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Category: BUSINESS

Nepal enjoys trade surplus with only 18 countries

KATHMANDU:  The number of countries with whom Nepal enjoys trade surplus is on the decline. As of mid-August, the country had trade surplus with 18 countries out of 94, with whom the country has trade relations. The number of countries with which Nepal had trade surplus stood at 30 in the first month of the […]

HIDCL to invest Rs 36 billion in five years

KATHMANDU:  The government-owned Hydroelectricity Investment and Development Company Ltd (HIDCL) has unveiled its plan to invest Rs 36 billion in hydropower sector within the next five years. The company’s business plan, approved by its board of directors meeting led by energy secretary, has allowed HIDCL to invest the aforementioned amount in projects initiated by independent […]

Local govt imposes Rs 2,000 entry fee on foreigners visiting Mt Everest region

KATHMANDU:  Foreigners visiting Mt Everest region will have to pay tourism fees to the local government after Khumbu Pasang Lhamu Rural Municipality in Solukhumbu district decided to impose the entrance fee on foreign tourists starting next month. According to Nima Dorjee Sherpa, newly elected chairman of the Rural Municipality, the first assembly unanimously passed a decision […]

Nepal, United States sign $500m grant agreement

KATHMANDU:  Nepal has sealed a long-awaited deal with the Millennium Challenge Corporation (MCC) — an independent US government agency working to reduce global poverty through economic development — to mobilise $500 million grant for the development of energy and road transport sector, which are considered the major constraints for the economic growth of the country. […]

Apple unveils $999 iPhone X

CUPERTINO, California:  The crowd at Apple’s new “spaceship” headquarters on Tuesday saw new smartphones — including a premium version priced at $999 — as the company commemorated its 10th anniversary of the iPhone. Apple opened the event asking the audience to cover their screens as an audio clip of Steve Jobs played. Tim Cook, Apple’s […]

Lack of MoUD synergy delays Outer Ring Road project

KATHMANDU:  The land acquisition process to construct the Outer Ring Road project is being delayed due to dilly-dallying by the Ministry of Urban Development (MoUD). The Kathmandu Valley Development Authority (KVDA) had planned to begin the land acquisition process by July 17. However, it has been unable to initiate the process as the MoUD is […]

Tourist spending decreases despite increase in arrivals

KATHMANDU:  Cut-throat competition among hotels behind low tourist expenditures: Entrepreneurs Nepal has welcomed around 500,000 tourists in the first half of 2017, signifying an increasing trend in tourist arrival over the past few years. Tourist arrival had stood at 359,672 in the first half of 2016, whereas the number was 238,591 for the same period […]

Bhairahawa airport: Chinese contractor to be fired for lack of progress

KATHMANDU:  The government is preparing to issue a ‘notice of termination’ to the Chinese company contracted to upgrade Gautam Buddha Airport in Bhairahawa as its performance has not improved despite several warnings. The airport in Bhairahawa, the gateway to Lumbini, is being expanded to an international airport. The project started in 2014. Tourism Minister Jitendra […]