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May, 26, 2016

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Business > Asia > Other
Nepalese noodle seller who became a billionaire
Run by Maoist revolutionaries and plagued by poverty, Nepal is not the most obvious place to make big bucks. But Binod Chaudhary, the country's first billionaire, sees no reason why his breakthrough shouldn't inspire other success stories.
 
Foreign firms will be granted full rights to Myanmar's deepwater oil blocks, the energy ministry said Tuesday, a first in a lucrative sector once closely controlled by the corrupt former junta.
 
US embraces Myanmar 'crony'
The image was meant to convey growing friendship between the United States and Myanmar, the world's hottest frontier market. Flanked by national flags, Win Aung, the president of Myanmar's main business association, and U.S. Assistant Secretary of State Jose Fernandez shook hands in Yangon and agreed to deepen business ties between their countries.
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A World Bank official said Friday that Myanmar has "enormous potential" as it undergoes reforms, which have led the Washington-based lender to launch a drive to bring electricity to millions.
 
Sri Lanka on Tuesday dropped plans for a fresh US$1 billion loan from the International Monetary Fund following disagreements over how the money should be spent, the central bank said.
 
Nepal and Bangladesh are all set to hold commerce joint-secretary-level talks on Feb. 17, in which the Nepali government will sign some crucial trade agreements, including the zero tariff facility under which 146 Nepali agro-goods can enjoy free market access to the country's second largest trading partner in South Asia.
 
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