KATHMANDU -- Nepal's economy contracted for the first time in the last fiscal year 2019-20 in nearly four decades due to the slumped economic activities amid lockdown imposed to prevent the spread of COVID-19, a government agency said on Thursday.

The Central Bureau of Statistics (CBS), the central statistics body of the Nepali government, said its revised estimate showed that Nepali economy contracted by 1.99 percent in fiscal year 2019-20 that ended in mid-July last year. (Nepal-Economy)

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BUDAPEST-- The Hungarian trade surplus rose in 2020 to 5.8 billion euros (6.98 billion U.S. dollars), after reaching 4.3 billion euros in 2019, according to the report of the Hungarian Central Statistical Office (KSH) released on Thursday.

"In January-December 2020, the surplus on the balance of external trade in goods increased by 1.5 billion euros and amounted to 5.8 billion euros," KSH said. (Hungary-Trade Surplus)

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LONDON -- British business leaders on Thursday gave positive feedbacks about Chancellor of the Exchequer Rishi Sunak's new Budget, unveiled Wednesday, while calling for more incentives and detailed measures from the British government.

Mike Hawes, chief executive officer at the British Society of Motor Manufacturers and Traders (SMMT) which is a trade association for Britain's motor industry, said the new budget provided some encouragement but "falls short of the support needed to transform the industry and market to the net zero future to which both the government and industry aspires." (UK-Business-Budget)

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WASHINGTON -- U.S. Senate voted to start debate on the 1.9-trillion-dollar COVID-19 relief package amid Republican opposition, as Democrats hope to send the bill to President Joe Biden's desk before unemployment benefits expire in mid-March.

The upper chamber approved a procedural step in a 50-50 vote along party line, with Vice President Kamala Harris breaking a tie. (US-Senate-Relief-Debate) Enditem

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