The government plans to dangle nearly 70 potential projects with a combined estimated value of $24 billion before foreign and domestic investors at the Nepal Investment Summit slated for next week.
In a bid to facilitate the implementation of electronic cargo tracking for third country imports, Nepal Rastra Bank has allowed commercial banks to issue payment instruments in foreign currency for cargo transported by railway to Birgunj dry port and Biratnagar customs point only.
The Finance Ministry holds the number one spot in the list of non-paying tenants at Tribhuvan International Airport with more than Rs548 million in outstanding rentals.
Workers’ remittances in the first seven months of the fiscal year swelled 285 percent year-on-year, providing a much needed cushion to the country’s depleting foreign exchange reserves.
Beset by financial stress and prompted by government plans to bring a strategic partner, Nepal Airlines Corporation is preparing to conduct a financial audit for the first time in more than six decades
The aviation regulator—Civil Aviation Authority of Nepal—has announced a slew of measures to enhance the operational safety of helicopters in Nepal following the Air Dynasty helicopter crash in Taplejung on February 27 that killed all seven aboard, including Tourism Minister Rabindra Adhikari.
The government is hopeful of achieving an economic growth rate of 7-8 percent despite a slowdown in capital expenditure.
The Civil Aviation Authority of Nepal has lodged a counter claim for Rs13 billion in loss of income at the Singapore International Arbitration Centre against Constructora Sanjose, the ousted Spanish contractor of the Tribhuvan International Airport improvement project.
The Indian government has approved an investment proposal to build a transmission line in eastern Nepal to evacuate the electricity generated by Arun-3 Hydropower Project being developed by an Indian state-owned company.
Ministry of Agriculture and Livestock Development has proposed a slew of projects and programmes worth nearly Rs100 billion to boost Nepal’s agricultural sector as the agriculture imports bill has started ballooning out of control.
Tribhuvan International Airport continued its run of year-over-year passenger growth in 2018, marking yet another record year for the country’s sole international aerial gateway.
Analysts on Monday urged investors to inject their capital in Nepal, pointing out the present condition as a right time for the purpose as the country has started implementing federalism and the government is also keen at revising a number of policies.
Tanahu Hydropower Limited, the developer of the Tanahu Hydropower Project, is mulling to fire Cooperativa Muratori e Cementisti di Ravenna for being a no-show. The Italian contractor was supposed to send workers to the construction site and start work by February 11, 2019, but it has not done so.
Revenue collection at Birgunj Customs dropped to almost half of the targeted amount with the disruption in cargo movement following protests by customs agents last week.
The Tourism Ministry and the Civil Aviation Authority of Nepal are crossing swords over the operational modalities for Gautam Buddha International Airport in Bhairahawa.
Restaurants workers intensified their protest against the cancellation of the mandatory service charge by going on partial strike on Sunday and Monday saying they face a sharp reduction in their take-home pay due to its removal.
Nepal’s domestic air passenger traffic has more than doubled in the last 10 years with 7,800 travellers taking to the skies daily, according to data released by Tribhuvan International Airport.
Six out of nine airports in the country’s southern plains are now capable of handling night flights, with Bhadrapur Airport in the eastern region of Jhapa becoming the newest entrant after being equipped with area navigation technology.
Electricity generation by domestic hydropower projects has gone down significantly over the last month due to a sharp drop in water level in the river basins where the majority of the projects are located.
Nepal Oil Corporation has expedited construction of the cross-border Nepal-India petroleum pipeline project which had stalled due to a forest clearance issue.
Nepal will receive transshipment privileges and permission to use the electronic cargo tracking system on Nepal-bound cargo at Kolkata port from February 15. The facility is expected to reduce the cost of trading by minimising transportation time and speeding up clearance at the port.
The parliamentary International Relations Committee has told the government to issue a forest clearance permit to the proposed airport project in Nijgadh only after making sure that investment will be forthcoming.
Aeronautical Radio of Thailand is likely to win the bids for the installation of communications, navigation and surveillance (CNS) and air traffic management (ATM) systems at the Gautam Buddha International Airport project in Bhairahawa.
Outflow of funds from Nepal surpassed inflows by Rs85.32 billion in the first five months of the current fiscal year, mainly due to excessive rise in import bill compared to export earnings.
Domestic air passengers are laughing all the way to the airport as carriers are engaging in a fare war and making unannounced and quiet price cuts. The competition is expected to intensify with airlines planning to add more aircraft this year, and they will have to work harder to fill all those extra seats.
Nepal has asked India for transshipment privileges and permission to use the electronic cargo tracking system (ECTS) on Nepal-bound cargo at Kolkata port too. Nepal has been receiving transshipment privileges at Vishakhapatnam port and using the ECTS on cargo dispatched from there since August.
Arrivals crossed the coveted one-million mark for the first time in 2018 with 1.17 million foreign tourists streaming into the country. According to the Nepal Tourism Board, Nepal tourism reached the magic figure due to a jump in arrivals from India, China, the US, Sri Lanka and the UK.
Nepal’s earnings from exports of products identified by the Nepal Trade Integration Strategy (NTIS) rose 7 percent in the first five months of the current fiscal year, largely due to a rise in demand for medicinal herbs, woollen carpet, tea, yarn and textile products.
The government has appointed Surendra Prasad Paudel to lead Nepal Oil Corporation (NOC), the country’s sole petroleum supplier, which has an annual transaction of more than Rs170 billion.
Auto imports continue to swell even as economists wail about the expense and yawning trade deficit. Nepal imported SUVs and vans worth Rs17.85 billion in fiscal 2017-18, up from Rs15.20 billion in the previous fiscal year, the Trade and Export Promotion Centre said.
Tourism Minister Rabindra Adhikari said on Monday ‘all allegations’ of financial irregularities against him in the purchase of two Airbus A330 aircraft that caused heavy losses to the government were baseless and far from the truth.
Nepal’s trade deficit widened to Rs569.50 billion in the first five months of the fiscal year as imports of oil, construction materials, machinery, automobiles, electric appliances and airplane parts soared, according to Trade and Export Promotion Centre statistics.
Nepal’s tourism sector is booming as more Nepalis set out to explore their own country. Travel trade entrepreneurs said that after the earthquake of 2015, domestic adventure seekers started travelling across the country in droves.
Province 3 government officials are aiming to reduce poverty rate within its territory to seven percent from the current 15.3 percent in the next five years.
The invitation to bid for expansion works at Tribhuvan International Airport (TIA) has been cancelled for being premature, as it was issued without arranging the money to implement the project, sources at the Civil Aviation Authority of Nepal said.
On August 18, 2008, the Sapta Koshi River in eastern Nepal burst its eastern banks, 8 km north of the Indian border.
While the Montreal Convention 1999 (MC99) officially came into force in Nepal on Saturday with nearly eight-fold increase in compensation for airline passenger death involving international flights, clarity on whether the same provisions would apply to domestic carriage within Nepal has been awaited.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Tuesday urged the Nepal Rastra Bank (NRB) to address the soaring interest rate on loans issued to the commercial sector by the banks.
Texamo, the Indian contractor executing the hydro-mechanical works of the Upper Tamakoshi Hydropower Project, promised to get its act together and expedite work to meet the new deadline of mid-November 2019 after a pep talk by the energy minister.
The Civil Aviation Authority of Nepal (CAAN) on Saturday re-invited global bids for soil filling works and construction of international parking bays on the northern side of the runway of Tribhuvan International Airport (TIA) in Kathmandu, two years after the project was halted. The final submission deadline for the tenders is January 22, 2019.
The government has summoned Nepal’s Ambassador to Australia Lucky Sherpa to Kathmandu after she was charged with human trafficking by her former driver. The Ministry of Foreign Affairs on Friday instructed Ambassador Sherpa to report to the ministry within three days with an explanation.
Nearly 200 private firms register for Social Security Schemes
The formal private sector has responded positively to the recently launched Social Security Schemes, a landmark initiative that addresses the concerns of employees outside the government sector.
Nepal Airlines Corporation (NAC) has decided to resume flights to Kansai International Airport, Osaka, dropping its earlier plan to directly connect Kathmandu with Tokyo’s Narita International Airport.
Nepal deposited its instrument of accession to the Montreal Convention 1999 (MC99) at the International Civil Aviation Organisation (ICAO) that stipulates a nearly eight-fold increase in compensation for airline passenger death involving international flights to $158,565.
Nepali farmers look set to harvest the largest paddy crop in history this fiscal year because of timely and sufficient monsoon rains, the Ministry of Agriculture and Livestock Development said. Ministry officials added that a record harvest would bring down the country’s rice import bill besides significantly contributing to the government’s economic growth target as the economy is strongly dependent on farm production.
The planned construction of an inland clearance depot (ICD) at Chobhar in the southwestern part of the Kathmandu Valley has gone into a limbo following protests by locals.
Nepalis will now have to pay entry fees to enter three conservation areas, according to a new directive issued by the government.
Nepal’s request for India to grant air entry points from the L626 route in Mahendranagar and Nepalgunj has suffered a setback as the southern neighbour has apparently denied it, multiple sources at the Civil Aviation Authority of Nepal (Caan) said.
China’s state-owned enterprise China National Aero Technology International Engineering Corporation has appeared to be the lowest bidder to carry out the rehabilitation of more than five-decade old runway of Tribhuvan International Airport (TIA).
The Ministry of Forest and Environment said it would not create obstacles to environment-friendly development amid rising public concern over the ecological costs of the proposed international airport in Nijgadh, Bara.
The police have arrested Kamal Gyawali, fugitive former managing director of then Kist Bank who has been absconding since 2016 after being convicted of financial crime. Kist Bank was part of a mega merger between multiple banks to form Prabhu Bank.
The Cabinet on Friday gave its approval for temporary relaxation of civil aviation rules, which will enable new and existing domestic carriers to start international operations sooner. The move is aimed at increasing domestic airlines’ market share in the foreign routes.
Gasoline lines returned in Kathmandu on Thursday due to a disruption to fuel supplies after tanker drivers went on strike to show solidarity with drivers of public vehicles who have launched a countrywide protest against an amendment to the Criminal Code. Fuel deliveries have stopped from Wednesday, spreading panic among motorists.
Stepping into the raging controversy over the felling of thousands of trees for the development of the proposed full-fledged international airport in Nijgadh, the Tourism Ministry on Saturday clarified that the compensatory plantation of trees will be done in the ratio of 1:25, with strict enforcement.
The first ever meeting of the Nepal-China joint steering committee (JSC) is slated to be held later this month in Kathmandu to explore areas where the two countries can work together for the development of the energy sector.
The European Commission (EC) has indicated that it is not happy with the Nepal government for lack of progress on making a law to split the Civil Aviation Authority of Nepal (Caan) as envisaged, raising doubts that Nepali airlines will be removed from its air safety list any time soon, sources said.
The government has chucked out all ‘intermediaries’ arranging emergency evacuation services for trekkers and mountaineers, and made the agency handling the tour package legally responsible for looking after its customers from start to finish, following revelations of insurance fraud that tarnished Nepal’s image as a tourist destination.
Air traffic movement is expected to be significantly affected for four days from Wednesday due to the arrival of VVIPs for the fourth Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit slated to be held from August 30-31, Tribhuvan International Airport (TIA) said Tuesday.
Parliament on Thursday ratified the Convention for the Unification of Certain Rules for International Carriage by Air, also known as the Montreal Convention 1999 (MC99), that stipulates higher compensation for accidents involving international flights.
The Nepal Electricity Authority (NEA) has announced that more than 750 MW will be added to the national grid within this fiscal year. According to the state-owned power utility, about half a dozen hydropower projects being developed by its subsidiary and independent power producers will be completed this fiscal year ending mid-July 2019.
Nepal is likely to get its first consumer court to deal with cases related to consumer disputes and grievances after more than a decade in the works.
Nepal and Bangladesh on Friday signed a cooperation agreement in the energy sector which paves the way for the export of surplus electricity that Nepal is expected to produce within a few years.
The $28-million runway rehabilitation project at Tribhuvan International Airport (TIA) stirs back to life after lying in limbo for months.
The projected daily loss of Nepal Oil Corporation (NOC) in its oil business has fallen to Rs10 million compared to its previous Rs16.7 million after receiving the revised price list from Indian Oil Corporation (IOC).
The much-delayed upgradation of Gautam Buddha Airport in Bhairahawa has achieved 50 percent of physical progress in June and the international airport is on track to open by July 2019, the Civil Aviation Authority of Nepal (Caan) said.
Nepal’s accession to the Montreal Convention 1999 (MC99) has moved a step closer as the Cabinet’s Economic and Infrastructure Committee has approved the draft bill tabled by the Tourism Ministry.
Share investors welcomed the monetary policy unveiled by Nepal Rastra Bank (NRB) on Wednesday, but said that it failed to address the concerns of the market fully when stocks were in free fall. The Nepal Stock Exchange (Nepse), the country’s sole secondary market, has been wallowing in the doldrums for a long time.
Nepal Rastra Bank (NRB) has revised the cash reserve ratio (CRR) for commercial banks from 6 percent to 4 percent and slashed the interest rate spread from 5 percent to 4.5 percent. Unveiling the Monetary Policy for 2018-19, the central bank announced the new provisions to address a shortage of loanable funds besides reining in soaring interest rates on loans.
Monetary policy for current fiscal announced
Nepal Rastra Bank (NRB), the central bank, announced the new monetary policy for the fiscal year 2018/19 on Wednesday.
State-owned utility Nepal Electricity Authority (NEA) has rejected India’s proposal for upward revision of electricity tariff by 15 to 20 per cent per unit of power.
The Ministry of Energy, Water Resources and Irrigation (MoEWRI) has awarded the survey licence for the country’s largest hydropower project to Vidhyut Utpadan Company.
Nepal Airlines Corporation (NAC) is preparing to resume its Japan service in September after a 10-year break with three weekly flights to Tokyo.
With the heavens opening up sooner than usual, farmers got off to an early start and have finished transplanting paddy on nearly one-fourth of the country’s fields as of July 2. This is the fastest transplantation rate in many years, said officials.
Has the arrival of the new Chinese-made aircraft become a headache for Nepal Airlines Corporation (NAC), the national carrier?The corporation has started worrying that the Chinese-made aircraft, particularly the 17-seater Y12e would push them into a corner as there are no signs of these aircraft taking off anytime soon.
The Nepali rupee plunged to a record low on Thursday, with the Nepal Rastra Bank (NRB) — the country’s central bank, fixing the exchange rate at Rs110.37 per US dollar for Friday. The Nepali rupee’s freefall is an effect of the steady depreciation of the Indian rupee with which it is pegged.
Nepal Airlines Corporation (NAC) will finally welcome its first long-range Airbus A330 at Tribhuvan International Airport (TIA) on Thursday, culminating a bizarre procurement process that began nearly a decade ago and was marked by corruption charges, parliamentary hearings and imprisonment of its top brass.
Supreme Court on Wednesday quashed government’s decision to ban double amputees and blind persons from attempting to climb mountains including Mount Everest.
Samsung Electronics Nepal on Monday launched two new smartphones, the Galaxy A6 and A6, with Infinity Display in the domestic market.
A looming shortage of pilots has prompted Nepal Airlines Corporation (NAC) to turn to international recruitment agencies for help.
Prime Minister KP Sharma Oli on Wednesday said that Nepal aspired to be part of China’s unprecedented progress in many spheres, and urged the northern neighbour to help change the country’s socio-economic scenario and create success stories.
In March 2015, a Turkish Airlines jet skidded off the runway and veered onto the grassy shoulder during landing at Tribhuvan International Airport (TIA). The Airbus A330 carrying 224 passengers came to a stop barely 100 metres from the airport fuel depot.
Nepal and Japan on Monday revised their bilateral air services agreement (ASA), increasing the number of flights seven-fold from twice weekly to 14 weekly flights with any type of aircraft on a reciprocal basis.
Nepal’s oil import bill ballooned to a record Rs131.93 billion in the first 10 months of the fiscal year, largely due to a sharp growth in domestic consumption despite regular electricity supply.
China has abruptly raised travelling charges for devotees going on the Kailash Manasarovar tour to the distress of Nepali and Indian tour operators. Hindus believe that bathing in Lake Manasarovar and drinking its water will cleanse them from all sin.
The monsoon has entered Nepal from the eastern parts of the country on Friday, two days ahead of schedule, brightening the prospects for a bumper summer crop output—the key trajectory for the higher economic growth path.
A technical delegation from the Airports Authority of India (AAI) is scheduled to arrive in Nepal on June 14 to discuss cross-border airspace issues that have been pending for the last five years, Civil Aviation Authority of Nepal (Caan) officials said.
Domestic airfares reached a record high after carriers jacked up the fuel surcharge in line with increased aviation fuel prices. The Airline Operators Association of Nepal (AOAN) on Tuesday gave the go-ahead to its members to hike ticket prices to reflect higher fuel prices.
Stock traders on Tuesday continued their protest and halted all transactions on the floor of the Nepal Stock Exchange (Nepse) in protest against the government’s decision to revise the capital gains tax threshold on the sale of bonus and rights shares.
A committee has made its recommendation to buy six new Viking Air DHC6-400 Twin Otter aircraft to Nepal Airlines Corporation (NAC). The five-member committee had been formed to evaluate the need for NAC to purchase new aircraft to serve the domestic sector.
Petrol and diesel prices touched a four-year high on Sunday after Nepal Oil Corporation (NOC) increased the rates, citing hike in the international market. This could become a big headache for the KP Sharma Oli government which has set a target of achieving 8 percent economic growth and keep the annual inflation in check.
The federal budget presented by Finance Minister Yubaraj Khatiwada on Tuesday announced the launch of Visit Nepal campaign version 3.0 in 2020 with the goal of attracting 2 million foreign tourists.
Breaking the silence over the construction modality of 750MW West Seti Hydropower Project, the government has decided to build the project with domestic resources.
The government has rolled out an ambitious annual budget, putting a strong emphasis on development of major infrastructure projects. The government has allocated adequate funds for the development of various national pride projects. Finance Minister Yubaraj Khatiwada has earmarked a whopping Rs 1.09 trillion for the development of transportation and infrastructure.
Nepal Airlines Corporation (NAC) has not been able to fly its new Chinese-made planes for lack of qualified pilots since they arrived in February, and they could remain in their hangars indefinitely, company officials said.
The opening hours of Tribhuvan International Airport (TIA) are now 6 am to 3 am the next day. Tourism Minister Rabindra Adhikari inaugurated the new 21-hour schedule on Monday that is expected to reduce congestion at the country’s sole international aerial gateway to some extent.
Tribhuvan International Airport (TIA) will remain open 21 hours a day from Monday as it extends its opening hours by 2 hours 30 minutes due to a sharp growth in air passenger traffic, airport authorities said.
The hilltop of Nagidanda in Kavrepalanchok district is the best site among the three spots studied to build a domestic airport close to the Kathmandu Valley, the report of the government technical study group said.
Nepal received 98,650 foreign visitors in the month of April, up 11.4 percent as compared to the same period last year, according to the Department of Immigration statistics.
The contractors for the Narayanghat-Muglin road widening project have asked for a deadline extension because they have not been able to complete it as per the timeline set by the Roads Department.
Local traders are warning customers to think twice before eating mangoes sold at the markets. They are warning that the markets in Tarai districts have already been overrun with imported mangoes from India laced with hazardous chemicals. Local Nepali mangoes are still not yet ready for consumption as it needs another month to ripen.