Finance Minister Namgay Dorji handed over cheques to the financial institutions amounting to Nu 2.1B yesterday at the Bhutan Chamber of Commerce and Industry conference hall. This culminates the first activity of improving liquidity in the economy under the government’s economic stimulus plan. Bankers and officials from the financial institutions said that the money will help increase GDP growth in the country as [... Read More]
Export: Citrus greening in mandarin-growing areas has led to an overall decline in the production of orange and revenue from its export.
Frequent strikes in Bangladesh played a significant part in the decline.
As per the record with Bhutan Exporters’ Association based in Phuentsholing, about 12,791MT of mandarin was exported to Bangladesh. That is USD 5.63M worth of export from the country.
The association’s general secretary Tshering Yeshi said the export and the revenue generation declined [... Read More]
India election: A thriving and vibrant electoral democracy through periodic elections, India has a distinct identity at the global stage. Since independence in 1947, the country has witnessed a peaceful transfer of power through ballot in the last more than six decades.
Termed as world’s largest democracy and second most populous country on earth, India has begun its mammoth election exercise from April 7. Divided into 28 states and 7 union territories the country with a [... Read More]
‘A’ League: A brace from Dzongree’s Lhendup completed a come back and took all three points at the expense of Bhutan U-18 National team yesterday.
U-18 took the lead through Samten Norbu’s 26th minute goal. Desperate to register their first point of the season, the young boys forced some fine saves from the opposition goalie.
“We had a clear chance in the first half. If we made that second goal, may be that would have [... Read More]
The Thimphu Techpark at Wangchuktaba
Difficulty of finding tenants has left major shareholder Assetz wanting to pull out
Analysis: The Thimphu Techpark is not able to rope in as many tenants as initially envisioned because of the non-availability of the required workforce and connectivity problems.
This difficulty in finding tenants has most recently led to Assetz, a 70 percent shareholder of the park wanting to pull out of its joint venture with the government.
When the park was inaugurated two years [... Read More]
ESP: The government will inject Nu 2.1B in the financial institutions to start its ambitious plan of improving liquidity in the market through the Economic Stimulus Plan (ESP) today.
Financial institutions including the Bhutan Development Bank and the two insurance companies will each receive a share of the total amount (see graph.)
The money will be injected in the tier II component of the financial institutions’ capital base. This component of a financial institutions capital [... Read More]
Tourism: Spring marks the onset of the tourist season in Bhutan and with it begins preparations.
And unlike in the past, flight booking and shortage of hotels are no longer problem for the tour operators, and the number of hotels catering for tourists has increased over the years, particularly in Thimphu and Paro.
The Association of Bhutanese Tour Operator’s executive director Sonam Dorji said that it was still difficult to get booking in the high-end [... Read More]
Crime: The Royal Bhutan Police in a massive operation launched in December last year have arrested 449 people (as of April 4) in drug-related cases.
Of the total, 35 were for alleged trafficking of the controlled substances, 200 for alleged possession and abuse of drugs and 180 for alleged abuse of drugs.
The superintendent of police for narcotic drugs division, Lt. Colonel Sonam Goenzing, said people arrested with large quantity of drugs were categorised as [... Read More]
Samtse: Two men died when the Bolero taxi they were travelling in veered off road near Basanti village in Dorokha, Samtse. Six other passengers were referred to Samtse hospital.
The deceased were a 35-year-old Dumtoe gewog administrative officer and a 32-year-old taxi driver. The other passengers, five men and a woman, aged 21 to 35, sustained injuries on the head and body.
The accident took place at 2pm yesterday when the taxi was coming to [... Read More]
There are eyebrows raised even as the Office of the Attorney General prosecute the 13 people, which include bank officials, alleged for illegally repatriating Indian Rupee to the tune of millions.
Scandals always excite the public, but when it involves bank or bank officials, there are reasons to worry. The case was detected recently and by the time the Anti Corruption Commission (ACC) who stumbled upon it while investigating an immigration case, about INR 70M was [... Read More]