The Nepal Electricity Authority (NEA) has been mulling to terminate the contract with China Three Gorges Corporation (CTGC) as it has been putting off establishing a joint venture company to construct the West Seti hydro project in far west Nepal.
Indian CA graduates to be barred from practicing
Chartered accountants, who get enrolled in the Indian chartered accountant institute after mid-July ’18 will not get a licence to practice chartered accountancy in Nepal.The Institute of Chartered Accountants of Nepal (ICAN),
The construction of international airport in Pokhara will formally begin from Thursday, a day after the second phase of the local elections, the project official said.
Despite recording a bumper harvest, six districts in the country grappled with the problem of high food insecurity in between mid-November and mid-March because of poor summer crop production, rapidly depleting household food stocks, geographic remoteness and poor income, says a latest report.
Increasing numbers of thrill seekers are choosing paragliding among the diverse adventure tourism activities offered in Pokhara.
The foreign consortium selected to supply two Airbus A330-200 to Nepal Airlines Corporation (NAC) has formally placed an order for the aircraft with the manufacturer, indicating that they will be delivered on time.
It has been more than seven months since the Indian government pulled 500- and 1,000-rupee banknotes out of circulation, but it has not provided exchange facilities to Nepali citizens holding the demonetized bills.
Nepal Electricity Authority (NEA), the state-owned power utility, has significantly slashed down electricity imports from India with the surge in power generation in the country.
Nepal Stock Exchange (Nepse) plunged 25.6 points to close at 1,589.59 points last week, as investors declined to purchase shares amid the uncertainty of holding the second phase of local election on prescribed time.
Heli Air Nepal will soon be launching a gyrocopter, a one-passenger rotary-wing aircraft, for the first time in the skies of Pokhara, adding a new adventure tourism product in the lake city, the company said on Saturday.
Stringent new guidelines on forest land acquisition have upset potential hydropower developers as they expect land acquisition costs to swell.
Chief Secretary Som Lal Subedi has called for limiting the number of ministries at the central level to 16, stating initiatives taken so far to empower local bodies will not yield desired results unless the big network of government’s administrative organisations is dismantled.
NAC secures Rs12b loan from CIT
Nepal Airlines Corporation (NAC) on Monday secured another Rs12 billion loan from the Citizen Investment Trust (CIT), a day after signing a credit deal for Rs12 billion with the Employees Provident Fund (EPF) to buy two wide-body Airbus A330 jets.
Nepal has registered the Nepal Coffee collective trademark in seven more markets—South Korea, Singapore, Japan, Norway, Switzerland, New Zealand and Hong Kong. The brand had been registered only in the European Union (EU) previously.
The government has expedited process of connecting the entire nation with broadband internet service within two years. The move is in line with the long term plan devised by the Ministry of Information and Communications for increasing communication accessibility.
More than 5,000 climbers have set foot on the summit of Everest from the Nepal side since Edmund Hilary and Tenzing Norgay Sherpa first conquered the world’s tallest mountain in 1953.
The Ministry of Finance is mulling over extending allowances, rather than fixed salaries, to elected representatives of local bodies to reduce the financial burden on the government.
It was a sunny afternoon on May 27 when Captain Paras Rai piloted Goma Air Flight 409 from Kathmandu to Lukla, the gateway to Everest.
Prices of goods and services should not rise by more than 6.4 percent per year if Nepal wants to maintain price and financial stability, and ensure economic growth and currency peg with India do not come under pressure, the Nepal Rastra Bank (NRB) has said.
Institutional deposit rates, or interest rates on money parked by institutions at banks, have gone through the roof, with the latest auction launched by Nepal Telecom drawing offers for returns of as high as 14 percent per annum.
Clean feed unlikely to be implemented as planned
The budget statement for fiscal 2017-18 has said that a clean feed system will be implemented which will require foreign pay TV channels to remove commercials from their programmes, but stakeholders including the Ministry of Information and Communications (MoIC) doubt it will happen as planned due to lack of preparations.
The government on Monday launched budget of Rs1,279 billion for the next fiscal year.
Nepal Stock Exchange (Nepse) slid 14.29 points last week as investors lost confidence in the market’s ability to give high returns coupled with the uncertain political situation gripping the country.
The Nepal Telecommunications Authority (NTA), the telecom sector regulator, has said it would abide by the fresh directive issued by the parliamentary Public Accounts Committee (PAC) and bar Ncell from launching the 4G service.
Nepal Airlines Corporation (NAC) did not receive a single bid for its 30-year-old Boeing 757 that was put up for auction on April 10. The deadline for submitting tender documents ended on Wednesday.
The parliamentary Finance Committee on Friday directed the government to allocate adequate resources to the local bodies by creating a specific criteria in the budget to be announced on Monday.
Average income of Nepalis, which is growing at a sluggish pace, may not even rise at the current rate in the coming years if productivity fails to improve rapidly across various sectors, public investments do not go up and agricultural yields continue to remain low, a latest World Bank report says.
NPC prepares formula for fund distribution
The National Planning Commission (NPC) has devised a formula for distribution of financial resources among local bodies, which, if approved, could end the confusion over allocation of funds for authorities at the grassroots and expedite the process of formulating budget for the next fiscal year.
Imports of vehicles and their spare parts jumped 59.7 percent in the first nine months of current fiscal year, as demand for heavy-duty vehicles and passenger cars surged following normalisation in supply situation after the end of the India-imposed trade blockade.
Nepal Oil Corporation (NOC) does not plan to slash gasoline prices anytime soon even though import prices have dropped and its profits have jumped threefold.
The Gurkha Everest Expedition reached the top of Everest on Monday, becoming the first to scale the world’s tallest peak this year. The 14 summiteers included soldiers serving with the Brigade of Gurkhas and high-altitude mountain guides.
The Gurkha Everest Expedition reached the top of Everest on Monday, becoming the first to scale the world's tallest peak this year.
The World Bank (WB) has revised Nepal’s economic growth forecast upward to 7.5 percent for this fiscal year on the back of big jump in agricultural output due to a good monsoon, elimination of power cuts and higher government spending, among others.
One in two Nepalis use the internet, the Management Information System (MIS) report published by the Nepal Telecommunications Authority (NTA) shows.
Production of Jeevan Jal, the most well known brand of oral rehydration salts (ORS) in Nepal, has resumed after a hiatus of eight years.
The government will have to shell out more than double the amount of the bills as “cost reimbursement” for the detailed feasibility study (DFS) of the proposed Nijgadh International Airport in Bara it had owned in 2011, as it failed to pay the company that prepared the report on time.
The Chameliya Hydropower Project has achieved major breakthrough after it conducted a successful test of its dam on Friday. Project officials, according to Nepal Electricity Authority (NEA), filled the dam with water to check if its structure is robust enough to hold the water which will be used to generate electricity.
The telecommunications companies with a capital investment of Rs50 million are now required to go public, as per the amended Company Act 2007 that came into effect on Tuesday.
The international airport project in Pokhara is back on track after stalling for a year as issues over opening an escrow account have been settled.
The government has planned to implement the final expansion of Tribhuvan International Airport (TIA) at a cost of $500 million starting in 2019 when the existing first phase upgradation project will be completed, said Sanjiv Gautam, director general of the Civil Aviation Authority of Nepal (Caan). “It’s the ultimate expansion of TIA.”
Ninety-four percent of the houses in earthquake-prone Kathmandu Valley do not meet the National Building Code and are vulnerable to seismic impact, a study conducted by the Ministry of Urban Development (MoUD) in collaboration with the Japan International Cooperation Agency (Jica) revealed.
The country’s economy is projected to expand at the fastest pace in over two decades in this fiscal year driven by a bumper agricultural output, sharp decline in number of protests and steady supply of electricity.
‘Key bridges could be badly damaged by another jolt’
Major bridges in earthquake-prone Kathmandu Valley have been found to be very vulnerable to seismic impact, raising suspicions whether they will be able to withstand another jolt like the 2015 Gorkha Earthquake.
The government has formally requested the US to add more products to the Nepal-specific trade preference programme which provides duty-free access to a range of Nepali goods, such as carpets, bags, headgear, shawls and scarves, to the American market.
The government has agreed to act as a loan guarantor for Nepal Airlines Corporation (NAC) for the procurement of two wide-body aircraft. A cabinet meeting on Thursday decided to this effect.
The government’s call to rope in a long-term strategic management partner at Nepal Airlines Corporation (NAC) has received lukewarm response, as only one company, Germany-based Lufthansa Consulting, has taken part in the closed bidding.
“Hello, this is your captain speaking. Due to air traffic movement at Tribhuvan International Airport (TIA), we will be spending an extra 30 minutes in the air. We will keep you informed. Enjoy the flight.”
If things go according to plan, women entrepreneurs will soon be offered interest subsidy on loans they acquire to establish, upgrade or expand enterprises.
Capital expenditure only 36 per cent in nine months
The total capital expenditure in the country has stood at 36 per cent in the first nine month of the current fiscal year.
Nepal has secured the top spot in the list of 10 best places to travel published by the British newspaper, The Guardian. In its report titled, ‘How to plan a post-Brexit holiday-from Serbia to the Lake District’, the the popular newspaper placed Nepal in the No 1 spot.
Nepal Stock Exchange (Nepse) gained 46.09 points to close at 1,697.13 points last week, with investors attracted to the possibilities of high returns from commercial banks that are due to reveal good financial health during their third quarter report.
Nepal’s largest helicopter operator, Shree Airlines on Wednesday welcomed its first 50-seater Bombardier Canadair Regional Jet (CRJ-200) as part of its plan to diversify and tap into Nepal’s expanding air travel market.
The government plans to implement an electronic cargo tracking system for Nepal-bound shipments at Indian ports from June in a bid to slash the cost of trading.
With all four international airport projects bogged down in problems, the parliamentary Development Committee on Wednesday directed the government to deal with them through a single window.
Local bodies, from next fiscal year, will not have to make rounds of different state agencies to receive funds to cover various expenses and execute development works, as the government is all set to devolve the entire responsibility of budget formulation from the central to local level.
Nepal Airlines Corporation (NAC) has put one of its two Boeing 757s up for sale. On Monday, the national flag carrier issued an auction notice setting a minimum sale price of $1.71 million for the 30-year-old Karnali bearing registration number 9N-ACA.
The parliamentary Public Accounts Committee (PAC) on Sunday directed the Commission for the Investigation of Abuse of Authority (CIAA) to launch a probe against officials and agencies who failed to collect capital gains tax on the Ncell buyout deal.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Monday felicitated 12 eminent personalities from different walks of life for their contribution in development of different sectors.
Don’t have your own vehicle? Tired of squeezing inside crowded public vehicles? And cannot always afford to take a taxi?
Hetauda Cement Factory and Udaypur Cement Factory will spend Rs1.5 to Rs2 generated from sales of every sack of cement to fulfil their corporate social responsibility (CSR).
On Friday, a sub-committee formed by the Parliamentary Committee on Commerce, Industries and Consumer Welfare Relation advised the government to revise the price of induction cooker gifted by China during the Indian blockade last year.
Nepali rupee has strengthened to a 20-month high against the US dollar, as the Indian currency, with which Nepali currency is pegged, gained weight after the Indian central bank decided not to change its policy rate.
NOC, IOC agree to seek int’l arbitration in S’pore
Nepal Oil Corporation (NOC) and Indian Oil Corporation (IOC) have agreed to settle all unresolved legal disputes at the Singapore International Arbitration Centre.
The decade-old plan of Nepal Airlines Corporation (NAC) to acquire wide-body aircraft to expand its network beyond Asia came closer to fruition on Friday with the signing of the final purchase agreement for two Airbus A330-200 long-range jets from US-based AAR Corp.
Nepal Airlines Corporation (NAC) has signed a $209.6 million deal to purchase two Airbus A330-200 long-range jets from US-based AAR Corp on Friday, marking the largest-ever jet purchase deal in Nepal’s aviation history.
Prime Minister Pushpa Kamal Dahal will appear before the parliamentary Public Accounts Committee (PAC) hearing on Sunday, chairman of the committee Dor Prasad Upadhyay told the Post.
The secondary market on Sunday leapt 79.47 points to close at 1,667.11 points, with a large number of investors attracted to purchase stocks of mainly the insurance companies following the sector’s regulator stepped up to increase the paid up capital of both life and non-life insurers.
The Bank and Financial Institution (Bafi) Bill, which should have become a law by now, has started gathering dust at the office of Speaker Onsari Gharti,
Nepal Stock Exchange (Nepse) gained 101.6 points to close at 1,587.64 points last week, with investors flocking to purchase shares amid rumours of the regulator introducing trading outlets outside Kathmandu which would raise share prices.
The Upper Tamakoshi Hydropower Project has announced that around 87 percent of the construction work has been completed, and that it expects to start generating electricity in July 2018.
Those seeking bank credit to engage in commercial agriculture will now get a waiver of at least 50 percent on interest rate, as the government has raised interest subsidy on agricultural loans to 5 percent.
Privately-owned Nepali carrier Himalaya Airlines on Friday added a new Airbus A320, a short-to-medium range aircraft, to its fleet.
Nepal’s travel and tourism sector pumped Rs177 billion into the economy and supported more than 427,000 jobs last year, the World Travel and Tourism Council (WTTC) said.
Nepal Oil Corporation (NOC) and Indian Oil Corporation (IOC) on Monday signed a new petroleum supply agreement that is expected to smoothen supplies of petrol, diesel and cooking gas from India.
The Nepal Electricity Authority (NEA) plans to import 50 MW of electricity from India via the newly built Kushaha-Kataiya cross-border transmission line while proposed imports of another 50 MW through the Parwanipur-Raxaul transmission line will not happen for more than a month.
Nepal has requested India to provide additional power through newly-built 132kV Kushaha-Kataiya and 132kV Raxual-Parwanipur cross-border transmission lines.
Tribhuvan International Airport (TIA) is at the final stage of awarding a $28-million contract for the rehabilitation of its battered runway.
Suresh Basnet, the unpopular board director of Kathmandu Upatyaka Khanepani Limited (KUKL), has finally stepped down, closing a tumultuous chapter in the history of the Kathmandu Valley’s sole drinking water supplying company that is gearing up to bring in 170 million litres of water per day from the Melamchi River by October.
Nepali people may seem like a docile lot based on the data provided by Nepal Telecommunications Authority (NTA), where only 22 formal complaints were filed against the regulator of telecom service in the fiscal year 2015-16 but on social media, it’s the wild west of complaints.
Construction work on Gautam Buddha International Airport in Bhairahawa has come to a halt as the Chinese contractor has not been able to pay the workers and suppliers.
The Civil Aviation Authority of Nepal (Caan) is preparing to send the preliminary ‘procedural design’ of the proposed regional international airport in Pokhara to China EXIM Bank to acquire financing to build the much-awaited project.
The Commission for the Investigation of Abuse of Authority (CIAA) has formally launched an investigation into the decision of the Civil Aviation Authority of Nepal (Caan) to distribute bonus to its employees from money collected from passengers to develop airport infrastructure.
Nepal Stock Exchange (Nepse) last week rose 18.12 points to close at 1,347.53 points amid a surge in demand after investors received their money back following completion of allotment of initial public offerings and further public offerings of a number of companies.
The Cabinet meeting on Wednesday gave clean chit to Ncell, a privately owned telecom service provider, on the capital gains tax fiasco.
The board of directors of Nepal Airlines Corporation (NAC) on Monday gave the go-ahead to sell one of its two vintage Boeing 757s. The national flag carrier has set a minimum sale price of $1.7 million for its 30-year-old Karnali bearing registration number 9N-ACA.
Lack of instructor pilots hinders operations
The House Public Accounts Committee has asked Nepal Airlines to explain why it has not been flying its Chinese-made Y12e aircraft to mountain airfields.
‘Get strategic partner for NAC in 3 months’
The parliamentary Public Accounts Committee (PAC) on Sunday directed the government to induct a foreign strategic partner in Nepal Airlines Corporation (NAC) within three months.
Indian Finance Minister Arun Jaitley has said that demonetized IRs500 and IRs1,000 banknotes held by Nepalis will be exchanged once proper arrangements have been put in place to ensure that black money and counterfeit currency do not enter the Indian financial system.
The government is planning to open parts of restricted areas to foreign tourists in a bid to raise tourism revenues, Tourism Minister Jeevan Bahadur Shahi said Friday.
The money from the sale of trees that will be cut down at the proposed construction site of an international airport in Nijgadh will pay for half of the construction cost, officials said.
The biggest investment summit being held in the country is kicking off on Thursday, drawing around 300 foreign delegates, mostly investors, who are expected to express commitment to invest in sectors ranging from infrastructure and mining to tourism and agriculture.
Officials from India’s central bank arrived in Nepal on Tuesday to take stock of preparations made by Nepal Rastra Bank (NRB), the Nepali central bank, to provide currency exchange facility to Nepalis holding demonetised Indian banknotes of IRs500 and IRs1,000.
Public transport vehicles that are more than 20 years old will be banned from the streets of Kathmandu from Wednesday, the Department of Transport Management (DoTM) said.
More than 3,000 brand new vehicles imported from India have gathered dust at parking yard of the Birgunj Customs Office, as sales of automobiles have dropped after banks and financial institutions started tightening disbursement of auto loans.
The performance of projects funded by the Asian Development Bank (ADB) in Nepal “improved notably” in 2016, with the government setting new records in fund disbursement and contract awards.
The Chinese contractor hired to build the Gautam Buddha International Airport at Bhairahawa runs the risk of being “terminated” due to political meddling that led to deterioration of its financial health, subsequently affecting its performance.
Nepal Stock Exchange (Nepse) last week lost 6.39 points to close at 1,337.46 points, as investors rushed to book profits amid rising prices.
One district one product: Eastern districts execute scheme
Eight districts in the eastern region have focused on “One District One Product” programme under the Prime Minister Agriculture Modernisation Project.
NEA relaxes hydrology penalty
Nepal Electricity Authority (NEA) has said project’s generating one to 10 megawatts of electricity will not be fined even if they fail to supply up to 50 percent of power they had pledged to sell to NEA at the time of signing power purchase agreement (PPA).
In December, 40 tonnes of yellow lentils worth over Rs10 million being smuggled from India were intercepted by the police in Parsa.