The post Nepali trade deficit widens to NPR 568.17 billion appeared first on Nepali Sansar.
]]>The Department of Customs (DoC) reported that the negative trade balance increased from NPR 362.29 billion to NPR 568.17 billion between mid-July and mid-November.
However, during this period, the Himalayan nation offset some negativity by earning NPR 82.12 billion in exports. These earnings were double the amount of earnings that Nepal generated during the last year’s period.
Nepal’s total export trade increased up to 11.21 percent from 9.08 percent. However, the nation was unable to offset the import expenses with its export revenue.
The import expenses shot up to NPR 650.29 billion, which saddled the landlocked country with a trade deficit of NPR 319 billion with India, Nepal’s most significant trading ally.
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]]>The post Sunsari-Morang Industrial Corridor Incurs NPR 2.5 Bn Loss Due to Floods! appeared first on Nepali Sansar.
]]>The floods from October 18-20 have caused a financial loss of around NPR 2.5 billion.
According to the Industry Association in Morang, a total of 41 industries in the Sunsari-Morang Industrial Corridor suffered a loss totaling to NPR 2.471 billion.
As per the study report released by the Association, NPR 981.718 million loss was incurred in machine tools, NPR 712.57 million in raw materials, and NPR 764.05 million in finished goods.
Likewise, sanitation and waste management incurred a loss of NPR 17.1 million. The daily administrative expenditure of 41 industries is around NPR 50 million.
Among the 41 impacted industries, a total of 27 industries came into operation in a week. Meanwhile, around seven industries are about to come into operation in the next two weeks.
“It will take another four weeks for three industries to come into operation and more than four weeks for four industries to come into operation,” mentioned Chudamani Bhattarai, Director General of Industries Association Morang.
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]]>The post Nepal’s 2021 Handicraft Trade Fair to Raise Curtain on Nov 19! appeared first on Nepali Sansar.
]]>The upcoming 18th Handicraft Trade Fair and the 16th Craft Competition will indulge the nation in a vibrant cultural gala that offers an array of utterly beautiful handmade crafts.
The Federation of Handicraft Associations of Nepal (FHAN) is organizing the fair from November 19 in Kathmandu.
The three-day trade fair is expected to revive the business of handcrafts industry that has been crippled by the pandemic.
“We are hopeful that the trade fair will help promote the pandemic-hit business of the Nepali products both in domestic and international market,” said Rabindra Shakya, vice-president of FHAN and coordinator of the trade fair.
Shakya mentioned that the pandemic has led to short supply of raw materials and uptick in supply costs.
According to the vice president, around 5-10 percent of the traders closed their business due to the pandemic.
“However, the sector is attracting many youths after a decline in impacts of the coronavirus,” Shakya added.
The handicraft sector offers employment opportunities for around 800,000 people.
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]]>The post Yeti Airlines Obtains The Clearance for International Flights appeared first on Nepali Sansar.
]]>Civil Aviation Authority (CAA), Nepal’s aviation regulator, issued the Air Operator Certificate (AOC) issued the required clearance, the air operator certificate (AOC), to the aviation company. The certificate effectively allows the company to do non-scheduled and chartered flights internationally.
Yeti Airlines spokesman Sudarshan Bartaula stated that the aviation company would operate flights to South Asia and Southeast Asia as receiving the permit.
The CAA cleared Nepal Airlines, Himalayan Airlines, Buddha Air, and Shree Airlines for international skies before Yeti.
Despite the clearance for international flight operations, only Nepal Airlines and Himalayan Airlines are flying to international destinations regularly.
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]]>The post “MCC Will Be Endorsed,” Reiterates PM Deuba appeared first on Nepali Sansar.
]]>On his visit to the far-west state to observe the damage caused by floods and landslides, PM Deuba mentioned that the MCC was subject to Nepal’s interest.
“The MCC will be endorsed. And I don’t see anything that needs amendment. Fake news and disinformation about MCC have been widespread,” said PM Deuba.
He said that the MCC was nothing more than a grand, claiming that some are trying to create chaos around the MCC endorsement.
The MCC Nepal compact is just a development grant, he said adding, “Why should Nepal reject such generous support?”.
Meanwhile, PM Deuba promised to provide short-term and long-term relief packages for flood victims and draft reconstruction plans in the eastern and western regions.
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]]>The post Nepal’s Biratnagar Airport Flooded appeared first on Nepali Sansar.
]]>Air travel operations are impaired as the rains have inundated the airport, said the airport authorities.
“All the area of Biratnagar Airport has been inundated by floods. We are struggling to save our lives, let flight services alone,” stated Utsav Kharel, Biratnagar Airport chief.
The inundated water has flooded the runway of the airport since this morning. The flooded water has risen to a height of five feet.
Buddha Air has decided not to operate from Biratnagar today.
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]]>The post Soaring Oil Price Could Inflict NPR 4.44 Bn Monthly Loss on NOC! appeared first on Nepali Sansar.
]]>The Nepal Oil Corporation (NOC) would possibly incur an estimated monthly loss 0f NPR 4.44 billion considering the new oil rates it received from the Indian Oil Corporation (IOC).
It would be the record high loss in the history of state-owned oil corporation.
“If an appropriate measure is not taken on time, it will severely affect the supply of petroleum products in the domestic market,” exclaimed NOC Spokesperson Binit Mani Upadhyaya.
With the new rates, the NOC is set to incur a loss of NPR 15.01 per liter on petrol, NPR 14.16 per liter on diesel, NPR 4.56 per liter on air turbine fuel (domestic). Likewise, the loss on cooking gas is NPR 511 per cylinder.
The projected loss is mainly attributed to the escalating price of crude oil in international market along with the depreciation of Nepali rupee against the US dollar.
As per the reports, the price of Brent Crude oil stood at USD 84.86 per barrel on Sunday.
According to the Nepal Rastra Bank, the current exchange rate of US dollar is NPR 120.72 per dollar.
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]]>The post Himalaya Airlines Continues CSR Support for Prayas Nepal appeared first on Nepali Sansar.
]]>In the last week, the Himalayan Airlines officials donated stationaries including notebooks, registers, pens and the academic course books for various grades to Prayas Nepal.
The airlines operator also handed over different educative COVID-19 safety posters for display in the organization to increase awareness of the safety protocols.
“We have firm commitment to our CSR activities and Step towards Education is one such initiative to keep our association with Prayas Nepal alive for the bright future of their children. The important aim is to advance equity in education and helping every child with dreams and determination to achieve their potential,” said Mrs. Ujjwala Dali, Head of Department – Brand and Service Improvement.
“With improving pandemic situation, Govt. is planning to reopen the schools and children are hopeful for ‘in person” schooling. On the threshold of biggest festival of Dashain, Himalaya Airlines has thus chosen to bring smiles on the faces Prayas Nepal’s children,” she added.
Receiving the educational supplies, Ms. Mani Joshi, President of Prayas Nepal, expressed her gratitude for the support.
“Himalaya Airlines is like a family to us, and we are ever grateful for their continual support since 2017,” she said.
“Their contribution to our children’s educational needs and interactive visits have always provided a boost to our children. We hope this bond remains everlasting. We wish for Himalaya’s continual success and extend heartiest wishes to Himalaya family for the upcoming auspicious occasion of Bada Dashain.”
Prayas Nepal is home to 26 aspiring children including 3 specially-abled children as well. Over the past few years, these children have excelled in their academic as well as extracurricular activities like dance and sports.
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]]>The post FM Janardan Urges Microfinances to Ax Loan Interest Rates! appeared first on Nepali Sansar.
]]>MFIs have been offering loans at an interest rate of 10 to 15 percent.
Janardhan stated that living standards of poor will not improve unless MFIs reduce the loan interest rates. He requested the representatives of MFIs to draft an action plan for the same.
Minister Janardan also assured that he is ready to provide government assistance in helping MFIs reduce the fixed interest rates.
However, Microfinance Association of Nepal (MAN) delegation argued that if won’t be possible to reduce the microfinance interest rate unless the commercial banks reduce the interest rate as the former operates by taking loans from the latter.
They informed the finance minister that the MFIs have been offering loans at an interest rate 2% more than that charged by commercial banks.
During the meeting, the MAN delegation submitted some demands to the finance minister.
Some of their demands include:
- Government must allocate microfinance funds in the areas of infrastructure, energy and agriculture
- Formulation of new policy in place of the Microfinance Policy, 2008
- Fund should be established as provided in the National Microfinance Policy 2008
- Halving institutional tax on microfinance
- No tax on interest on income of group members
- Insurance for life and livelihood of the members
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]]>The post Petroleum May Become Costlier in Nepal appeared first on Nepali Sansar.
]]>NOC stated that the cost for one liter of petrol had touched NPR 139.18 while diesel had gone up to NPR 120.01 per liter. Kerosene settled has NPR 93.94 per liter, and aviation turbine fuel for domestic usage is NPR 84.07 per liter.
For international usage, aviation fuel is nestled at NPR 76.44 per liter. Even cooking gas becomes costlier as the prices have reached NPR 1,961.88 per cylinder.
NOC’s spokesman Binit Mani Upadhyaya said that IOC’s new costs would saddle NOC with losses. They would incur a loss of NPR 9.18 per liter on petrol, NPR 7.01 per liter of diesel, and NPR 511.88 per cylinder.
NOC, which the government runs, has been securing a profit of NPR 19.59 per liter on a liter of Kerosene and NPR 1.93 per liter on aviation fuel meant for domestic usage. International usage aviation fuel sales have reaped in NPR 15.10 per liter.
NOC had jacked up the prices of petrol by NPR 23 per liter just last year. The corporation once again hiked up the costs of the fuels on August 23.
Spokesman Binit stated that NOC is forced to jack up the prices as oil prices are rising in international markets. The prices of crude oil soared to USD 79.28 per barrel on Sunday. This is three times the price a year ago, Bloomberg analyzed.
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