Nepal has formally proposed the idea of setting up an energy bank to India to address the recurrent problem of power shortages during the winter season.
Companies listed on the Nepal Stock Exchange (Nepse) have been instructed to submit their financial information electronically to the bourse before making it public.
Fewer new factories were registered and investments including foreign direct investment (FDI) slowed in the current fiscal as the country buckled under prolonged unrest in the Tarai, a devastating trade embargo and supply disruptions.
The Department of Food Technology and Quality Control (DFTQC) has said that bottled drinking water must be shrink wrapped in plastic from mid-June, one month later than previously announced.
Nepal Rastra Bank (NRB) has collected the financial details of 28 Nepalis who have been named in the Panama Papers as possessing offshore wealth in various tax havens as it begins a probe into their hidden holdings.
Inflation has come down to single digit for the first time after the end of the Indian blockade.
PAC to probe tax issue in sale of Ncell shares
The parliamentary Public Accounts Committee (PAC) has decided to open a formal investigation into the issue of capital gains tax in the recent sale of Ncell shares. The House panel said Friday that it was preparing to form a high-level technical probe committee to look into the matter.
108 Nepali products get duty-free access to Bangladesh
Nepal will also be providing preferential treatment to 50 Bangladeshi products that include fish and agro products
The upcoming monsoon season expected to start in mid-June is likely to be a huge relief for drought-stricken Nepali farmers who faced disappointing summer and winter harvests this fiscal year.
The government budget for the next fiscal year is likely to reach a record Rs1 trillion with the National Planning Commission (NPC), buoyed by swelling revenues and a hoard of unused funds in the government coffers, planning to raise the budget ceiling.
The government authorities said on Tuesday that they were trying to establish whether the seven names linked to Nepal that appeared in the Panama Papers database released on Monday night were real names.
Fuel import bill halves to Rs52b due to embargo
Nepal’s oil import bill has nearly halved in the first nine months of the fiscal year, but fuel still accounts for the largest share of imports.
The government on Sunday announced it will accord high priority to ending Nepal’s dependence on a “single country” in trade, investment and essential supplies, against the backdrop of four-and-half-month-long Indian embargo.
A study has recommended providing a monthly pension of Rs4,000 to farm workers after they turn 55. The proposed pension plan is part of the government’s effort to give due respect to the agricultural sector which employs 66 percent of the population and accounts for one-third of the economy.
Two hundred and eighty nine climbers are in a bid to exploit a short window of good weather, which formally begins next week, to stand atop Mt Everest. Among the bidders, 160 are new climbers.
Hit hard by last year’s Gorkha earthquake and India’s blockade, works on the Melamchi Drinking Water Project is regaining momentum.
India’s most celebrated luxury hotel chain Taj re-entered Nepal this year by signing a management contract with Chaudhary Group (CG) Hotels and Resorts to operate the Meghauli Serai Jungle Lodge in Chitwan.
Malaysian industry is facing a severe shortage of manpower two months after implementing a decision to suspend the recruitment of new foreign workers.
TeliaSonera given till May 7 to pay tax on Ncell deal
After TeliaSonera’s statement that it is not liable to pay capital gains tax (CGT) for the transfer of its stake in Ncell to Malaysian telecom giant Axiata, tax authorities in Nepal have said they will wait till May 7 for the Swedish-Finnish company to submit tax returns.
Earthquake survivors in Hetauda have started applying for concessional loans nearly a year after the government announced the scheme.
Energy Minister Top Bahadur Rayamajhi on Thursday told the parliamentary Public Accounts Committee (PAC) that a ‘quick and decisive’ step would be taken to complete all the energy projects facing longstanding execution hurdles.
Since the announcement in December last year that TeliaSonera was selling its stake in Ncell in the biggest and most complicated corporate deal, the entire divestment process has baffled the number crunchers, with questions lingering as to what happens with the capital gains tax (CGT) of the Swedish-Finnish telecom operator.
Earthquake survivor Sanchi Tamang of Irkhu-5, Sindhupalchok district has been trying for almost a year to get help to rebuild her home which was flattened by the April 25 tremor.
Inflation moderates to 10.2 percent in March
Inflation has moderated to 10.2 percent in mid-March after reaching nearly seven-year high of 12.1 percent in mid-January due to Tarai strikes and disruption of trade routes.
The Cabinet on Tuesday approved the Tourism Ministry’s proposal to acquire an additional 288 bighas of land for the expansion of Gautam Buddha Regional International Airport in Bhairahawa.
Tourists are gradually heading back to the Langtang region, which was completely devastated by last year’s earthquake.
Nepal Rastra Bank (NRB) has said that it is yet to receive any requests from banks and financial institutions (BFIs) for refinance and interest subsidy to businesses affected by last year’s earthquake and the Indian blockade.
The Agriculture and Water Resources Committee (AWRC) of the Parliament on Monday directed the government to immediately approve the proposal put forth by Ministry of Energy regarding the amount of shares to be allotted to locals residing in areas to be affected by the 900MW Upper Karnali Hydropower Project.
Simikot road construction moving at snail’s pace
It has been years since the government announced that Simikot, the district headquarters of Humla, would be connected by a motorable road, but it does not look like happening anytime soon.
International passenger traffic through Tribhuvan International Airport (TIA) dropped last year for the first time in 13 years, but freight movement rose significantly as surface border points were strangled by the Indian embargo last year.
Nepal Tourism Board (NTB) on Monday announced Bikram Sambat 2073 as ‘Ghumphir Barsa’, which means travel year, in a bid to promote domestic tourism.
TeliaSonera completes Ncell divestment
TeliaSonera, the Swedish telecom company, on Monday completed divestment of its holding in the Nepali telecommunication operator Ncell to Axiata, a Malaysian telecom company.
Taj Hotels Resorts and Palaces, India’s most celebrated luxury hotel chain, has re-entered Nepal after a gap of more than a decade with a luxury safari lodge in Chitwan.
Two back-to-back tragedies on Everest don’t seem to have deterred adventure enthusiasts.
Nepal Oil Corporation (NOC) has not been implementing auto pricing for petroleum products consistently despite its pledge to do so.
International air passenger traffic through Tribhuvan International Airport (TIA) dropped for the first time in 13 years as travellers stayed away due to the April earthquake last year and a jet fuel shortage caused by an Indian trade embargo.
As the deadline for financial closure nears, prospective financers of the Upper Karnali Hydropower Project have converged in Kathmandu for a lender conference.
Icefall doctors, who are installing ropes and aluminium ladders in the icefall region for 2016 spring Everest climbing, have reported several cracks and holes along the route.
Chinese arrivals to Nepal shrank sharply following the 2015 killer earthquake and India’s trade embargo, dampening the enthusiasm of tourism entrepreneurs who had got their hopes up because of the fast rising market.
Tourism Minister Aananda Prasad Pokhrel has said a proposal to develop Second International Airport (SIA) in Nijgadh, Bara, using domestic resources has been tabled at the Cabinet for its approval.
Officials say deal on West Seti likely today
Just as officials from the Nepal Electricity Authority (NEA) and China’s CWE Investment work to finalise the joint venture (JV) agreement for West Seti Hydropower Project ahead of Prime Minister KP Oli’s China visit, the Chinese company has proposed to help NEA get soft loan from Chinese banks for equity that NEA requires in the JV company.
Prime Minister KP Sharma Oli is likely to travel on a specially-reserved Himalaya Airlines jet to China on Sunday.
Micro solar grids have brightened the lives of rural communities in Nepal which until recently had to depend on solar panels or gasoline-powered generators. Now electricity generated by solar power comes to their homes through transmission lines.
The Supreme Court issued an interim order in the name of Nepal Rastra Bank and Finance Ministry not to scribble on, and stitch banknotes.
After a two-week closure, China on Friday resumed operations of the Kerung border point.
Sharp rise in the number of adventure tourists and volunteers
Nepal plans to ask China to provide duty-free access to around 400 new products with export potential during Prime Minister KP Sharma Oli’s visit to Beijing scheduled to start on March 20, officials of the Foreign and Commerce ministries said.
Nepal Oil Corporation (NOC) has said vehicle queues at refuelling stations will “completely disappear” within the next few weeks.
Anonymous #opnep –a group of hacker has claimed to have breached into the sever of Nepal Telecom (NT) gaining access to all the information of its users.
The Tourism Ministry has stopped registering new single-engine aircraft following the crash landing of an Air Kasthamandap P-750 XSTOL on February 26 in which its two pilots were killed.
Nepal Airlines Corporation (NAC) has finally agreed to take delivery of the four Chinese aircraft on order after putting it off due to issues with early models, but the carrier has placed five key conditions to do so.
In what indicates that fuel imports from India will not increase to pre-blockade levels any time soon, Indian Oil Corporation (IOC) has informed Nepal Oil Corporation (NOC) it will not boost petroleum supply to Nepal.
A government team led by Supply Minister Ganesh Man Pun on Wednesday sealed Siddhartha Gas’ bottling plant based in Chalise, Dhading, on charge of misconduct.
The country's foreign trade shrank by 29 per cent in the first six month of the current fiscal year 2015/016.
Nepal is all set to start importing an additional 80MW electricity from India from Wednesday through the newly-completed 400kV Dhalkebar-Muzaffarpur cross-border transmission line.
Nepal Oil Corporation (NOC) said gasoline stations in the Kathmandu Valley would start distributing fuel regularly from Saturday.
Nepal’s sole international airport Tribhuvan International Airport (TIA) has undergone massive changes after the government started conducting regular inspections amid scathing media reports about bad service, but retrieving one’s luggage at the arrival lounge remains a nightmare.
Supply Ministry is normalising distribution of petroleum products from Friday. The ministry said it would also be scrapping the quota system that the government has been imposing on the fuel supply.
Fuel import highest since Oct end
Import of petroleum products through the Birgunj-Raxaul border point on Tuesday surged four times than the consignment on Monday.
Expediting construction/reconstruction of hydropower projects affected by earthquake, developing at least one storage-type project and upgrading cross-border transmission lines will be major focus of the planned Energy Emergency.
Airfares drop sharply, except in Nepal
Free falling oil prices have led to a sharp drop in airfares worldwide, but travellers in Nepal have not been able to enjoy this pleasant turn of events.
As businessman Ajeya Raj Sumargi continues to lobby with political parties to get approval from Nepal Rastra Bank (NRB) to bring around Rs11 billion from abroad, the central bank has said that it would provide clearance only if Sumargi produces documents
Kush Kumar Joshi, chairman of Nepal Purbadhar Bikas Company Limited (NPBCL) that had received approval from the government to develop the ambitious Kathmandu-Hetauda Tunnel Highway, has resigned from his post
The Nepal Stock Exchange (Nepse) dipped 3.51 points to close at 1,216.11 points last week.
Inflation has jumped to a 40-month high of 11.6 percent, thanks to the prolonged Tarai unrest which led to disruptions in transport system through southern parts of the country, according to the Nepal Rastra Bank.
Birgunj Chamber of Commerce and Industry (BCCI) has said around 1,000 Nepal-bound cargo containers have been stuck at India’s Kolkata Port for over a week.
Tight laws in offing against banking fraud
Parliament has been considering an amendment to the Banking Offence and Punishment Act that will put Dhukuti and cooperative operators convicted of embezzling money in jail for up to 10 years.
Power shortages cripple industries
Nepal has been placed at the number one spot in the list of 10 countries to visit this year by UK-based Rough Guides, one of the leading travel publishers in the world.
Petroleum imports rose in the fifth month of the fiscal year after India loosened its stranglehold on shipments for the first time since imposing a devastating trade embargo on September 22.
The Nepal Electricity Authority (NEA), the state-owned power utility, is gearing up to import additional 90 megawatt (MW) of electricity from India by January end in view of easing off the power outage in the country.
International passenger traffic through Tribhuvan International Airport (TIA) dropped 6 percent to 2.66 million in the first 10 months of 2015, largely due to the April 25 earthquake and a shortage of aviation fuel resulting from India’s trade embargo against Nepal.
In a bid to boost arrivals from the north, the Cabinet on Friday decided to waive the fee for Chinese visitors—a facility enjoyed only by visitors from Saarc countries so far.
Nepal Oil Corporation (NOC) has planned to obtain bullets suitable for transporting liquefied petroleum gas (LPG) from China as it is close to signing a commercial supply deal with the northern neighbour, officials said.
LPG dealers warn of halting sales
Dealers of liquefied petroleum gas (LPG) on Wednesday warned they would stoop selling cooking gas if the government failed to provide security.
The private sector has asked the government to waive visa fees temporarily to keep Nepal’s tourism industry alive as it is close to collapsing after being hit by a series of bad luck this year.
Nepal has been placed at a low 118th out of 144 nations on Forbes' annual list of the best countries for business in 2015.
The fate of four hydropower projects with a combined capacity of 560 MW is in limbo due to fuel shortages, lack of coordination with contractors and indecision among stakeholders.
Nepal’s paddy output has been projected to fall sharply by 10.22 percent to 4.29 million tonnes this fiscal year, swelling the food deficit, widening imports and putting pressure on market prices.
Tribhuvan International Airport (TIA) was all spick and span on Tuesday, a dramatic turnaround from the disaster zone described in the inspection report prepared by a government fact-finding mission a week earlier.
The government has planned to distribute gasoline to private vehicles next week, and it has also developed software to implement a queue system and prevent petrol stations from being overrun by frenzied motorists.
A fact-finding committee under the Tourism Ministry has exposed the Tribhuvan International Airport (TIA), the country’s sole international aerial gateway, plagued with varied problems.
Nepal has sought an additional 6,000 tonnes of diesel, petrol and aviation fuel and 5,000 tonnes of cooking gas in grant from China.
The government is preparing to formally request China to expand the Dhulekhel-Tatopani section of the Araniko Highway.
Nearly 2,000 factories in the country’s industrial heartland, the Bara-Parsa Industrial Corridor, have been shut down due to lack of raw materials as shipments from India have stopped due to the Tarai unrest.
Nepal Rastra Bank (NRB) has directed the bank and financial institutions to bear the cost of police investigation on banking fraud cases.
Nepal imported agro products worth Rs137.12 billion in the last fiscal year 2014-15, setting off concern that the agrarian country’s dependence on imported farm products was ballooning out of control.
Industrialist Banwari Lal Mittal, best known for pioneering commercial helicopter services in Nepal, passed away at his residence in Gyaneshwor on Wednesday. He was 79.
The Ministry of Energy (MoE) has been preparing to declare an energy emergency lasting three to five years as per the government’s plan to make the country self-reliant in energy by cutting red tape and launching a rush programme.
Nepal Rastra Bank (NRB) has tightened controls on the exchange of Indian currency amid an unwarranted surge in demand and a growing trend of selling it on the black market.
The government on Thursday named a seven-member team to sign the first commercial oil deal with Petro-China in Beijing this week. The delegation will “probably” leave for Beijing on Friday.
More than 50 percent of domestic flights will not take off on Friday after being denied enough fuel by the Nepal Oil Corporation (NOC) on Thursday.
NEA planning to increase load-shedding hours
The Nepal Electricity Authority (NEA) has been considering extending the load-shedding hours as demand for electricity has been swelling significantly with the approach of the winter season.
Pointing out Nepal’s overdependence on India as the main reason behind the massive impact of unofficial Indian embargo on Nepal, Prime Minister KP Sharma Oli on Sunday stressed on the need to learn from this fact.
The Tihar festival has become an expensive affair for many Nepalis as prices of almost all household commodities have skyrocketed with black marketers apparently holding sway.
The Asian Development Bank (ADB) has said it is willing to provide aid to establish a large-scale solar plant in Nepal which is in the midst of a fuel crisis.
Prime Minister KP Sharma Oli has dropped a hint that the unofficial trade embargo could prolong as the ongoing Tarai unrest has been “backed by India”.
The construction work of various national pride projects like the Mid-Hill Highway and the 900 MW Upper Karnali besides a number of small hydro projects in Naumule has been affected due to the fuel crisis caused by India’s unofficial blockade.
The Nepal Oil Corporation (NOC) has signed contracts with two private companies—Birat Petroleum and Petromax Nepal—to supply petroleum products to the state-owned oil company.
Householders in Pokhara were able to buy cooking gas for the first time on Wednesday since dealers ran out of stock one and a half months ago after India stopped shipments.