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Monthly Archives: March 2014

NIDC, RBB fail to offload cross-holding shares

The state owned banks and financial institutions have been finding it difficult to sell cross holding stakes. The central bank has extended the deadline to offload the cross holding stakes by the end of the current fiscal year – July

Forum to call for transparency in commodities trading

GENEVA: The prospects for greater transparency in the commodities trading sector will be examined at the UNCTAD’s Global Commodities Forum (GCF) 2014, part of the event’s overall theme of ‘Global value chains, transparency and commodity-based development’, at the Palais des

Finance Ministry plans budget a month ahead

The Finance Ministry is planning to present budget – for the next fiscal year 2014-15 – a month before the usual tradition. Finance Minister Dr Ram Sharan Mahat today asked the ministry officials to prepare the budget that could be

Petroleum shortage looms large after NOC fails to pay IOC

Valley petrol pumps have again started witnessing longer queues due to shortage of petroleum products. The state oil monopoly claimed that the shortage started due to low supply of petroleum products from the supplier Indian Oil Corporation (IOC) as the

ADB to provide additional $30 million for Bhairahawa airport upgradation

The Asian Development Bank (ADB) will provide an additional $30 million loan to Nepal to scale up the upgrading of the Gautam Buddha Airport (GBA) in Bhairahawa into an international airport with higher air safety standards. “Airport upgrading is critical

FCAN issues Nepalgunj Declaration, warns of protest

Contractors today warned of protest against government apathy. “We would protest government’s failure in implementing the 45-point agreement reached with us some four years ago,” Federation of Contractors Association of Nepal (FCAN) president Jayaram Lamichhane said, today. They also said

Nepal‚ China mull over opening Rasuwagadi trade route by October

Nepal and China are planning to open Rasuwagadi route for international trade within the current year, most probably by this October. The new route is expected to provide an alternative roadway for imports and exports of goods between the two

Floriculture expo draws 58,000 visitors

The second edition of International Flora Expo 2014 concluded today with more than expected footfall. The four-day fair has drawn more than 58,000 visitors and recorded transaction worth Rs 7.8 million, according to the organiser Floriculture Association of Nepal (FAN).

Investment with efficiency key to economic growth: FM

Finance Minister Ram Sharan Mahat has asked to increase efficiency in investment to get more yield. Addressing Samana banking prize ceremony organised by Samana Banking Prize Trust in the capital here today, he said that the projects’ cost has escalated

Nepal profits Rs 12.49 billion in service trade

Nepal has made Rs 12.49 billion profit in service trade in the first seven months of the current fiscal year, according to the central bank data. Nepal had lost Rs 822 million in service trade in the same period of

Government to release three new paddy seeds by July

National Seed Board has approved three new paddy seeds that can tolerate extreme climatic changes like drought, flooding or submergence for up to one-and-a-half months. They have been recommended for the Tarai, inner Tarai and river basin areas also. “The

HAN elects new executive committee led by Shrestha

B K Shrestha of Hotel Radission has been elected unanimously the president of Hotel Association Nepal (HAN) today. The 43th annual general meeting of Hotel Association Nepal held today ha slao elected a 21-member executive committee under the leadership of

Another panel formed to study petroleum sector problem

The Legislature-Parliament today formed yet another committee to study petroleum business. The 11-member committee – that has been asked to submit report within the next 30 days – has been asked to come up recommendations for oil sector reforms after

Plea to fix sugarcane price

Some lawmakers from Tarai Madhes districts raised the issue of sugarcane price in the Parliament today. Asking the government to intervene and fix the price of sugarcane, lawmaker Jungi Lal Yadav said that the mill owners had told sugarcane farmers

SNASEA honours five unsung heroes

The five unsung heroes have been awarded with Surya Nepal Asha Social Entrepreneurship Award (SNASEA). Commending their contribution to the society, Dipak Prasad Koirala for Junar Kendriya Sahakari Sangh, Fulmaya Tamang for Bhattedanda Women Farmers Cooperative, Madhukar KC for Matribhumi

Minister asks NAC to prepare 10-year business plan

Tourism Minister Bhim Prasad Acharya today – during the inspection visit of its head office – directed Nepal Airlines Corporation (NAC) to move ahead with purchasing two wide-body jets. “But prepare a 10-year business plan within a month,” he said,

Nepal needs to wait until November to know fate

It seems Nepal has to wait till November to get cleared from operational restrictions of its aircrafts within the European Union (EU). Aviation Safety Committee meeting held on March 25-27 in Brussels, Belgium will reassess the European Commission’s on-site inspections

World Bank VP concludes Nepal visit

The visiting South Asia vice president of the World Bank Philippe Le Houérou, concluded his four-day official tour to Nepal today. During his visit Le Houérou met with Prime Minister Sushil Koirala and discussed the government’s development priorities and potential