KATHMANDU: The Upper Trishuli-1 Hydro-electric Project (UT-1) located in Rasuwa district with the installed capacity of 216 MW is being implemented by Nepal Water and Energy Development Company Pvt Ltd (NWEDC). Local Development Officer of DDC Rasuwa, Bishnu Prasad Koirala, and Hong Seok Bin, CEO of NWEDC signed MoU amid a function in Dhunche on June 22. The company will provides $400,000 to construct temporary accommodation, food, construction of schools, health posts, and latrines, drinking water, solar lamp, mobile health camp to the internally displaced persons of Haku, Ramche and Dhunche village development committees (VDCs) of Rasuwa district, as per the press statement issued on Monday. Immediately after the quake, NWEDC rescued 67 injured locals by helicopter, and provided immediate relief materials including food, tarpaulin, blankets, utensils worth of $68,000. KOSEP had also handed over $50,000 to the Nepali ambassador in Seoul on May 21. With this, the total contribution now stands at $450,000. For successful implementation of MoU, the firm will manage financial resources from KOSEP (South Korea), Daelim and Kyeryong (South Korea) , International Finance Corporation, and DEG (Germany), the statement adds.

Sky seeks inquiry

LONDON: Sky has called for a competition inquiry into Britain’s broadband market where it says BT, the market leader whose network it relies on, has an effective monopoly. Sky said in a submission to telecoms regulator Ofcom on Monday that it believed a history of under-investment in BT’s infrastructure business, Openreach, had led to problems such as network faults and long waits for new lines to be installed. Openreach operates and maintains Britain’s telecoms network. Sky said it regarded the issues it raised as sufficient for Ofcom, which is itself carrying out a review of the sector, to ask the Competition and Markets Authority (CMA) to conduct an inquiry into BT’s Openreach division .

German inflation

FRANKFURT: Inflation in Germany, Europe’s biggest economy, slowed noticeably in June with consumer prices rising by just 0.3 per cent year-on-year, preliminary data showed on Monday.