Category: Finance

Kathmandu: The Millennium Challenge Corporation (MCC) Board of Directors has approved an additional $50 million in funding for the Nepal Compact, reinforcing the partnership between the U.S. development agency and Nepal in advancing the country’s infrastructure and economic growth. MCC Vice President of Compact Operations, Cameron Alford, announced the decision in a press statement on… Continue reading MCC approves $50 million additional funding to boost infrastructure and economic growth

Kathmandu: The cooperative sector in Nepal is set to undergo significant reforms as a new ordinance, issued by President Ram Chandra Paudel on Sunday, enforces stricter regulations aimed at enhancing governance and transparency. One of the key provisions of the ordinance requires individuals depositing over Rs 1 million in cooperatives to disclose the source of… Continue reading New ordinance introduces stricter rules for cooperative sector

Kathmandu: The value of the US dollar has increased, according to the new exchange rates set by Nepal Rastra Bank (NRB) for Wednesday. In addition to the US dollar, other foreign currencies, including the European euro, Canadian dollar, Chinese yuan, Saudi Arabian riyal, Qatari riyal, Thai baht, UAE dirham, Malaysian ringgit, Danish krone, Kuwaiti dinar,… Continue reading US Dollar value rise in Nepali market

Kathmandu: AAR Corp, a US-based company, has been fined $55 million (approximately Rs 7.42 billion) by the US government after being found guilty of bribing Nepali officials during the procurement of two widebody aircraft for Nepal Airlines Corporation (NAC). The company allegedly paid $2.5 million in bribes to secure a deal for the purchase of… Continue reading US-based AAR Corp fined $55 mn for bribery in NAC aircraft deal

Kathmandu: Foreign Minister Dr. Arzu Rana Deuba has called on Indian entrepreneurs to invest in Nepal’s energy, infrastructure development, agriculture, tourism, and information technology sectors. Speaking at the ‘India-Nepal Economic Summit,’ which began today in New Delhi, organized by Kathmandu University and India’s Egrow Foundation, Minister Rana highlighted Nepal’s liberalized policies on foreign investment and… Continue reading Foreign Minister Dr. Arzu Rana Deuba urges Indian entrepreneurs to invest in Nepal

Kathmandu: Resignations within Nepal Police are on the rise, with 509 officers stepping down in the first four months of the current fiscal year 2024/25, spanning mid-July to mid-November. Most of those who resigned were lower-ranking personnel, according to Senior Superintendent of Police (SSP) and spokesperson Bishwa Adhikari. He cited opportunities in other sectors as… Continue reading Nepal Police faces rising resignations: 509 officers leave in 4 months

Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Korea Importers Association (KOIMA) have signed a Memorandum of Understanding to promote Nepali products in the Korean market and expand investment. The MoU was signed by FNCCI President Chandra Prasad Dhakal and KOIMA President Kim Byung-kwan at an event held in Seoul,… Continue reading FNCCI signs agreement with Korea Importers Association

Kathmandu: The Commission for the Investigation of Abuse of Authority (CIAA) has raided the Department of Passport (DoP) following allegations of irregularities linked to server hacking and issues in the printing of e-passports. The raid, conducted last Thursday, resulted in the seizure of all relevant documents, according to CIAA sources. The investigation centers on a… Continue reading CIAA raids Department of Passport over e-Passport irregularities

Kathmandu: The European Union (EU) has once again imposed a flight ban on all Nepalese airlines, preventing them from operating in European airspace. This decision is included in the latest update of the EU’s “Safety List,” which lists airlines and aviation service providers deemed unsafe to fly in European skies. The ban applies to all… Continue reading European Union continues flight ban on all Nepali airlines

Kathmandu: Rajbiraj Airport is set to commence night operations starting December 16, following the successful installation of a new instrument flight landing system (ILS) that enables safe flying in low visibility conditions. The Civil Aviation Authority of Nepal (CAAN) announced the milestone after Buddha Air conducted a test flight on Friday, with the participation of… Continue reading Rajbiraj airport to begin night flights after installation of advanced landing technology