Monthly Archives: September 2014

Banking fraud claims touch Rs 9.71 billion

Increasing financial institutions has also given rise to banking frauds lately. The government’s claims in banking fraud cases under the court touched Rs 9.71 billion, according to the commercial bench of Patan Appellate Court. There are 104 cases involving banking

Government to hike public transport fare after Dashain festival

The government has decided to hike public transportation fare by almost seven per cent but only after Dashain festival. During a meeting between Department of Transport Management and transport entrepreneurs today director general at the department Kashi Raj Dahal said

Stock investors want central bank’s support

Investors asked the central bank today to bring policy to boost the capital market confidence rather than discouraging them. Any decision the central bank takes about the banks and financial institutions will affect stock market, said president of Nepal Investors

Bottlers end protest after pact with NOC

Bottlers of liquefied petroleum gas (LPG) – popularly known as cooking gas – today called off their protest after they reached an agreement with Nepal Oil Corporation (NOC). They agreed to form a committee to study actual market demand and

Probe panel recommends action against Niroula

A probe panel formed to study financial irregularities in Nepal Tourism Board (NTB) has recommended action against its acting chief executive officer Subash Niroula. The panel submitting 75-page report to minister for Culture, Tourism and Civil Aviation Bhim Prasad Acharya

Nimbus plans to strengthen soybean value chain

Nepal has imported Rs 10.90 billion worth soybean oil in the last fiscal year. Import of soybean oil has been increasing at the rate of 15 per cent to 20 per cent every year, according to the traders. The rising

New Nepal Telecom chief assumes office amid staff protests

Newly appointed managing director of Nepal Telecom (NT) Budhi Prasad Acharya assumed the office today despite protest from staff. The engineers in the telecom service provider have been protesting since Friday demanding to replace Acharya with a new managing director,

Central bank takes prompt corrective action against Grand Bank

The central bank – last week – took prompt corrective action (PCA) against Grand Bank Nepal after its capital adequacy ratio (CAR) dropped to 4.07 per cent, much below the mandatory 10 per cent, due to massive loss. The prompt

Maitighar-Tinkune road beutification for SAARC gets momentum

The Maitighar-Tinkune stretch is being equipped with street lamps powered by solar energy. Under the SAARC beautification project, government has prioritised installation of solar-powered street lamps in the major road sections from where the guests and delegates pass through. Currently,

Corporate Governance seminar on card

National Banking Institute (NBI) – earlier National Banking Training Institute (NBTI) – in association with IFC of World Bank Group and with support from Asian Development Bank (ADB) is conducting annual conference ‘Corporate Governance:  Where have we failed’ on September

Nepse loses historic five per cent in a day

Nepal Stock Exchange (Nepse) today lost a historic 46.13 points – or five per cent – to close the market at 875.56 points. The stock market today also attracted circuit breaker thrice – halting the trading for 15 minutes, half

Government to open fair price shops for festival

Government agencies established to sell commodities in fair price are geared up to open the fair price shops for festivals. Nepal Food Corporation (NFC) is selling rice, wheat, bean, buckwheat and naked barley through eight fair prices shops in the

New Peace Corps Volunteers arrive

Thirty-one Peace Corps volunteers arrived in Kathmandu today. They were greeted at the airport by US ambassador to Nepal Peter W Bodde, Peace Corps-Nepal country director Nelson Chase and all Peace Corps-Nepal staff, the embassy said. The new Volunteers join the ranks

Ensure smooth supply of cooking gas during festivals: Government

The government has directed to supply enough liquefied petroleum gas (LPG) – popularly known as cooking gas – during the festivals. Nepal Oil Corporation (NOC) and gas dealers have reached an agreement to supply the cooking gas smoothly, the government

NEA imports electricity meters, ready to distribute

Nepal Electricity Authority (NEA) has imported some 73, 450 pieces of meters from China. The metres that have arrived at Raxaul customs few days ago will be distributed after necessary test in central storage in Hetauda by mid-September, the authority

Recurrent expenditure ‘higher than tax revenue’

Tax revenue is inadequate to meet the country’s recurrent expenditure despite a surge in revenue mobilisation in recent years, according to Asian Development Bank (ADB). “The ballooning recurrent expenditure is a matter of serious concern,” said the ADB’s Macro-Economic Update

Single permit for vehicles across SAARC to be delayed

Free movement with a single permit in the South Asian Association for Regional Cooperation (SAARC) is going to be delayed due to some of the member countries absence in the meeting. South Asian regional block was supposed to finalise draft

Pyakuryal to lead Nepal Economic Association

The 25th annual general meeting of Nepal Economic Association (NEA) today unanimously elected an executive committee led by Prof Dr Bishwambher Pyakuryal. Prof Dr Bhawani Dhungana and Dr Chiranjivi Nepal are elected unopposed vice presidents, whereas Gopal Prasad Tiwari has