Price of tomatoes, one of the most essential vegetables, which was priced at Rs105 per kg on Saturday spiked to Rs125 per kg on Sunday, as the local supply has run dry, traders said.
Nepal’s private sector has long been complaining that the high interest rates charged by banks had increased their production costs. Banks have been reluctant to revise interest rates citing a shortage of loanable funds.
Nine years after construction work began on the Upper Trishuli 3A Hydropower Project, the first of its two turbines roared into life on Thursday, injecting 30 MW into the national grid.
In an historic first in Himalayan mountaineering, four eight-thousanders in Nepal recorded their first summit of the season on the same day on Tuesday.
The Finance Ministry said it had approved additional funding of Rs700 million to restart the stalled Gautam Buddha International Airport project.
The contractor for Gautam Buddha International Airport being built in Bhairahawa has stopped work complaining that it has not been paid. The stoppage has dealt another blow to the national pride project which has been facing endless delays since construction started in 2013.
Cooperatives go rogue for lack of supervision
Depositors with cooperatives risk losing their savings as many of these institutions are on shaky ground due to vague government policies, lack of monitoring by local units and slow implementation of the Copomis software designed to keep track of their financial dealings.
Nepal Intermodal Transport Development Board on Sunday signed an agreement with Tibet Fuli Construction Group Company Limited, a Chinese company, to construct the inland container depot at Timure of Rasuwa district. The facility, which will be built with Chinese aid, is expected to cost 124 million Yuan.
Nepal Airlines is resuming its Japan service with a flourish. It is offering flight tickets to Osaka at the throwaway price of Rs45,000 one-way, which is 25 percent cheaper than the going rate. A roundtrip ticket will cost Rs80,000, airline officials said.
Nepal’s trade deficit in the first nine months of the fiscal year jumped almost 22 percent year-on-year due to a spike in imports of oil, bitumen, aircraft parts and cereal. The deficit reached Rs991.78 billion at the end of the third quarter.
The Province 5 government on Wednesday announced the launch of Visit Lumbini Year on May 18 with an aim of attracting 2.5 million tourists to the birthplace of Buddha. President Bidhya Devi Bhandari will inaugurate the campaign which is being held for the second time in Lumbini after 2012.
Nepal’s cereal import bill hit a new record high in the third quarter despite recording the largest paddy and wheat harvest in history. Based on current trends, the total bill for this fiscal year ending mid-July is expected to exceed Rs50 billion.
With Beijing officially allowing Nepal to use a number of its land and sea ports, Nepali traders can now use the transit facility via three countries—India, Bangladesh and China.
Industrialists on Tuesday accused the Nepal Electricity Authority of having billed them ‘illegally’ for the past three years for using regular electricity supply through dedicated feeders and trunk lines.
A one-stop service centre will be launched on May 15 to facilitate investments, the Ministry of Industry, Commerce and Supplies said. Publishing a directive in the Nepal Gazette on April 29, it announced that the centre would be established on the premises of the Department of Industry, Tripureshwor.
Investment pledges shrink to one-third
Foreign investment pledges in the first nine months of 2018-19 shrank sharply to one-third of the amount pledged during the same period of the previous fiscal, despite a 17 percent rise in the number of projects.
The installation of penstock pipes at the Upper Tamakoshi project hit a setback after the steel wire ropes of the crane lifting and placing the pipe sections broke. Each 5-metre section weighs 27 tonnes. Workers had planned to start installing the pipes in the lower vertical shaft—through which water will run from the reservoir to the turbines—by the first week of May.
Nepal Stock Exchange last week increased by a marginal 2.27 points to close at 1,294.39 points, after the initial wave of investors rushing to book profits from soaring stock prices receded from the previous weeks.
The 362km-long Biratnagar-Khandbari-Kimathanka road section is nearing the finish line with only 14km of road left to build.
The Asian Development Bank said it was committed to completing the Melamchi Drinking Water Project which has been a long time in the making, and that it would extend the completion deadline if necessary.
According to the electricity authority, it was planning to revive the decades-old project designed to ensure uninterrupted supply of electricity to Kathmandu Valley.
Nepal’s unemployment rate has been estimated at 114 percent, according to Nepal Labour Force Survey 2018-19 unveiled by the Central Bureau of Statistics on Friday.
Economic growth projected at 6.81 percent—short of government target, but still best in recent years
The country’s economy is projected to grow by 681 percent in 2018-19, which is a little short of the government target of 8 percent growth for the current fiscal year, but still one of the best growth rates in recent years
Japan Civil Aviation Bureau approved the passenger fare filed by Nepal Airlines Corporation on Wednesday, opening the way for the national flag carrier to make preparations to operate direct flights to Osaka. At most international airports, foreign carriers are required by law to file passenger fares.
The Middle Bhotekoshi Hydroelectric Project said it might end the contract with the Chinese contractor for the civil and hydro-mechanical works for its failure to follow instructions and resume work.
The cash flow problem in the state-owned airlines, however, started nine months ago when it inducted two brand new Airbus A330 jets into its fleet last year, as they largely remained under-utilised for months after failing to get enough routes to fly.
The Upper Tamakoshi Hydropower Project expects to finish installing the penstock pipes by the first week of May. These immense tubes carry water from the reservoir to the turbines to generate electricity, and the complex task of fitting them is one of the most challenging parts of the project’s hydro-mechanical component.
The last-minute airfares to New Delhi shot up to as high as Rs50,000 after the shutdown of Jet Airways last week. Hundreds of passengers have since been affected by high airfares while travel agencies say it may go up further if the seat shortage gap is not taken care of immediately.
All four Chinese-made Y12e and one MA60 planes of Nepal Airlines has been grounded for a long time, causing the state-owned carrier millions in losses.
The runway at the international airport being constructed in Pokhara has been completed two years after the project launched, raising hopes that the infrastructure will be ready before schedule.
828 MW Uttar Ganga hydro project revived after 7 years
The Uttar Ganga Power Company, a subsidiary of Nepal Electricity Authority, has invited expression of interest for consulting services to prepare detailed engineering design and bidding documents for the 828 megawatt Uttar Ganga Storage Hydroelectric Project in Baglung.
Nepal is losing out on a large amount of export revenue due to lack of value-added gem exports, said officials of the Department of Mines and Geology.
Nepal’s trade deficit swelled 24.5 percent to Rs887.88 billion in the first eight months of the current fiscal year due to increased imports of petroleum products, readymade garments, aircraft spare parts and electrical goods.
The tunnel with a capacity to divert 40 cubic metres of water per second will be used to irrigate 51,000 hectares of land throughout the year in Banke and Bardia districts and generate 46 megawatt electricity.
The government has time and again announced adopting austerity measures to check unnecessary expenditure, but millions of rupees from the state coffers are spent unnecessarily every year, it said. The flaws reflect weak implementation of laws by the KP Sharma Oli administration.
The 56th annual audit report of the Office of Auditor General has exposed dubious accounting practices by 11 firms and four hospitals that were involved in the emergency rescue and treatment of foreigners and has asked the concerned department to conduct further investigation and take action against them.
The gale-force winds that smashed into Bara and Parsa districts last fortnight wiped out Rs507 million worth of crops and cattle, a preliminary report released by the Ministry of Agriculture and Livestock Development said on Thursday.
Nepal Rastra Bank has simplified the process of opening bank accounts with the hope that hassle-free procedures will encourage more rural people to bank. Prospective account holders can now open an account with zero balance.
A week after the country’s only international airport grounded a Nepal Airlines flight citing new flight time regulations, airport officials have allowed a FlyDubai flight to take off past its flight deadline, displaying how haphazard the airport’s management has been ever since runway renovation began.
Three projects worth Rs870 million were pushed into uncertainty after the financer Asian Development Bank decided to pull funding for them. Started in 2010, the projects--solid waste processing centre, auto village infrastructure and ground water drinking project--are scheduled to be completed by December 2015 as per the agreement signed between the government and the bank.
Eco sanitary pads have yet to take off in the market due to the lack of awareness regarding the product. Such pads are better than disposable sanitary pads in terms of quality, price and offer health and environmental benefits as well.
The Civil Aviation Authority of Nepal has invited fresh bids for the expansion works at Tribhuvan International Airport, three months after deciding to finance the project on its own.
Finding buyers and growing a business are the major challenges for young women entrepreneurs in the country
While throngs of adventure seekers will be crowding the Everest region to try to scale the highest mountains in the world during this spring season, two groups of Nepali mountaineers will be taking the route less travelled to Jugal Himal in the northeast of Kathmandu.
Years after it was conceived, the government will finally launch the Rs36.37 billion Sunkoshi Marine Diversion Multipurpose Project in the next fiscal year, beginning mid-July.
The government plans to dangle nearly 70 potential projects with a combined estimated value of $24 billion before foreign and domestic investors at the Nepal Investment Summit slated for next week.
In a bid to facilitate the implementation of electronic cargo tracking for third country imports, Nepal Rastra Bank has allowed commercial banks to issue payment instruments in foreign currency for cargo transported by railway to Birgunj dry port and Biratnagar customs point only.
The Finance Ministry holds the number one spot in the list of non-paying tenants at Tribhuvan International Airport with more than Rs548 million in outstanding rentals.
Workers’ remittances in the first seven months of the fiscal year swelled 285 percent year-on-year, providing a much needed cushion to the country’s depleting foreign exchange reserves.
Beset by financial stress and prompted by government plans to bring a strategic partner, Nepal Airlines Corporation is preparing to conduct a financial audit for the first time in more than six decades
The aviation regulator—Civil Aviation Authority of Nepal—has announced a slew of measures to enhance the operational safety of helicopters in Nepal following the Air Dynasty helicopter crash in Taplejung on February 27 that killed all seven aboard, including Tourism Minister Rabindra Adhikari.
The government is hopeful of achieving an economic growth rate of 7-8 percent despite a slowdown in capital expenditure.
The Civil Aviation Authority of Nepal has lodged a counter claim for Rs13 billion in loss of income at the Singapore International Arbitration Centre against Constructora Sanjose, the ousted Spanish contractor of the Tribhuvan International Airport improvement project.
The Indian government has approved an investment proposal to build a transmission line in eastern Nepal to evacuate the electricity generated by Arun-3 Hydropower Project being developed by an Indian state-owned company.
Ministry of Agriculture and Livestock Development has proposed a slew of projects and programmes worth nearly Rs100 billion to boost Nepal’s agricultural sector as the agriculture imports bill has started ballooning out of control.
Tribhuvan International Airport continued its run of year-over-year passenger growth in 2018, marking yet another record year for the country’s sole international aerial gateway.
Analysts on Monday urged investors to inject their capital in Nepal, pointing out the present condition as a right time for the purpose as the country has started implementing federalism and the government is also keen at revising a number of policies.
Tanahu Hydropower Limited, the developer of the Tanahu Hydropower Project, is mulling to fire Cooperativa Muratori e Cementisti di Ravenna for being a no-show. The Italian contractor was supposed to send workers to the construction site and start work by February 11, 2019, but it has not done so.
Revenue collection at Birgunj Customs dropped to almost half of the targeted amount with the disruption in cargo movement following protests by customs agents last week.
The Tourism Ministry and the Civil Aviation Authority of Nepal are crossing swords over the operational modalities for Gautam Buddha International Airport in Bhairahawa.
Restaurants workers intensified their protest against the cancellation of the mandatory service charge by going on partial strike on Sunday and Monday saying they face a sharp reduction in their take-home pay due to its removal.
Nepal’s domestic air passenger traffic has more than doubled in the last 10 years with 7,800 travellers taking to the skies daily, according to data released by Tribhuvan International Airport.
Six out of nine airports in the country’s southern plains are now capable of handling night flights, with Bhadrapur Airport in the eastern region of Jhapa becoming the newest entrant after being equipped with area navigation technology.
Electricity generation by domestic hydropower projects has gone down significantly over the last month due to a sharp drop in water level in the river basins where the majority of the projects are located.
Nepal Oil Corporation has expedited construction of the cross-border Nepal-India petroleum pipeline project which had stalled due to a forest clearance issue.
Nepal will receive transshipment privileges and permission to use the electronic cargo tracking system on Nepal-bound cargo at Kolkata port from February 15. The facility is expected to reduce the cost of trading by minimising transportation time and speeding up clearance at the port.
The parliamentary International Relations Committee has told the government to issue a forest clearance permit to the proposed airport project in Nijgadh only after making sure that investment will be forthcoming.
Aeronautical Radio of Thailand is likely to win the bids for the installation of communications, navigation and surveillance (CNS) and air traffic management (ATM) systems at the Gautam Buddha International Airport project in Bhairahawa.
Outflow of funds from Nepal surpassed inflows by Rs85.32 billion in the first five months of the current fiscal year, mainly due to excessive rise in import bill compared to export earnings.
Domestic air passengers are laughing all the way to the airport as carriers are engaging in a fare war and making unannounced and quiet price cuts. The competition is expected to intensify with airlines planning to add more aircraft this year, and they will have to work harder to fill all those extra seats.
Nepal has asked India for transshipment privileges and permission to use the electronic cargo tracking system (ECTS) on Nepal-bound cargo at Kolkata port too. Nepal has been receiving transshipment privileges at Vishakhapatnam port and using the ECTS on cargo dispatched from there since August.
Arrivals crossed the coveted one-million mark for the first time in 2018 with 1.17 million foreign tourists streaming into the country. According to the Nepal Tourism Board, Nepal tourism reached the magic figure due to a jump in arrivals from India, China, the US, Sri Lanka and the UK.
Nepal’s earnings from exports of products identified by the Nepal Trade Integration Strategy (NTIS) rose 7 percent in the first five months of the current fiscal year, largely due to a rise in demand for medicinal herbs, woollen carpet, tea, yarn and textile products.
The government has appointed Surendra Prasad Paudel to lead Nepal Oil Corporation (NOC), the country’s sole petroleum supplier, which has an annual transaction of more than Rs170 billion.
Auto imports continue to swell even as economists wail about the expense and yawning trade deficit. Nepal imported SUVs and vans worth Rs17.85 billion in fiscal 2017-18, up from Rs15.20 billion in the previous fiscal year, the Trade and Export Promotion Centre said.
Tourism Minister Rabindra Adhikari said on Monday ‘all allegations’ of financial irregularities against him in the purchase of two Airbus A330 aircraft that caused heavy losses to the government were baseless and far from the truth.
Nepal’s trade deficit widened to Rs569.50 billion in the first five months of the fiscal year as imports of oil, construction materials, machinery, automobiles, electric appliances and airplane parts soared, according to Trade and Export Promotion Centre statistics.
Nepal’s tourism sector is booming as more Nepalis set out to explore their own country. Travel trade entrepreneurs said that after the earthquake of 2015, domestic adventure seekers started travelling across the country in droves.
Province 3 government officials are aiming to reduce poverty rate within its territory to seven percent from the current 15.3 percent in the next five years.
The invitation to bid for expansion works at Tribhuvan International Airport (TIA) has been cancelled for being premature, as it was issued without arranging the money to implement the project, sources at the Civil Aviation Authority of Nepal said.
On August 18, 2008, the Sapta Koshi River in eastern Nepal burst its eastern banks, 8 km north of the Indian border.
While the Montreal Convention 1999 (MC99) officially came into force in Nepal on Saturday with nearly eight-fold increase in compensation for airline passenger death involving international flights, clarity on whether the same provisions would apply to domestic carriage within Nepal has been awaited.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Tuesday urged the Nepal Rastra Bank (NRB) to address the soaring interest rate on loans issued to the commercial sector by the banks.
Texamo, the Indian contractor executing the hydro-mechanical works of the Upper Tamakoshi Hydropower Project, promised to get its act together and expedite work to meet the new deadline of mid-November 2019 after a pep talk by the energy minister.
The Civil Aviation Authority of Nepal (CAAN) on Saturday re-invited global bids for soil filling works and construction of international parking bays on the northern side of the runway of Tribhuvan International Airport (TIA) in Kathmandu, two years after the project was halted. The final submission deadline for the tenders is January 22, 2019.
The government has summoned Nepal’s Ambassador to Australia Lucky Sherpa to Kathmandu after she was charged with human trafficking by her former driver. The Ministry of Foreign Affairs on Friday instructed Ambassador Sherpa to report to the ministry within three days with an explanation.
Nearly 200 private firms register for Social Security Schemes
The formal private sector has responded positively to the recently launched Social Security Schemes, a landmark initiative that addresses the concerns of employees outside the government sector.
Nepal Airlines Corporation (NAC) has decided to resume flights to Kansai International Airport, Osaka, dropping its earlier plan to directly connect Kathmandu with Tokyo’s Narita International Airport.
Nepal deposited its instrument of accession to the Montreal Convention 1999 (MC99) at the International Civil Aviation Organisation (ICAO) that stipulates a nearly eight-fold increase in compensation for airline passenger death involving international flights to $158,565.
Nepali farmers look set to harvest the largest paddy crop in history this fiscal year because of timely and sufficient monsoon rains, the Ministry of Agriculture and Livestock Development said. Ministry officials added that a record harvest would bring down the country’s rice import bill besides significantly contributing to the government’s economic growth target as the economy is strongly dependent on farm production.
The planned construction of an inland clearance depot (ICD) at Chobhar in the southwestern part of the Kathmandu Valley has gone into a limbo following protests by locals.
Nepalis will now have to pay entry fees to enter three conservation areas, according to a new directive issued by the government.
Nepal’s request for India to grant air entry points from the L626 route in Mahendranagar and Nepalgunj has suffered a setback as the southern neighbour has apparently denied it, multiple sources at the Civil Aviation Authority of Nepal (Caan) said.
China’s state-owned enterprise China National Aero Technology International Engineering Corporation has appeared to be the lowest bidder to carry out the rehabilitation of more than five-decade old runway of Tribhuvan International Airport (TIA).
The Ministry of Forest and Environment said it would not create obstacles to environment-friendly development amid rising public concern over the ecological costs of the proposed international airport in Nijgadh, Bara.
The police have arrested Kamal Gyawali, fugitive former managing director of then Kist Bank who has been absconding since 2016 after being convicted of financial crime. Kist Bank was part of a mega merger between multiple banks to form Prabhu Bank.
The Cabinet on Friday gave its approval for temporary relaxation of civil aviation rules, which will enable new and existing domestic carriers to start international operations sooner. The move is aimed at increasing domestic airlines’ market share in the foreign routes.
Gasoline lines returned in Kathmandu on Thursday due to a disruption to fuel supplies after tanker drivers went on strike to show solidarity with drivers of public vehicles who have launched a countrywide protest against an amendment to the Criminal Code. Fuel deliveries have stopped from Wednesday, spreading panic among motorists.
Stepping into the raging controversy over the felling of thousands of trees for the development of the proposed full-fledged international airport in Nijgadh, the Tourism Ministry on Saturday clarified that the compensatory plantation of trees will be done in the ratio of 1:25, with strict enforcement.
The first ever meeting of the Nepal-China joint steering committee (JSC) is slated to be held later this month in Kathmandu to explore areas where the two countries can work together for the development of the energy sector.