Shankar Khanal of Kathmandu purchased two ropanies of apple orchard for Rs4.2 million in the Rara region recently.
Talks between Nepal Oil Corporation (NOC) and petroleum tanker operators held here on Monday ended fruitless after the latter stood firm on their stand that they would not abide by NOC’s provision that requires them to have at least five tankers to run the business.
India has proposed March-end or early-April for Nepal-India Joint Technical Committee meeting on air routes after the meeting failed to convene in the first week of February,
Indian Railways Minister Suresh Prabhakar Prabhu landed in Kathmandu on Saturday afternoon to participate in Nepal Infrastructure Summit 2017 that is slated to be held from February 19-20.
Nepal Airlines Corporation (NAC) has set a minimum sale price of $1.7 million for its vintage Boeing 757 which is being auctioned, multiple sources have confirmed.
Abundant supplies of seasonal vegetables in the market have resulted in their prices dropping sharply in the last few weeks.
The District Administration Office (DAO), Gorkha is likely to start distributing compensation to residents of three VDCs for their land taken over by the Budhi Gandaki Hydroelectric Project this week.
Calls for the formulation of a Petroleum Act have intensified to control malpractices in the liquefied petroleum gas (LPG) business. Lack of laws has prevented Nepal Oil Corporation (NOC)
The chairman of Kathmandu Valley’s sole drinking water supplying firm, who has lost support of most of the staff because of his high-handed attitude, has withdrawn two court cases filed against the company he is working for.
Nepal and India have agreed to finalise the detailed project report (DPR) of the proposed Butwal-Gorakhpur cross-border transmission line prepared by the joint technical team representing both the countries.
The Indian developer of the Arun-3 Hydropower Project has claimed compensation from the government for failing to abide by its commitment to give continuity to the laws that existed when the project development agreement (PDA) was signed.
On Sunday, NMB Bank launched an attractive two-year fixed deposit scheme offering an annual interest of 12 percent. This basically means depositors who park, say Rs100 at NMB, will be guaranteed a return of Rs12 per year for a two-year period.
NEA to save Rs1b a year as it slashes power leakage
In one of the rare achievements in its history, Nepal Electricity Authority (NEA) has cut down electricity leakage by 2 percentage points, reducing its losses by at least Rs1 billion.
Sebon directs NLI and FC Microfinance to settle share allotment by Feb 24
The Securities Board of Nepal (Sebon) has directed Nepal Life Insurance and Forward Community Microfinance to settle their share allotment process by February 24.
The trade deficit has gone up by 71.3 per cent in the first six month of the current fiscal year, thanks to heavy increase in goods import despite normal rise in the exports in the country.
Nepal Airlines Corporation (NAC) formally received an MA60 and a Y-12e aircraft ordered from the manufacturer China Aviation Industry Corporation (AVIC) on Wednesday.
Great deal of uncertainty remains over the proposed Nepal-India joint technical committee meeting on air routes which was scheduled for the first week of February, amid controversy over India’s proposal to allow overnight stay for in-flight security officer, popularly known as “air marshal”.
Nepal Airlines Corporation (NAC) on Monday announced that it would be launching four new long-haul routes besides resuming its London service after acquiring two wide-body jets in 2018.
The Department of Transport Management (DoTM) has been swamped with 149,000 applications for 1,500 new taxicab operating permits being offered to residents of the 14 districts hardest hit by the earthquakes of 2015 as part of a support programme for victims.
A committee is considering requesting the government to acquire the detailed project report of Kathmandu-Tarai Fast Track prepared by an Indian firm to expedite the process of building the 76-km expressway which is expected to reduce travel time from the country’s capital to Nijgad in the south to less than an hour.
Nepal Telecom (NT) will be offering 4G (fourth generation) service to its prepaid subscribers too from Saturday, a month after it was launched for postpaid subscribers.
KUKL chairman agrees to withdraw court case
The obstinate chairman of Kathmandu Upatyaka Khanepani Limited (KUKL) has agreed to withdraw a court case filed against the company he is working for.
The Tourism Ministry’s plan to induct a strategic or management partner at Nepal Airlines Corporation (NAC) has taken another slow step forward with the formation of a panel to study how this will be done.
Nepal has made a formal request to India to scrap a 4.5 percent service tax on ocean freight costs which was imposed in accordance with a notice issued by the Revenue Department of India on January 12.
The Indian government has pledged to extend 17 percent more in financial aid to Nepal in the next fiscal year, indicating greater enthusiasm of the southern neighbour to support the landlocked country’s development endeavours.
Nepal Oil Corporation (NOC) on Wednesday raised the price of liquefied petroleum gas (LPG) by Rs 25 per cylinder.
The increase in the interest rate of bank and financial institutes had resulted in ripples in share market.
Nepal Electricity Authority (NEA) is importing an additional 25MW electricity from India from Wednesday.
Gas bottlers have been refusing to import liquefied petroleum gas (LPG) even though the government has agreed to their longstanding demand to be allowed to operate their own tankers because now they have another complaint.
Top-up cards of Nepal Telecom (NT) worth Rs2 million—20,000 units worth Rs100 each—have gone missing while being imported from India, the state-run telecom service provider said on Saturday.
Cabinet meeting decides to merge NIDC Development Bank and RBB
The government has decided to merge the NIDC Development Bank with the Rastriya Banijya Bank (RBB). A meeting of the Council of Ministers on Friday took this decision, according to Minister for Information and Communications Surendra Kumar Karki who is also the government spokesperson.
A bevy of foreign investors have expressed an interest in building the proposed second international airport (SIA) in Nijgadh, Bara, but the government is reluctant to award the contract to anybody, officials said.
The Civil Aviation Authority of Nepal (Caan) has decided to lease out its land at Sinamangal to the Bed Upreti Trust without following procedure.
In a bid to increase internal production and end power-cuts across the country, the government has recently urged all under construction hydropower projects to be completed before the deadline.
The International Monetary Fund (IMF) has revised Nepal’s economic growth forecast sharply upward to 5.5 percent for this fiscal year, signalling an end to a two-year streak of low growth.
Vegetable imports from India have continued to increase even as the far-western region has seen a rise in commercial vegetable farming.
A team of geologists from the Department of Mines and Geology has arrived at Dhauwadi in Nawalparasi district to conduct a detailed study on extraction of iron from ores found in the village.
Repair work likely to complete by Feb 10
Repair work on a section of road in Kathmandu’s Naxal area that had caved in is likely to be completed by Feb 10.
District Administration Office (DAO), Gorkha, is likely to start distributing compensation to locals of three VDCs for land to be acquired by Budhigandaki Hydroelectric Project (1,200MW) within two weeks.
Amid much fanfare on January 10, Energy Minister Janardan Sharma announced the Power Purchase Rates (PPR) at which the Nepal Electricity Authority (NEA) would buy electricity from reservoir, peaking and run-of-the-river type projects.
Nepal can generate revenue of up to Rs310 billion per year in 2030 and as high as Rs1,069 billion per year in 2045 if the country is able to sell electricity to India by harnessing its hydropower potential.
The Nepal Telecommu-nications Authority (NTA) has said it may not be able to further stall issuing Ncell’s 4G licence for non-payment of capital gains tax as it has not been formally informed about the telecom company’s tax liabilities.
Consumer prices rose at the slowest pace in 12 years in December, as food inflation eased and difference between consumer price hike in Nepal and India narrowed down to the lowest level in the last 28 months.
In a major breakthrough in the development of West Seti Hydropower Project, NEA and China Three Gorges Corporation on Monday put the initials on a joint venture pact to build one of the largest reservoir type hydro projects.
Nepal Airlines Corporation (NAC) moved closer to acquiring two Airbus A330-200 long-range jets after its board unanimously agreed to award the supply contract to US-based AAR Corp.
Officials of the Indian finance ministry and the central bank will soon visit Nepal to take stock of preparations made by Nepal to provide currency exchange facility to Nepalis holding banned Indian banknotes.
Nepal has emerged as one of the top 10 low income developing countries (LIDCs) to attract investment in infrastructure projects built under Public-Private Partnership (PPP) model, says a latest International Monetary Fund (IMF) report.
Nepal Airlines Corporation’s (NAC) board has approved its management plan to nearly double salaries and allowances of cockpit and cabin crews in a bid to retain them.
Nepal Airlines has taken the top spot in international passenger carriage for the first time in years, flying 275,701 travellers during the first nine months of 2016.
Nepal’s tourism experienced a dramatic turnaround last year after being hit by the twin disasters of a devastating earthquake and crippling trade embargo in 2015.
Stakeholders on Tuesday expressed the need on enforcing effective mechanism on growing gold smuggling through Tribhuvan International Airport (TIA).
Govt planning to set up hedge fund to attract foreign investors
The government is planning to set up a hedge fund in a bid to facilitate foreign investors interested in investing in hydropower projects in the country.
The Banks and Financial Institution (BAFI) Bill, 2063 (2006) was endorsed on Tuesday with a majority.
Gas stations ordered to upgrade
Gasoline stations have been told to upgrade their infrastructure and maintain safety standards set by Nepal Oil Corporation (NOC) in the next four months.
Caan takes controversial step to pay Rs530m bonus
The Civil Aviation Authority of Nepal (Caan) has decided to distribute Rs530 million as bonus to its employees in a move that has stirred controversy as the money has actually been collected from taxpayers.
The government is considering on floating shares of Kathmandu Upatyaka Khanepani Limited (KUKL), the sole drinking water supplier in the Kathmandu Valley, to the public to raise a portion of funds required to complete the second phase of the Melamchi Drinking Water Project.
Janakpur, one of the major Nepali cities having significant religious and cultural essence, is in the cusp of a new era, as development works are moving ahead at a rapid pace with implementation of several infrastructure projects.
India has imposed anti-dumping duty ranging from $6.30 to $351.72 per tonne on the import of jute and jute products from Nepal.
Three taxi cabs were fitted with meters that print out receipts on Sunday, marking the formal inauguration of the taxi receipt system in Nepal.
Morang has overtaken Jhapa as the largest paddy producing district in terms of area for the first time, according to the statistics of the Ministry of Agricultural Development.
Dishonest traders may be fined up to Rs100,000 on the spot under a new Consumer Protection Act the Supplies Ministry is currently preparing.
Nepal is headed for the largest paddy harvest in history as the heavens have smiled on farmers and sent down an above average monsoon, according to a preliminary crop production report released by the Agricultural Ministry on Sunday.
2016 would probably be remembered as a year when the country’s economy finally started seeing signs of recovery after a year in doldrums.
State-run Nepal Telecom (NT) is launching fourth generation (4G) telecom service in Kathmandu and Pokhara valleys on Sunday, in a bid to provide faster and higher quality data services to its subscribers.
Nepal Oil Corporation (NOC) is likely to roll back prices slightly on Sunday following criticism by lawmakers over its recent price hike. Fuel prices could go down by up to Rs2.50 per litre, an NOC official said.
Nepal and India have agreed on a fresh deadline of February 2017 to finalise the detailed project report (DPR) of the Pancheshwar Multipurpose Project.
US-based AAR Corp has submitted the lowest bid to supply two Airbus A330-200 long-range jets to Nepal Airlines Corporation (NAC), according to the evaluation committee's report submitted to the NAC management last week.
Twenty companies have expressed interest in launching satellite in the orbital position allocated to Nepal by International Telecommun-ication Union (ITU).
Nepal, India agree third-country codeshare deal
Nepal and India have agreed on a third-country codeshare deal which allows carriers of the two countries to share marketing services with airlines from third countries.
Nepal Electricity Authority’s (NEA) drive to make the Kathmandu Valley a loadshedding-free zone has got a major shot in the arm, as India has agreed to supply an additional 80MW electricity through the Dhalkebar-Muzaffarpur cross-border transmission line.
The Cabinet on Thursday scrapped all the agreements made with an Indian firm to build a 76-km expressway linking Kathmandu with Nijgadh, clearing legal hurdles to allow the government to build the fast track with its own resources.
The much-touted Upper Tamakoshi Hydropower Project is going to miss its construction deadline of July 2018 as its contractors, consultant and the Nepal Electricity Authority (NEA) have agreed to push back the completion date to December 2018.
India has agreed to develop the Trans-Himalaya 2 air route and redefine the Kathmandu-Mahendranagar-Delhi (L626) route as a bi-directional route during the Nepal-India air service talks which concluded in New Delhi on Wednesday.
Travelling in and out of Kathmandu Valley may be a lot easier in a few years, as Japan has formally agreed to extend financial support to build a tunnel on Nagdhunga-Naubise section-one of the busiest and gridlock-prone segments of the Prithivi Highway that links the country’s capital.
Come January 1, all taxis operating in Kathmandu Valley must start installing billing system on their vehicles.
Nepal’s biggest raised flat-land of river deposition with human settlement, Salyantar, is now surrounded by more than 100 unchecked brick-manufacturing factories that discharge smoky haze adversely destroying the greenery and affecting human health.
India Banknote Ban: Govt clueless about IC exchange facility
The December 30 deadline issued by the Indian government to deposit banned Indian banknotes of 500-rupee and 1,000-rupee denominations in financial institutions is fast approaching,
A Japanese company has expressed interest in developing the Tamakoshi III Hydropower Project, which has been in limbo after Norway’s Statkraft pulled itself out of the project in January.
Nepal’s trade deficit doubled in the first four months of the current fiscal year, as imports surged following a significant jump in consumer demand after the end of the Indian blockade.
The Kathmandu District Court on Friday rejected the appeal of Spanish firm Constructora Sanjose, the contractor for the Tribhuvan International Airport (TIA) improvement project, seeking a prohibitory order against the termination of its contract.
Average prices of goods and services rose at the slowest pace in almost a decade in November, as food inflation eased and transportation and communication costs fell.
Export earnings from handmade products surged 19 percent in the first four months of the current fiscal year, thanks to sustained demand from markets like China, the US and Europe.
Air travellers may be celebrating the upcoming holiday season by paying more for plane tickets. The Civil Aviation Authority of Nepal (Caan) has approved a flat 24 percent hike in domestic airfares that will go into effect in two weeks, Tourism Ministry sources said.
As the first phase of the Melamchi Drinking Water Project moves closer to becoming a reality, the Asian Development Bank (ADB) on Thursday announced it was stepping up part two of the scheme that will ensure 24/7 water supply in parched Kathmandu.
Domestic airlines followed up on a drop in aviation fuel prices by slashing fuel surcharges on Tuesday.
The Nepal Oil Corporation (NOC) on Monday slashed prices of aviation fuel sold to international and domestic carriers each by Rs 8 per litre, raising the spectre of reduction in air fare at least in the domestic sector.
The Energy Ministry has started the process of sacking three board members of Nepal Electricity Authority (NEA) on charges of obstructing the reform process initiated by NEA Managing Director Kulman Ghising, who is credited for getting rid of hours-long power cuts from the Kathmandu Valley.
Tourism in the popular jungle safari destination of Sauraha has rebounded with a vengeance after suffering a series of disasters last year.
The Nepal Stock Exchange index that continued to suffer in earlier days, witnessed a surge by 2.88 percent to 43.52 points on Tuesday. The sensitive index climbed to close at 1,553 points.
Three weeks on, Nepal awaits India’s response
It has been almost three weeks since the Indian government banned circulation of 500- and 1,000-rupee banknotes,
The much-touted West Seti Hydropower Project may not generate as much electricity as expected, as the Chinese developer has signalled downward revision on its installed capacity, citing drop in water level in the river.
Jeffrey D Sachs, a world-renowned professor of economics and a global leader in health policy and sustainable development, is visiting Nepal this weekend at the invitation of the National Planning Commission (NPC), the apex body that frames the country’s development plans and policies.
Nepse plunges 64.55 points on Sunday
Continuing its bearish trend, Nepal Stock Exchange (Nepse) plunged 64.55 points on Sunday too.
Average monthly spending by Ncell customers dropped by Rs57 each in the third quarter of 2016 as Nepal’s largest private telecom company slashed tariffs for voice and data packages.
The Nepali rupee has recovered slightly after hitting an all-time low against the US dollar as the Indian rupee, to which it is pegged, closed stronger as the week ended.
Draft of Civil Aviation Bill sent to Tourism Ministry
The proposed Integrated Civil Aviation Bill 2016 has moved a step forward with a draft being sent to the Tourism Ministry on Wednesday for its examination.
The flow of money into the economy has surpassed outflows for the first time in three months of the current fiscal year, as foreign direct investment posted a robust growth and remittance income went up moderately.
Nepal became the world’s fifth largest producer of lentils in 2014, moving up one spot from 2013 after US lentil output suffered a sharp drop of 33 percent.
Life thrown into turmoil after India note withdrawal
The ban on Indian Rs500 and Rs1,000 banknotes has hit Nepal’s trade and business activities besides making life hard for students and people travelling to India for pilgrimage and medical treatment.
Nepal Stock Exchange (NEPSE) suffered a whopping decline of 40.32 points to close at 1658 points on Thursday. The NEPSE had witnessed an opening of 1700 points.