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.
After Prime Minister Pushpa Kamal Dahal instructed officials to take immediate action against those involved in black-marketeering and artificial price hikes, the Supply Ministry has intensified market monitoring in the Kathmandu Valley.
Nepal Oil Corporation (NOC) has expedited the project to expand its fuel storage capacity by selecting an Indian company to construct a storage unit at Thankot.
Civil Aviation Authority of Nepal (Caan) is all set to ban chartered passenger flights by single-engine aircraft.
CG, one of Nepal’s leading electronics brand, has expanded its LED TV line-up.
NMB, Himalaya sign student loan MoU
NMB Bank and Himalaya College of Engineering, Lalitpur have signed a memorandum of understanding (MoU) to provide education loans to students of Bachelor of Engineering (BE) against their academic certificates as collateral.
Sebon sets criteria for FPO pricing
Securities Board of Nepal (Sebon) has set four criteria on stock pricing for further public offering (FPO).
Four plane crashes in six months this year have spurred the government to address air safety issues after regulatory shortcomings became glaringly apparent.
The Nepal Stock Exchange (Nepse) index jumped 84.51 points on Tuesday, ending an eight-day losing streak.
Car, jeep and van segment sees 105.6pc rise; heavy equipment surges threefold; two-wheeler segment posts 7.47pc rise
Chinese experts have said the much-touted railway link between Nepal and China through the Himalayan highland “is economically and technologically feasible”.
Indian authorities have fixed tariff rate for Nepal-bound cargos and have allotted space for setting up a Nepali Consulate General office
Nepal has been listed on the number two spot in South Asia posing the highest risk for money laundering, according to the Basel Anti-Money Laundering (AML) Index, an annual ranking of countries assessing their money laundering risk.
Ministry of Supplies Secretary Shreedhar Sapkota and NOC Managing Director Gopal Bahadur Khadka on Tuesday traded charges at each other over granting permission to bottlers to own gas bullets.
Three key heritage sites in the country—Pashupati, Lumbini and Janakpur—have been slated for major infrastructural development this fiscal year in a bid to pump up religious and cultural tourism after poor budget expenditure in the last fiscal year.
An agriculture market in Attariya, Kaialali, has emerged as one of the largest integrated agriculture markets in the country.
Thirteen candidates have submitted applications for the post of managing director of state-run Nepal Telecom (NT).
Arghakhachi Cement, a leading cement manufacturer, has not been to use one of its limestone mines in Narapani, Arghakhachi, for the last five years, amid differences between political parties over whether to allow the industry to extract limestone.
Sugar prices increase on low production
Sugar has become dearer as factories have hiked prices of their products citing a drop in production and transportation difficulties during the Indian blockade.
Pilots of Tara Air Flight 193, which crashed at Myagdi’s Solighopte in February killing all 23 onboard, deliberately entered cloud while operating under the visual flight rules and deviated from the normal track due to the loss of situational awareness, the government’s fact-finding committee said on Sunday.
Freight forwarders have asked the government to work towards early operationalisation of Visakhapatnam port which India has allowed Nepal to use for its third-country trade. They believe that the cost of trade will be reduced sharply by using the deep water port in southern India as it can accommodate very large ships.
Commercial banks issued more loans in the last fiscal year 2015-16 than in the previous year as businesses charged ahead, overturning predictions of an economic disaster due to prolonged political unrest and a four-and-a-half-month-long blockade by India.
Ncell has submitted a new proposal to the Department of Industry (DOI), seeking the latter’s approval to capitalise its investments worth Rs73.95 billion. The company has so far got approval to take its authorised capital to Rs17 billion.
The Tourism Ministry has launched the new National Tourism Strategy 2016-2025 which envisages a fivefold increase in arrivals to 2.52 million annually by the year 2025.
Vegetable prices in the Kathmandu Valley have swelled as shipments have been disrupted with heavy rainfall and landslides continuing to wreak havoc in many parts of the Tarai.
Sebon plans to introduce code of conduct to curb insider trading
Securities Board of Nepal (Sebon) is working to introduce a code of conduct for stock market participants to curb insider trading.
The Department of Drug Administration (DDA) has said that 30-40 percent of the drug stores in the country are selling restricted medicines without a prescription despite possible health hazards. despite possible health hazards.
India, traditionally the biggest foreign investor in Nepal, has slipped to third place in terms of Foreign Direct Investment (FDI) commitments.
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”.