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The Nepal Stock Exchange (NEPSE) plunged by 6. 45 points to close at 1,961.37 points on Tuesday.

Similarly, the sensitive index dropped by 0. 47 points to close at 377. 24 points.

A total of 2,480,929-unit shares of 277 companies were traded for Rs 796 billion.

Meanwhile, NMB Microfinance Bittiya Sanstha Ltd was the top gainer today with its price surging by 10. 00 percent.

Likewise, RBB Mutual Fund 2 was the top loser as its price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 2. 93 trillion.  

Deputy Prime Minister and Minister for Home Affairs Narayan Kaji Shrestha said that the government has prioritized the rebuilding of flood-damaged Kagbeni settlement in Mustang.

During his inspection to the flood-ravaged Kagbeni settlement at Varagung Muktichhetrai Rural Municipality-4 in Mustang today, the Deputy Prime minister pledged to undertake the reconstruction efforts targeting the village with high priority.   The settlement experienced significant damages from the flooded Kaagkhola stream on August 13.

Moreover, according to the Minister, the government will seek ways to minimize risks from the water-induced depositions on the bank of Kaligandaki River.

He said that the matter about operating the Korola checkpoint along the Nepal-China border will be an agenda of Prime Minister Pushpa Kamal Dahal's upcoming visit to the northern neighbor.

In addition to this, the government is working on possibilities to ensure uninterrupted transport service along the Beni-Jomsom-Korola road. He also assured of convening the reconstruction of damaged infrastructure including roads, bridges, and drinking water, electricity and irrigation projects promptly.

On the occasion, the Minister had held discussions with the local government, administration and security bodies about the post-disaster situation at Kagbeni.

The flood damaged roadways, motorable bridges, monasteries, temples, community buildings, police posts, hotels and river embankments.

Properties worth over Rs one billion were destroyed in the flood.

Over 50 houses were significantly damaged by the flood, resulting in property losses exceeding Rs 520 million, according to the local government.

Pankaj Jalan is the chairman of Lord Buddha Education Foundation (LBEF), Nepal’s first IT college. He also serves on the executive board of the Nepal Chamber of Commerce. Babita Shrestha from ApEx spoke with him on encouraging professional development for the student community’s growth and success. Excerpts.

How is LBEF developing highly qualified individuals for future growth?

When we first started this institution, education for all was our main priority, allowing Nepalis to acquire technical training at an affordable cost. Our present focus is on encouraging students to learn new advanced skills and creating stable employment for them in order to keep them working as professionals in Nepal. 

Would you please give us an overview of the variety of professional programs and the college’s integrated curriculum for theoretical knowledge and practical skills?

Since we are Nepal’s first IT college, we are primarily concerned with IT education. Besides, we also offer managerial training. LBEF provides both bachelor’s and master’s degrees. At our college, the delivery method differs slightly from what the other institutions are providing. We are associated with the Asia Pacific University of Technology and Innovation (APU), a Malaysian institution, and we adhere to their curriculum. They follow Industry 4.0 curriculum, an outcome-based learning, which is only practiced by our institution in Nepal. 

The other important factor is our university believes in continual evaluation. Students are evaluated for 15 days once every ten years. In order to keep students engaged with the course curriculum, internal assessment and assignment are taken into account for their final evaluation. Assignments, group presentations, skill tests of all kinds in various formats for each subject, and group discussions have all been a part of the students’ work. Additionally, to improve students’ performance, the university is granting access to the ten online libraries.

How does the college help students beyond academic instruction? 

Firstly, we have a placement cell here, which unquestionably guarantees that the students will have an internship. To familiarize students with the job market, we also conduct regular guest lectures from different companies.  We host a placement day every six months where 30-35 firms are invited for counseling and placement. Every student in our institution is required to do a four-month rigorous internship as part of our curriculum. Later on, they even have the opportunity to get employed. 

Can you share the success stories of recent graduates? How does the college engage with its alumni to foster a strong professional network?

According to our data, this college has produced more than 130 CEOs across the globe. Not only CEOs, we have also produced DIGs in the Nepal Police who specialize in computer science and many other technical fields. Until now we have celebrated three alumni meets and now we are planning to celebrate every year. We have appointed six alumni from different countries. I think our students can also benefit from these alumni networks.  On the 25th year of our celebration on September 10, we are planning to publish an alumni directory.

Currently, it seems that the majority of students are having trouble deciding on a career. Most students are entering the IT field without having the right ideas. What is your suggestion to such students?

The students today are going after the trend and pursuing degrees that are simpler to complete. They don’t seem to make an effort to enhance their skills. For that, I’d like to advise them to do some research on the subject to understand the market and prospects. A survey by the American government found that 70 percent of jobs are in this field. Everyone anticipates job prospects to be wider, as the world becomes more dependent on IT, which is true. This industry is expanding and its wider prospect is definitely the reason behind students entering the IT field. 

We frequently hear that the exponential advancement of artificial intelligence (AI) will be a threat to numerous IT jobs. What are your thoughts on this matter?

Technology will continue to advance. From our homes, offices, and hospitals, we can see technology practically everywhere. Although some jobs must have been affected by AI, it is  unlikely to replace IT, as AI’s system is guided by it. AI is here to make life easier and I believe it will open more doors for IT engineers in the field. Such assertions are incorrect, in my opinion, as monitoring and execution need IT personnels.

The IT sector is escalating, so are the number of colleges. Being the first ever IT college in Nepal, what is the situation of enrolment?

Of course, the market evolves with time. In the past, there would be lines of students waiting to enrol, but things drastically altered after 2015. For students to choose the IT industry back then, they had to have a science background. We were the pioneer to change that trend and now even management students can go for IT courses. Although the number of establishments has increased, the curriculum and courses continue to lag behind in terms of advanced education in many institutions. Additionally, educational institutions are now becoming a business market. So it’s high time the government monitored  such institutions. Also, the existing institutions have to be proactive and grow with time with a skill testing approach and new initiatives.

Prime Minister Pushpa Kamal Dahal and main opposition CPN-UML Chairman KP Sharma Oli held a meeting on Tuesday.

Oli had reached Singha Durbar this morning to meet Prime Minister Dahal.

According to a source, Prime Minister Dahal and UML Chair Oli had held a discussion on the bill to be tabled in the federal Parliament.

It has also been said that they also discussed contemporary political issues in the meeting.

Nepal has an extensive list of requests that it hopes to receive assistance from China during Prime Minister Pushpa Kamal Dahal’s upcoming trip to China. One of them is getting Chinese assistance for a detailed project report (DPR) of Tokha-Chhahare Tunnel. 

Officials from Nepal’s Ministry of Physical Infrastructure and Transport (MoPIT) stated that Nepal plans to ask China to bear the expenses for conducting the Detailed Project Report (DPR) of the tunnel. According to Arjun Jung Thapa, joint secretary at MoPIT, the ministry has already communicated with the Foreign Ministry to include the Tokha- Chhahare Tunnel in the agendas of the Prime Minister’s visit. 

On 13 October 2019, Nepal and China entered into a memorandum of understanding (MoU), outlining China’s assistance in constructing two segments of the road connecting Kathmandu and Rasuwagadhi. The first stretch of the road will span 32 kilometers, starting from Tokha in Kathmandu and extending to Chhahare in Nuwakot, including a 4.17-kilometer tunnel. The second section, spanning 19 kilometers, will connect Mailung with Syaphrubesi in Rasuwa district.

The road project serves as a vital link for connectivity between Nepal and China, and upon its completion, it will lead to a reduction in both the distance and the travel time between Kathmandu and Rasuwagadhi.

According to the Department of Road, the Tokha-Chhahare tunnel project has received significant priority from the government in the current fiscal year. Out of the total budget of Rs 1.94bn allocated for the tunnel road development program in the 2023/24 federal budget, Rs 1.25bn has been earmarked for the Tokha-Chhahare tunnel road. However, the detailed project report (DPR) and the environmental impact assessment (EIA) report for the Tokha-Chhahare road are yet to be prepared. Currently, a technical team from the China Communication Construction Company is conducting a study of the tunnel. 

The upgradation of roads linking the northern neighbor has also been proposed by the MoPIT. According to Thapa, the ministry has sent a proposal for upgrading three highways—Karnali Corridor, Koshi Corridor, and Araniko Highway to be included in the Prime Minister’s agenda. 

Thapa said that the ministry has forwarded the list of road projects linking with the Chinese border and the Tokha-Chhahare Tunnel to the Foreign Ministry. “It is up to the Foreign Ministry to finalize them,” he said. 

Among them is the upgradation of the 290-kilometer Hilsa-Khulalu segment of the Karnali Corridor. According to the department, the track opening is left in the 3-kilometer stretch of this segment. 

The ministry has also included the upgradation of the Dhulikhel-Tatopani segment of the Araniko Highway. The ministry has proposed to upgrade the 84-kilometer segment into a two-lane road with Chinese assistance. The 144-kilometer Araniko Highway was built with Chinese assistance in 1967. 

The blacktopping of a 162-kilometer road in the Koshi Corridor is amongst the road projects where Nepal is seeking Chinese assistance. Currently, the Nepal Army is doing track opening of this road.

The construction of the Khutiya-Dipayal-Chainpur-Taklakot road is a new road project for which the government is looking for Chinese help.

Cumin prices have soared threefold in just one year. A year ago, the popular spice variety in Nepali kitchens could be bought for a mere Rs 450 per kg. But today, cumin seeds are commanding prices ranging from Rs 1,300 to Rs 1,400 per kg.

This sharp increase in prices has had a notable impact on sales. “Customers are questioning the abrupt price surge, and we too are left puzzled by the phenomenon. Cumin seed sales have plummeted by 50 percent in recent months,” lamented Shobha Sanjel, owner of Sanjel Spice Shop in Thapathali. “Those who used to purchase a kilogram earlier are now opting for just half a kilogram.”

Cumin isn’t the only spice experiencing a price surge. The price of black pepper has also gone up by Rs 700 per kilogram within a year.

The escalating prices are not limited to spices, as virtually every food and non-food commodity has experienced a surge. Inflation surged to 7.74 percent for the fiscal year 2022/23, exceeding the central bank’s initial target of 7 percent. This is a significant increase compared to the 6.32 percent inflation rate in 2021/22. The primary reasons behind this price surge are the rising global prices and the depreciation of the Nepali rupee against the US dollar. The central bank expects prices to stabilize once domestic demand decreases, as retail prices are dropping in India.

Comparing the fiscal years 2021/22 and 2022/23, prices within the restaurant and hotel sub-group of the food and beverages category surged by 14.42 percent, spices by 12.50 percent, food and food products by 10.70 percent, tobacco products by 9.88 percent, and dairy products and eggs by 9.23 percent. Similarly, within the non-food and services category, prices in the transport sub-group surged by 13.50 percent, entertainment and culture by 10.18 percent, health by 10.01 percent, education by 8.79 percent, and household goods by 8.65 percent.

According to the Nepal Retailers’ Association, the price of cumin seeds has spiked by 150 percent in just one year. Prices of sesame seeds, soybeans, lentils, beaten rice, grams, corn, rice, rice flour, groundnuts, kidney beans, peas, white flour, coriander seeds, ajwain, and ghee have all experienced increases, resulting in an average 22 percent surge in food commodity prices.

Edible oil prices skyrocketed to as much as Rs 340 per liter, representing an almost 80 percent increase. The price, however, has started to fall in recent months.

Vegetable prices have also surged, with some unseasonal and seasonal vegetables experiencing rapid price hikes. Out of the 84 types of vegetables recorded by the Kalimati Fruit and Vegetable Market Development Committee, 70 have witnessed significant price increases, with some surging by as much as 100 percent. Price fluctuations in retail markets have been even more pronounced.

Even seasonal vegetables such as cucumbers, okra, long beans, bitter gourd, radishes, cauliflower, cabbage, onions, capsicum, and tomatoes have seen substantial price increases. For example, brinjal is now retailing at Rs 76 per kilogram, compared to just Rs 12 per kilogram at the same time last year.

Binaya Shrestha, information officer of the committee, attributed the price fluctuations to the rainy season and increased import costs. “Although this happens to be a prime season for vegetable production, supply disruptions caused by heavy rains and landslides have driven prices up. Inclement weather has also led to crop damage in many regions,” he explained. Shrestha does not anticipate significant price decreases before the Dashain-Tihar festive season.

Officials from the Nepal Retailers Association say that ordinary consumers are bearing the brunt of the factors that are causing prices to go up. “As retailers, we can do nothing. When our procurement costs rise; we are compelled to raise prices,” they lamented. “Some unscrupulous traders may have inflated prices for goods already in their inventory.”

Naresh Katuwal, an importer, stated that rising procurement costs are behind the surge in food prices. “The government has increased customs duties on most commodities, and we also have to pay fees to local authorities. Transportation costs have also risen, as have bank rates,” he added.

Since all these expenses are passed on to consumers, they are the ones experiencing the impact. Although the Consumer Protection Act caps profit margins at 20 percent, this regulation is not enforced effectively. Consumer rights activists argue that the government should play a more active role in monitoring and determining traders' procurement and selling costs rather than merely observing from the sidelines.

Madhav Timilsina, President of the Consumer Rights Protection Forum, contends that prices for all kinds of goods have increased. “No matter how much we talk about the governments’ efforts to control black-marketeering, the scope of monitoring and regulation has not expanded. With major festivals approaching, the government should enhance market monitoring and ensure that essential commodities are not in short supply,” he urged. Timilsina also called on the government to take diplomatic initiatives to facilitate the supply of food items subject to export bans in India.

Minister of Industry, Commerce, and Supplies, Ramesh Rijal,  asserted that strict monitoring by the department has helped control black-marketeering to some extent. However, he argued that the market prices reflect the reality of supply being outstripped by demand. “During festivals, when demand is high and markets are crowded, businesses may increase prices somewhat. However, the government is actively working to curb black-market practices,” he assured during an interaction with journalists.

The price of gold has dropped by Rs 300 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 112, 700 per tola today. It was traded at Rs 113, 000 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 112, 150 per tola. It was traded at Rs 112, 450 per tola.

Similarly, the silver is being traded at Rs 1,445 per tola today.

Press Council Nepal Chairman Bal Krishna Basnet has said that the media should enhance its role and presentation with the increasing use of social media sites. He suggested the media to pay attention for the same.

Saying that the materials posted by the individual are spreading confusion, he was of the opinion that the media should be aware of this and should do trustworthy journalism.

“Let’s not get anyone confused. All the issues posted in social media are not news. But those issues are spreading confusion among the people. The media should remove such confusion through their factual and credible presentations,” Chairman Basnet said during a program organized to give orientation to the editors and publishers of the newly opened online media portals at the office of the Council.

He further said the council has also been taking action against online media portals who have been making news by stealing contents or materials from others by going against the values of journalism.

Former acting chairman of the Council Gopal Budhathoki and Nepal Television news Chief Pushpa Hari Kyampa Rai highlighted the challenges brought by the digital media and the issues that the media should pay attention to.