Nepal will need an installed electricity capacity of 10,092 MW by 2030 if its Gross Domestic Product (GDP) grows at a constant 5 percent per year, a study on energy demand has revealed.
The Cabinet on Friday decided to implement “Clean Feed System” on foreign pay TV channels telecast in Nepal. The move is expected to benefit the domestic advertising market, media and related businesses.
The Civil Aviation Authority of Nepal (Caan) has started work to rehabilitate the 50-year-old runway at Kathmandu’s Tribhuvan International Airport (TIA) as it has been affecting smooth operation of aircraft due to repeated occurrences of cracks in the pavement.
Nepal slid back into a food deficit this fiscal year after recording surpluses for the last five years, largely due to a sharp drop in cereal production triggered by multiple environmental and political stresses.
Domestic airlines have urged the government to declare Kathmandu’s Tribhuvan International Airport a tax-free zone to boost the flagging aviation industry when it amends Aviation Policy 2006. The Aviation Policy comes up for its second five-year review this year.
Kathmandu residents who were forced to buy cooking gas cylinders of companies based outside the valley during last year’s fuel crisis will be able to exchange them for local brands designated by the Nepal LP Gas Industry Association.
Nepal Stock Exchange (Nepse) has extended the trading hours from three to four hours, effective from Sunday.
Govt releases monetary policy for FY 2016/17
Nepal Rastra Bank (NRB), the central bank of the country, on Thursday released the Monetary Policy for the Fiscal Year 2016/17, focusing on harmonising with the goals and priorities adopted by the budget as well as the national and international economic outlook.
Nepal Stock Exchange (Nepse) suffered a steep decline losing 30 points to 1,655 points in less than an hour on Tuesday, amid CPN (Maoist Centre) decision to withdraw its support to the KP Sharma Oli-led ruling coalition.
A Nepali eats 4.1kg per chicken and 44 eggs annually, well below the global average, according to a recent survey report titled “Nepal Commercial Poultry Survey 2014-15” prepared by the Central Bureau of Statistics (CBS).
The Insurance Board (IB) has hiked the insurance coverage amount by five times in the case of death of passengers in vehicle accidents, effective from the beginning of the next fiscal year.
Farmers are rushing to transplant paddy as monsoon rains continued to lash rice fields across Nepal.
Tourist spending and length of stay rose sharply in 2015 despite arrivals plunging to a six-year low of 538,970 due to the April 25 earthquake and subsequent Tarai protests.
The quality of the construction of the main canal of the Sikta Irrigation Project has been questioned after a section collapsed when water was released into it during a test.
Domestic airfares are likely to go up with the Civil Aviation Authority of Nepal (Caan) recommending a 19-39 percent hike in ticket prices depending on travel distance.
Nepal Stock Exchange (Nepse) escalated 200 points (13 percent) in just last one month. Continuing its bullish trend, the capital market has been posting new record almost every day.
The monsoon has spread across the entire country speeding up paddy planting and erasing fears over farm and economic growth after two straight years of drought.
Against existing laws that bar traders from disrupting the supply of essentials, bottlers of cooking gas have decided to halt importing the fuel from Tuesday.
Restoration of an area of about 7.7 sqkm under the Lumbini Area Development Project, also known as Sacred Lumbini Garden, will conclude in the next four years, according to stakeholders.
Circulation of poor-quality cooking gas cylinders has emerged as a big threat to the lives of the general public.
The construction of Gautam Buddha International Airport in Bhairahawa is likely to come to a halt after August for lack of gravel and sand as the project has been barred from extracting materials from local rivers due to disagreements over development and environmental priorities.
The government’s treasury surplus has hit an all-time high of around Rs 216 billion with government making last-minute efforts to expedite capital spending and give impetus to post-quake reconstruction works.
Bottlers have warned of halting the supply of cooking gas if the government implements its decision to ban Himalayan Petrochemicals (HP Gas) from importing Liquefied Petroleum Gas (LPG).
Inflation was back in the double-digit zone in mid-May after having cooled to single digits in mid-April following a rise in house rentals and educational expenses, Nepal Rastra Bank (NRB) said.
Nepal Stock Exchange (Nepse) on Tuesday hit new record posting daily transaction of Rs2.19 billion. It is the first time that the daily transaction in secondary market crossed Rs2 billion. Along with the daily transaction, the Nepse index also reached record high of 1,614.15 points.
The Yarshagumba harvest has fallen this season, raising concerns about a possible drop in the income of a large number of people who rely on the high-altitude wild fungus, also known as Himalayan Viagra, for their livelihood.
Nepal Stock Exchange (Nepse) on Sunday scaled to a new record with the benchmark index approaching near 1,600 points. Along with continuing its bullish run, the market also posted record daily transaction of Rs1.96 billion.
A Nepali delegation, which is currently in the US for the Joint Nepal-US Trade and Investment Framework (TIFA) Council meeting, requested the US to adopt further flexibility in the duty-free market access facility the country has offered to Nepali readymade garment products.
The government has formed a committee to study the possibility of making biodiesel from jatropha seeds.
Nepal, India agree to speed up petro pipeline project
Nepal and India have agreed to speed up the construction of a long-planned cross-border oil pipeline.
‘Terrorism financing through Nepal overstated’
Despite serious concerns expressed by the United States over Nepal’s vulnerability on money laundering and terrorism financing issues, a senior Nepal Rastra Bank (NRB) official termed the US observation an “overstatement”.
The Finance Committee under Legislature-Parliament on Friday directed the government to stop leading telecommunication service provider Ncell from expanding its business including capital increment.
Trans-national route from India to Nepal on the anvil
India is set to announce the Buddhist circuit as India’s first trans-national tourist route by incorporating Nepal’s Lumbini, an Indian media reported on Tuesday.
In the budget for fiscal year 2016-17 presented on Saturday, Finance Minister Bishnu Poudel has raised the income tax exemption limit to Rs350,000 from the current Rs250,000.
Nepal has formally proposed the idea of setting up an energy bank to India to address the recurrent problem of power shortages during the winter season.
Companies listed on the Nepal Stock Exchange (Nepse) have been instructed to submit their financial information electronically to the bourse before making it public.
Fewer new factories were registered and investments including foreign direct investment (FDI) slowed in the current fiscal as the country buckled under prolonged unrest in the Tarai, a devastating trade embargo and supply disruptions.
The Department of Food Technology and Quality Control (DFTQC) has said that bottled drinking water must be shrink wrapped in plastic from mid-June, one month later than previously announced.
Nepal Rastra Bank (NRB) has collected the financial details of 28 Nepalis who have been named in the Panama Papers as possessing offshore wealth in various tax havens as it begins a probe into their hidden holdings.
Inflation has come down to single digit for the first time after the end of the Indian blockade.
PAC to probe tax issue in sale of Ncell shares
The parliamentary Public Accounts Committee (PAC) has decided to open a formal investigation into the issue of capital gains tax in the recent sale of Ncell shares. The House panel said Friday that it was preparing to form a high-level technical probe committee to look into the matter.
108 Nepali products get duty-free access to Bangladesh
Nepal will also be providing preferential treatment to 50 Bangladeshi products that include fish and agro products
The upcoming monsoon season expected to start in mid-June is likely to be a huge relief for drought-stricken Nepali farmers who faced disappointing summer and winter harvests this fiscal year.
The government budget for the next fiscal year is likely to reach a record Rs1 trillion with the National Planning Commission (NPC), buoyed by swelling revenues and a hoard of unused funds in the government coffers, planning to raise the budget ceiling.
The government authorities said on Tuesday that they were trying to establish whether the seven names linked to Nepal that appeared in the Panama Papers database released on Monday night were real names.
Fuel import bill halves to Rs52b due to embargo
Nepal’s oil import bill has nearly halved in the first nine months of the fiscal year, but fuel still accounts for the largest share of imports.
The government on Sunday announced it will accord high priority to ending Nepal’s dependence on a “single country” in trade, investment and essential supplies, against the backdrop of four-and-half-month-long Indian embargo.
A study has recommended providing a monthly pension of Rs4,000 to farm workers after they turn 55. The proposed pension plan is part of the government’s effort to give due respect to the agricultural sector which employs 66 percent of the population and accounts for one-third of the economy.
Two hundred and eighty nine climbers are in a bid to exploit a short window of good weather, which formally begins next week, to stand atop Mt Everest. Among the bidders, 160 are new climbers.
Hit hard by last year’s Gorkha earthquake and India’s blockade, works on the Melamchi Drinking Water Project is regaining momentum.
India’s most celebrated luxury hotel chain Taj re-entered Nepal this year by signing a management contract with Chaudhary Group (CG) Hotels and Resorts to operate the Meghauli Serai Jungle Lodge in Chitwan.
Malaysian industry is facing a severe shortage of manpower two months after implementing a decision to suspend the recruitment of new foreign workers.
TeliaSonera given till May 7 to pay tax on Ncell deal
After TeliaSonera’s statement that it is not liable to pay capital gains tax (CGT) for the transfer of its stake in Ncell to Malaysian telecom giant Axiata, tax authorities in Nepal have said they will wait till May 7 for the Swedish-Finnish company to submit tax returns.
Earthquake survivors in Hetauda have started applying for concessional loans nearly a year after the government announced the scheme.
Energy Minister Top Bahadur Rayamajhi on Thursday told the parliamentary Public Accounts Committee (PAC) that a ‘quick and decisive’ step would be taken to complete all the energy projects facing longstanding execution hurdles.
Since the announcement in December last year that TeliaSonera was selling its stake in Ncell in the biggest and most complicated corporate deal, the entire divestment process has baffled the number crunchers, with questions lingering as to what happens with the capital gains tax (CGT) of the Swedish-Finnish telecom operator.
Earthquake survivor Sanchi Tamang of Irkhu-5, Sindhupalchok district has been trying for almost a year to get help to rebuild her home which was flattened by the April 25 tremor.
Inflation moderates to 10.2 percent in March
Inflation has moderated to 10.2 percent in mid-March after reaching nearly seven-year high of 12.1 percent in mid-January due to Tarai strikes and disruption of trade routes.
The Cabinet on Tuesday approved the Tourism Ministry’s proposal to acquire an additional 288 bighas of land for the expansion of Gautam Buddha Regional International Airport in Bhairahawa.
Tourists are gradually heading back to the Langtang region, which was completely devastated by last year’s earthquake.
Nepal Rastra Bank (NRB) has said that it is yet to receive any requests from banks and financial institutions (BFIs) for refinance and interest subsidy to businesses affected by last year’s earthquake and the Indian blockade.
The Agriculture and Water Resources Committee (AWRC) of the Parliament on Monday directed the government to immediately approve the proposal put forth by Ministry of Energy regarding the amount of shares to be allotted to locals residing in areas to be affected by the 900MW Upper Karnali Hydropower Project.
Simikot road construction moving at snail’s pace
It has been years since the government announced that Simikot, the district headquarters of Humla, would be connected by a motorable road, but it does not look like happening anytime soon.
International passenger traffic through Tribhuvan International Airport (TIA) dropped last year for the first time in 13 years, but freight movement rose significantly as surface border points were strangled by the Indian embargo last year.
Nepal Tourism Board (NTB) on Monday announced Bikram Sambat 2073 as ‘Ghumphir Barsa’, which means travel year, in a bid to promote domestic tourism.
TeliaSonera completes Ncell divestment
TeliaSonera, the Swedish telecom company, on Monday completed divestment of its holding in the Nepali telecommunication operator Ncell to Axiata, a Malaysian telecom company.
Taj Hotels Resorts and Palaces, India’s most celebrated luxury hotel chain, has re-entered Nepal after a gap of more than a decade with a luxury safari lodge in Chitwan.
Two back-to-back tragedies on Everest don’t seem to have deterred adventure enthusiasts.
Nepal Oil Corporation (NOC) has not been implementing auto pricing for petroleum products consistently despite its pledge to do so.
International air passenger traffic through Tribhuvan International Airport (TIA) dropped for the first time in 13 years as travellers stayed away due to the April earthquake last year and a jet fuel shortage caused by an Indian trade embargo.
As the deadline for financial closure nears, prospective financers of the Upper Karnali Hydropower Project have converged in Kathmandu for a lender conference.
Icefall doctors, who are installing ropes and aluminium ladders in the icefall region for 2016 spring Everest climbing, have reported several cracks and holes along the route.
Chinese arrivals to Nepal shrank sharply following the 2015 killer earthquake and India’s trade embargo, dampening the enthusiasm of tourism entrepreneurs who had got their hopes up because of the fast rising market.
Tourism Minister Aananda Prasad Pokhrel has said a proposal to develop Second International Airport (SIA) in Nijgadh, Bara, using domestic resources has been tabled at the Cabinet for its approval.
Officials say deal on West Seti likely today
Just as officials from the Nepal Electricity Authority (NEA) and China’s CWE Investment work to finalise the joint venture (JV) agreement for West Seti Hydropower Project ahead of Prime Minister KP Oli’s China visit, the Chinese company has proposed to help NEA get soft loan from Chinese banks for equity that NEA requires in the JV company.
Prime Minister KP Sharma Oli is likely to travel on a specially-reserved Himalaya Airlines jet to China on Sunday.
Micro solar grids have brightened the lives of rural communities in Nepal which until recently had to depend on solar panels or gasoline-powered generators. Now electricity generated by solar power comes to their homes through transmission lines.
The Supreme Court issued an interim order in the name of Nepal Rastra Bank and Finance Ministry not to scribble on, and stitch banknotes.
After a two-week closure, China on Friday resumed operations of the Kerung border point.
Sharp rise in the number of adventure tourists and volunteers
Nepal plans to ask China to provide duty-free access to around 400 new products with export potential during Prime Minister KP Sharma Oli’s visit to Beijing scheduled to start on March 20, officials of the Foreign and Commerce ministries said.
Nepal Oil Corporation (NOC) has said vehicle queues at refuelling stations will “completely disappear” within the next few weeks.
Anonymous #opnep –a group of hacker has claimed to have breached into the sever of Nepal Telecom (NT) gaining access to all the information of its users.
The Tourism Ministry has stopped registering new single-engine aircraft following the crash landing of an Air Kasthamandap P-750 XSTOL on February 26 in which its two pilots were killed.
Nepal Airlines Corporation (NAC) has finally agreed to take delivery of the four Chinese aircraft on order after putting it off due to issues with early models, but the carrier has placed five key conditions to do so.
In what indicates that fuel imports from India will not increase to pre-blockade levels any time soon, Indian Oil Corporation (IOC) has informed Nepal Oil Corporation (NOC) it will not boost petroleum supply to Nepal.
A government team led by Supply Minister Ganesh Man Pun on Wednesday sealed Siddhartha Gas’ bottling plant based in Chalise, Dhading, on charge of misconduct.
The country's foreign trade shrank by 29 per cent in the first six month of the current fiscal year 2015/016.
Nepal is all set to start importing an additional 80MW electricity from India from Wednesday through the newly-completed 400kV Dhalkebar-Muzaffarpur cross-border transmission line.
Nepal Oil Corporation (NOC) said gasoline stations in the Kathmandu Valley would start distributing fuel regularly from Saturday.
Nepal’s sole international airport Tribhuvan International Airport (TIA) has undergone massive changes after the government started conducting regular inspections amid scathing media reports about bad service, but retrieving one’s luggage at the arrival lounge remains a nightmare.
Supply Ministry is normalising distribution of petroleum products from Friday. The ministry said it would also be scrapping the quota system that the government has been imposing on the fuel supply.
Fuel import highest since Oct end
Import of petroleum products through the Birgunj-Raxaul border point on Tuesday surged four times than the consignment on Monday.
Expediting construction/reconstruction of hydropower projects affected by earthquake, developing at least one storage-type project and upgrading cross-border transmission lines will be major focus of the planned Energy Emergency.
Airfares drop sharply, except in Nepal
Free falling oil prices have led to a sharp drop in airfares worldwide, but travellers in Nepal have not been able to enjoy this pleasant turn of events.
As businessman Ajeya Raj Sumargi continues to lobby with political parties to get approval from Nepal Rastra Bank (NRB) to bring around Rs11 billion from abroad, the central bank has said that it would provide clearance only if Sumargi produces documents
Kush Kumar Joshi, chairman of Nepal Purbadhar Bikas Company Limited (NPBCL) that had received approval from the government to develop the ambitious Kathmandu-Hetauda Tunnel Highway, has resigned from his post
The Nepal Stock Exchange (Nepse) dipped 3.51 points to close at 1,216.11 points last week.
Inflation has jumped to a 40-month high of 11.6 percent, thanks to the prolonged Tarai unrest which led to disruptions in transport system through southern parts of the country, according to the Nepal Rastra Bank.
Birgunj Chamber of Commerce and Industry (BCCI) has said around 1,000 Nepal-bound cargo containers have been stuck at India’s Kolkata Port for over a week.