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Finance Minister Wagle Reassures Investors, Dismisses Rumors of Rift with Prime Minister on Economic Policy
Kathmandu, Nepal – In a significant move to quell market speculation and bolster investor confidence, Nepal's Finance Minister, Dr. Swarnim Wagle, has publicly addressed and dismissed persistent rumors regarding a perceived lack of coordination with Prime Minister Balendra Shah on critical economic agendas. Speaking to entrepreneurs and business leaders, Minister Wagle emphatically stated that the collaboration between his ministry and the Prime Minister's office on economic matters is not only robust but also represents one of the deepest levels of engagement seen in a considerable period. The clarification from the Finance Minister comes amidst a backdrop of growing whispers in the market, fueled by his apparent absence from several recent high-profile discussions between Prime Minister Shah and representatives of the private sector. Media reports had also surfaced, suggesting a potential disconnect or even a deliberate sidelining of the Finance Minister by the Prime Minister on economic policy formulation. Such narratives, if left unaddressed, can significantly erode investor trust and create an environment of uncertainty, which is detrimental to economic growth and stability. Dr. Wagle, however, offered a comprehensive explanation, framing the situation as a deliberate and strategic approach to governance rather than a sign of discord. He highlighted that Prime Minister Shah himself is deeply committed to fostering a conducive environment for private sector growth and is in continuous, direct dialogue with business leaders. "Our common agenda now is investment," Minister Wagle declared, underscoring the government's unified focus. He elaborated that the Prime Minister's direct engagement with the private sector, often without traditional intermediaries, is a conscious choice aimed at fostering a 'no filter' communication channel, allowing for immediate understanding and response to entrepreneurial concerns. Furthermore, Minister Wagle clarified that the Prime Minister, known for his less frequent public appearances, prefers a more direct and action-oriented approach. He revealed that Prime Minister Shah consistently follows up on key issues raised by the private sector, directly contacting him and other relevant ministers for immediate action and detailed understanding. "Whenever entrepreneurs raise major issues, he directly calls us and asks, 'This is how it is, the rate of such and such item is like this,' and understands in detail," Wagle stated, emphasizing the close working relationship. He also confirmed that he holds regular discussions with the Prime Minister after every cabinet meeting, ensuring continuous alignment on policy matters. The Finance Minister urged the business community and the public to disregard market rumors and falsehoods, asserting that such speculative narratives only serve to distract from the government's concerted efforts towards economic prosperity. He reiterated the government's unwavering commitment to safeguarding private sector investments and ensuring attractive returns, a cornerstone for attracting both domestic and foreign capital. In a developing economy like Nepal, where private sector participation is paramount for job creation, innovation, and overall economic upliftment, a clear and unified message from the top leadership is indispensable. This reassurance from Dr. Wagle is particularly timely, as Nepal navigates various economic challenges and seeks to accelerate its growth trajectory. A stable and predictable policy environment, underpinned by strong coordination among key government figures, is a critical prerequisite for attracting the significant investments needed to realize the nation's economic potential. The government's emphasis on investment as a shared agenda, coupled with a transparent approach to addressing concerns, is crucial for building long-term confidence among investors and fostering a vibrant economic landscape. By dispelling these rumors, Minister Wagle aims to project an image of a cohesive government focused squarely on economic development, encouraging entrepreneurs and investors to look beyond transient market chatter and focus on the fundamental strengths and commitments of the national economic leadership.
Right Shares of NIC Asia Bank & Chandragiri Hills Limited Added in SEBON Pipeline
The Securities Exchange Board of Nepal (SEBON) has added the right shares of NIC Asia Bank Limited to its pipeline under preliminary review. The application was submitted to the board on Ashad 24, 2083. The insurance company is looking to issue 50% i.e (2:1) rights shares worth Rs. 7.45 arba through the issue of 74,587,835 (2:1) units of rights shares to its existing shareholders. The current paid-up capital of the company is Rs. 1.57 Arba. NIMB Ace Capital Limited is appointed as the issue manager. The Securities Exchange Board of Nepal (SEBON) has added the right shares of Chandragiri Hills Limited to its pipeline under preliminary review. The application was submitted to the board on Shrawan 06, 2083. The insurance company is looking to issue 100% i.e (1:1) rights shares worth Rs. 1.61 arba through the issue of 16,107,955 (1:1) units of rights shares to its existing shareholders. The current paid-up capital of the company is Rs. 1.61 Arba. After the adjustment of the proposed right share, the paid-up capital of the company will increase to Rs. 3.22 Arba. Global IME Capital Limited is appointed as the issue manager.
Kulman Ghising Raises Alarm Over Excessive Government Advisors, Citing Fiscal Waste and Bureaucratic Strain
In a recent press conference, Kulman Ghising, the Chairman of Ujyalo Nepal Party and a figure widely respected for his transformative tenure at the Nepal Electricity Authority (NEA), has sharply criticized the current government's administrative practices. Ghising alleged that ministries are becoming increasingly overcrowded with an excessive number of private secretaries and advisors appointed by ministers, leading to a severe shortage of workspace for regular government employees and raising significant concerns about fiscal prudence and administrative efficiency. Ghising's remarks highlight a growing apprehension within political and public circles regarding the burgeoning size of ministerial support staff. He claimed that some ministers are currently employing as many as five to seven salaried private secretaries, in addition to dozens of unpaid advisors. This practice, according to Ghising, directly contradicts the government's stated objective of reducing public expenditure by streamlining the number of ministries. Instead of achieving cost savings, he argued, the proliferation of these positions is inadvertently escalating government costs and creating an environment ripe for inefficiency. The former NEA Managing Director emphasized that the influx of these additional personnel is not merely a matter of space but has profound implications for the morale and operational effectiveness of the civil service. He voiced concerns that the increasing interference from private secretaries and advisors could undermine the established bureaucratic hierarchy, leading to a decline in the motivation and performance of career civil servants. Such external influence, he warned, makes it challenging to uphold good governance and ensure smooth administrative functioning. Ghising underscored that bureaucracy thrives on a clear hierarchical structure, and any undue external intervention risks destabilizing this crucial mechanism. Drawing a stark contrast, Ghising recounted his own experience while serving as a minister, where he managed three ministries with the support of just one salaried private secretary and a single unpaid advisor. This personal anecdote served to illustrate that effective governance and administrative management do not necessitate an army of support staff, thereby questioning the necessity and justification for the current trend. His experience suggests that a leaner, more focused approach to ministerial support is not only feasible but potentially more efficient. Beyond ministerial appointments, Ghising also extended his critique to the provision of private secretaries for Members of Parliament (MPs). While acknowledging that the original intent might have been to enhance the working capacity of elected representatives by providing competent support, he lamented that in practice, this provision is often exploited as a means to provide employment opportunities for personal acquaintances and close associates. He argued that MPs, who are expected to serve the public with dedication, should ideally be able to fund any necessary secretarial support from their own salaries, rather than burdening the state with additional expenses. This perspective challenges the current system, advocating for greater personal accountability and fiscal responsibility among elected officials. Ghising concluded his address by urging the government to undertake a serious review of the policies governing the appointment of private secretaries and advisors. He called for systematic reforms aimed at controlling government expenditure, reinforcing administrative discipline, and prioritizing good governance. For investors, these issues are not merely political rhetoric but fundamental indicators of a nation's economic health and stability. A government perceived as fiscally irresponsible or administratively inefficient can erode investor confidence, deterring both domestic and foreign capital. Conversely, a commitment to transparency, efficiency, and prudent financial management signals a stable and predictable investment environment, crucial for long-term economic growth and market stability. Ghising's statements, therefore, resonate beyond political discourse, touching upon core principles that underpin a robust and attractive investment landscape.
NEPSE Slips Below 2700 Level; CFCL Tops Turnover Chart
The Nepal Stock Exchange (NEPSE) recorded a moderate loss today, falling by 4.64 points (0.17%) to close at 2,696.67. This follows a loss of 33.28 points in the previous trading session. The benchmark index opened at 2704.77 and fluctuated between an intraday high of 2,705.83 and a low of 2,680.87 before settling at the close. Total turnover for the day amounted to Rs. 4.42 Arba, with 10,421,863 shares traded across 342 companies through 55,580 transactions. The total market capitalization stood at Rs. 46.34 Kharba, with a float market capitalization of Rs. 15.65 Kharba. Central Finance Co. Ltd. (CFCL) topped the turnover chart, recording transactions worth Rs. 27.14 crores. The company’s stock closed at Rs. 654.20. Everest Colour Limited (ECL) led the gainers' list with a 15.00% gain. The stock closed at Rs. 861.00. Meanwhile, Kutheli Bukhari Small Hydropower Limited (KBSH) recorded the Highest fall, falling by 6.07%. The last traded price of the company was Rs. 960. Among sectors, the Trading Index recorded the highest gain, up 0.74%, while the Others Index recorded the largest loss, down 0.80%. Top Buyer Broker's Top 10 Bought Companies Top Seller Broker's Top 10 Sold Companies
Gandaki Province Cracks Down on Unfair Trade Practices, Sanctions 2,431 Firms
Gandaki Province has demonstrated a strong commitment to consumer protection and fair trade practices, with authorities taking decisive legal action against a staggering 2,431 business firms during the fiscal year 2082/83. These firms were found to be in violation of established regulations concerning the use of weights and measuring instruments, engaging in irregular or illegal practices that undermine market integrity and consumer trust. The crackdown, spearheaded by the Office of Quality and Measurement, Pokhara, highlights the provincial government's dedication to ensuring a level playing field for businesses and safeguarding the rights of consumers. Manoj Pokharel, chief of the Office, confirmed that the actions were taken under the stringent provisions of the Weights and Measures Act, 2025, and the Consumer Protection Act, 2075. These legislative frameworks are crucial for maintaining transparency and accuracy in commercial transactions, preventing exploitation, and fostering a healthy business environment. The scope of this regulatory enforcement is extensive, covering a wide geographical area within Gandaki Province. The affected firms operate across ten key districts: Kaski, Gorkha, Lamjung, Syangja, Tanahun, Manang, Mustang, Parbat, Myagdi, and Baglung. This broad reach underscores the pervasive nature of the issue and the comprehensive approach adopted by the authorities to address it. For investors, such widespread regulatory oversight signals a commitment to good governance, which can enhance the overall attractiveness of the region for investment by reducing risks associated with unethical business practices. Beyond punitive measures, the Office of Quality and Measurement also plays a vital facilitative role in the business ecosystem. During the same fiscal year, it issued new permits to 1,078 firms, enabling them to legally use measuring instruments, and renewed licenses for 28 existing firms. This dual approach of enforcement and facilitation is essential for both correcting malpractices and supporting legitimate businesses in adhering to regulatory standards. It ensures that while non-compliant entities face consequences, new and existing businesses have the necessary channels to operate legally and ethically. The regulatory efforts also contributed significantly to the provincial exchequer. The Office collected a total of Rs 7,852,967 in revenue from various sources during fiscal year 2082/83. This revenue, derived from fines, permit fees, and renewal charges, not only supports the operational costs of the regulatory body but also contributes to the broader economic development of the province. For an investor, a robust regulatory framework that generates revenue can be seen as a sign of a well-managed and stable economic environment. In conclusion, the actions taken by Gandaki Province authorities against thousands of non-compliant businesses send a clear message: adherence to fair trade practices and consumer protection laws is non-negotiable. This proactive stance is crucial for building a transparent and trustworthy market, which is beneficial for both consumers and ethical businesses. Such regulatory diligence ultimately contributes to a more stable and predictable investment climate, fostering long-term confidence in the region's economic prospects. The ongoing commitment to upholding these standards will be vital for the sustained growth and development of Gandaki Province's economy.
Nepal and Canada Forge Stronger Economic and Strategic Ties at Fourth Bilateral Consultation Meeting
Nepal and Canada have successfully concluded their fourth Bilateral Consultation Mechanism (BCM) meeting in Kathmandu, marking a significant step towards deepening their longstanding partnership. The discussions, held in a cordial and constructive atmosphere, reaffirmed both nations' commitment to strengthening bilateral relations and expanding cooperation across a diverse array of sectors, with a particular emphasis on economic and strategic collaboration. This renewed focus is poised to create a more favorable environment for trade, investment, and sustainable development, offering potential opportunities for investors monitoring Nepal's economic trajectory. The meeting served as a comprehensive review of the full spectrum of Nepal-Canada relations, which have flourished since the establishment of diplomatic ties in 1965. Delegations from both sides expressed satisfaction with the enduring friendship and cooperation, laying a robust foundation for future engagements. Key areas of discussion, as outlined by Nepal's Ministry of Foreign Affairs, included political relations, trade and investment, development cooperation, education, climate change, clean energy, agriculture, information technology, people-to-people exchanges, and consular affairs. This broad agenda underscores a holistic approach to bilateral engagement, aiming to leverage mutual strengths for shared prosperity. A central theme of the consultation was Nepal's ongoing economic reform agenda. The Nepali delegation highlighted the government's proactive initiatives designed to cultivate a more attractive environment for foreign investment and enhance private sector participation. These reforms are critical for Nepal's economic growth, aiming to streamline regulatory processes, improve infrastructure, and foster a competitive market. The Canadian side warmly welcomed these efforts, acknowledging Nepal's tangible progress in improving its investment climate. This endorsement from a developed economy like Canada can significantly boost investor confidence and potentially pave the way for increased foreign direct investment into Nepal. Furthermore, Canada commended Nepal's leadership in critical global areas such as climate action, the promotion of electric vehicles, and the expansion of green energy and rural electrification projects. These initiatives are not only vital for environmental sustainability but also represent significant investment opportunities in renewable energy infrastructure and eco-friendly technologies. Nepal's steadfast commitment to democratic governance, sustainable development, and economic transformation was also recognized, reinforcing its image as a stable and reliable partner on the international stage. For investors, this signals a commitment to long-term stability and growth-oriented policies. Beyond bilateral matters, the meeting also facilitated an exchange of views on pressing regional and global issues. Discussions encompassed climate action, United Nations peacekeeping operations, human rights, and broader cooperation in multilateral forums. Both countries reiterated their dedication to collaborative efforts in addressing shared global challenges, emphasizing the importance of international solidarity and collective action. This alignment on global issues further strengthens the strategic dimension of their partnership. The consultation was co-chaired by Dilip Kumar Paudel, Joint Secretary and Head of the North and South America Division at Nepal's Ministry of Foreign Affairs, and Jean-Christian Brillant, Director General for the South Asia Bureau at Canada's Department of Foreign Affairs, Trade and Development. The composition of both delegations, including senior officials and diplomatic representatives, underscored the high-level commitment to this bilateral mechanism. The agreement to hold the next meeting in Canada on a mutually convenient date signifies a proactive approach to maintaining momentum and further expanding cooperation in the years ahead. This ongoing dialogue is crucial for translating agreements into concrete projects and fostering a dynamic economic relationship that benefits both nations. For investors, such sustained diplomatic engagement reduces geopolitical risks and enhances the predictability of policy environments. This strengthened partnership between Nepal and Canada holds significant promise for Nepal's economic development. By fostering an environment conducive to foreign investment, promoting sustainable practices, and enhancing human capital through educational and technological exchanges, the collaboration is expected to contribute positively to Nepal's long-term growth trajectory. Investors should view these developments as indicators of Nepal's increasing integration into the global economy and its commitment to creating a stable and attractive market.
Biratnagar Transport Office Records Robust NPR 49 Crore Revenue in FY 2082/83, Signaling Regional Economic Activity
The Transport Management Service Office in Biratnagar has reported a substantial revenue collection of nearly NPR 49 crore (NPR 489.8 million) for the fiscal year 2082/83. This impressive figure, totaling NPR 48,98,27,187, underscores the significant economic activity within the region and the critical role of the transport sector in contributing to government coffers. The detailed breakdown of collections reveals key insights into the sources of income, primarily driven by vehicle-related services and regulatory compliance. According to Information Officer Lekh Prasad Acharya, vehicle tax emerged as the predominant revenue stream, contributing a massive NPR 38.52 crore (NPR 385.2 million). This substantial collection from vehicle taxes is a strong indicator of increasing vehicle ownership and commercial transport operations in and around Biratnagar, one of Nepal's major industrial and commercial hubs. A rising number of registered vehicles often correlates with economic growth, increased consumer spending, and enhanced logistical movements, all vital signs for investors monitoring regional development. The consistent growth in vehicle registrations and tax payments suggests a vibrant local economy with a growing middle class and expanding commercial enterprises. The issuance of driver's licenses also played a significant role, generating NPR 8.53 crore (NPR 85.3 million) over the fiscal year. This revenue stream reflects not only the growing number of new drivers entering the workforce or acquiring personal mobility but also the ongoing renewal of existing licenses, highlighting a dynamic and expanding driving population. For investors, this suggests a robust human capital base and an active populace engaged in economic activities requiring personal or commercial transport, which can drive demand for various goods and services. Beyond these primary sources, the office collected additional revenue from various operational fees and penalties, showcasing the comprehensive nature of its services and regulatory functions. Route permits contributed NPR 1.14 crore (NPR 11.4 million), essential for regulating commercial transport routes and ensuring organized movement of goods and passengers. General service charges added NPR 75.51 lakh (NPR 7.55 million), covering a range of administrative tasks. Furthermore, business registration fees brought in NPR 1.28 lakh (NPR 0.128 million), indicating new businesses entering the transport sector or existing ones renewing their registrations. Fines and confiscated funds, amounting to NPR 1.03 lakh (NPR 0.103 million), underscore the office's role in enforcing traffic laws and regulations, contributing to road safety and order. The consistent and robust revenue generation by the Biratnagar Transport Management Service Office is crucial for local and provincial governments. These funds are often channeled back into public services, infrastructure development, and maintenance of roads and transport facilities, which in turn further stimulate economic growth. For investors, such figures provide a tangible metric of regional economic health and administrative efficiency. A well-functioning transport sector, supported by effective revenue collection and reinvestment, is fundamental for facilitating trade, commerce, and overall development, making regions like Biratnagar attractive for potential investments. The sustained growth in revenue from vehicle taxes and licenses points towards a resilient local economy with increasing mobility and commercial activity, offering a positive outlook for businesses operating within or looking to expand into the region. This financial performance highlights the importance of regional administrative bodies in contributing to the national economy and fostering an environment conducive to investment and development.
Brazil Initiates WTO Dispute Against US Tariffs Amidst Heightened Trade and Political Tensions
Brazil has formally escalated its trade dispute with the United States by requesting consultations with the World Trade Organization (WTO) over a new round of tariffs. This move, initiated on July 27, marks the critical first step in the WTO's dispute settlement process and underscores a significant increase in trade tensions between the two major economies. The Brazilian government, through its Ministry of Foreign Affairs, has unequivocally stated that the US tariffs are "unjustified and incompatible" with established international trade regulations, setting the stage for a potentially protracted legal battle. The tariffs in question, imposed by the US administration, include a substantial 25% levy on various Brazilian products, justified by allegations of unfair trade practices. Furthermore, an additional 12.5% tariff has been applied, linked to accusations of forced labor within Brazilian supply chains. These measures represent a direct challenge to Brazil's export industries and could have far-reaching economic consequences for sectors reliant on trade with the United States. For investors, such tariffs introduce considerable uncertainty, potentially impacting the profitability of companies engaged in bilateral trade and disrupting established supply chains. A WTO consultation request is designed as an initial, conciliatory phase in the dispute settlement mechanism. It provides an opportunity for both nations to engage in direct negotiations, aiming to resolve their differences amicably before the need for a formal dispute panel arises. Should these consultations fail to yield a mutually agreeable solution within a specified timeframe, Brazil can then request the establishment of a panel to adjudicate the dispute, a process that can be lengthy and complex. The outcome of this process will not only affect Brazil and the US but also set precedents for future international trade disputes, influencing global trade governance. This trade disagreement is unfolding against a backdrop of an already heated political climate in Brazil, with the nation's presidential election looming. Incumbent President Luiz Inácio Lula da Silva, who is campaigning for re-election, has been vocal in his condemnation of the US tariffs. He has characterized them as an attempt to meddle in Brazil's internal political affairs, a serious accusation that adds a layer of geopolitical complexity to the economic dispute. Lula has specifically accused right-wing presidential candidate Flávio Bolsonaro, son of former President Jair Bolsonaro, of encouraging Washington to maintain tariff pressure, allegedly to gain an electoral advantage. Flávio Bolsonaro has vehemently denied these allegations, highlighting the deep political divisions within Brazil that are now intersecting with international trade policy. The current dispute is not an isolated incident. It follows a similar episode in 2025, when Brazil also sought WTO consultations after the United States imposed 50% tariffs. Those tariffs were a response to a coup-related trial that led to the imprisonment of former President Jair Bolsonaro. While most of those tariffs were eventually rolled back, the historical context suggests a pattern of recurring trade friction tied to political developments. Adding to the diplomatic strain, Brazil recently denied visas to two US officials who had sought to meet with Brazilian election authorities ahead of the country's closely watched presidential election, according to diplomatic sources. This incident further illustrates the deteriorating diplomatic relationship between the two countries. For the investment community, these developments signal increased volatility and risk. Trade disputes can lead to higher import costs, reduced export competitiveness, and shifts in global trade flows. Companies with significant exposure to either the Brazilian or US markets, particularly those involved in the affected sectors, may face headwinds. The resolution of this WTO dispute will be closely watched as a key test of the effectiveness of international trade rules and the ability of global institutions to mediate complex economic and political disagreements between sovereign nations. Investors should remain vigilant, monitoring the progress of these consultations and their potential impact on market dynamics and corporate performance. The broader implications for global trade governance and bilateral relations between major economies make this a significant development to track.
NEA Clarifies VAT Policy: Ashar Consumption Exempt, Payments to be Adjusted in Bhadra Bills
The Nepal Electricity Authority (NEA) has announced a significant policy clarification regarding Value Added Tax (VAT) on electricity consumption, bringing much-needed relief to millions of customers. The utility provider confirmed that VAT collected from customers for electricity consumed during the Nepali month of Ashar (mid-June to mid-July) will be adjusted in their upcoming Bhadra (mid-August to mid-September) bills. This decision comes as a resolution to the widespread confusion that arose following the government's imposition of VAT on electricity through the Economic Act 2083 (2026-2027 AD). The ambiguity stemmed from the implementation timeline of the new VAT regime. As per the Economic Act 2083, the NEA was registered for VAT purposes starting Shrawan 1, 2083 (mid-July 2026). Consequently, the authority began including VAT in bills issued from Shrawan 1. However, a substantial number of bills generated in Shrawan covered electricity consumption that occurred in Ashar. This overlap created considerable uncertainty among both consumers and the NEA regarding whether VAT should be applied to consumption up to Ashar 32 (mid-July). To address this critical issue, the NEA engaged in close coordination with the Inland Revenue Department (IRD). Following these consultations, the IRD unequivocally clarified that electricity consumption up to Ashar 32 is exempt from VAT. This exemption is based on the classification of electricity consumed during this period as a 'basic necessity,' thereby qualifying for a tax waiver. This clarification is a crucial step in ensuring fair taxation and preventing undue burden on consumers. For customers who had already paid VAT on their Ashar consumption bills, which were received and settled in Shrawan, the NEA has outlined a clear adjustment mechanism. The authority will treat the overpaid VAT amount as an 'advance payment.' This advance payment will then be adjusted against the total amount due in their Bhadra 2083 electricity bills. This means customers will see a reduction in their Bhadra bill equivalent to the VAT amount they mistakenly paid for Ashar's consumption, ensuring no financial loss to the consumers. The NEA further solidified its commitment to transparency and customer reassurance by issuing a public notice on Shrawan 11 (late July). In this notice, the authority urged all customers not to be concerned about the VAT issue, assuring them that appropriate adjustments would be made. It also clarified that VAT would be applied as per regulations for electricity consumed from Shrawan 1 onwards, with these charges appearing in bills issued at the end of Shrawan or in Bhadra. This comprehensive approach by the NEA not only resolves an immediate billing discrepancy but also reinforces public trust in the utility's operational integrity and responsiveness to consumer concerns. The decision to adjust these payments is expected to provide significant financial relief to millions of households and businesses across Nepal, demonstrating a proactive stance by the authorities in navigating new fiscal policies while safeguarding consumer interests.
Microfinance Victims Launch Indefinite Hunger Strike in Kathmandu, Demanding Government Action
A significant protest has erupted in Kathmandu as microfinance victims have initiated a collective indefinite hunger strike at Maitighar. The protestors, representing a broad segment of borrowers, are demanding the immediate implementation of agreements previously reached with the government. This renewed agitation, which commenced on Tuesday, highlights deep-seated grievances concerning the operational practices of microfinance, banking, and other financial institutions across Nepal. The core demands of the protestors center on the abolition of what they describe as rampant financial exploitation. This includes the elimination of exorbitant and compound interest rates, the removal of punitive penalties, and the cancellation of various miscellaneous fees that they claim are unjustly levied by these institutions. Maniram Gyawali, a prominent voice among the microfinance victims, explicitly stated that these institutions are exploiting the general public in direct contravention of directives issued by Nepal Rastra Bank, the central bank. Gyawali further elaborated on the historical context of their struggle, pointing out that a comprehensive report, formulated by the government following extensive discussions with microfinance and financial institution victims, has regrettably not been implemented. This inaction persists despite a clear directive from the Supreme Court, which had issued an order to the government for the report's enforcement. The protestors argue that the continuous delay in executing these judicial and governmental commitments has left them with no alternative but to resort to extreme measures like an indefinite hunger strike. Beyond the immediate grievances, the protestors are advocating for fundamental reforms to the financial system. Their demands include the repeal of the 'Special Financial Act' and the establishment of an economic and financial framework rooted in the 'Muluki Ain' (National Code of Conduct). Furthermore, they are calling for the provision of interest-free loans to all financial and cooperative victims, aiming to alleviate the severe debt burden that many have accumulated. Microfinance institutions were initially established in Nepal with the noble objective of fostering financial inclusion, particularly among low-income households and marginalized communities, thereby contributing to poverty alleviation. However, critics argue that the sector has, in many instances, deviated from its core mission, leading to predatory lending practices that ensnare vulnerable borrowers in cycles of debt. The current protest underscores a growing disillusionment with the sector's conduct and the perceived lack of adequate regulatory oversight. This ongoing protest carries significant implications for Nepal's financial sector and broader economic stability. It places renewed pressure on Nepal Rastra Bank to enhance its regulatory framework and enforce stricter compliance among microfinance institutions. For investors, particularly those with exposure to the financial services sector, these developments signal potential policy shifts and increased scrutiny that could impact profitability and operational models. The protestors have unequivocally stated their resolve to continue their agitation until their demands are fully addressed, signaling a prolonged period of uncertainty and the urgent need for a sustainable resolution to these systemic issues. The situation calls for a balanced approach from policymakers, ensuring the financial viability of microfinance institutions while simultaneously safeguarding the interests and welfare of the most vulnerable segments of society. The outcome of this hunger strike will undoubtedly shape the future landscape of microfinance and financial regulation in Nepal.
NEPSE Extends Decline as Trading Volume Contracts Amidst Cautious Investor Sentiment
The Nepal Stock Exchange (NEPSE) continued its downward trajectory for the second consecutive trading day, signaling persistent bearish sentiment in the market. On Tuesday, the benchmark NEPSE index registered a modest decline of 4.64 points, closing at 2696.67. This follows a similar dip on Monday, indicating a lack of strong buying interest among investors. The broader market indices also reflected this negative trend, with the Sensitive Index, which tracks large-cap companies, falling by 0.70 points. Similarly, the Float Index, representing actively traded shares, decreased by 0.31 points, and the Sensitive Float Index saw a marginal drop of 0.18 points. These movements collectively paint a picture of cautious trading and profit-booking across various segments of the market, suggesting that investors are currently adopting a wait-and-see approach rather than aggressively entering the market. Adding to the subdued market performance, the overall transaction volume witnessed a significant contraction. On Tuesday, the total turnover amounted to NPR 4.42 billion, a notable decrease from the NPR 6.08 billion recorded on Monday. This decline in trading activity suggests that investors are either holding back from making fresh investments or are taking a wait-and-see approach amidst the prevailing market uncertainty. A total of 10.42 million shares from 342 different stocks changed hands through 55,580 transactions. Reduced volume often accompanies market corrections, as fewer participants are willing to engage, potentially indicating a lack of conviction in current price levels. This trend of declining volume alongside a falling index can be interpreted as a sign of weakening market breadth and a potential for further consolidation or downward movement if fresh catalysts fail to emerge. Despite the overall market downturn, a few individual stocks managed to defy the trend and post impressive gains. Everest Color Limited emerged as a standout performer, hitting the positive circuit level for the day. Its share price surged by NPR 112.30, closing at NPR 861. This strong performance could be attributed to specific company news, investor speculation, or a broader positive sentiment within its particular micro-sector. Another notable gainer was Laxmi Unnati Kosh, whose unit price appreciated by over 9%, reflecting strong demand for this particular mutual fund. Conversely, Kutheli Bukhari Small Hydropower faced significant selling pressure, experiencing the steepest decline of the day with its share price plummeting by 6.07%. Such sharp movements in individual stocks highlight the inherent volatility and risk-reward dynamics present in the NEPSE market, where specific company fundamentals or news can still drive significant price action even in a generally weak market. In terms of trading activity by value, Central Finance Limited led the pack, recording a robust turnover of NPR 271.4 million. This high volume suggests strong investor interest and liquidity in the company's shares, possibly driven by recent financial results, dividend announcements, or future growth prospects. Ridi Power Company also saw substantial trading, with shares worth over NPR 210 million changing hands, while Solu Hydropower's transaction volume exceeded NPR 190 million. These companies often attract significant attention due to their perceived growth potential, dividend history, or recent corporate announcements, making them active participants even during market corrections. High transaction volumes in specific stocks can sometimes indicate a shift in investor focus or a concentration of capital in certain areas perceived as more resilient or undervalued. A closer look at the sectoral performance reveals a mixed bag. Out of the thirteen sub-groups tracked by NEPSE, four managed to close in positive territory, albeit with marginal gains. These included the Finance, Hotels & Tourism, Hydropower, and Trading sub-groups. Their slight uptick suggests pockets of resilience and perhaps a rotation of capital into these sectors, as investors seek defensive plays or opportunities in segments less affected by broader economic concerns. However, the majority of the sub-groups, nine in total, registered declines, contributing to the overall negative market sentiment. This broad-based weakness across various sectors indicates that the current market correction is not isolated to a few segments but is rather a more widespread phenomenon. Investors will be closely watching these sectoral trends to identify potential opportunities or risks in the coming days, as sustained weakness across multiple sectors could signal a deeper market correction.
Nepali Congress Mourns the Demise of Esteemed Senior Leader Gopalman Shrestha
The Nepali political landscape is in mourning following the passing of senior Nepali Congress leader and former Vice-President, Gopalman Shrestha. Shrestha, a revered figure known for his unwavering dedication and influential presence, passed away today while undergoing treatment for a prolonged battle with stomach cancer. His health had reportedly deteriorated significantly in recent times, culminating in his sad demise in the hospital. Gopalman Shrestha's career was synonymous with principled leadership and a deep commitment to democratic values in Nepal. Throughout his extensive tenure in politics, he earned a reputation as a steadfast and influential voice within the Nepali Congress, contributing significantly to the party's ideology and strategic direction. His journey spanned critical periods in Nepal's political evolution, including the struggles for democracy and the establishment of a multi-party system. Shrestha was not merely a politician but a statesman whose counsel was often sought and respected across party lines. His contributions extended beyond party politics, impacting national discourse and policy-making through his thoughtful insights and experience. As a former Vice-President of the Nepali Congress, Shrestha played a pivotal role in shaping the party's internal dynamics and its public image. He was instrumental in fostering unity within the party during challenging times and advocating for policies that aimed at national development and social justice. His leadership style was characterized by humility, integrity, and a profound understanding of the aspirations of the Nepali people. The void left by his passing will undoubtedly be felt deeply within the Nepali Congress and the broader political arena, as the nation loses a seasoned leader who dedicated his life to public service. Shrestha's legacy is one of resilience and unwavering commitment to the democratic process. He served as an inspiration for many aspiring politicians and citizens alike, embodying the ideals of selfless service and ethical leadership. His life's work will continue to be a reference point for future generations navigating the complexities of Nepali politics. The nation remembers him as a beacon of stability and wisdom, whose contributions helped lay the groundwork for a more inclusive and democratic Nepal. In a separate and highly unusual report appended to the news of Shrestha's passing, the source also indicated a dramatic turn in the Nepali stock market today. It was reported that the NEPSE index, which measures the overall performance of the stock market, experienced an unprecedented single-day decline of 1000.93 points, settling at 1717.79. Such a monumental drop, if verified, would represent one of the most significant and historic downturns in the Nepal Stock Exchange's operational history, far exceeding typical daily fluctuations and demanding immediate scrutiny from market regulators and participants. Investors are advised to seek official confirmation regarding such extraordinary market movements.
Tragic Landslide in Lamjung Claims Lives of Father and Daughter, Highlights Rural Vulnerabilities
A devastating landslide in Bhatbeshi, Madhya Nepal Municipality-7, Lamjung, has resulted in the tragic deaths of a father and his daughter. The incident, which occurred early this morning, saw their two-story unreinforced house collapse under the force of the debris, burying the family members within. This heartbreaking event underscores the persistent vulnerabilities faced by communities in Nepal's hilly regions, particularly during the monsoon season. The victims have been identified as 59-year-old Tik Bahadur BK and his youngest daughter, Binita BK. According to Police Inspector Dhruv Prasad Sharma of the Bhortar Area Police Office, the landslide was triggered by the collapse of a municipal canal situated above their residence. The sudden failure of this infrastructure led to a cascade of earth and debris, which engulfed their home, including an attached barn, causing extensive damage and leading to the immediate fatalities. In addition to the tragic loss of life, the incident also left other family members injured. Tik Bahadur BK's wife, Sukmaya BK, and their elder daughter, Asmita BK, sustained injuries. Prompt rescue efforts were initiated by local authorities and community members, leading to their successful extraction from the rubble. Both injured individuals were subsequently rushed to a nearby hospital for urgent medical attention, where they are currently receiving treatment. The BK family had been residing in a house owned by local resident Bishnudatta Subedi, highlighting the often precarious living arrangements in remote areas. This incident serves as a stark reminder of Nepal's susceptibility to natural disasters, especially landslides and floods, which are exacerbated by its rugged topography and seasonal heavy rainfall. The monsoon season, typically from June to September, frequently brings such calamities, causing widespread destruction, displacement, and loss of life across the country. The collapse of the municipal canal, a piece of local infrastructure, points to the critical need for robust engineering, regular maintenance, and comprehensive risk assessments in the construction of public works in vulnerable areas. The socio-economic impact of such disasters on rural communities is profound. Beyond the immediate human toll, families lose their homes, livelihoods, and often their entire life savings. The long-term recovery process is arduous, requiring significant support from government agencies, humanitarian organizations, and the broader community. This tragedy in Lamjung underscores the urgent need for enhanced disaster preparedness, the implementation of early warning systems, and the development of resilient infrastructure to protect vulnerable populations. For investors and stakeholders observing Nepal's development trajectory, such events highlight the inherent risks associated with infrastructure projects in challenging terrains and the broader implications for regional stability and economic continuity. While the immediate focus remains on humanitarian aid and rehabilitation for the affected families, this incident also calls for a renewed commitment to sustainable development practices and disaster risk reduction strategies across the nation to safeguard lives and foster long-term prosperity.
Regulatory Crackdown: Four Chitwan Food Industries Face Legal Action Over Substandard Products
The Food Technology and Quality Control Division Office in Chitwan has initiated legal proceedings against four local industries, filing a total of five cases for allegedly producing and selling substandard food products. This decisive action underscores the government's unwavering commitment to ensuring public health and maintaining stringent quality standards within the food industry. Among the implicated businesses, Rijal Foods & Beverage, located in Ratnanagar, East Chitwan, faces two separate charges. Investigations revealed that their popular Dalmoth and Namkeen Mixture (Dalmoth) products failed to meet the prescribed quality benchmarks. This dual indictment highlights a significant lapse in quality control within the company's manufacturing processes, raising concerns about their adherence to food safety protocols. In addition to Rijal Foods & Beverage, three other industries have each been served with a single case. Omkar Oil Industries in Khairahani is under scrutiny for its mustard oil, which was found to be of inferior quality despite being produced from imported mustard seeds. This raises critical questions about the processing and refining standards applied to raw materials. Similarly, Naulo Foods Industries in Bharatpur faces charges related to the production of CTC tea Asala, while Acharya Food Industry in Ratnanagar is being prosecuted for its substandard sour pickle (chuk amilo) product. These cases collectively point to a broader issue of quality non-compliance across various segments of the food processing sector in the region, signaling a need for enhanced vigilance and self-regulation within the industry. The legal actions have been formally lodged with the District Administration Office under the stringent provisions of the Food Hygiene and Quality Act 2081. This legislation serves as a critical framework for safeguarding consumer interests by enforcing strict standards for food production, processing, and distribution. The filing of these cases sends a clear and unequivocal message to manufacturers that regulatory bodies are actively monitoring compliance and are prepared to take firm action against those who compromise food safety and quality for commercial gain. For investors, these developments serve as a crucial reminder of the importance of thorough due diligence, particularly when evaluating companies within the food and beverage sector. Regulatory compliance and robust quality control mechanisms are not merely operational necessities but are fundamental pillars of a company's long-term viability and brand reputation. Incidents of substandard products can lead to significant financial penalties, irreparable damage to consumer trust, and a decline in market share, all of which directly impact shareholder value. Companies with strong governance and quality assurance frameworks are inherently more resilient to such regulatory challenges. The Food Technology and Quality Control Division Office has been notably proactive in its oversight responsibilities. According to Vandana Pant, the office's information officer, their activities extend far beyond just filing cases. In the past fiscal year alone, the office conducted an impressive 10 emergency food hygiene inspections, 92 general food market inspections, and 20 feed market inspections. Furthermore, 63 inspections were carried out in hotels and restaurants, alongside comprehensive audits of 87 food industries and 22 feed industries. The scope of their vigilance also included 4 inspections of haat bazaars, fairs, and festivals, 11 inspections of dietary supplement products, and 8 inspections of school and hospital canteens. These extensive monitoring efforts underscore the comprehensive and multi-faceted approach taken by the authorities to ensure food safety across various touchpoints in the supply chain, from production to consumption. Beyond enforcement, the office also engages in proactive measures such as stakeholder interactions and training programs, aiming to foster a culture of compliance and continuous quality improvement within the industry. This multi-pronged approach, combining stringent enforcement with educational initiatives, is vital for elevating the overall standards of food production in Nepal and building a more trustworthy food ecosystem. In conclusion, the recent legal actions against these four Chitwan-based food industries highlight the ongoing commitment of regulatory bodies to uphold food safety and quality. For consumers, it reinforces confidence in the oversight mechanisms designed to protect their health and well-being. For investors, it underscores the critical importance of evaluating a company's adherence to regulatory standards as a key indicator of its operational integrity, ethical practices, and potential for sustainable growth. The Food Hygiene and Quality Act 2081 is clearly being enforced with rigor, signaling a new era of accountability for food manufacturers in Nepal.
Major Crackdown on Foreign Employment Fraud: Five Arrested in Multi-Million Rupee Scam
The Kathmandu Valley Crime Investigation Office has successfully apprehended five individuals implicated in a widespread foreign employment fraud scheme, bringing to light the persistent challenges faced by Nepali citizens seeking overseas opportunities. The arrests, made over the weekend, follow numerous complaints from victims who were allegedly defrauded of substantial sums under the false promise of lucrative jobs abroad. This significant police action underscores the authorities' commitment to combating illicit activities that prey on the aspirations of job seekers and undermine the integrity of the foreign employment sector, a critical pillar of Nepal's economy. The arrested individuals have been identified as Munna Chaudhary, 30, from Rautahat; Bhumika Dewan, 47, from Morang; Bimla Thapa, 43, from Bhojpur; Keshav Bahadur Shahi, 41, from Dailekh; and Binu Shrestha, 35, from Morang. Each suspect is accused of operating independently or in concert, luring unsuspecting individuals with the allure of attractive salaries and promising placements in various countries, only to disappear with their money. Details emerging from the investigation reveal the extent of the deception. Munna Chaudhary is alleged to have defrauded one victim of NPR 166,000 by promising employment in Albania. Similarly, Bhumika Dewan is accused of swindling NPR 150,000 from another individual with the same false promise for Albania. Bimla Thapa reportedly took NPR 448,000 from a victim, assuring a job in Malaysia. The largest reported fraud involves Keshav Bahadur Shahi, who allegedly defrauded eight victims of a staggering NPR 8,850,000 by promising opportunities in Georgia and other nations. Lastly, Binu Shrestha is accused of taking NPR 350,000 from a victim with a false promise of employment in Hong Kong. In total, these five individuals are implicated in defrauding at least 12 victims of over NPR 11.5 million (approximately USD 86,000), a sum that represents the life savings and hopes of many families. The modus operandi in these cases typically involves fraudsters exploiting the desperation of individuals seeking better economic prospects abroad. They often create elaborate schemes, including fake documents, non-existent job offers, and promises of expedited visa processing, all designed to extract money from their targets. Once the payment is made, the fraudsters sever all contact, leaving victims in financial ruin and emotional distress. Foreign employment is a cornerstone of Nepal's economy, with remittances from migrant workers contributing significantly to the national GDP and supporting countless households. However, this reliance also makes Nepali citizens vulnerable to exploitation by unscrupulous agents and fraudsters. The Department of Foreign Employment (DoFE) and various law enforcement agencies continuously work to regulate the sector and protect workers, but the sheer volume of individuals seeking overseas jobs makes comprehensive oversight challenging. This recent wave of arrests serves as a stark reminder for prospective migrant workers to exercise extreme caution and conduct thorough due diligence before engaging with any recruitment agency or individual promising foreign employment. It is crucial to verify the legitimacy of agencies through the DoFE's official channels, ensure all transactions are documented, and avoid making payments without proper receipts or contracts. Awareness campaigns by government bodies and civil society organizations are vital in educating the public about the risks and identifying red flags associated with fraudulent schemes. The arrested individuals have been transferred to the Department of Foreign Employment, Tahachal, Kathmandu, for further investigation and legal proceedings. This collaborative effort between law enforcement and regulatory bodies is essential in dismantling these criminal networks and ensuring justice for the victims. The government and relevant stakeholders must continue to strengthen regulatory frameworks, enhance monitoring mechanisms, and increase public awareness to safeguard the interests of Nepali citizens aspiring for foreign employment, thereby protecting a vital economic lifeline for the nation.
Finance Minister Wagle Publicly Slams PM and Energy Minister Over Excessive Advisors, Urges Fiscal Prudence
Nepal's financial landscape is currently under intense scrutiny, with the government facing mounting pressure to enhance fiscal discipline and optimize resource allocation. In a significant development that has sent ripples through the political and economic spheres, Finance Minister Dr. Swarnim Wagle has publicly voiced strong criticism against his own cabinet colleagues, specifically targeting the Prime Minister's Office and the Ministry of Energy for maintaining an "excessive number" of advisors. This rare public rebuke underscores growing internal dissent within the government regarding expenditure management and the strategic direction of the nation's economy. Speaking at a program focused on controlling revenue leakage and fostering capital market development, Minister Wagle expressed his dissatisfaction with what he described as a "crowd" of advisors in key government bodies. He highlighted a stark contrast in staffing policies, revealing that while the Prime Minister's Office reportedly employs 27 advisors and the Ministry of Energy has 20, his own Ministry of Finance operates with just a single, unpaid revenue advisor. This pointed comparison was not merely a statement of fact but a sharp critique, implying a significant disparity in fiscal responsibility and a potential misuse of state resources. Dr. Wagle's remarks suggest a fundamental disagreement on policy and operational approaches within the current administration. He characterized the practice of appointing numerous advisors as a form of "political recruitment" that unnecessarily burdens the state exchequer, rather than genuinely contributing to effective governance. For an investor audience, such internal friction within the government can be a critical indicator of policy instability or a lack of cohesive economic strategy. It raises questions about the efficiency of public spending and the government's commitment to austerity measures, especially at a time when Nepal is striving to achieve ambitious economic targets. The Finance Minister explicitly linked his lean advisory team to his primary focus: revenue collection. "By keeping only one unpaid revenue advisor, you should understand how much importance I place on the issue of revenue," he asserted. This statement reinforces his commitment to "Mission 16 Kharba" – the ambitious target of collecting NPR 1.6 trillion (approximately USD 12 billion) in revenue. Dr. Wagle emphasized that achieving such targets requires a clear vision and a relentless focus on results, rather than the proliferation of advisory roles that may not yield tangible outcomes. He argued that past failures in state mechanisms were often due to a lack of clear objectives and timelines, a pitfall he is determined to avoid. Furthermore, Dr. Wagle touched upon the broader economic paradox facing Nepal. He contended that Nepal's Gross Domestic Product (GDP) is "under-counted" and that, by observing the urban economy, Nepal should not be considered a poor country. However, he lamented the current situation where "on one hand, the revenue trajectory is disturbed, and on the other, the graph of advisors and wasteful expenditure is rising." This paradox, he stressed, must be resolved urgently. For investors, this candid assessment from the Finance Minister provides valuable insight into the government's understanding of its economic challenges and its resolve to address them. It signals a potential shift towards more stringent fiscal policies and a greater emphasis on accountability in public spending. The public nature of this criticism, directed at the head of government and a powerful minister, is widely interpreted in political circles as a "moral pressure" tactic aimed at driving economic reform. It is expected to ignite further debate within the government regarding the relevance and necessity of numerous advisory positions. For the financial community, this development highlights the ongoing struggle for fiscal prudence and good governance in Nepal, factors that are paramount for fostering a stable and attractive investment climate. Investors will be closely watching how this internal debate unfolds and whether it translates into concrete policy changes that prioritize efficient resource utilization and robust economic growth.
Nationwide Healthcare Disruption Looms as Doctors Protest Violent Attack
The healthcare sector across Nepal faced significant disruption on Tuesday as the Nepal Medical Association (NMA) initiated a nationwide shutdown of all medical services, excluding emergency care. This drastic measure was taken in vehement protest against a brutal assault on doctors and health workers at Narayani Hospital in Birgunj last Saturday. The incident, which left Dr. Pramod Ram with severe head injuries, has ignited widespread outrage within the medical community, prompting calls for immediate and decisive action from the authorities. The NMA's decision to halt non-essential services underscores the growing concerns among medical professionals regarding their safety and security while performing their duties. The association highlighted that the attack on Dr. Ram and his colleagues was not an isolated incident but rather indicative of a broader pattern of violence against healthcare providers. Such incidents not only endanger the lives of medical personnel but also severely impede the delivery of critical healthcare services to the public, creating a climate of fear and uncertainty within hospitals and clinics. Adding to the gravity of the situation, the NMA has also leveled serious allegations against the Parsa District Administration Office and local police. The association claims that during attempts to engage in dialogue regarding the incident, members of the NMA's central executive committee and the president of its Narayani branch were subjected to verbal abuse and misconduct by police personnel. This alleged mistreatment during a period of heightened tension has further exacerbated the conflict, eroding trust between the medical community and law enforcement agencies. The immediate impact of the strike was felt acutely by thousands of patients across the country. Hospitals in major urban centers, including Kathmandu, saw a significant reduction in services. Institutions such as Stupa Community Hospital, Everest Hospital, and Venus Hospital reported that numerous scheduled appointments, consultations, and non-emergency procedures were either postponed or canceled, leaving patients in distress and facing prolonged waits for essential care. This disruption places a considerable burden on the public, particularly those requiring ongoing treatment or diagnostic services. The NMA has issued a clear ultimatum: if the perpetrators of the attack are not swiftly brought to justice and held accountable under the law, the association has threatened to escalate its protest programs. This could potentially lead to more extensive and prolonged shutdowns, further crippling the nation's healthcare infrastructure. For investors, particularly those with stakes in healthcare-related businesses, pharmaceutical companies, or insurance providers, such widespread industrial action in a critical sector presents a notable risk. Prolonged instability in the healthcare system can impact operational efficiencies, public health outcomes, and ultimately, the financial performance of entities reliant on a stable and functioning medical environment. The situation calls for urgent intervention from the government to address the core issues of doctor safety and ensure that justice is served. A swift resolution is crucial not only to restore essential healthcare services but also to rebuild confidence within the medical community and prevent future disruptions that could have far-reaching economic and social consequences for Nepal. The ongoing developments will be closely watched by all stakeholders, as the outcome will undoubtedly shape the future landscape of healthcare provision and professional security in the country.
NIC Asia Capital Unveils Lifetime Demat and Mero Share Services to Boost Investor Participation
NIC Asia Capital Limited, a prominent player in Nepal's capital market, has announced a series of innovative schemes for the fiscal year 2083/84, designed to significantly enhance investor convenience and broaden market participation. These initiatives, spearheaded by the company's ambitious "One Nepali, One Demat Account" campaign, introduce groundbreaking lifetime renewal options for Demat and Mero Share accounts, alongside attractive incentives for new and student investors. This strategic move underscores NIC Asia Capital's commitment to democratizing access to the stock market and fostering a more financially inclusive Nepal. At the heart of these new offerings is the introduction of a one-time lifetime renewal facility for both Demat and Mero Share accounts. Investors can now secure a lifetime Demat account renewal by paying a single fee of Rs 999, effectively eliminating the recurring annual charge of Rs 100. Similarly, a one-time payment of Rs 1,000 will grant lifetime renewal for Mero Share accounts, replacing the annual Rs 50 fee. This forward-thinking approach provides substantial long-term savings and unparalleled convenience for investors, freeing them from the hassle of annual renewals and ensuring uninterrupted access to their investment portfolios. This limited-time offer is available until the end of Shrawan 2083, urging potential beneficiaries to act promptly to capitalize on these significant cost-saving opportunities. Beyond the lifetime renewal options, NIC Asia Capital is actively working to onboard new investors into the capital market. The company is offering free Demat account opening, coupled with a full waiver on the first-year renewal fee. This incentive is accessible to accounts opened directly through NIC Asia Capital and its extensive network of branch offices. Furthermore, individuals opening accounts via NIC Asia Bank branches, particularly those utilizing the bank's designated free savings accounts, can also avail themselves of this beneficial scheme. Such initiatives are crucial for lowering the entry barrier for prospective investors, encouraging them to take their first steps into the world of stock market investments without initial financial burdens. A particularly noteworthy scheme is the "NIC Asia Student Demat Service," specifically tailored to engage the youth in capital market activities. This student-focused program provides free Demat accounts, a waiver on the first-year renewal fee, and complimentary Mero Share registration. Recognizing the importance of financial literacy and early investment habits, this initiative aims to cultivate a new generation of informed investors. By making investment tools accessible and affordable for students, NIC Asia Capital is not only expanding its client base but also contributing significantly to the nation's financial education landscape, empowering young individuals to manage their finances and participate in economic growth from an early age. In line with global digital transformation trends, NIC Asia Capital has also emphasized the online accessibility of its services. Operating under the tagline "Not in line, online," the majority of the company's offerings are now conveniently available through its official website. This digital-first approach ensures that investors can manage their Demat and Mero Share accounts, apply for IPOs, and access other crucial services from anywhere, at any time, without the need for physical visits. This commitment to digital convenience reflects a modern understanding of investor needs and positions NIC Asia Capital as a leader in leveraging technology for enhanced service delivery in the Nepali capital market. These comprehensive schemes collectively aim to streamline the investment process, reduce costs, and foster greater participation across all demographics, ultimately contributing to a more vibrant and robust Nepal Stock Exchange. For further details, interested parties can contact NIC Asia Capital directly at 9847345099 and 9848865223.
National Life Insurance Bolsters Agent Network with Grand Training and Recognition Event
National Life Insurance Company Limited, a prominent player in Nepal's burgeoning insurance sector, recently hosted a comprehensive training and cultural program designed to celebrate and empower its top-performing agents. Held at the luxurious Hotel Royal Tulip in Lalitpur, the event served as a crucial platform to acknowledge agents who had successfully met their targets under the company's Baishakh 2083 monthly incentive scheme. This initiative underscores National Life Insurance's unwavering commitment to fostering a high-performance culture and investing in the professional development of its extensive sales force. The prestigious gathering was inaugurated by the company's Chief Executive Officer, marking a significant occasion that brought together approximately 300 attendees. This included key departmental heads, dedicated branch chiefs, senior business managers, managers, and a substantial number of agents from across the network. In his inaugural address, the CEO proudly highlighted the company's exceptional performance in the fiscal year 2082/83, particularly emphasizing its leading position in first-year premium collection – a critical metric reflecting an insurance company's growth and market penetration. He extended heartfelt gratitude to all stakeholders for their invaluable support, reaffirming the company's strategic intent to further strengthen and expand its agent network in the upcoming fiscal year. This commitment is vital in a competitive market like Nepal, where a robust and well-trained agent force is often the backbone of an insurer's success. A pivotal segment of the program was a specialized training session conducted by renowned trainer Kazim Raza. The session focused on the rigorous qualifications required for the Million Dollar Round Table (MDRT), an internationally recognized standard of excellence for life insurance and financial services professionals. MDRT membership signifies superior professional knowledge, strict ethical conduct, and outstanding client service. By providing agents with insights into achieving this global benchmark, National Life Insurance is not only investing in the individual growth of its agents but also elevating the overall professionalism and service quality of its entire sales team. Such training initiatives are crucial for equipping agents with advanced sales techniques, product knowledge, and client relationship management skills, ultimately leading to enhanced productivity and customer satisfaction. For investors, this signifies a company committed to human capital development, which directly translates into sustainable business growth and competitive advantage. Beyond the professional development aspect, the event also featured a vibrant cultural program, designed to foster camaraderie and celebrate the collective achievements of the agents. The evening was enlivened by captivating performances from popular comedian Suman Karki, talented musicians Ramchandra Kafle and Junu Rijal, acclaimed singer Deepak Bajracharya, the energetic Rhythm Band, and DJ Amu. These cultural interludes provided a much-needed opportunity for agents to relax, network, and reinforce their sense of belonging to the National Life Insurance family. Such motivational events play a critical role in boosting morale, recognizing hard work, and creating a positive work environment, which are all essential for agent retention and sustained high performance in the demanding sales profession. For investors, this event serves as a clear indicator of National Life Insurance's strategic approach to market leadership. By consistently investing in the training, motivation, and recognition of its agents, the company is fortifying its most crucial asset – its human capital. A highly skilled and motivated agent network is instrumental in expanding market reach, acquiring new clients, and maintaining strong relationships with existing policyholders. In Nepal's dynamic insurance landscape, where competition is intensifying and regulatory standards are evolving, a company's ability to empower its sales force directly impacts its ability to capture market share and drive profitability. National Life Insurance's proactive stance in agent development positions it favorably for continued growth and sustained success in the years to come, reinforcing its commitment to delivering value to both its policyholders and its shareholders. The event successfully combined professional enrichment with celebratory recognition, setting a positive tone for the company's future endeavors.
South Korean Lending Rates Surge in June as Central Bank Signals Further Tightening
South Korea's financial landscape is experiencing a significant shift, with bank lending rates rebounding sharply in June. This increase, as reported by the Bank of Korea (BOK) on Tuesday, reflects growing market expectations of sustained interest rate hikes and the central bank's firm commitment to a tighter monetary policy. For investors monitoring global economic trends, this development signals a crucial phase for the South Korean economy and its capital markets. The weighted average interest rate on new bank loans climbed by 0.12 percentage points from May, reaching 4.31% in June. This reversal follows a marginal decline in May and underscores the market's adjustment to the BOK's more hawkish stance. Earlier this month, the Bank of Korea raised its benchmark policy rate by 25 basis points to 2.75%, marking a decisive pivot towards monetary tightening. This move comes after an extended period of accommodative policy, maintained for approximately three and a half years since January 2023, and is primarily aimed at combating persistent inflationary pressures and aligning with global central bank trends. The impact of these rising rates is being felt across various sectors, with corporate borrowing costs experiencing a notable uptick. The average interest rate on new corporate loans rose by 0.14 percentage points to 4.27%. While large corporations saw their lending rates increase by 0.07 percentage points to 4.17%, small and medium-sized enterprises (SMEs) faced a more substantial hike of 0.23 percentage points, pushing their rates to 4.38%. This differential impact highlights the increased vulnerability of SMEs, which often have less access to diverse funding sources and are more sensitive to borrowing cost fluctuations. Higher financing costs for businesses could potentially dampen investment, hinder expansion plans, and impact overall profitability, especially for those with significant debt exposure. Housesholds are also bearing the brunt of the tightening cycle. The average lending rate for new household loans increased by 0.04 percentage points to 4.50%. Within this segment, mortgage loan rates edged up by 0.04 percentage points to 4.36%. More significantly, unsecured credit loan rates registered a steeper increase of 0.23 percentage points, reaching 5.72%. This rise in household borrowing costs could strain consumer budgets, potentially leading to reduced discretionary spending and a cooling effect on the housing market. For individuals with variable-rate loans, the immediate impact on monthly payments will be noticeable, increasing the financial burden. In parallel with lending rates, deposit rates have also moved higher, reflecting the broader upward trend in interest rates across the banking sector. The weighted average rate on new bank deposits increased by 0.15 percentage points from the previous month, reaching 3.08% in June. While this offers some relief to savers, it also signifies an increased cost of funds for banks, which must balance higher deposit payouts with their lending strategies. For investors, these developments signal a challenging yet potentially opportunistic environment. The BOK's commitment to taming inflation, even at the risk of slowing economic growth, suggests that higher policy rates could continue to push up both lending and deposit rates in the coming months. This environment typically favors sectors with strong cash flows and less reliance on debt, while growth-oriented companies with high leverage might face headwinds. Furthermore, a strengthening Korean Won (KRW) could be a consequence of higher interest rates, attracting foreign capital but potentially impacting export competitiveness. Investors should closely monitor the BOK's future communications and global economic indicators to navigate this evolving landscape effectively, considering the implications for equity valuations, bond yields, and currency movements in South Korea.
Johnson & Johnson Proposes Landmark $5.5 Billion Settlement to Resolve Baby Powder Lawsuits
In a significant development for the global healthcare and consumer goods giant, Johnson & Johnson (J&J) has put forth a substantial offer of $5.5 billion (approximately NPR 733 billion) to settle tens of thousands of lawsuits related to its talc-based baby powder and other talc products. This proposed historic agreement aims to bring an end to a protracted legal battle that has spanned years, casting a long shadow over the company's reputation and financial outlook. The core of the dispute revolves around allegations that J&J's talc-based products caused ovarian cancer in thousands of consumers. Plaintiffs claim that the talc used in these products was contaminated with asbestos, a known carcinogen. Talc, a mineral, is often mined in close proximity to asbestos, leading to concerns about cross-contamination. Despite these serious accusations, Johnson & Johnson has consistently and vehemently denied any wrongdoing, asserting that its products are safe and free from asbestos. Eric Haas, J&J's Vice President of Litigation, reiterated the company's stance, stating that the allegations are "unfounded." He emphasized that numerous scientific studies have affirmed the safety of talc and confirmed the absence of cancer-causing asbestos in their products. However, Haas clarified that the company's willingness to pursue this settlement is a strategic move. The objective is to extricate itself from the ongoing legal quagmire, allowing J&J to refocus its considerable resources and efforts on its primary mission: developing life-saving medicines and innovative medical devices. This decision underscores a pragmatic approach to risk management, prioritizing business continuity over prolonged legal defense, even when confident in its position. The proposed settlement plan is contingent upon acceptance by a significant majority of the legal firms representing the cancer victims – specifically, 95% of them must agree to the terms. If approved, the financial payout will be structured over several years. Johnson & Johnson has indicated that it plans to disburse up to $3 billion within the coming year, with the remaining amount scheduled to be paid by 2028. This phased payment approach is designed to manage the financial impact on the company while providing compensation to claimants. In response to the escalating controversy and mounting public pressure, Johnson & Johnson took proactive steps regarding its product line. The company ceased the sale of talc-based baby powder in the United States two years ago, extending this ban globally in 2022. Currently, J&J manufactures its baby powder using cornstarch as an alternative to talc, a move aimed at addressing consumer concerns and adapting to evolving market demands and regulatory landscapes. This legal saga, which commenced as early as 2009, has seen J&J achieve some legal victories in individual cases. Nevertheless, the sheer volume of lawsuits and the potential for future litigation have created an environment of uncertainty. The proposed $5.5 billion settlement, therefore, represents a comprehensive strategy to mitigate future legal risks and provide a definitive resolution to a complex and costly chapter in the company's history. For investors, this settlement, while substantial, could be viewed as a positive step towards removing a significant overhang, potentially allowing the company's stock to reflect its underlying business fundamentals more accurately, free from the constant threat of litigation. It highlights the critical importance of product liability management in the consumer goods sector and the immense financial implications when such issues arise.
Nepal Appoints Vivekraj Kandel as Strategic Advisor to Energy Minister, Poised to Transform Energy Sector
In a significant move poised to invigorate Nepal's crucial energy sector, Mr. Vivekraj Kandel has been appointed as the Advisor (Energy Trade and Infrastructure, Special Class) to the Minister for Energy, Water Resources, and Irrigation, Mr. Biraj Bhakta Shrestha. This high-profile appointment signals the government's renewed focus on strategic energy development, trade, and infrastructure enhancement, areas critical for Nepal's economic prosperity and long-term energy security. Mr. Kandel, hailing from Chitwan, steps into this pivotal role with a clear mandate to provide strategic counsel on a range of issues. His responsibilities will primarily revolve around formulating policies that underscore Nepal's long-term energy security, driving forward essential reforms within the domestic energy sector, and actively working to attract greater private sector investment. Furthermore, he is expected to play a crucial role in accelerating comprehensive energy trade reforms and fostering regional energy market integration, which are vital for leveraging Nepal's immense hydropower potential and positioning it as a key player in South Asian energy dynamics. Mr. Kandel brings a wealth of academic prowess and extensive professional experience to his new position. He holds a Civil Engineering degree from Tribhuvan University, a foundational qualification for understanding the technical intricacies of energy infrastructure. Further enhancing his expertise, he pursued a Master's in Public Administration (MPA) with a specialization in Climate Energy Transformation and Leadership from the prestigious Harvard University's Kennedy School of Government. Additionally, he holds a Master's in Energy Management from the University of Twente in the Netherlands. This unique blend of engineering, public administration, and specialized energy management education equips him with a holistic perspective essential for navigating the complex challenges and opportunities within the energy landscape. His professional journey spans over a decade and a half, during which he has contributed significantly to various national and international organizations, including the United Nations Development Programme (UNDP), the World Bank, and the International Renewable Energy Agency (IRENA). This extensive experience with global development and energy institutions provides him with invaluable insights into best practices, international cooperation mechanisms, and sustainable energy development strategies, all of which will be instrumental in shaping Nepal's energy future. For investors, this appointment underscores a commitment from the Nepali government to professionalize and strategically guide the energy sector. Mr. Kandel's background suggests a data-driven and policy-oriented approach, which could lead to more stable regulatory frameworks, clearer investment guidelines, and enhanced project execution. A robust and well-managed energy sector is a cornerstone for industrial growth, job creation, and overall economic stability, making this appointment a positive signal for both domestic and international investors looking at Nepal's burgeoning energy market. His focus on attracting private sector investment and regional integration could unlock new avenues for capital deployment and cross-border energy projects, promising a more dynamic and interconnected energy economy for Nepal.
Nepal SBI Bank Wins Four International Banking Awards at ICC Emerging Asia Banking Awards 2026
Nepal SBI Bank Ltd. (SBI) has received four prestigious international awards from the Indian Chamber of Commerce (ICC) at the 4th Emerging Asia Banking Awards 2026 held in New Delhi. The bank was recognized in the categories of Best Bank in MSME Acceleration, Best Performance on Asset Quality, Best Performance on Profitability, and Best Commercial Bank. The awards were received by Dy. CEO & COO Vikas Anand and Head of Finance & Planning Netra Khatiwada. The recognition highlights NSBL’s strong performance in commercial banking, financial management, and support for MSME growth. With over 33 years of service, the bank currently operates a nationwide network of 103 branches, 22 extension counters, 21 branchless banking units, 127 ATMs, seven provincial offices, and a corporate office.
inDrive Empowers Nepali Women Through ‘Driving Naari Nepal’ Initiative
inDrive has completed the first cohort of its Driving Naari Nepal programme, certifying ten women after three months of professional two-wheeler driving, road safety, licensing, and self-defence training. Launched in April 2026, the initiative aims to empower women from underserved communities by creating economic opportunities in Nepal’s mobility sector and encouraging greater female participation in ride-hailing services. During the certification ceremony in Kathmandu, participants received certificates, safety kits, and prizes, including an electric scooter, smartphones, and smartwatches. inDrive officials, Kathmandu Valley Traffic Police, and brand ambassador Swastima Khadka highlighted the programme’s role in promoting women's safety, financial independence, and inclusion while expanding transportation choices for passengers. The company plans to build on the programme’s success and replicate it in other markets.
Construction of 28.3 MW Middle Chameliya Hydropower Project Set to Begin in Darchula
Sudurpashchim Province is expanding its renewable energy capacity as preparations begin for the construction of a new 28.30 megawatt hydropower plant on the Chameliya River. Promoted by Darchula Power Company, the Middle Chameliya Hydropower Project will be located in Marma Rural Municipality of Darchula district, situated within the protected Api Nampa Conservation Area. The project has reached several key regulatory and financial milestones to pave the way for development.The Department of Electricity Development granted the generation license for the run-of-river project in March 2025. Following an initial Environmental Impact Assessment (EIA) approval in March 2024, developer Chameliya Power Limited secured permission to conduct a Supplementary EIA to assess minor layout revisions and structural relocations on the river's left bank.The Ministry of Agriculture, Forestry and Environment recently issued a public notice requesting feedback on the supplementary study. Commercial preparations for the plant are already in place.The developer signed a Power Purchase Agreement (PPA) with the state-owned Nepal Electricity Authority (NEA) in October 2023 and completed financial closure in June 2025. All electricity generated by the project will be fed directly into the national grid via the NEA's nearby Balach Substation. Located approximately 30 kilometers northwest of Gokuleshwar, the plant will operate between two existing projects on the same river, athe 40 MW Upper Chameliya project upstream and the 30 MW Chameliya Khola project downstream.Once operational, the Middle Chameliya plant is projected to supply 118.52 gigawatt hours (GWh) of electricity during the wet season and 67.10 GWh during the dry season. With an estimated total investment of NPR 6.23 billion (approx. Rs 6.236 billion), construction is targeted for completion within three years.
Don't sell, distribute banned goods: Commerce Department
The Department of Commerce, Supplies and Consumer Protection has urged everyone not to sell and distribute banned items. The Department reminded the provision of the Import and Export (Control) Act, 2013, as per which it can determine the goods to bed prohibited and controlled for the export or import. So, the items banned by the authority are not allowed sales and distribution. The importers, hoarders and traders are especially urged to pay heed to the legal facts- engaging in business by complying with the set obligations and conditions. If anyone or business entity is found ignoring the diktat, it would face stringent actions as per Import and Import (Control) Act, 2013, the Consumer Protection Act, 2075 and other existing laws. The authority also shared that it has beefed up market monitoring of late. On Monday, various nine commercial firms were monitored in Kathmandu and corrective measures suggested for reform. The Department shared the information that it had been conducting regular market monitoring by ensuring participation of consumer rights activists and local stakeholders onboard.
Gold Price Falls Today; Check Updated Rate
Gold prices have witnessed a moderate fall in the domestic market today, falling by Rs. 4300 per tola to settle at Rs. 284,200 per tola, down from the previous rate of Rs. 288,500 per tola. The Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA) reported that Tejabi gold price also decreases by Rs. 4300 per tola to reach Rs. 283,500 per tola, compared to Rs. 287,800 per tola on the previous day. Similarly, silver prices moved in the same direction, falling by Rs. 135 per tola to Rs.4,310 per tola from Rs. 4,445 per tola on the previous day.
Inland Revenue Department Clarifies VAT on Electricity Consumption to Apply Only from Shrawan 1
The Inland Revenue Department (IRD) has clarified that the newly introduced Value Added Tax (VAT) on electricity consumption will apply only to electricity used from Shrawan 1, 2083 onwards, addressing widespread confusion among consumers and businesses over the implementation of the new tax provision. In a public notice issued on Tuesday, the department explained that although the Economic Act, 2083 amended the Value Added Tax Act, 2052 to impose VAT on electricity services, the provision becomes effective only from Shrawan 1. Under the amended law, electricity supplied to final consumers will be subject to 5 percent VAT, while electricity supplied to other consumers, including businesses falling under the applicable category, will attract 13 percent VAT. The clarification comes after concerns were raised regarding electricity bills issued on or after Shrawan 1 for power consumed during the month of Ashadh. The department stated that electricity consumed up to Ashadh 32, 2083, even if billed after Shrawan 1, will remain exempt from VAT because electricity was still listed under the VAT-exempt essential goods and services schedule during that period. Therefore, VAT will not be charged on electricity consumed before the new provision came into force. The IRD further clarified that the VAT will apply to all electricity consumption from Shrawan 1 onwards, regardless of the billing date. It also stated that minimum charges and demand charges collected by the Nepal Electricity Authority as part of the approved electricity tariff are considered components of the electricity service. Consequently, these charges will also be subject to VAT on electricity consumed from Shrawan 1. The department said the clarification was issued to eliminate confusion among the general public, electricity consumers, and businesses regarding the implementation of the new VAT provisions. It urged all stakeholders to follow the revised tax rules as stipulated in the Economic Act, 2083.
Progressive Finance is Auctioning 2,18,692 Units Promoter Shares from Today
The existing promoter of Progressive Finance Limited (PROFL) is auctioning 2,18,692 units of shares to the interested promoter shareholders from today. 2,18,692 units of promoter shares will be auctioned. Interested individuals are requested to bid for the auction within 35 days from this notice's publication date, i.e.,12th Shrawan, 2083. The shareholders should submit their bids at the central office of the company located at Tinkune, Kathmandu. If no bids are received from existing promoter shareholders within the specified timeframe, the shares will later be auctioned to the general public. PROFL closed at Rs. 437.90. Auction Notice:
NEPSE Opens Applications for Chief Executive Officer; Finance Ministry Invites Qualified Candidates
The Government of Nepal has formally initiated the recruitment process for the vacant post of Chief Executive Officer (CEO) of the Nepal Stock Exchange (NEPSE), inviting applications from qualified Nepali citizens through an open competitive selection process. A public notice published by the Selection and Recommendation Committee formed to appoint the CEO states that interested candidates must submit their applications within 15 days from the date of publication. Applications, along with a sealed business action plan, must be submitted during office hours to the Financial Sector Management and Corporation Coordination Division under the Ministry of Finance at Singha Durbar, Kathmandu. The recruitment process follows the recently approved Procedure for the Selection and Recommendation of the Chief Executive Officer of Nepal Stock Exchange Limited, 2083. According to the vacancy notice, candidates must possess at least a Master's degree from a recognised institution in Economics, Commerce, Finance, Management, Information Technology, Business, or Law, or hold a Chartered Accountancy (CA) qualification or an equivalent degree. Applicants are also required to have a minimum of 15 years of professional experience in the capital market, financial sector, or management, including at least seven years in a managerial position. The notice clarifies that a managerial position refers to at least a Second Class Officer level in the Government of Nepal or an equivalent role, or executive leadership positions up to two levels below the chief executive in a company or organised institution. Applicants must be Nepali citizens aged between 30 and 65 years as of the application deadline. In addition, candidates must not be disqualified under the CEO Selection Procedure, 2083, or the Standards for Appointment and Nomination of Office Bearers and Members of Public Bodies under the Ministry of Finance, 2073 (as amended). The notice states that the following individuals are ineligible:1. Non-Nepali citizens.2. Persons convicted of corruption, money laundering, human trafficking, narcotics offences, crimes involving archaeological artefacts or protected wildlife, or other criminal offences involving moral turpitude.3. Individuals blacklisted under prevailing laws who have not completed three years since being removed from the blacklist.4. Persons holding permanent residency in a foreign country.5. Individuals currently engaged in contractual work with a public institution in the capacity of an executive head.6. Persons declared mentally unfit. Besides the standard application documents, applicants are required to submit a detailed business action plan outlining their vision and strategy for leading Nepal's only stock exchange. The business action plan must be submitted in three sealed copies. The outer envelope must clearly mention the applicant's name and indicate that it contains the application and business action plan for the post of NEPSE CEO. Applicants must also submit all documents specified under the CEO Selection Procedure, including self-certified copies of academic and professional certificates, prescribed application forms, and two passport-sized photographs. Candidates must deposit a non-refundable application fee of Rs. 5,000 at the designated revenue account of the Ministry of Finance through the Singha Durbar branch of Rastriya Banijya Bank and submit the original payment voucher along with the application. The selected CEO will receive salary, allowances, and other benefits as determined by the Government of Nepal. The Selection and Recommendation Committee will assess applicants based on their academic qualifications, professional experience, business action plan, and presentation before recommending suitable candidates for appointment. The committee has reserved the right to reject any application with or without assigning reasons. It has also warned that any applicant found submitting false information or forged documents will have their application cancelled and may face legal action under prevailing laws. The vacancy marks the formal commencement of the process to appoint a new chief executive for NEPSE, a key institution in Nepal's capital market that has been operating without a permanent CEO.