India's higher jute duties leave six of 12 eastern mills running, Post reports

India's higher jute duties leave six of 12 Morang-Sunsari mills running, Post and Kantipur report

Six jute mills are still operating in Morang and Sunsari, down from 12 until recently, The Kathmandu Post and Kantipur reported on Tuesday. Mill owners and industry bodies put the squeeze down to India's higher anti-dumping duties.

India's Finance Ministry revised the duties on jute yarn, hessian fabric and sacking from Nepal and Bangladesh in a notification dated September 24. The rates are set company by company. Swastik Jute Mills now pays $132 a tonne on hessian and Baba Jute Mills $64, against $8.18 and $6.30 before, the Post said. Nepali hessian makers not named in the notification face $292 a tonne.

The stakes are mostly in one market. Nepal exported Rs 10.89 billion of jute goods last fiscal year, the Post reported, and Rs 7.27 billion of that was hessian sold to India. Sacks brought in more than Rs 2.74 billion.

There is a second threat. India's trade remedies directorate has recommended a countervailing duty of $54.77 to $60.54 a tonne on Nepali jute products, both papers said. Neither reports it as imposed. The government's 4 percent export subsidy on jute goods has not been available for about a year and a half, the industry told the papers.

Why it matters: The duty rise and the industry's call for talks with India were reported before Tuesday, by The Rising Nepal on October 12 among others. Tuesday's reports added the mill count and the company rates. The notification text read for this digest gives no start date, and the industry says the higher rates apply from October.

Him Parbat Hydropower keeps its local IPO open to November 26, Bizshala reports

Him Parbat Hydropower's 1,690,000-share issue for project-affected Dolakha residents now closes on Mangsir 10 (November 26), Bizshala reported. It was due to close on Kattik 25, and ShareSansar had reported in October that it could run to Mangsir 10 if not fully subscribed.

Lumbini spent 11.34 percent of its budget in the first quarter, OnlineKhabar reports

Lumbini province spent Rs 4.23 billion of its Rs 37.38 billion budget in the first quarter of FY 2083/84, or 11.34 percent, OnlineKhabar reported on Tuesday from the provincial accounts controller's office. Koshi spent 9.74 percent, as Ratopati had reported on October 29, and Karnali 7.20 percent.

Madhesh has not published its quarterly progress report, OnlineKhabar said. Sudurpaschim had no budget for three months. It passed one only in the last week of Asoj.

Gandaki spent Rs 1.02 billion on capital works and Rs 802.9 million on current costs, the report said, without giving a share of its budget.

Why it matters: The federal government spent 18.84 percent of its budget in the same three months, the same OnlineKhabar report said. Bagmati's share is under 7 percent, but OnlineKhabar and Ratopati give different budget totals for the province.

Tea exports through Kakarbhitta double in value in September, OnlineKhabar reports

Nepal sent 1,715,932 kg of tea worth Rs 495.45 million to India through Kakarbhitta in September, against 902,445 kg worth Rs 247.4 million a year earlier, OnlineKhabar English reported from Mechi Customs Office data.

Lukla airport handles about 200 flights a day in the trekking season, Kantipur reports

Tenzing Hillary Airport at Lukla is handling about 200 flights a day as trekkers head for the Everest region, and as many as 400 on peak days, Kantipur reported. It gave no passenger count.