Export earnings from handmade products surged 19 percent in the first four months of the current fiscal year, thanks to sustained demand from markets like China, the US and Europe.
Air travellers may be celebrating the upcoming holiday season by paying more for plane tickets. The Civil Aviation Authority of Nepal (Caan) has approved a flat 24 percent hike in domestic airfares that will go into effect in two weeks, Tourism Ministry sources said.
As the first phase of the Melamchi Drinking Water Project moves closer to becoming a reality, the Asian Development Bank (ADB) on Thursday announced it was stepping up part two of the scheme that will ensure 24/7 water supply in parched Kathmandu.
Domestic airlines followed up on a drop in aviation fuel prices by slashing fuel surcharges on Tuesday.
The Nepal Oil Corporation (NOC) on Monday slashed prices of aviation fuel sold to international and domestic carriers each by Rs 8 per litre, raising the spectre of reduction in air fare at least in the domestic sector.
The Energy Ministry has started the process of sacking three board members of Nepal Electricity Authority (NEA) on charges of obstructing the reform process initiated by NEA Managing Director Kulman Ghising, who is credited for getting rid of hours-long power cuts from the Kathmandu Valley.
Tourism in the popular jungle safari destination of Sauraha has rebounded with a vengeance after suffering a series of disasters last year.
The Nepal Stock Exchange index that continued to suffer in earlier days, witnessed a surge by 2.88 percent to 43.52 points on Tuesday. The sensitive index climbed to close at 1,553 points.
Three weeks on, Nepal awaits India’s response
It has been almost three weeks since the Indian government banned circulation of 500- and 1,000-rupee banknotes,
The much-touted West Seti Hydropower Project may not generate as much electricity as expected, as the Chinese developer has signalled downward revision on its installed capacity, citing drop in water level in the river.
Jeffrey D Sachs, a world-renowned professor of economics and a global leader in health policy and sustainable development, is visiting Nepal this weekend at the invitation of the National Planning Commission (NPC), the apex body that frames the country’s development plans and policies.
Nepse plunges 64.55 points on Sunday
Continuing its bearish trend, Nepal Stock Exchange (Nepse) plunged 64.55 points on Sunday too.
Average monthly spending by Ncell customers dropped by Rs57 each in the third quarter of 2016 as Nepal’s largest private telecom company slashed tariffs for voice and data packages.
The Nepali rupee has recovered slightly after hitting an all-time low against the US dollar as the Indian rupee, to which it is pegged, closed stronger as the week ended.
Draft of Civil Aviation Bill sent to Tourism Ministry
The proposed Integrated Civil Aviation Bill 2016 has moved a step forward with a draft being sent to the Tourism Ministry on Wednesday for its examination.
The flow of money into the economy has surpassed outflows for the first time in three months of the current fiscal year, as foreign direct investment posted a robust growth and remittance income went up moderately.
Nepal became the world’s fifth largest producer of lentils in 2014, moving up one spot from 2013 after US lentil output suffered a sharp drop of 33 percent.
Life thrown into turmoil after India note withdrawal
The ban on Indian Rs500 and Rs1,000 banknotes has hit Nepal’s trade and business activities besides making life hard for students and people travelling to India for pilgrimage and medical treatment.
Nepal Stock Exchange (NEPSE) suffered a whopping decline of 40.32 points to close at 1658 points on Thursday. The NEPSE had witnessed an opening of 1700 points.
A farmer has produced “G60 black rice” for the first time in Sindhupalchok district.
The Ministry of Supplies has started laying the groundwork to build petroleum storage plants in all 75 districts of the country.
Cardamom trading has virtually come to a halt in the eastern parts of Nepal following a 50 percent drop in the spice’s price.
The Federation of Gold and Silver Dealers’ Association (Fenegosida) has criticised commercial banks for not importing smaller unit gold bars despite getting the green signal from the government. Their reluctance to do so has prevented small traders from buying bullion from banks, the federation said.
Nepal has urged China to ease the process of importing petroleum products from the northern neighbour.
Frantic crowds cross border to unload Indian currency
Frantic crowds have started besieging banks and shops at Nepal-India border points like Sunauli and Nautanwa to exchange their 500- and 1,000-rupee Indian banknotes, terrified that they were going to become worthless.
For the first time in nearly two decades, the govt has set minimum support price of common paddy at Rs2,230 per quintal and of ‘mota dhan’ at Rs2,070 per quintal
Eleven international firms had submitted bids to supply two long-range wide-body passenger jets to Nepal Airlines Corporation (NAC) when the deadline ended on Wednesday.
RBI seeks stock of 500 and 1,000 Indian banknotes within Nepali financial system
Reserve Bank of India (RBI) on Thursday asked Nepal Rastra Bank to inform the former about the stock of Indian currency in denomination of 500 and 1000 within the Nepali financial system.
Nepal Rastra Bank (NRB), the central bank of the country, has stated there are around 33.6 million Indian currency notes of Rs 500 and Rs 1000 denominations with the banks and the financial institutions across the country.
Nepal Rastra Bank (NRB) on Tuesday summoned representatives of banks and financial institutions (BFIs) and asked them to expedite the process of making electronic card-based financial transactions more secure.
Not only the public sector, but the private sector too was victimised by the Commission for the Investigation of Abuse of Authority (CIAA) under now-suspended Lok Man Singh Karki, it has been revealed.
India reportedly wants to hold talks this month on adopting an Open Skies policy, but Nepal appears to be hesitant to take the plunge.
The government has initiated the process of opening a consul general’s office in Visakhapatman to facilitate Nepali traders importing or exporting goods via the Indian state of Andhra Pradesh.
IB plans allow non-life insurers to sell cardamom insurance policies
The Insurance Board (IB) plans to allow non-life insurance companies to sell cardamom insurance policies in a bid to provide protection to cultivators growing the cash crop, the insurance sector regulator said.
Last Monday, a few agro traders and middlemen gathered in front of Atithi Sadan in Biratnagar. After nearly an hour of discussions, they came to a conclusion on paddy prices.
Pokhara is on track to self-sufficiency in flowers with 80 percent of its current requirement being fulfilled by local production.
Domestic adventure seekers throng Annapurna Circuit
The world famous Annapurna Circuit trekking route has been a big draw for foreign adventurers for decades, but now the scenic walking trail in the Annapurna mountains of central Nepal has been pulling domestic thrill seekers in droves too.
Nepali airlines are facing a shortage of senior pilots with the aviation industry ending a long period in the doldrums and suddenly taking off amid a spurt in travel demand.
Nepal has topped Lonely Planet’s “Best Value Destination” list and has ranked 5th on the “Top Ten Destinations Guidebook”.
Nepal Telecommunications Authority (NTA) has authorised state-run Nepal Telecom (NT) to launch 4G service in Kathmandu and Pokhara from January 1, 2017.
Mangre Yadav, a local farmer in Hirminya, Banke, has already harvested paddy this season and is preparing his land for winter crop -- either lentil or potato. His neighbours, on the other hand, have paddy plants still standing in their fields.
Nepal should immediately focus on creating more jobs within the country to bolster the economy, as the era of remittance-led growth is likely to come to an end, US Ambassador to Nepal Alaina B Teplitz has said.
Bhawani Rana is certain to assume the president post of Federation of Nepalese Chamber of Commerce and Industry (FNCCI) from coming March after a special general assembly endorsed the amended charter of the institution on Thursday.
Nepal Airlines moved up to the second spot in international passenger carriage, marking a massive turnaround after years in the wilderness.
Imports of vegetables and other farm products through Nepalgunj Customs have soared as local production has fallen amid swelling demand, local stakeholders said.
The International Civil Aviation Organization (Icao) has agreed to send another expert to Nepal to help it deal with the ‘airworthiness’ issue, one of the eight critical elements of an effective safety oversight.
GHI rates Nepal’s hunger as ‘serious’
Nepal has made significant progress in reducing hunger in the last two and a half decades, but its hunger level still remains classified as ‘serious’.
The gold transaction has surged in the wake of diminution of its market value after the start of the Bada Dashain festival, Nepal Gold & Silver Dealers' Association said.
Domestic carriers posted double-digit growth in passenger carriage in the first half of 2016,
Prime Minister Pushpa Kamal Dahal on Friday laid the foundation stone for a pilot project on integrated settlement for survivors of the earthquakes of April and May, 2015 at Gupsipakha, Laprak.
Plans are afoot to establish two more oil depots as part of the government’s plan to increase reserves of petrol, diesel, kerosene and aviation fuel for at least three months of consumption.
The World Bank (WB) has urged the government to improve the organisation structure of state-owned Nepal Electricity Authority (NEA) for the development of the power sector.
The construction of the 220kV Chilime-Trishuli transmission line project began on Wednesday, which will help in evacuation of electricity generated from Trishuli river basin.
Nepalis living along the border with India have been streaming to nearby Indian towns to do their festival shopping as the country’s biggest religious celebration Dashain gets underway.
Tiger Palace Resort, a Rs4-billion five-star casino resort newly completed in Bhairahawa, plans to throw open its doors by the first quarter of 2017.
Travelling to foreign destinations during the festive season has lately become a popular trend among Nepalis. This year too, thousands of Nepali tourists are packing their bags for various international destinations for Dashain and Tihar holidays.
All domestic flights out of Kathmandu have been sold out as the Dashain travel rush, the largest annual migration in Nepal, begins.
Goat traders expect a sales bonanza this Dashain after business went flat last year as supplies were disrupted by an Indian embargo, and a country shell-shocked by a killer quake toned down celebrations.
Birgunj dry port's revenue collection exceeds target
The revenue collection by the Birgunj Dry Port, country's dry sole port equipped with railway services, in the first two months of the current fiscal, has exceeded targets.
The national flag bearer plans to add the first of the two proposed jets by Sept and another six months later
The difference between inflation rates in Nepal and India narrowed down to a 10-month low of 3.5 percent in August, indicating that effects of the unrest in the Tarai and trade blockade imposed by the southern neighbour that drove up consumer prices have waned.
Nepal Chamber Expo 2016 kicked off at Bhrikutimandap in Kathmandu on Friday.
Capital spending on snail pace
Only 5.5 per cent of appropriated budget amounting to around Rs 57.67 million has been spent during the first two months of the current fiscal 2016-17.
Nepali private carrier Yeti Airlines is in the final stages of inducting two ATR 72-500 turboprops into its fleet as part of its cost-cutting and operational consolidation programme.
NRB employees are seeking annulment of provision, under which they have to retire after reaching age of 58 or after completing 30 years of service, whichever comes first
Himalaya Airlines announced on Tuesday that it would be launching scheduled commercial flights between Kathmandu and Colombo on October 1, re-establishing direct air links with Sri Lanka after more than three decades.
The crash of an Air Kasthamandap plane at Chilkhaya in Kalikot last February was caused by engine failure, a probe report has revealed. Both pilots were killed while the nine passengers on the charter flight survived.
Nepal Oil Corporation (NOC) has slashed the price of aviation fuel sold to international and domestic carriers by about 5 percent.
More than 70 percent of the seats on Dashain flights have been sold as barely three weeks remain for the start of the festival. Dashain sees the country’s greatest annual travel rush when people return to their homes in hordes to celebrate the feast with their families.
Committee formed to probe NAC Airbus incidents
The Ministry of Culture, Tourism and Civil Aviation on Tuesday formed a six-member investigation committee to look into two separates incidents involving Nepal Airlines Airbus A320 jets.
With the festival season fast approaching in Nepal, airlines from India and China have jacked up their inbound fares more than threefold to cash in on the annual festive rush when Nepalis return home by the hundreds of thousands for the celebrations.
Almost half of the projects of strategic importance for nation’s development failed to meet 50 percent of the performance target in the last fiscal year, signalling tepid pace at which development works are moving ahead.
The Finance Ministry has agreed to act as a guarantor on a loan Nepal Airlines Corporation (NAC) plans to take to procure two widebody jets.
Trucks with Nepali ginger allowed to enter India
Even as the Indian customs office allowed trucks loaded with Nepali ginger to enter its territory on Friday, it is not certain whether the move heralds a permanent end to the ban placed on entry of the Nepali spice to India.
Rising interbank rate may push up deposit interest
The interest rate at which commercial banks borrow money from each other to manage liquidity has been going up over the weeks, raising hopes of a hike in interest rates on deposits in the coming days.
The government on Tuesday formed a taskforce to examine why ginger exports to India have been held up as worried traders pressured the authorities for a speedy resolution of problems citing the perishable nature of their product.
Leading Nepali carrier Buddha Air has been granted a licence to provide maintenance, repair and overhaul (MRO) services for the family of ATR and Beechcraft aircraft from its state-of-the-art closed-door hangar at Tribhuvan International Airport (TIA)
International airlines have posted strong inbound bookings beginning from the second week of Sept from major gateways connecting Nepal—Delhi, Abu Dhabi, Doha, Kuala Lumpur and China.
Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara has said the government was likely to bring a supplementary budget in order to make the current year's budget more practical and implementable.
Transactions more than doubled last week, with the Nepal Stock Exchange (Nepse) posting gains for the last three weeks.
NRB to import greenbacks to beat dollar drought
In a bid to ease the greenback shortage in the banking system, the central bank has initiated the process to import US dollar bills from Singapore.
Nepal’s largest helicopter operator Shree Airlines plans to diversify into fixed-wing operations by bringing in three jets for starters in a move expected to shake up the domestic aviation sector which seems to have quietened down of late.
NRB Act forbids retired staffers from joining BFIs for up to 3 yrs
The staffers of Nepal Rastra Bank (NRB) are not allowed to join banks and financial institutions (BFIs) for up to three years after the retirement. This legal provision came into effect after the Legislature Parliament on Thursday endorsed the second amendment of Nepal Rastra Bank Act with a majority.
Nepal Airlines Corporation (NAC) is expected to call a meeting of its board of directors next week to finalise the procurement of two Airbus A330-200 widebody jets, sources privy to the plan said.
The pillion rider on a motorcycle can now claim compensation for injury under third-party insurance in case the two-wheeler meets with an accident.
A joint market-monitoring team of the government on Friday confiscated cooking gas cylinders of Koteshwor-based Metro Gas and Pepsicola-based Sagarmatha Gas after they failed to meet the standards.
The Labour Office, Birgunj said that the demands of striking workers of 14 factories in the Parsa-Bara Industrial Estate had been addressed and that they had gone back to work.
The World Bank on Friday approved credit worth $55 million (Rs5.91 billion) for Nepal to scale up its Road Sector Development Programme and address post-earthquake reconstruction needs, including the strengthening of the country’s strategic road and bridge network to withstand future seismic and climate vulnerabilities.
Chandragiri on the southwestern rim of the Kathmandu Valley has been a major trade route from ancient times, and until a motorable road was built in 1956, all travellers walked over the ridge to get into or out of the city.
The direct contribution of Nepal’s travel and tourism to its Gross Domestic Product (GDP) stood at Rs85.3 billion, or 4 percent, last year and is forecast to rise by 7 percent to Rs91.3 billion this year, the World Travel and Tourism Council (WTTC) said.
Simrik Airlines returned to the air on Thursday after being grounded for 10 days due to the expiry of its flying licence.
Market inspection teams have been taking action against retailers charging prices higher than the maximum retail price (MRP).
The National Reconstruction Authority (NRA) has completed detailed assessment of around 50,000 houses of Kathmandu Valley that were damaged by earthquakes last year.
The Nepal-China border point at Mustang’s Korala, which was opened for a local trade fair for 15 days, has been closed on the 12th day.
The government has barred local authorities from issuing route permits to public vehicles and has made its mandatory for all transport operators to acquire the permits from the Department of Transport Management (DoTM), according to the Home Ministry.
Nepal Airlines Corporation (NAC) in on the lookout for a foreign strategic partner who will buy at least 51 percent of its shares.
Gasoline lines are back with frantic motorists forming long queues in front of the few petrol pumps that are still open as another shortage hits the Kathmandu Valley while Nepal Oil Corporation (NOC) claims that “there is no short supply”.
Bhairahawa ousts Birgunj as largest import gateway
Bhairahawa customs point has knocked Birgunj out of the top spot as the largest import gateway.
Tourist arrivals to Nepal jumped 12.77 percent in the first six months of 2016, showing incipient signs that the tourism industry is stirring back to normal after suffering a series of disasters last year.
Nepal Airlines has resumed its Dubai operations after a four-year hiatus. An Airbus A320 flight was dispatched on Thursday to the destination with 158 passengers onboard.