Possibility of Manufacturing Mobile Phones in Nepal

SANTA CLARA (California) Experts have said that mobile phones can be manufactured in Nepal itself by using skilled yet cheaper technical manpower available in the country. “The market of mobile set in Nepal is growing. We can produce mobile sets in our own homeland,” Pramod Paudel, a Nepali engineer working with Intel Corporation, said. Speaking at a program organized jointly by Computer Association of Nepal (CAN) USA and American Society of Nepali Engineers, Paudel smartphones can be produced in Nepal at the cost of US$ 25-45 per set....

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Five Star Hotel Nans Opening in Belhiya, Nepal

KATHMANDU, NEPAL Construction of five-star hotel Nans that is being built in the Indo-Nepal border area of Belhiya targeting tourists visiting the birthplace of Lord Buddha Lumbini is nearing completion. Promoter Chandra Prasad Shrestha said that the hotel that is targeting foreigners entering from Sunauli will come into operation from November. There are currently no five-star hotels outside Kathmandu Valley apart from Pokhara. Soaltee, Hyatt Regency, Yak and Yeti, Annapurna, Everest, Radisson, Malla and Shangrila hotels in Kathmandu,...

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Bank of Asia and NIC Bank Merge in Nepal's first Commercial Bank Merger

KATHMANDU, NEPAL NIC Bank and the Bank of Asia Nepal (BoAN) have combined to become NIC Asia Bank in the first ever case of a merge r between commercial banks. Nepal Rastra Bank (NRB) governor Yubaraj Khatiwada inaugurated the new entity and gave it his blessings amid a programme held on Sunday. The two banks, promoted by largely the same group, had signed a memorandum of understanding (MoU) to come together on June 28, 2012. The central bank gave its go-ahead on April 26, 2013. NIC Asia Bank is now headquartered at the Trade Tower...

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Gold Price in Nepal falls to Rs.50,500 per tola

KATHMANDU, NEPAL Gold price went down by Rs 2,500 per tola (11.664 grams) on Sunday compared to price recorded on June 11 when bullion dealers last fixed gold and silver prices. Bullion traders returned to business only on Saturday, ending their 10-day protest. They were on warpath, demanding that the government incorporate their suggestions in the market monitoring guidelines and not initiate action against jewelers who were found cheating consumers during market monitoring conducted by the government. ...

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Jewellery Shops in Nepal open for Business

KATHMANDU, NEPAL Bullion traders, who have closed their shops since the last 10 days, have called off their protest after the government formed a seven-member taskforce to formulate monitoring guidelines. Bullion traders were on a nationwide strike since last Wednesday to pressure the government to formulate market monitoring guidelines and to protest government action against three jewelery shops. A meeting held between bullion traders and the government at...

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Price of Land in Kathmandu continues to fall

KATHMANDU, NEPAL Industrialist Shashikant Agrawal procured 11 ropanis of land in Naxal from investor Nirmal Pradhan at Rs 2.70 million per anna. Pradhan had put the price of his land at Rs 7 million per anna just a year ago. Agrawal had also purchased 43 annas of land in Thamel from Sahadev Kakshapatu at Rs 3.70 million per anna a year ago to construct a three-star hotel under the Marriott chain. The price of that land was around Rs 10 million per anna when the price of land was at its peak around five years ago. CE Construction has procured...

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Nepalese Rupee drops to Rs.95.99 against the US Dollar

KATHMANDU, NEPAL Nepali rupee has plunged to another record low against the US dollar, making it one of the worst performing currencies in Asia. Nepal Rastra Bank, the central bank, has fixed Friday´s exchange rate at Rs 95.99 per US dollar, down Rs 1.74 from Thursday´s Rs 94.25. Nepali rupee´s slump has continued unabated due to weakening of the Indian rupee with which Nepali currency is pegged. Indian rupee had fallen to as low as 59.98 per US dollar...

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Load Shedding in Nepal will not drop below 6 hours a day

KATHMANDU, NEPAL Load-shedding will not decrease below six hours a day this year despite all projects operating at full capacity as the national grid still is short of demand by 350 MW. Load-shedding had also remained six hours a day during the last monsoon.  While the current demand of electricity is 1000 MW, supply is just 650 MW including around 100 MW imported from India. All the projects including Kaligandaki A (144 MW), Mid Marsyangdi (70 MW), Marsyangdi (69 MW), Khimti (60 MW), Bhotekoshi (45 MW) are operating at full...

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Jewellery Shops in Nepal still remain closed for the 9th Day

KATHMANDU, NEPAL Nepali consumers did not get to buy gold despite the international price of the yellow metal dropping to the lowest in the past two and half years. The domestic price of gold has not even been fixed with the traders shutting down their shops for the past one week protesting the government’s action against cheating traders. They have more reasons to not open their shops due to the fall in price of gold internationally. The traders, who were complaining that the government did not supply enough gold when the price...

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Nepalese Rupee at an all time low against the US Dollar at Rs.94.25

KATHMANDU, NEPAL The Nepali rupee plunged to another record low on Wednesday with the central bank fixing the exchange rate at Rs 94.25 per US dollar for Thursday. The Nepali rupee’s freefall is an effect of the steady depreciation of the Indian rupee with which it is pegged. According to the Indian media, the rupee began going downhill after foreign investors in India, concerned by bleak growth prospects, switched to the greenback. Meanwhile, spokesman of Nepal Rastra Bank (NRB) Bhaskar Mani Gnawali said the sharp drop of the...

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World Class Complex with 5-star hotel to be built at Thamel

KATHMANDU, NEPAL A shopping complex, Chhaya Center, including a five-star hotel will be constructed in the tourist hub of Thamel with investment of Rs 3 billion by seven entrepreneurs. Construction of the Chhaya Center has been started with an aim of completing it within three years and it will include five-star hotel The Thamel Palace, shops, restaurants, cinema halls, food courts, banquet and other facilities. “We are building the most modern hotel and a tourism complex with a concept of Thamel within Thamel,” Suman Pandey, one of...

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Jewellery Outlets across Nepal remain closed for the 6th Day

KATHMANDU, NEPAL Bullion traders organized a protest rally in the capital on Monday to draw the attention of the government toward their demand. Jewelry outlets across the country have remained shut since Wednesday due to protest called by Federation of Nepal Gold and Silver Dealers Associations and Federation of Nepal Gold, Silver, Gems and Jewelry Association. Both the federations have stopped fixing rates of gold and silver. They have also stopped issuing...

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Insider Lending Destroying the Nepalese Banking Sector

KATHMANDU, NEPAL Officials of seven development banks faced the Nepal Rastra Bank’s (NRB) action for insider lending. These seven are among the 12 development banks that faced the central bank action in the last fiscal year for governance-related issues. Senior Officials of Narayani Development Bank, Kabeli Development Bank, Pathibhara Development Bank, Infrastructure Development Bank, Uddyam Development Bank, Excel Development Bank and Khadbari Development Bank were taken action after finding their involvement in insider lending, according...

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Nepalese Rupee Drops To An All Time Low Against the US Dollar

KATHMANDU, NEPAL Nepali rupee has slumped to another historic low against the US dollar, as the Indian currency, with which Nepali rupee is pegged, further shed its value. Nepal Rastra Bank, the central monetary authority, has fixed the exchange rate at Rs 93.79 per US dollar for Wednesday, marking a loss of 86 paisa against Tuesday´s exchange rate. Nepali rupee has lately been losing its value due to weakening of the Indian currency. Indian rupee plunged to...

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Huge Response for Mega Bank's IPO-Oversubscribed 15 times

KATHMANDU, NEPAL Mega Bank´s initial public offering (IPO) is said to have been oversubscribed by around 15 times, making it one of the most successful public floatations in the recent history of Nepal. The bank, which floated its shares on the primary market on Sunday, had raised Rs 6.33 billion till Tuesday evening, recording oversubscription of around 10 times. “We estimate the IPO to have been oversubscribed by 15 times as of Wednesday evening (the last day for public floatation), raising close to Rs 9.5 billion,” Mega Bank CEO Anil...

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Commercial Banks in Nepal post Massive Profits in Q3 of FY 2069/70

NEPAL Despite gloomy economic outlook, commercial banks have done exceedingly well during the third quarter of fiscal year 2069/70, recording a rise in profit of 42.26 percent over the same quarter last year. The double digit growth is well beyond investors’ expectations and has been attributed to aggressive lending strategy adopted by banks, especially, among smaller consumable loans section.The increasing gap between the interest charged on loans and advances and interest paid to depositors have fuelled banks’ income.  The net...

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Gold Price reaches Rs.52,350 per tola due to appreciating US dollar

KATHMANDU, NEPAL A unit of the US dollar will fetch Rs 90 as the appreciating dollar has crossed the 11-month highest against the Nepali rupee. The appreciation in the dollar exchange rate also helped the price of gold surge by Rs 1,150 per tola in the domestic market. The reference dollar exchange rate determined by Nepal Rastra Bank (NRB) stands at Rs 90 as buying rate for tomorrow based on today’s forex trading. Likewise, NRB fixed the selling rate for the dollar at Rs 90.6 for tomorrow. The dollar exchange rate was this high back on...

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Marriot International to Start Hotel Operations in Nepal

KATHMANDU, NEPAL With domestic and inter-regional tourism aiding hotel demand, a range of leading global hotel chains have planned their presence in Nepal. It was Sheraton at first, and now Marriott International, a leading hotel chain based in Maryland, US. The list does not stop here. A leading FMCG multinational is also planning to establish a five-star property in Kathmandu. On Thursday, Nepal Hospitality Group (NHG) signed a management agreement with a subsidiary of Marriott International to open a four-star property dubbed—Fairfield...

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