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Nepal has ranked 111th in the list of 178 countries in terms of making progress in business and economic reforms, a new research by World Bank says. The report entitled 'Doing Business 2008' indicates that the environment for starting business has deteriorated. Last year, the indicators showed Nepal at 60 which has decreased to 52 this year. Similarly, Nepal's rank has dropped in areas such as registering properties, getting credits, protecting investors, paying taxes and trading across borders. Nepal ranks fifth after Maldives, Pakistan, Sri Lanka and Bangladesh, but is ahead of three other South Asian nations - Bhutan, India and Afghanistan. The indicators show environment for employing workers is worst in the region while it tops the region in terms of registering properties. The report says countries like Afghanistan, Bhutan, India, Pakistan and Sri Lanka of this region have made progress in doing business over the year

Seven months after he auditioned to participate in the third edition of Indian Idol, 24-year-old Prashant Tamang from Darjeeling clinched the title, beating the other finalist, Amit Paul, also 24. Tamang and Paul together polled seven crore votes — the highest ever polled in a reality TV contest show, claimed hosts Mini Mathur and Hussain Kuwajerwala at the glitzy finale at Delhi's open-air NSCI ground. Special guests actor John Abraham and singer Sukhwinder Singh entertained and enthralled the 5,000-strong crowd — rooting for Tamang all evening — during the three-hour event. "I thank my mother," said an emotional Tamang after Abraham announced him the winner. As soon as he did that, Tamang's sister came on stage and placed a traditional, Nepali cap on his head. "I thank the police force for allowing me (leave) to participate in the show, the judges and the public." Tamang won a Rs 1-crore contract with BMG for an album, a Maruti SX4 and a Sony Erricsson cel...

study conducted by the Organisation for Economic Cooperation and Development (OECD), a club of rich countries, has brought out the pleasant fact that India has been generating more jobs than any other BRIC - Brazil, Russia, India, China - country. OECD's Economic Outlook 2007, released on Tuesday, has revealed that India generated 11.3 million net new jobs annually between 2000 and 2005, which is over 60% more than the 7 million new jobs created in China every year. The performance looks even more impressive when contrasted with another emerging giant, Brazil. The South American biggie clocked 2.7 million new jobs created annually over the five-year period, while Russia saw some 700,000 new jobs added every year. India, in fact, generated half the jobs in BRIC nations: a performance which must be way better than any of the OECD countries growing at a much slower pace. At 22 million new jobs every year in BRIC countries - which make for over 45% of the global labour supply and accou...

The Federal Reserve tried to curb the explosive growth in the U.S. housing sector under Alan Greenspan's tenure, but each time it tried to raise long-term interest rates it failed, the former Fed chief said. "In 2004 we tried to raise mortgage rates by moving the 10-year Treasury note up and we failed," Greenspan told CNBC, adding that the Fed failed again in 2005 and would have failed had it tried in 2002. "We had no control, that I could see, which would have made any difference in the extent of the bubble that was emerging," he said. "And we concluded, as we did with respect to the stock market bubble in the 1990s, that … as I pointed out previously, every time we tried to tighten … we weren't trying to knock the stock market down. We were reacting to inflationary pressures. Greenspan denied that the Fed inflated the economy under his leadership, saying that rate policy was reacting to price pressure. "What we were responding to was global forc...

Despite being optimistic in Tenth plan, Nepal´s Real Gross Domestic (GDP) product has declined in the fiscal year of 2006/7 compared to the previous year. As per the preliminary estimates of Central Bureau of Statistics, the growth of GDP decelerated to 2.5 percent at producer´s price in 2006/07 compared to a growth of 2.8 percent in 2005/06, said Ministry of Finance (MoF). According to the current macroeconomic situation based on annual data of 2006/07, agriculture and non-agriculture production was estimated to grow by 0.7 percent and 3.6 percent respectively in the review year. The respective growths were 1.1 percent and 4.6 percent in 2005/06. The statistics of the MoF, shows that of the source of GDP, services sector increased by 4.1 percent on the back of growth of the real estate, rent and commercial services sector and financial intermediation sector by 8.6 percent. Similarly, transportation, storage and communication sector witnessed a growth of 8.1 percent while education sec...

Americans remain relatively unconcerned about the subprime mortgage lending situation, and they say President Bush is doing a better job, according to the latest NBC News/Wall Street Journal poll. When asked to rank several elements of the economy and whether they had been negatively impacted by them, respondents chose rising gasoline prices, health care costs and the federal budget deficit as their top concerns. Jobs going overseas, the decline in home values and changes in the stock market were also ranked as having a somewhat negative impact by comparison. Meanwhile, immigration issues and subprime mortgages ranked at the bottom of the list. In fact, only 18% of those polled said the mortgage lending situation had a very negative personal affect on them. Fifteen percent said it had a somewhat negative affect, and 62% said it had had no negative affect whatsoever. Five percent of those polled remained unsure about the effect the mortgage situation might have had on them. Rising gasol...

Kathmandu, September 1: Share trading this week hit yet another all time high of 739.53 points as Nepal Stock Exchange (Nepse) index posted a rise of 13.67 points against last week’s 725.86 points. The sole secondary market which had a market capitalisation of six billion, when it started its trading floor in 1994, has this week registered a total of Rs 203.67 billion market capitalisation. Though the analysts have predicted a slow down in trading after automation of Nepse, it is posting a steady growth. The Nepse that opened at 725.86 points on Sunday faltered on the first two days and dropped to 723.71 and 723.04 points on the second and third day respectively. However, it bounced back to close at 739.53 points on the closing day. As usual, share prices of commercial banks, companies under hydropower and development banks groups dominated the trading floor this week, while the companies under finance and insurance groups became losers. The weekly turnover, however, decreased to Rs 15...

Economists are clearly worried about the U.S. falling into a recession, but they also believe the Federal Reserve can help prevent one by cutting interest rates. AP A survey by the National Association of Business Economics showed economists believe recession is the biggest risk to the economy right now and that the Fed will cut rates by half a percentage point by March in the face of sluggish economic growth. A separate survey by the Blue Chip Economic Indicators newsletter also said the chances of a recession are increasing as troubles in the housing sector and credit markets take their toll. "Over 60 percent of the respondents cited recession as the major risk facing the economy over the next year, while only a third cited inflation as the greatest problem," the NABE said. Those most concerned about a recession tended to cite problems in the subprime mortgage market and potential declines in home values as likely triggers. Can Be Avoided Still, many thought that recession...