The government has formally requested the US to add more products to the Nepal-specific trade preference programme which provides duty-free access to a range of Nepali goods, such as carpets, bags, headgear, shawls and scarves, to the American market.
The government has agreed to act as a loan guarantor for Nepal Airlines Corporation (NAC) for the procurement of two wide-body aircraft. A cabinet meeting on Thursday decided to this effect.
The government’s call to rope in a long-term strategic management partner at Nepal Airlines Corporation (NAC) has received lukewarm response, as only one company, Germany-based Lufthansa Consulting, has taken part in the closed bidding.
“Hello, this is your captain speaking. Due to air traffic movement at Tribhuvan International Airport (TIA), we will be spending an extra 30 minutes in the air. We will keep you informed. Enjoy the flight.”
If things go according to plan, women entrepreneurs will soon be offered interest subsidy on loans they acquire to establish, upgrade or expand enterprises.
Capital expenditure only 36 per cent in nine months
The total capital expenditure in the country has stood at 36 per cent in the first nine month of the current fiscal year.
Nepal has secured the top spot in the list of 10 best places to travel published by the British newspaper, The Guardian. In its report titled, ‘How to plan a post-Brexit holiday-from Serbia to the Lake District’, the the popular newspaper placed Nepal in the No 1 spot.
Nepal Stock Exchange (Nepse) gained 46.09 points to close at 1,697.13 points last week, with investors attracted to the possibilities of high returns from commercial banks that are due to reveal good financial health during their third quarter report.
Nepal’s largest helicopter operator, Shree Airlines on Wednesday welcomed its first 50-seater Bombardier Canadair Regional Jet (CRJ-200) as part of its plan to diversify and tap into Nepal’s expanding air travel market.
The government plans to implement an electronic cargo tracking system for Nepal-bound shipments at Indian ports from June in a bid to slash the cost of trading.
With all four international airport projects bogged down in problems, the parliamentary Development Committee on Wednesday directed the government to deal with them through a single window.
Local bodies, from next fiscal year, will not have to make rounds of different state agencies to receive funds to cover various expenses and execute development works, as the government is all set to devolve the entire responsibility of budget formulation from the central to local level.
Nepal Airlines Corporation (NAC) has put one of its two Boeing 757s up for sale. On Monday, the national flag carrier issued an auction notice setting a minimum sale price of $1.71 million for the 30-year-old Karnali bearing registration number 9N-ACA.
The parliamentary Public Accounts Committee (PAC) on Sunday directed the Commission for the Investigation of Abuse of Authority (CIAA) to launch a probe against officials and agencies who failed to collect capital gains tax on the Ncell buyout deal.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Monday felicitated 12 eminent personalities from different walks of life for their contribution in development of different sectors.
Don’t have your own vehicle? Tired of squeezing inside crowded public vehicles? And cannot always afford to take a taxi?
Hetauda Cement Factory and Udaypur Cement Factory will spend Rs1.5 to Rs2 generated from sales of every sack of cement to fulfil their corporate social responsibility (CSR).
On Friday, a sub-committee formed by the Parliamentary Committee on Commerce, Industries and Consumer Welfare Relation advised the government to revise the price of induction cooker gifted by China during the Indian blockade last year.
Nepali rupee has strengthened to a 20-month high against the US dollar, as the Indian currency, with which Nepali currency is pegged, gained weight after the Indian central bank decided not to change its policy rate.
NOC, IOC agree to seek int’l arbitration in S’pore
Nepal Oil Corporation (NOC) and Indian Oil Corporation (IOC) have agreed to settle all unresolved legal disputes at the Singapore International Arbitration Centre.
The decade-old plan of Nepal Airlines Corporation (NAC) to acquire wide-body aircraft to expand its network beyond Asia came closer to fruition on Friday with the signing of the final purchase agreement for two Airbus A330-200 long-range jets from US-based AAR Corp.
Nepal Airlines Corporation (NAC) has signed a $209.6 million deal to purchase two Airbus A330-200 long-range jets from US-based AAR Corp on Friday, marking the largest-ever jet purchase deal in Nepal’s aviation history.
Prime Minister Pushpa Kamal Dahal will appear before the parliamentary Public Accounts Committee (PAC) hearing on Sunday, chairman of the committee Dor Prasad Upadhyay told the Post.
The secondary market on Sunday leapt 79.47 points to close at 1,667.11 points, with a large number of investors attracted to purchase stocks of mainly the insurance companies following the sector’s regulator stepped up to increase the paid up capital of both life and non-life insurers.
The Bank and Financial Institution (Bafi) Bill, which should have become a law by now, has started gathering dust at the office of Speaker Onsari Gharti,
Nepal Stock Exchange (Nepse) gained 101.6 points to close at 1,587.64 points last week, with investors flocking to purchase shares amid rumours of the regulator introducing trading outlets outside Kathmandu which would raise share prices.
The Upper Tamakoshi Hydropower Project has announced that around 87 percent of the construction work has been completed, and that it expects to start generating electricity in July 2018.
Those seeking bank credit to engage in commercial agriculture will now get a waiver of at least 50 percent on interest rate, as the government has raised interest subsidy on agricultural loans to 5 percent.
Privately-owned Nepali carrier Himalaya Airlines on Friday added a new Airbus A320, a short-to-medium range aircraft, to its fleet.
Nepal’s travel and tourism sector pumped Rs177 billion into the economy and supported more than 427,000 jobs last year, the World Travel and Tourism Council (WTTC) said.
Nepal Oil Corporation (NOC) and Indian Oil Corporation (IOC) on Monday signed a new petroleum supply agreement that is expected to smoothen supplies of petrol, diesel and cooking gas from India.
The Nepal Electricity Authority (NEA) plans to import 50 MW of electricity from India via the newly built Kushaha-Kataiya cross-border transmission line while proposed imports of another 50 MW through the Parwanipur-Raxaul transmission line will not happen for more than a month.
Nepal has requested India to provide additional power through newly-built 132kV Kushaha-Kataiya and 132kV Raxual-Parwanipur cross-border transmission lines.
Tribhuvan International Airport (TIA) is at the final stage of awarding a $28-million contract for the rehabilitation of its battered runway.
Suresh Basnet, the unpopular board director of Kathmandu Upatyaka Khanepani Limited (KUKL), has finally stepped down, closing a tumultuous chapter in the history of the Kathmandu Valley’s sole drinking water supplying company that is gearing up to bring in 170 million litres of water per day from the Melamchi River by October.
Nepali people may seem like a docile lot based on the data provided by Nepal Telecommunications Authority (NTA), where only 22 formal complaints were filed against the regulator of telecom service in the fiscal year 2015-16 but on social media, it’s the wild west of complaints.
Construction work on Gautam Buddha International Airport in Bhairahawa has come to a halt as the Chinese contractor has not been able to pay the workers and suppliers.
The Civil Aviation Authority of Nepal (Caan) is preparing to send the preliminary ‘procedural design’ of the proposed regional international airport in Pokhara to China EXIM Bank to acquire financing to build the much-awaited project.
The Commission for the Investigation of Abuse of Authority (CIAA) has formally launched an investigation into the decision of the Civil Aviation Authority of Nepal (Caan) to distribute bonus to its employees from money collected from passengers to develop airport infrastructure.
Nepal Stock Exchange (Nepse) last week rose 18.12 points to close at 1,347.53 points amid a surge in demand after investors received their money back following completion of allotment of initial public offerings and further public offerings of a number of companies.
The Cabinet meeting on Wednesday gave clean chit to Ncell, a privately owned telecom service provider, on the capital gains tax fiasco.
The board of directors of Nepal Airlines Corporation (NAC) on Monday gave the go-ahead to sell one of its two vintage Boeing 757s. The national flag carrier has set a minimum sale price of $1.7 million for its 30-year-old Karnali bearing registration number 9N-ACA.
Lack of instructor pilots hinders operations
The House Public Accounts Committee has asked Nepal Airlines to explain why it has not been flying its Chinese-made Y12e aircraft to mountain airfields.
‘Get strategic partner for NAC in 3 months’
The parliamentary Public Accounts Committee (PAC) on Sunday directed the government to induct a foreign strategic partner in Nepal Airlines Corporation (NAC) within three months.
Indian Finance Minister Arun Jaitley has said that demonetized IRs500 and IRs1,000 banknotes held by Nepalis will be exchanged once proper arrangements have been put in place to ensure that black money and counterfeit currency do not enter the Indian financial system.
The government is planning to open parts of restricted areas to foreign tourists in a bid to raise tourism revenues, Tourism Minister Jeevan Bahadur Shahi said Friday.
The money from the sale of trees that will be cut down at the proposed construction site of an international airport in Nijgadh will pay for half of the construction cost, officials said.
The biggest investment summit being held in the country is kicking off on Thursday, drawing around 300 foreign delegates, mostly investors, who are expected to express commitment to invest in sectors ranging from infrastructure and mining to tourism and agriculture.
Officials from India’s central bank arrived in Nepal on Tuesday to take stock of preparations made by Nepal Rastra Bank (NRB), the Nepali central bank, to provide currency exchange facility to Nepalis holding demonetised Indian banknotes of IRs500 and IRs1,000.
Public transport vehicles that are more than 20 years old will be banned from the streets of Kathmandu from Wednesday, the Department of Transport Management (DoTM) said.
More than 3,000 brand new vehicles imported from India have gathered dust at parking yard of the Birgunj Customs Office, as sales of automobiles have dropped after banks and financial institutions started tightening disbursement of auto loans.
The performance of projects funded by the Asian Development Bank (ADB) in Nepal “improved notably” in 2016, with the government setting new records in fund disbursement and contract awards.
The Chinese contractor hired to build the Gautam Buddha International Airport at Bhairahawa runs the risk of being “terminated” due to political meddling that led to deterioration of its financial health, subsequently affecting its performance.
Nepal Stock Exchange (Nepse) last week lost 6.39 points to close at 1,337.46 points, as investors rushed to book profits amid rising prices.
One district one product: Eastern districts execute scheme
Eight districts in the eastern region have focused on “One District One Product” programme under the Prime Minister Agriculture Modernisation Project.
NEA relaxes hydrology penalty
Nepal Electricity Authority (NEA) has said project’s generating one to 10 megawatts of electricity will not be fined even if they fail to supply up to 50 percent of power they had pledged to sell to NEA at the time of signing power purchase agreement (PPA).
In December, 40 tonnes of yellow lentils worth over Rs10 million being smuggled from India were intercepted by the police in Parsa.
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.