry has stopped productions after its products failed to compete with Indian brands available in the market.
Officials of the country’s only tire manufacturer said the industry has been closed as its products cannot compete with cheaper Indian products.

Tires manufactured by Gorakhkali Rubber Industry cost comparatively higher than Indian tires available in the market. “We have stopped production as we have failed to find market for products manufactured before Dashain festival,” an official of the industry’s administration division, told Republica. “People prefer Indian tires as they are cheaper compared to our products.”
NT To Reduce Internet Tariff By 20 Pc
REPUBLICA
KATHMANDU, Nov 1 : The Nepal Telecom (NT) has decided to reduce internet tariff by 20 percent. The telecom service provider has also started providing additional data volume for Asymmetric Digital Subscriber Line (ADSL) and broadband users.

“We have reduced the tariff of all our internet packages by 20 percent and sent new rates for approval by Nepal Telecommunications Authority (NTA). Once we get the go-ahead from NTA we will be providing internet service at cheaper price to our customers,” said Buddhi Prasad Acharya, managing director of NT, adding that the demand of internet is growing and we want more people to use internet service.
Govt Rolls Back Transport Fare Hike Decision
REPUBLICA
KATHMANDU, Oct 31: The government has deferred its plan to hike transport fare. A meeting of stakeholders held at the Department of Transport Management (DoTM) on Friday decided not to hike the transport fares for the time being.

The decision came following a directive by a parliamentary sub-committee under the industry, commerce and consumers´ interest relations committee of parliament not to implement the fare hike. Likewise, Prime Minister Sushil Koirala, on Thursday evening, directed Minister for Physical Infrastructure and Transport Bimalendra Nidhi to withdraw the transport fare hike decision.
Comeback Of Real Sector
REPUBLICA
KATHMANDU, Nov 1 : The real estate sector, which had seen little progress in the last fiscal year year after three years, has shown significant growth in the first three months of the current fiscal year 2014/15.

Figures provided by the Department of Land Reforms and Management (DLRM) show that a total of Rs 2.17 billion has been collected in the first three months of this fiscal year. This figure is 49 percent increase compared to the same period of the previous fiscal year. A total of Rs 1.45 billion was collected in three months of the fiscal year 2013/14.
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