Nepal Financial News

India has pledged NRs 474 million to build 12 High Impact Community Development Projects (HICDPs) in Nepal in the education, health, agriculture, drinking water and culture sectors, according to an official statement. The Embassy of India here and the Ministry of Federal Affairs and General Administration of the Nepalese government signed Memoranda of Understanding (MoUs) for the projects on Friday. The 12 projects are being undertaken with the grant assistance of NRs 474 million from the Indian government. These include the construction of school buildings and a multipurpose foundation building, according to a press release issued by the Embassy of India here. The projects also include the constructions of the Basepu-Hulu Water Supply Project in Solukhumbu, a building for the Agriculture Promotion Centre for Food Grain Collection and Distribution Centre in Bajura, a Health Post-Birthing Centre in Dhading, and the Operation Theatre Building of Rapti Eye Hospital in Dang.

landslides caused by heavy downpours in Nepal killed at least 10 people across the Himalayan country, with rescue teams searching for 18 missing, a disaster official said Saturday. Parts of Nepal have been inundated with rainfall since Friday, prompting disaster authorities to warn of flash floods in multiple rivers. «Police are working with other agencies and locals to rescue and find the missing people,» Basanta Adhikari, a spokesman for Nepal's National Disaster Risk Reduction and Management Authority, told AFP.

landslides that killed at least 10 people with seven missing during the last 24 hours, while disrupting transport, officials said on Saturday. Most rivers in the Himalayan nation have swollen, spilling over roads and bridges, authorities said, after nearly a week's delay in the retreat of South Asia's annual monsoon rains brought torrential downpours across the region. Police were working to clear debris and re-open roads to traffic after landslides blocked highways at 28 locations, police spokesman Dan Bahadur Karki said.

Congress accused Prime Minister Narendra Modi of 'working like an agent for Adani' on Monday by linking the PM's diplomatic engagements to deals and projects that Gautam Adani's company signed over the past decade. The Opposition party took to its official X account to share a post that detailed Modi's diplomatic engagements with his foreign counterparts dating back to 2015. In the same time frame, the party linked the deals and projects that Adani's various subsidiaries launched in the same countries, in the exact same year.

It’s harvest time in central New Hampshire

UN General Assembly on a resolution that demanded that Israel bring an end, «without delay», to its unlawful presence in the Occupied Palestinian Territory within 12 months. The 193-member General Assembly adopted the resolution, with 124 nations voting in favour, 14 against and 43 abstentions, including that by India. Those abstaining included Australia, Canada, Germany, Italy, Nepal, Ukraine and the United Kingdom.

Indian Renewable Energy Development Agency (IREDA) on Monday said it has inked initial pacts with SJVN and GMR Energy for the development and implementation of the 900 MW Upper Karnali hydro-electric project in Nepal. This collaboration aims to enhance regional energy security through the development of renewable energy infrastructure, a statement said.

open dialogue and warmheartedness. «There exist few problems, not many, between Nepal and India, and they can be resolved, if we maintain warm heart and open dialogue,» Oli said here at the launch of former administrator Surya Nath Upadhyay's book titled 'International Watercourses Law: A Perspective on Nepal-India Cooperation'. «India is our friendly neighbour and Nepal and India have rich cultures so we should have an open dialogue. The blame cannot be merely imposed on the geopolitical situation for our inability to speak openly. We should not be involved in any game meant for gaining and sustaining power,» Oli said. «Earlier, foreign relations were maintained and dominated by the country's strengths. After the IInd World War, a country should present its national interests reasonably and justifiably in line with international treaties and agreements.»

Prozeal Green Energy and Nepalese firm Golyan Power have inked a joint venture agreement for setting up solar power projects in the Himalayan nation. The agreement was signed on Tuesday at Golyan Group headquarters in Kathmandu, marking a significant milestone in both companies' commitment to advancing renewable energy solutions, a statement said. The agreement was signed by Shobit Rai, Director of Prozeal Green Energy, and Akshay Golyan, Director of Golyan Power. The partnership underscores a shared vision to contribute meaningfully to a cleaner and greener future for Nepal.

SME IPO of Naturewings Holidays will open for subscription today and will close on September 5. The company aims to raise about Rs 7 crore through the SME IPO and list the shares on BSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought.

muscatel flavour for which Darjeeling tea is known worldwide has been missing this year due to erratic weather conditions. Tea planters and traders said that Indian consumers are drinking Darjeeling tea which is being sold with muscatel flavour even though there is hardly any presence of the unique flavour in them. In the international markets prices of Darjeeling tea have fallen by up to 50 per cent for the second flush due to the absence of muscatel flavour. Darjeeling tea's muscatel flavour is a unique, sweet, and floral taste that's hard to describe, but prized by tea connoisseurs. Muscatel tea has a musky aroma and a unique muscat-like fruitiness. Some say it has a sweet, floral, and fruity flavour, with notes of raisins and a muscatel finish. Others say it has a medium-bodied taste with notes of nectarines and muscatel grapes. Muscatel tea can be a dark amber colour.

Ayush Badoni and Priyansh Arya led South Delhi Superstarz to a record-breaking T20 total of 308/5 against North Delhi Strikers in the Delhi Premier League on Saturday. Arya, with a century-making performance, added 120 runs from 50 balls, featuring 10 sixes and 10 fours. His standout moment came in the 12th over, where he hit six consecutive sixes off Manan Bhardwaj’s over. The partnership between Badoni and Arya, which yielded 286 runs, now stands as the highest partnership for any wicket in T20 cricket, surpassing the previous record of 258 runs set by Japan’s Lachlan Yamamoto-Lake and Kendel Kadowaki-Fleming. Badoni was rightfully named 'Player of the Match' for his game-changing performance. Badoni, renowned for his explosive batting, smashed an astounding 19 sixes, setting a new world record for the most sixes in a T20 innings. His innings of 165 runs off just 55 balls included eight fours and 19 sixes, surpassing the previous record held by Chris Gayle and Sahil Chauhan, who had both hit 18 sixes in a T20 innings.

puran poli and pohe to mutton barbat, pasande and Nepali ande as part of the city’s culinary landscape, offering a taste of Maharashtra, Gujarat, Awadh, and Nepal in the heart of Madhya Pradesh. Like many old cities, Gwalior too has witnessed the rise of many dynasties, including the Guptas, Tomars and the Scindias, movement of people due to marriage, wars and work, and more.

post-mortem of the 27 Indian pilgrims who were killed in the tragic bus accident in Nepal was underway in a hospital in the Bagmati province on Saturday, ahead of the transportation of the bodies to Maharashtra, a media report said. At least 27 Indian pilgrims, all from Maharashtra, who were in Nepal for a 10-day tour, were killed and 16 others injured after their bus veered off the highway and fell into a fast-flowing river in central Nepal on Friday. The post-mortem of bodies is being held in the Bharatpur Hospital in the Chitwan district of the Bagmati province, the MyRepublica news portal reported. The bodies were sent from the Anbu Khaireni Hospital to Chitwan for a post-mortem, the report said, quoting Deputy Superintendent of Police Deepak Rai.

United States has emerged as India's top trading partner in January-June this year, while the country has recorded its highest trade deficit of $41.6 billion with China during the period, think tank Global Trade Research Initiative (GTRI) said Friday. India exports goods to 239 countries of which 126 countries showed positive growth in exports. Imports from Russia grew to $34.4 billion from $30.8 billion, a 11.65% increase. It also said the country's merchandise exports rose 5.41% to $230.51 billion during the first half of 2024, led by sectors like iron ore, pharmaceuticals, precious stones, basmati rice, chemicals, and smartphones.

Sri Lanka will take part in a bike expedition in October this year along the Buddhist Circuit 'tracing the footsteps of enlightenment.' Organized jointly by the governments of all three nations and the Royal Thai Monastery, the bike expedition will start from Lumbini, Nepal and end in Colombo, Sri Lanka. «This is a historical bike expedition between the tri-nations; India, Nepal and Sri Lanka. This is a Buddha Circuit bike expedition starting from Lumbini to Colombo which covers the seven states of India, namely: UP, Bihar, Jharkhand, Bengal, Odisha, Telangana and Tamil Nadu,» Rahul Patil, co-convener of the Heartfulness Buddha Circuit Ride told ANI.

Carlsberg global chief executive officer Jacob Aarup-Andersen said the Danish brewer does not need a new strategy for the Indian market after it completes the deal to fully own the business in the market growing four times faster compared to the overall beer segment. Earlier this month, Carlsberg agreed to buy a third of its stake from Khetan group, its joint venture partner, to take full ownership of the India and Nepal operations. «We do expect to get full control of the business in a couple of months once the process has run its course. It's going to allow us to accelerate investments to capture the long-term opportunities in these markets,» Andersen told investors, adding it was too early for us to start laying out the strategy for India.

Standard Chartered Bank on Wednesday announced the appointment of Aditya Mandloi as the new Head of Wealth and Retail Banking (WRB) for India and South Asia, effective from August 1, 2024. In his new role, Mandloi will oversee the bank's WRB operations in India, Bangladesh, Sri Lanka, and Nepal, working from the bank's Mumbai office. With 27 years of experience at Standard Chartered, Mandloi has held various positions in Product Management, Collections, and Sales, including leading the WRB business in Bangladesh.

But India has made a strong comeback in Sri Lanka, wresting significant advantage from China. And going by the grammar and tone of S Jaishankar's just-concluded visit to Maldives, Muizzu, too, seems to be course-correcting. So, there's more than what meets the eye — a fresh dynamic that reflects changing geopolitical and economic realities. Take the Maldives. In May, IMF warned the country against a ballooning Chinese debt folio. A month later, Fitch downgraded its rating on grounds of 'increased risks associated with the country's worsening external financing and liquidity metrics'. It assessed that weakening foreign-reserve buffers and rising external government debt 'increase the challenges for the new government to meet its substantial upcoming external debt-servicing obligations and keep the currency peg to the US dollar'.

Nepal Prime Minister K P Sharma Oli on Sunday extended an invitation to his Indian counterpart Narendra Modi to visit the Himalayan nation. Oli extended the invitation to Prime Minister Modi for the visit through visiting Foreign Secretary Vikram Misri, who paid a courtesy call on the Nepalese Prime Minister, according to a statement issued by the Prime Minister's secretariat here. Oli was sworn in as Nepal's prime minister for a fourth time last month. He assumed office after the government led by Pushpa Kamal Dahal 'Prachanda' lost the vote of confidence in the House of Representatives. Misri also called on the former prime minister and Nepali Congress president Sher Bahadur Deuba at his residence at Budhanilkantha on the outskirts of Kathmandu.