Nepal’s gross domestic product (GDP) at basic prices is expected to grow at the rate of 5.89 percent to reach Rs3 trillion this fiscal year ending mid-July, the Central Bureau of Statistics (CBS) said Wednesday.
Nepal’s economy is expected to grow by 5.89 percent in the fiscal year 2017-2018. Unveiling the National Account Estimate on Wednesday, the Central Bureau of Statistics (CBS) said the country’s gross domestic product (GDP) will grow by 5.89 percent, less than the government’s projection made in mid-term review in March.
Parag Pathak, a young American economist of Nepali origin, has won the prestigious John Bates Clark Medal 2018 from the American Economic Association (AEA), bolstering his chances of becoming a Nobel laureate in future.
A Malindo Air Boeing 737 aborted takeoff and swerved off the runway and on to the grass on Thursday night, forcing Tribhuvan International Airport (TIA) to shut down for more than 12 hours.
World renowned mountaineer Reinhold Messner said Thursday that climbing Everest had become quite safe and economical as there were around thousand of hopeful Everesters every year, even as charges continue to be raised against lax attitudes to safety on the world’s tallest peak.
Tribhuvan International Airport (TIA) plans to remain open for 21 hours a day to handle a growth in flights and provide incentives to air traffic controllers (ATCs) and other staff as compensation for the increased workload.
Nepal’s employment rate highest in South Asia
Nepal has secured the top spot in job creation in South Asia, with employment rate hovering around 68 percent, says the latest World Bank report
A number of hydropower companies were found to be issuing initial public offerings without taking prior approval from Securities Board of Nepal (Sebon), the sector’s regulator. This is in violation of Securities Act 2007.
The 2017 Everest climbing season ended with a mix of triumphs and tragedies: deaths, injuries, record crowds, frauds and other controversies. That was last year.
Tribhuvan International Airport (TIA) in Kathmandu has undergone a dramatic makeover from the ‘disaster zone’ described by various inspection reports.
2017 remained yet another bumper year for domestic airlines, as they recorded 39.47 percent jump in domestic air passenger movement following addition of new aircraft to cater to the growing number of air travellers.
The main opposition Nepali Congress came down heavily upon Finance Minister Yuba Raj Khatiwada on Tuesday for presenting economic data “as per his convenience to mislead the public and downplay the roles of previous governments in the country’s economic development".
Boutique Asian casino operator and developer, Silver Heritage Group (SVH), is embroiled in a legal battle in Nepal after it removed its local partner, who was overseeing implementation of a casino project in Bhairahawa.
Newly appointed Tourism Minister Rabindra Adhikari has issued a 100-day action plan to address stalled tourism and airport infrastructure projects, speed up reconstruction of heritage structures and review policies hampering tourism growth.
Kami Rita Sherpa will soon make an attempt to set a new world record by climbing Everest for the 22nd time.
Nepal’s total debt soared by 19.1 percent in the first six months of the current fiscal year to 32 percent of the gross domestic product (GDP), as internal borrowing surged and Nepali currency weakened vis-a-vis special drawing rights (SDR), a unit of money created by the International Monetary Fund.
The Narayanghat-Muglin Road Project has given the contractors three more months to complete upgrading the 33.2-km route, which is one of the busiest highways in the country and the Kathmandu Valley’s key supply line.
The government has been studying ways to reduce paperwork for exporters in a bid to make life easier for them and boost exports. The move is expected to slash the cost of trading by minimising hassles and streamlining export procedures.
Nepal Stock Exchange (Nepse) index plunged 26.77 points to close at 1,288.36 points, as investors took a wait and watch stance triggered by uncertainty of the new government’s policy, tussles between the Nepal Bankers’ Association and NIC Asia Bank coupled with a shortage of loanable funds with the banks.
The Central Investigation Bureau (CIB) of the Nepal Police has arrested 13 persons including a board member of Nepal Credit and Commerce (NCC) Bank for their involvement in a Rs1.5 billion scam.
Families of the victims of US-Bangla Airline Flight 211, which crashed while trying to land at Tribhuvan International Airport (TIA) on Monday, are unlikely to receive a reasonable amount of compensation due to delays by Nepal and Bangladesh in signing the Montreal Convention 1999.
The Narayanghat-Muglin road widening project is expected to incur a cost overrun of Rs430 million due to extra expenses related to delays, removal of landslide debris and increased width of black topping.
Nepal’s organically grown large cardamom is gradually being pushed out of global markets as a handful of new players have started producing ‘duplicate’ products following a rise in demand for the high-value crop, a government finding shows.
The Department of Roads (DoR) is preparing to upgrade the 96-km Naubise-Muglin section of the Prithvi Highway, one of Nepal’s busiest highways and the Kathmandu Valley’s key supply line.
A grounded Airbus aircraft of Nepal Airlines Corporation (NAC) is expected to resume service on Thursday as its damaged engine has been replaced.
Nepal Electricity Authority (NEA), the state-owned power utility, has achieved fair bit of success in curbing electricity theft in Lalitpur district. In the last few weeks since NEA upped the ante against locals of the Lalitpur district involved in electricity theft, the power utility has collected around Rs1.5 million in fines.
The Tourism Ministry is at loggerheads with the Civil Aviation Authority of Nepal (Caan) over issuing and renewing licences to fly international routes.
Nepal Stock Exchange (Nepse) index gained 5.57 points to close at 1,411.52 points last week.
An Airbus A320 belonging to Nepal Airlines Corporation (NAC) has been stuck at New Delhi, India due to a damaged engine with few chances of its resuming operations any time soon.
Did the central bank make a mistake by not pushing for merger of banks and financial institutions when recapitalisation process began in the banking sector two-and-a-half years ago?
The fate of 400kV New Butwal-Gorakhpur cross-border transmission line hangs in balance, as India is dragging its feet to build the crucial infrastructure that can further stimulate electricity trading between Nepal and the neighbouring country.
The Nepal Electricity Authority’s (NEA) plan to diversify the energy mix by launching 22 grid-connected solar projects with a total installed capacity of 61 MW is in limbo due to the government’s policy inconsistency.
Nepal’s move from unitary to federal government system has enabled local bodies and provinces to design policies, make decisions, introduce budget and deliver public goods and services on their own.
Former British Gurkha soldier Hari Bahadur Magar, who lost both his legs during a war in Afghanistan, has decided to shelve his dream of conquering the world’s tallest peak for now, thanks to the government’s latest decision to bar people with disabilities from scaling mountains.
Tourism Minister Jitendra Narayan Dev has hinted at plans to revoke the order tightening rules for differently-abled people from attempting to climb Mt Everest.
Nepal earned Rs29.32 billion in foreign exchange from the tourism industry in the first five months of this fiscal year 2017-18, according to the latest figures released by Nepal Rastra Bank (NRB).
Nepal’s trade deficit swelled to Rs397.79 billion between mid-July and mid-December, up 13 percent year-on-year, as imports ballooned and exports slowed.
The Japan International Cooperation Agency (Jica) has been assisting state-owned power utility Nepal Electricity Authority (NEA) and its subsidiary Tanahu Hydropower to carry out a preliminary feasibility study to build two pumped storage projects.
The Inland Revenue Department (IRD) has enforced the guideline on electronic billing system with the aim of eventually implementing it at all points of sale.
Officials leave for Brussels to lift European airspace ban
High-level officials of Nepal’s civil aviation authority left for the Belgian capital of Brussels on Wednesday to persuade the European Commission (EC) to lift the order that has barred Nepali airline companies from flying in the skies of major European countries.
Riverbed materials such as sand, pebbles and stones are being extracted illegally without permission from local authorities in many parts of the country. Indiscriminate exploitation of river-based resources not only hits government revenue but also poses environmental hazards.
Nepalis are eating less rice compared to a decade ago as changes in eating and spending habits take hold.
Jungle safari operators in Chitwan and Nawalparasi say that they will go out of business if the government gives in to demands from animal rights activists to ban elephant-back tours.
Thirteen hydropower projects have sought permission from the Securities Board of Nepal (Sebon), the securities market regulator, to float shares worth Rs3.6 billion in the primary market.
The government’s decision to ban blind climbers from joining Everest expeditions has run into flak from the National Federation of the Blind, the World Blind Union and the National Federation of the Disabled,
Arrivals to Nepal hit a new record in 2017 but remained short of the much ballyhooed target of 1 million individuals as national elections in November and December resulted in weaker-than-expected growth, the Department of Immigration said.
Foreign Direct Investment (FDI) of Rs 151 billion has entered the country so far, according to a study conducted by the Nepal Rastra Bank.
Tomato farmers have been rejoicing as favorable climatic conditions have led to a bumper harvest. Every day, farmers are supplying more than 50 tonnes of tomato to different parts of the country and pocketing over Rs1 million per day. Sarlahi is famous in the country for tomato cultivation.
Nepal Oil Corporation (NOC) has said it might need to hike fuel prices again after ramping up the rates for the third time in a month, moaning that its projected loss for January stands at a staggering Rs264 million.
Nepal Stock Exchange (Nepse) index witnessed a roller coaster ride this year as the market went from highs to lows in an eventful year that consisted of multiple elections, fluctuations in bank’s interest rates, regulatory measures by Securities Board of Nepal (Sebon) and more.
High-level officials of the Civil Aviation Authority of Nepal (Caan) will be meeting with members of the European Commission (EC) in Brussels, Belgium on January 19 to explain the steps taken by Nepal to address safety deficiencies following the continuation of its ban against Nepali airlines.
From now on, things are going to be tougher for Mt Everest aspirants as the government, in an attempt to improve safety of climbers, has announced some major changes in its policy.
The Asian Development Bank (ADB) has warned that it might pull out of the Gautam Buddha Airport project in Bhairahawa due to the extremely slow pace of progress. Work at Gautam Buddha Airport, which is being upgraded to an international airport, has slowed to a crawl, and the project has been floundering for four years.
The government has spent Rs 340 billion in the first six months of the current fiscal year, which is around 27 per cent of the total budget.
Sugar mills in Sarlahi have started purchasing sugarcane from farmers without fixing the price of the crop.
The state-owned Dairy Development Corporation (DDC) has produced 33.9 tonnes of cheese and 11.7 tonnes of butter made from yak’s milk from its plants located in four different locations in Rasuwa district this year.
About half of the gasoline stations operating across the country do not meet government safety norms, the Nepal Bureau of Standards and Metrology (NBSM) said. Lack of clear policy has resulted in poor inspection of these refilling stations which pose a public safety hazard.
Around 29 out of every 100 people living in Nepal are poor, with Province 2 hosting the largest number of poverty-stricken people in the country, a latest report of the National Planning Commission (NPC) says.
Hulas Auto-craft, a subsidiary of the Golchha Organisation, has been assembling the Bajaj Discover 125 two-wheeler made in India at a Rs700 million plant in Ramgram, Nawalparasi district.
Good governance. Jobs. Development. These are three areas the new government is likely to focus on if speech delivered by KP Sharma Oli on Monday is anything to go by.
Hydroelectricity production has taken a hit due to reduced water levels in the rivers with the dry season in full swing. Officials said energy output had shrunk up to 35 percent.
Nepal’s oil import bill for October-November jumped 40 percent due to a surge in demand during the federal parliament and provincial assembly elections with candidates hitting the campaign trail in motor vehicles, helicopters and airplanes.
Onion prices in Kathmandu have shot up because they have become dearer in India and not because of crooked middlemen, the Department of Supplies Management (DoSM) said. The southern neighbour is Nepal’s largest supplier of the indispensable vegetable.
Investment Board Nepal (IBN) has asked the Energy Ministry for the implementation rights for the Betan Karnali and Bheri-1 hydropower projects as it has the sole authority to execute schemes with a capacity of 500 MW or more.
The curtain has finally been drawn on Nepal’s most popular but unusual sport known as elephant polo, which is played every winter on a grass field in Meghauli, Chitwan, after 35 years.
The government has been toying with the idea of allowing the private sector to operate Gautam Buddha Airport in Bhairahawa under a public-private-partnership (PPP) model.
China Gezhouba Group Company (CGGC), the ousted contractor of the $2.5-billion Budhi Gandaki Hydropower Project, has called on the government to revisit its decision to terminate the contract, stating the process of its removal was “invalid”.
The government on Friday decided to develop the Budhi Gandaki Hydropower Project on its own, nearly two weeks after it terminated the contract agreement with the China Gezhouba Group Corporation (CGGC) to build the country’s largest hydroelectric project.
Nepal and Bhutan appear well on track towards achieving universal access to electricity by 2030, according to the latest report on transformational energy access of the Least Developed Countries (LDCs), which has reviewed 47 LDCs.
Nepal’s air traffic control (ATC) can now monitor the country’s entire airspace and keep track of aircraft from the Himalaya to the Indian border using an advanced radar system recently built on a hilltop in Lalitpur.
Wataniya Airways of Kuwait has decided to operate direct flights to Nepal as it moves to cater to growing travel demand with Nepali migrant workers rushing to the oil-rich country in larger numbers.
The Ministry of Finance has proposed to set up the Public Expenditure Review Commission, which will recommend ways to raise income generating capacity and reduce expenditure of the three tiers of the government,
The 15th Handicraft Trade Fair and 13th Craft Competition concluded on Tuesday, recording transaction of more than Rs80 million.
The Nepal Rastra Bank, the central bank, is floating foreign employment saving bonds worth Rs500 million on Sunday, as a part of the government’s plan to raise domestic debt worth Rs145 billion in the current fiscal year.
The private sector on Monday unveiled its wish list for the next administration, demanding that the government to be formed after the election formulate effective policies to check corruption, slash bank interest rates, prioritise promotion of small and medium enterprises and promote quality tourism.
There is bad news for new companies planning to enter the domestic aviation market and old players mulling over increasing fleet size, as a study has found that existing infrastructure of the country’s domestic airports will not be able to accommodate more aircraft for at least two years.
Paddy production in the eastern region, the country’s food basket, has been projected to swell 10 percent this year despite the damage caused to farms by the August floods, the regional Agricultural Development Office said.
Nepal’s energy sector, which is still feeling the pangs of this week’s cancellation of biggest hydropower development agreement, has received a much-needed shot in the arm with the signing of a major deal with a leading Chinese firm that would almost double the country’s electricity generating capacity.
The long-held plan to expedite construction of $2.5-billion Budhi Gandaki Hydropower Project is unlikely to materialise anytime soon, as the government has scrapped an agreement signed with a Chinese company hired to build the 1,200-megawatt project.
The Public Service Commission (PSC) has poured cold water on the plan of the central bank to immediately scrap a provision that makes it mandatory for employees to retire after completing 30 years of service.
Nepal will need to fork out at least Rs73.2 billion to rebuild infrastructure and restore livelihood affected by the floods of mid-August, says a latest report prepared by the National Planning Commission (NPC), the apex body that frames the country’s development plans and policies.
Norvic International Hospital at Thapathali has been collecting 13 percent service charge which is illegal, the Department of Supplies Management (DoSM) said.
The Chinese government has shown interest in funding the second phase of the Kathmandu Ring Road Improvement Project which includes upgradation of a 17-km stretch linking Kalanki, Chabahil and Koteshwor.
The Aviation Safety Committee meeting of the European Commission (EC) will discuss Nepal’s aviation safety issue on November 13-15 in Brussels, Belgium, to assess the progress made by the country’s carriers and civil aviation authority.
The construction of the new aviation museum at Sinamangal, Kathmandu, has completed and is ready to welcome visitors. The museum was built by the Bed Upreti Trust and Civil Aviation Authority of Nepal (Caan) after success of similar museum built by Captain Bed Upreti in the mid-western district of Dhangadi.
Imagine your air conditioners, washing machines or induction cookers came with chips or devices that could store electricity.
Nepali Congress, the oldest political party of Nepal, has started advocating for wealth redistribution programmes and social insurance schemes, as it introduces itself as a socialist party through its election manifesto, which envisages creation of a welfare state.
The owners of branded apparel stores on Durbar Marg who have been accused of overcharging customers have not reported to the Metropolitan Police Range, Teku despite repeated reminders.
Revenue collection during the first quarter of the current fiscal year was up 24 percent year-on-year, the Inland Revenue Department (IRD) said.
Nepal may face shortage of 3.6 million workers by 2030 if people continue to take up jobs in foreign labour markets, creating hurdles for nation’s transformation into a middle-income economy in the next 13 years as envisaged by the government, a latest report says.
It is appalling that the Nepal Rastra Bank (NRB), the central monetary authority, is treating cyber heist at NIC Asia Bank lightheartedly.
A day before cybercriminals hacked into the IT server of NIC Asia Bank to reportedly steal millions of rupees, another major commercial bank had witnessed suspicious activities of similar nature.
The Nepal Electricity Authority (NEA) has been working to ensure that there is adequate and uninterrupted power during the Tihar festival when demand for energy spikes with everybody draping their houses with strings of lights.
Officials at Tribhuvan International Airport (TIA) are worried by frequent runway damage even though the monsoon has ended.
The Election Commission (EC) on Tuesday allowed the Ministry of Supplies to implement its decision to transfer controversial Nepal Oil Corporation Managing Director Gopal Bahadur Khadka to the ministry.
The Inland Revenue Department (IRD) has taken action against 615 businesses for tax evasion as it intensifies market monitoring to prevent noncompliance.
Melting glaciers have eroded huge swathes of land in the Annapurna Base Camp over the years, casting a shadow over the prospects of trekking in the world-renowned Annapurna circuit.
Ginger worth Rs5 million has been stranded in Mechi Customs Office after Indian customs officials imposed goods and services tax of 5 percent on the Nepali spice.
Nepal has held on to the top position among South Asian countries in the campaign to reduce hunger.
Controversial Nepal Oil Corporation (NOC) Managing Director Gopal Bahadur Khadka has moved to buy additional land in Chitwan despite still facing embezzlement charges in earlier land deals that recently led to his being fired from his post.