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Remittance inflow from Qatar likely to be adversely hit


KHATMANDU: Diplomatic crisis in the Gulf has resulted in food price hike in Qatar, which, in turn, is likely to affect remittance flow from there in the coming days. “Even though it’s too early to gauge the effects on labour demand from Qatar, the cost of living there is quite high and will go up even further as food prices ... Read More »

Petrol, diesel, kerosene gets cheaper by Rs 1.5 per litre


KHATMANDU: The Nepal Oil Corporation (NOC) has finally slashed price of petroleum products —almost six months after the last revision, which was made on December 19. Sitaram Pokharel, spokesperson for NOC, informed that prices of petrol, diesel and kerosene have been cut by Rs 1.5 per litre each effective from Saturday. After the adjustment in price, petrol will cost Rs ... Read More »

Cement import from India doubles


KHATMANDU: Cement import from India has surged exponentially this fiscal, as domestic production was insufficient to cater to the local demand. Import of cement has doubled in the first 10 months of this fiscal to Rs 16.02 billion compared to Rs 7.99 billion in the corresponding period of the last fiscal. The worth of cement import in the first 10 ... Read More »

Security lock installed only on 300 fuel tankers


KHATMANDU: Though the Nepal Oil Corporation (NOC) had made it mandatory for oil-carrying tankers to install the security locking system within January, only 300 fuel tankers out of almost 1,500 have complied with the new rules till today. Khageswor Bohara, president of Nepal Petroleum Transporters’ Federation (NPTF), informed that around 300 tankers plying the Kathmandu-Barauni, Kathmandu-Amlekhgunj and vice-versa routes, among ... Read More »

Nepal Airlines Corp concludes loan agreement with EPF, CIT


KHATMANDU: Nepal Airlines Cooperation (NAC) has concluded the loan agreement of Rs 12 billion each with the Employees Provident Fund (EPF) and Citizen Investment Trust (CIT) today to purchase two aircraft. EPF and CIT both agreed to extend loan to the national flag carrier at interest rate of nine per cent per annum, with payback period of 15 years. EPF ... Read More »

Deadline for revised paid-up capital requirement won’t be extended: NRB


KHATMANDU: Nepal Rastra Bank has said there will be no revision in the fast approaching deadline given by the central bank to the banks and financial institutions (BFIs) to raise their paid-up capital. Inaugurating the joint operation of Century Commercial Bank after its acquisition of Innovative and Araniko Development Banks, Nepal Rastra Bank (NRB) Governor Chiranjibi Nepal said that the ... Read More »

EU antitrust regulators to investigate $38b Qualcomm, NXP deal


KHATMANDU: EU antitrust authorities opened an investigation on Friday into Qualcomm’s $38-billion bid for NXP Semiconductors, ratcheting up pressure on the US smartphone chipmaker to offer concessions to address their concerns. Qualcomm, which supplies chips to Android smartphone makers and Apple, is set to become the leading supplier to the fast growing automotive chip market following the deal, the largest-ever ... Read More »

Trade deficit balloons to Rs 747.65b


KHATMANDU: The total trade deficit of the country in first 10 months of this fiscal has widened by 37.5 per cent to Rs 747.65 billion as against a contraction of 2.4 per cent in the same period of last fiscal, shows the macroeconomic and financial situation report unveiled by Nepal Rastra Bank (NRB) today. However, export-import ratio has declined to ... Read More »

Investment of BFis in hydel projects jumps


KHATMANDU: Some two dozen projects with total rated capacity of around 500 megawatts have achieved financial closure since the Nepal Electricity Authority (NEA) implemented ‘take-or-pay’ provision in the power purchase pacts. While the ‘take-or-pay’ provision came into effect some four months back, it was retrospective for all power purchase agreements (PPAs) signed since the endorsement of vision document from Cabinet ... Read More »

Govt determines applicable taxes in Ncell deal


KHATMANDU: Almost one-and-a-half years after the TeliaSonera-Axiata corporate deal of Ncell, the government has finally determined the tax amount that Nepal should get out of the record Ncell divestment deal struck in December of 2015. Large Taxpayers’ Office (LTO), on Monday, sent a letter to the Swedish firm TeliaSonera to pay Rs 61 billion in applicable taxes in the Ncell ... Read More »

NOC reluctant to revise fuel price despite Rs 300m monthly profit


KHATMANDU: Though Nepal Oil Corporation (NOC)’s monthly profit has now ballooned to more than Rs 300 million following decline in the global oil price, the state-owned fuel monopolist is reluctant to slash the price of petroleum products in the domestic market. Because of this, domestic consumers are compelled to pay high price for fuel while the NOC is making lucrative ... Read More »

Nepal cabinet okays foreign investment, technology transfer act


KHATMANDU: Foreign investors can now get approval for investments of up to Rs five billion in Nepal from Department of Industry (DoI). The amendment bill of the Foreign Investment and Technology Transfer Act (FITTA), which was passed by the Cabinet on Friday has authorised DoI to approve FDI to this limit. Currently, DoI is providing approval to foreign investments of ... Read More »

Govt to set up Rs 500b fund


KHATMANDU: The government is preparing to set up an Industrial Development Fund of Rs 500 billion to promote large scale investment in the industrial sector of the country. Initiating the process to form such a fund, the Ministry of Industry (MoI) recently sent a draft proposal to the Cabinet to set up the fund and is awaiting the latter’s endorsement. ... Read More »

Nepal holds int’l travel bloggers conference to promote tourism


KATHMANDU: Nepal hosted the International Travel Bloggers and Media Conference 2017 on Thursday to promote the tourism of the quake-ravaged country. Over 250 representatives from 50 countries including 107 travel bloggers participated in the one-day event jointly organized by Nepal Tourism Board and Pacific Asia Travel Association (PATA) Nepal chapter in Kathmandu. “Nepal is a perfect destination for both adventure ... Read More »

Govt vows to achieve 7.2% growth target in next fiscal


KHATMANDU: The government has said that it will keep alive the momentum of high growth rate in next fiscal through proper implementation of the budget. Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara has said that increasing economic activities at the local level, accelerated post-earthquake reconstruction, execution of national pride and top priority projects, agriculture modernisation, regular supply of ... Read More »

Nepal eyes fastest economic growth rate in 23 years


KHATMANDU: Nepal said on Monday its economic growth for the fiscal year ending in mid-July was projected to be the highest in 23 years on the back of improved power supplies, agricultural production and higher spending on reconstruction work after earthquakes. Finance Minister Krishna Bahadur Mahara said the economy would grow by 6.9 percent in the year to July 15, ... Read More »

IBN facing difficulty in materialising investment pledges


KHATMANDU: Due to the ambiguous legal provisions which have not clearly defined the role of the government on project development, IBN officials said that they have not been able to give a complete package of projects to foreign investors who have shown interest to make investments in different domestic sectors. Viability gap refers to the gap between revenue required for ... Read More »

IMF approves $434.3m to support Mongolia economic reform


KHATMANDU: The International Monetary Fund (IMF) said on Thursday it approved a three-year financial arrangement of about $434.3 million to support Mongolia’s economic reform programme. The IMF said in a statement that Mongolia was hit hard by the sharp decline of commodity prices and the slowdown in key export markets, and the government is therefore implementing a programme to pave ... Read More »

Bitcoin soars above $2,400 to all-time high


KHATMANDU: Digital currency bitcoin hit a fresh record high on Wednesday, surging above $2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need ... Read More »

Cement industry on the path to self-reliance


KHATMADU: Against the backdrop of widening trade deficit of the country, domestic cement industry has been moving towards self-reliance in the recent years. Due to the increase in domestic production, cement import in the country is in the falling trend of late. Moreover, entrepreneurs involved in the cement production have said that domestic production will completely fulfil country’s demand of ... Read More »