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Nepal And The World News In Brief (10 - 16 March 2014)

  2 min 5 sec to read

Newsweek Relaunches Print Edition
Current affairs magazine Newsweek has relaunched its print edition. The move comes just months after the US magazine was bought by digital news company IBT Media. Newsweek discontinued its print edition in December 2012 after 80 years, amid falling advertising revenues as readers moved towards online publications. However, the new owners say they have worked out a business model that does not rely heavily on ad revenue.
 
Japan Decides Bitcoin is not a Currency
Japanese Prime Minister Shinzo Abe’s cabinet said on Friday that bitcoin, the world’s most well-known form of virtual money, is not a currency, but would be taxable. Tokyo defined bitcoin as a product that is not handled by banks and securities houses. It also added that consumption tax would be levied on purchases of the virtual currency and income tax would be imposed on profits from its sale. The decision came a week after the collapse of the Tokyo-based Mt Gox, one of the largest exchanges for the virtual currency. 
 
Chinese Solar Company in Landmark Default
The Chinese Solar panel maker Shanghai Chaori Solar Energy Science & Technology has defaulted on interest payments owed on its bond, say media reports quoting the firm.It is the first Chinese firm ever to default on its onshore corporate bonds. On Tuesday, the firm warned it would be unable to make a 89.8 million yuan ($14.6m) interest payment on a one billion yuan bond issued in 2012.
 
Eurostar Passenger Figures Topped 10 mn
British Cross-channel train operator Eurostar says it carried more than 10 million passengers last year for the first time, as the economic recovery lifted demand for business travel. Revenues from ticket sales rose 7 per cent to £857m in 2013, while operating profit was up 4 per cent to £54m. Passenger numbers hit 10.1 million - the first time Eurostar has broken the 10 million mark since it began in 1994. 
 
US Manufacturing Activity Picks Up
US manufacturing activity expanded at a faster-than-expected rate in February. The Institute for Supply Management’s (ISM) manufacturing index rose to 53.2 from 51.3 in January. A reading above 50 indicates expansion. 

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