The government has planned to distribute relief money to farmers in the 30 districts where crops were destroyed by the August floods before the Dashain festival which begins next week.
Many newly-formed local bodies in the country may not be able to deliver public services effectively and efficiently, as they have limited independent income sources to cater to people’s needs, says a latest World Bank (WB) report.
Nepal Stock Exchange (Nepse) index shed 24.24 points, or 1.6 percent, last week to close at 1530.31 points on Thursday, the last trading day of the week, as demand for shares of banks, hydropower companies and insurers fell.
Nepal Electricity Authority (NEA), the state-owned power utility, is mulling a six-month deadline extension to one of the contractors of the Kulekhani 3 Hydropower Project to complete all the construction works.
Nepal has signed an agreement with the US government on Friday to secure a grant of $500 million (approximately Rs51.5 billion) at Washington DC, USA on Thursday.
Tunnel boring machine to dig under Chure hills
The Bheri Babai Diversion Multipurpose Project has become the first project in the country to import a tunnel boring machine. The equipment will be used to dig a 12-km tunnel under the Chure hills to transfer water from the Bheri River to the Babai River.China Overseas Engineering Group, the contractor hired to develop the project, brought the tunnel boring machine manufactured by Robbins Company of the US to the project site on Tuesday.
Importers of liquefied petroleum gas (LPG) have warned that they will launch a protest from September 17 if the government does not take decisive steps to obtain explosive licences for Nepali gas bullets from Indian authorities.
Supplies Minister Shiva Kumar Mandal on Friday said the government would take stern action against stores on Durbar Marg found cheating customers.
Tribhuvan International Airport (TIA) has failed miserably to utilise over Rs5.3 billion collected from air passengers for development of its crumbling infrastructure.
A delegation from the Asian Infrastructure Investment Bank (AIIB) is visiting Nepal as early as this month to appraise the rural electrification project in the western region and a hydropower project, which the government is planning to build using soft loan provided by the China-funded multilateral lender.
The parliamentary Public Accounts Committee (PAC) has decided to launch a formal investigation into delays in the upgradation of airport project in Bhairahawa as uncertainty over completion of the project within the extended deadline looms large. The project completion deadline has already been extended twice.
The exposure of commercial banks to overdraft, a loan product considered highly risky by the banking sector regulator, is increasing rapidly, with the credit making a contribution of as high as 37 percent to the total loan portfolio of a bank.
Prime Minister Sher Bahadur Deuba has directed the Tourism Ministry to pay the money due to the Korean company for preparing a detailed feasibility study report of Nijgadh International Airport planned to be built in Bara, 175 kilometres south of Kathmandu.
China has listed the Budhi Gandaki Hydropower Project in central Nepal as one of the components of its Belt and Road Initiative (BRI) which envisages greater trade and connectivity and supports varied infrastructure projects.
Nepal will sign an agreement with the US government on September 14 to secure a grant of $500 million (approximately Rs51.5 billion) for construction of transmission lines and maintenance of various road sections.
The hilly areas in the Farwest region of Nepal are getting connected to the national power grid for the first time, as Nepal Electricity Authority (NEA), the state-owned power utility, is launching operation of the 132kV Blanch-Attariya Transmission Line Project very soon.
The five-star Fulbari Resort and Spa in Pokhara has remained closed for more than six months due to a dispute between management and employees over pay and other facilities.
Nepal is bracing for its annual festival rush when people return home in the hundreds of thousands to party with their families. This coincides with the peak tourism season and sends transportation systems haywire.
The United States Agency for International Development (USAID) has launched Kisan II with the aim of facilitating the value chain of farm products of Nepal’s rural areas. The $32.7 million project will be implemented for the next five years in 20 districts.
The biggest automobile extravaganza NADA Auto Show 2017 kicked off at Bhrikutimandap in Kathmandu on Tuesday.
Trekkers and mountaineers in the Everest region will be able to call a doctor directly through Hello Doctor, an online emergency medical service slated to be unveiled next month by Everest Link, a wireless internet service provider in high altitude regions.
The government on Sunday announced a Rs1.25-billion relief scheme for farmers in 30 districts who lost their crops to the recent floods.
On August 15, the Nepal Rastra Bank, the banking sector regulator, barred banks and financial institutions from factoring in deposit collected from other banking institutions to gauge their lending capacity.
The flow of money into the economy surpassed outflows in the last fiscal year as well, albeit the growth rate of balance between inflow and outflow squeezed due to deceleration in money sent home by Nepalis working abroad and failure to raise exports.
The government has made a foray into lucrative bottled-water business by commencing production of packaged drinking water from its own plant in Panauti Municipality of Kavrepalanchowk district.
Nepal earned a record Rs58.52 billion in foreign exchange from the tourism industry in the last fiscal year 2016-17 ended mid-July, according to the latest figures released by Nepal Rastra Bank (NRB).
Annual inflation cooled down to 12-year low of 4.5 percent in fiscal year 2016-17, as prices of food and non-food items went up moderately.
The government will start replacing hand-painted vehicle licence plates, which are in use for more than century, with embossed registration number plates from Monday.
Nepal Stock Exchange (Nepse) dipped 23.78 points to close at 1,629.75 points last week, as demand for shares fell outside Kathmandu Valley due to floods in Terai.
The defiant chief of Nepal Oil Corporation (NOC), who is embroiled in a corruption case worth millions of rupees, has challenged journalists to prevent him from wrapping up controversial land purchase deals.
Air traffic controllers (ATCs) and pilots are bracing themselves for the upcoming peak travel season which begins in September as record high aircraft movements have been projected.
Nepal has achieved another key milestone in securing a grant of $500 million (approximately Rs51.5 billion) from the United States, as the board of the Millennium Challenge Corporation (MCC), an independent US government agency working to reduce global poverty through economic development, has approved the proposal to extend financial support to the country.
The Tourism Ministry has postponed the Visit Nepal Year 2018 campaign to 2020 due to the slow pace of road and airport upgradation projects and reconstruction of historical monuments and cultural heritage sites.
Power has been restored in almost all districts in eastern Nepal as most of the damage caused to the distribution system by floods resulting from last week’s torrential rains has been fixed, the Nepal Electricity Authority (NEA) said.
The farm sector is expected to suffer losses to the tune of Rs2.86 billion due to flash flood triggered by heavy rainfall in the Tarai districts since last Thursday, according to preliminary estimates of the Ministry of Agricultural Development.
Parts of East Nepal crippled by floods
Massive flooding and landslides triggered by a continuous downpour since Thursday have knocked out power to many parts of east Nepal and crippled normal life.
A sub-committee under the parliamentary Bill Committee has concluded that Nepal Oil Corporation (NOC) violated procedure when buying land to build fuel storage plants.
Nepali traders have started shunning the Bhairahawa border crossing point to conduct trade with India due to lengthy security checks on the Indian side which have led to higher transportation costs, delayed deliveries and deterioration in the quality of goods.
Gasoline stations have launched a protest by stopping to receive deliveries of fuel over a dispute with Nepal Oil Corporation (NOC) regarding compensation for shrinkage loss.
The Commission for the Investigation of Abuse of Authority (CIAA) has suspected foul play in deals sealed by Nepal Oil Corporation (NOC) at the time of buying land to build oil storage facilities at four locations.
India has agreed to reduce the price of electricity that is exported to Nepal.Electricity from India is imported from different Indian states via cross-border transmission lines.
‘NOC deliberately ignored procedure’
The parliamentary Industry, Commerce and Consumer Welfare Committee has declared that Nepal Oil Corporation (NOC) decided unilaterally and ignored procedure when buying land to build storage plants at four locations.
The parliamentary Public Accounts Committee (PAC) has ruled that there have been irregularities in Nepal Oil Corporation’s (NOC) controversial land purchase deal and directed the Commission for the Investigation of Abuse of Authority (CIAA) to investigate and take action against those involved.
The four-decade-old dream of Pokhara residents to build an international airport in their city is coming closer to fruition, with the construction of the project formally beginning on Wednesday.
Nepal Oil Corporation (NOC), which is under investigation over alleged embezzlement of hundreds of millions of rupees while buying land for construction of fuel storage facilities, has submitted documents related to controversial land purchase deals to the probe panel of the parliamentary Finance Committee.
Newly appointed Irrigation Minister Sanjaya Kumar Gautam visited the construction site of Sikta Irrigation Project, a national pride project which aims to irrigate 80 percent of the arable lands in Banke district, within a week of taking office and directed concerned authorities to expedite construction works.
The Nepal Electricity Authority (NEA) has been able to reduce its losses radically by controlling power leakage and hiking the tariff. The state-owned power utility posted a net loss of Rs970 million in the last fiscal year, a whopping 88 percent drop from the previous fiscal year’s Rs8 billion.
Nepal Stock Exchange (Nepse) gained 10.78 points to close at 1,646.53 points last week, after listed companies posted strong financial reports in the last fiscal year and attracted more investors. Similarly, the surge in demand for stocks of insurance companies also boosted the market last week.
Newly-appointed Minister for Agricultural Development Ram Krishna Yadav on Friday directed his officials to find immediate, mid-term and long-term solutions to address the problem of low paddy transplantation in five central and eastern Tarai districts.
Pioneer of eco-tourism Tiger Tops has stopped elephant-back safaris to end animal suffering. Adventure seekers will now follow the jumbos on foot to observe their activities instead of riding on their backs to sight-see in the jungle.
The Poor Household Support Coordination Board has finalised a draft social security scheme for holders of poverty identity cards. Under the proposed plan, householders will receive subsidised healthcare, education and self-employment training.
An environmental impact assessment (EIA) is being done for a cross-border oil pipeline that Nepal Oil Corporation (NOC) plans to build to ensure uninterrupted fuel supply and reduce dependency on often unpredictable tanker transport.
The Tourism Ministry has finalised a draft Civil Aviation Bill which proposes splitting the Civil Aviation Authority of Nepal (Caan) into two entities, regulator and service provider.
The country’s imports and exports from Nepal-India border point at Bhairahawa in the west have been severely hit, as Indian border security personnel have started conducting thorough inspection of cargo vehicles.
More than 2.4 million small and large trees will have to be cut down to build the much ballyhooed modern international airport in Nijgadh, Bara, a draft Environment and Social Impact Assessment (ESIA) report has revealed.
The Nepal Army, which has been authorised to build the Kathmandu-Tarai expressway, has indicated that it might use the Detailed Project Report (DPR) prepared by an Indian consortium, as it has already started making preparations to excavate earth and blast rocks at the construction site of the 76-km roadway.
Seven hydropower companies and four financial institutions are in the process of issuing primary shares, the Securities Board of Nepal (Sebon) said.
The Election Commission (EC) on Sunday asked Secretary at the Office of the Prime Minister and Council of Ministers (OPMCM) Gopinath Mainali to return a vehicle and a mobile set issued to him while he was the secretary at the election governing body.
Province 2 will not see much development activities in the next few months as it will not be able to utilise a big chunk of the budget provided by the central government due to postponement of local level elections and upcoming festive season.
The Investment Board Nepal’s (IBN) plan to initiate global bidding process to develop the much-awaited Tamakoshi 3 Hydropower Project is in limbo, as the government has failed to approve the project’s implementation modality.
Nepal, China trade halted due to landslide
Rasuwagadhi-Kerung, Nepal’s only gateway to land trade with China has been obstructed due to landslides. The Pasang Lhamu Highway in Rasuwa district has been hammered by incessant rainfall since Thursday, triggering landslides.
The government of Nepal will sign a $630-million investment agreement with the Millennium Challenge Corporation (MCC), an independent US government agency working to reduce global poverty through economic development, in September to build a robust energy and transport infrastructure in the country.
The government has been mulling to tighten the criteria for new airline permits with the view of streamlining the industry amid intensifying competition and difficulties in maintaining acceptable safety levels.
The pace of paddy transplantation has slowed in the Central and Eastern development regions due to fluctuations between the active and weak spells of the monsoon. However, the transplantation rate in the Far and Mid-Western and Western regions has been better than expected.
Nepalis holding banned Indian banknotes of IRs500 and IRs1,000 denominations may not be able to exchange them for legal tender as India remains silent on the issue, Nepal Embassy officials in New Delhi said.
Consumer prices grew at the slowest pace in almost 13 years in June, as food prices fell and non-food prices went up moderately.
Nepal’s budding e-commerce business is expected to get a much-needed shot in the arm soon, as two banks are introducing platforms that will enable debit and credit card holders to purchase goods and services from online stores based in the country.
TIA Modernisation Project: Govt blacklists ousted Constructora Sanjose
The Public Procurement Monitoring Office (PPMO) has blacklisted the ousted Spanish contractor of the Tribhuvan International Airport (TIA) Modernisation Project for failing to complete government projects within the deadline and non-cooperation with authorities.
Nepal-made footwear products are on the cusp of losing a big chunk of share in the growing domestic footwear market, as smuggled products, under-invoicing of imported products and lack of incentives for manufacturers have started eroding their competitive edge.
The government’s capital spending bunched towards the end of the fiscal year this time as well, as an average of Rs3.5 billion in capital budget was spent per day in the last three weeks, as against the daily average of 0.6 billion in the entire financial year of 2016-17.
Officials at the Visakhapatnam Port have urged Nepali traders to make more use of the seaport in the Indian state of Andhra Pradesh citing cost of ferrying goods from the port is lower.
Nepal is seeing an unprecedented boom in hotel construction that will add 4,000 star category rooms by 2020. The building spree has spread concern among the existing hoteliers who fear that the new entrants will eat into their markets.
Govt team to visit India for GST talks
Showing concern on the possible impact on Goods and Services Tax (GST) imposed by the Indian government, a high level government team is holding talks with the Indian government officials on Tuesday.
Nepal Stock Exchange (Nepse) gained 18.3 points to close at 1,582.11 points last week, with investors expecting the central bank to introduce new monetary policy with a number of provisions to boost the secondary market.
The Kaligandaki Road Corridor—one of the national pride projects—connecting China and India has achieved a major breakthrough with the opening of the most difficult section in Baglung district on Friday.
The Nepal Stock Exchange (Nepse) will be entering a new era on November 7 when it goes fully automatic.
Nepal has secured third position in the Sustainable Development Goals (SDG) Index among South Asian nations, indicating the country is better-off in attaining the United Nations-backed targets within 2030 than many others in the neighbourhood.
Nepal imports 13 times more than it exports
Nepal has been forced to increase imports due to low domestic productivity stemming from labour problems and failure to promote import substitution industrialisation.
Paddy transplantation has been slow across the country this year due to a late monsoon, and even after the rain clouds arrived, there was little precipitation for nearly two weeks.
Nepal Oil Corporation (NOC) has slashed gasoline prices effective from midnight. The state-owned enterprise has reduced price of cooking gas by Rs25 per cylinder, aviation fuel sold to domestic airlines by Rs4 per litre while petrol, diesel and kerosene saw a price drop of Rs2 per litre.
A two-member expert team of the International Civil Aviation Organisation (Icao) arrived in Nepal on Sunday to monitor the status of corrective measures taken by Nepal to address significant safety concerns (SSC) related to operations and other aspects of the civil aviation sector.
Ousted Spanish contractor for the Tribhuvan International Airport (TIA) improvement project has filed a Rs2.91-billion compensation claim arguing that it had been ‘wrongfully’ fired.
A rush on gasoline stations in the Kathmandu Valley has eased with Nepal Oil Corporation (NOC) boosting deliveries. Panic buying triggered by talk of a possible shutdown led to petrol pumps going dry over the last few days.
The Nepal Electricity Authority (NEA) has been mulling to terminate the contract with China Three Gorges Corporation (CTGC) as it has been putting off establishing a joint venture company to construct the West Seti hydro project in far west Nepal.
Indian CA graduates to be barred from practicing
Chartered accountants, who get enrolled in the Indian chartered accountant institute after mid-July ’18 will not get a licence to practice chartered accountancy in Nepal.The Institute of Chartered Accountants of Nepal (ICAN),
The construction of international airport in Pokhara will formally begin from Thursday, a day after the second phase of the local elections, the project official said.
Despite recording a bumper harvest, six districts in the country grappled with the problem of high food insecurity in between mid-November and mid-March because of poor summer crop production, rapidly depleting household food stocks, geographic remoteness and poor income, says a latest report.
Increasing numbers of thrill seekers are choosing paragliding among the diverse adventure tourism activities offered in Pokhara.
The foreign consortium selected to supply two Airbus A330-200 to Nepal Airlines Corporation (NAC) has formally placed an order for the aircraft with the manufacturer, indicating that they will be delivered on time.
It has been more than seven months since the Indian government pulled 500- and 1,000-rupee banknotes out of circulation, but it has not provided exchange facilities to Nepali citizens holding the demonetized bills.
Nepal Electricity Authority (NEA), the state-owned power utility, has significantly slashed down electricity imports from India with the surge in power generation in the country.
Nepal Stock Exchange (Nepse) plunged 25.6 points to close at 1,589.59 points last week, as investors declined to purchase shares amid the uncertainty of holding the second phase of local election on prescribed time.
Heli Air Nepal will soon be launching a gyrocopter, a one-passenger rotary-wing aircraft, for the first time in the skies of Pokhara, adding a new adventure tourism product in the lake city, the company said on Saturday.
Stringent new guidelines on forest land acquisition have upset potential hydropower developers as they expect land acquisition costs to swell.
Chief Secretary Som Lal Subedi has called for limiting the number of ministries at the central level to 16, stating initiatives taken so far to empower local bodies will not yield desired results unless the big network of government’s administrative organisations is dismantled.
NAC secures Rs12b loan from CIT
Nepal Airlines Corporation (NAC) on Monday secured another Rs12 billion loan from the Citizen Investment Trust (CIT), a day after signing a credit deal for Rs12 billion with the Employees Provident Fund (EPF) to buy two wide-body Airbus A330 jets.
Nepal has registered the Nepal Coffee collective trademark in seven more markets—South Korea, Singapore, Japan, Norway, Switzerland, New Zealand and Hong Kong. The brand had been registered only in the European Union (EU) previously.
The government has expedited process of connecting the entire nation with broadband internet service within two years. The move is in line with the long term plan devised by the Ministry of Information and Communications for increasing communication accessibility.
More than 5,000 climbers have set foot on the summit of Everest from the Nepal side since Edmund Hilary and Tenzing Norgay Sherpa first conquered the world’s tallest mountain in 1953.
The Ministry of Finance is mulling over extending allowances, rather than fixed salaries, to elected representatives of local bodies to reduce the financial burden on the government.