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Kailash Sirohiya, Chairman and Managing Director of the Kantipur Media Group, responded to the allegations made by Rastriya Swatantra Party President Rabi Lamichhane. Issuing a statement on Tuesday, Sirohiya denied all the allegations leveled against him and challenged Lamichhane to prove them. He said that maybe he was expressing his frustration at the honorable Supreme Court for stripping him of membership of the House of Representatives. Sirohiya further said that in the statement that may be he was trying to divert the people’s attention away from his dual citizenship related case. During a press conference held on Sunday, Lamichhane had made various accusations against Sirohiya and the Kantipur Media Group. The Chief of the Kantipur Media Group expressed his regret that Lamichhane leveled baseless allegations against the Nepali media fraternity and media personnel. “He was trying to attack the prestige and trustworthiness of the Nepali media in a premeditated way either to cover up his mistakes or weaknesses,” he said, adding, “Those who believe in press freedom and democracy will not tolerate this.” Expressing his serious reservations over Lamichhane’s accusations that he owned shares of Chandragiri Cable Car allegedly in return for stopping to publish the news against the Chandragiri Hills project, he said that I don’t know if he knows this: Chandragiri Hills is a public limited company and anyone can easily check who owned what percentage of shares in it and at what time, from the concerned government office. Neither I nor any of my family members has ever owned a single share in the company. I have serious reservations over Lamichhane’s false accusations along this line. Sirohiya said that yes, it was true that his son’s (Sambhav Sirohiya) car met with an accident in Maitighar on December 12, 2015. But, unlike Lamichhane’s portrayal of the incident, neither had the car hit any pedestrian on the street nor had it collided with any other vehicle. It was an unfortunate accident in which one of my relatives sustained minor injuries for which he was treated at Norvic Hospital for a time, he said. There was absolutely nothing in the incident that should have been hidden, nor was any attempt made to hide it. Instead, Sambhav Sirohiya had formally notified the Traffic Police Office at Baggikhana of what had happened, he added. “We are surprised why a person who has already served in the capacity of Home Minister would try to mislead the public by suggesting a cover-up. And who gave him the right to try to destroy someone’s private life by spreading such a blatant lie?” he questioned. In response to the questions raised by Lamichhane over his investments Himalayan Reinsurance Limited, Sirohiya said that the company was being established some years ago, as a businessman. He too had bought promoter shares worth Rs 10 crores. “I did not get the shares as a personal favor but bought them with my own taxable income. For this purpose, I had withdrawn money from my accounts in Kumari Bank and Nepal Investment Bank Limited and bought the shares with the same money. Why can’t I take part in a perfectly legal business transaction?” he questioned. Sirohiya said that Lamichhane had brought up an unsubstantiated claim once made by businessmen Ajaya Sumargi that Sirohiya used to get ‘golden shares’ for every big business established in the country. Expressing his dissatisfaction over Lamichhane's statement, he said, “I would like to remind everyone of the ruling of the Kathmandu District Court in our favor in relation to a case we had filed against Sumargi. Can Lamichhane furnish any proof that I had accepted such golden shares? I want to challenge him: Can he point to a single share that I or any of my family members bought with an income that we did not earn from legal sources and for which we did not pay taxes?” he questioned.      

Chinese Ambassador to Nepal Chen Song called on Speaker Devraj Ghimire on Wednesday. During the meeting held in Sighadurbar, the duo discussed the issues of bilateral interests and cooperation, a source at the Speaker’s Secretariat said.  

The price of gold has increased by Rs 200 per tola in the domestic market on Wednesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 104, 800 per tola today. The gold was traded at Rs 104, 600 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 104, 300 per tola. It was traded at Rs 104, 100 per tola. Similarly, the price of silver has dropped by Rs 5 and is being traded at Rs 1, 315 per tola today.

The European Union (EU) has shown its interest in investing in Nepal's hydropower sector through the European Investment Bank (EIB), the lending arm of the EU. According to Nepal Electricity Authority (NEA), the EU has expressed its desire to invest in the 635 ME Dudh Koshi Reservoir Project through the consortium financing of international financial institutions. A high-level team of EU made an on-site inspection of the under-construction 220 KV Chilime-Trishuli Transmission Line Project last Monday. A delegation led by EU's Asia Director, Peteris Ustubs visited the project site under construction in Nuwakot and Rasuwa on Monday. "After observing the progress of the project, the EU has shown its desire to invest in other projects as well," said Kulman Ghising, Executive Director of NEA. According to Ghising, the EU is interested in investing in the production, transmission, and distribution of hydropower in Nepal through the EIB and has shown eagerness in investing in the proposed 635 MW Dudhkoshi Reservoir project, he said. "EU officials are positive for investing in other projects after seeing progress in the construction of the Chilime-Trishuli transmission line," said Ghising. The Dudhkoshi Project is one of the important projects being initiated by the NEA. The government through the federal budget of FY 2022/23 has allocated Rs 940 million for its construction. The total cost of the project has been estimated at USD 1.523 billion and it will take six years to build the dam and other structures. The main dam will have a height of 220 meters and hold back 1,581 cubic megameters of water. The snowmelt-fed Dudh Koshi River originates in the foothills of Mt Everest, allowing the plant to perform efficiently even in the dry season. The project will produce 3,443 GWh annually In 1998, the Canadian International Water and Energy Consultants carried out the first feasibility study and suggested generating 300 MW from the plant. In 2013, a review of the feasibility study carried out by the electricity authority upgraded the capacity to 635 MW. EIB has been providing assistance in Nepal's hydropower sector. It has provided a concessional loan for the construction of the Chilime-Trishuli Transmission Line Project which has a total cost of USD 39 million. The EU delegation inspected Trishuli 3B hub substation and transmission line under construction at Dandagaon located in Uttargaya Rural Municipality-2 of Rasuwa district. In addition to the Chilime-Trishuli transmission line, EIB has provided concessional loans for the 140 MW Tanahun Hydropower Project, the 220 kV Masryangdi Corridor Transmission Line, and the electrification of the districts of Far West and Lumbini provinces. The Chilime-Trishuli 220 KV transmission line is being constructed to evacuate power from the hydropower projects under construction and to be built on the Trishuli river and its tributaries. The overall physical progress of the project has reached 81 percent with the progress of the transmission line and substation being 71 percent and 70 percent, respectively. The construction of transmission lines and substations is being carried out in a fast manner with the aim of completing the project within March 2023.  

United States Agency for International Development (USAID) administrator Samantha Power called on Foreign Minister Bimala Rai Paudyal on Tuesday. During the meeting held at the Ministry today, the duo discussed various issues of interest between Nepal and the United States, the Ministry of Foreign Affairs said. They also discussed implementation of Millennium Challenge Corporation (MCC), climate change and the assistance to be provided to Nepal after being upgraded from least developed country (LDC). On the occasion, Minister Paudyal expressed her gratitude to the US government for supporting Nepal while administrator Power expressed her commitment to increase the assistance being provided by the US government. She arrived in Kathmandu on a two-day visit to Nepal this afternoon.              

Forty-year-old Fupu Tenjing Sherpa, the vice president of Beauty Pageant Association of Nepal (BPAN), is a talented event planner who has consistently conducted successful events, especially beauty pageants. Having 12 years of experience in the industry, Sherpa has a proven track record of creating unique and memorable experiences for clients in the fashion industry. With a keen eye for detail and an ability to think outside the box, he has quickly become one of the most sought-after event planners in the country. Born in Taplejung of Province 1, he completed his schooling from Patan High School in Lalitpur. Soon after, he enrolled in one of the contemporary arts and fashion training centers in Kathmandu, where he received a diploma course in fashion design which, he says, was a turning point in his career. “I developed an interest in event management while doing the fashion designing course,” says Sherpa. He mentions that although his involvement in the fashion industry back then was minimal, it provided him the opportunity to learn more about the business side of the industry, including marketing, branding, and financial management. Sherpa’s foray into event management happened in 2003 when he organized ‘Kid Queen Pokhara’. “I was nervous as it was my first event. But I got to learn a lot from the experience,” he says. He then went on to organize the same pageant in Dharan, Biratnagar, Chitwan, and Kathmandu. In the meantime, he was also the organizer for ‘Miss Teen Sherpa-2004’, and ‘Miss Newa-2005’, which have since then become a yearly event. “I wanted to bring beauty pageants to every ethnic group, ages, communities, and caste, in order to showcase their ethnicity and culture,” he says, adding it was why he started planning those pageants. Although Sherpa was successful in managing all of these events, he says it was quite challenging for him to seamlessly execute each and every aspect of a beauty pageant. “Back then, the fashion industry wasn’t the thriving business it is today,” he adds. There weren’t enough designers and that posed a huge challenge. “But I didn’t want to give up. I just felt these pageants were necessary to sort of revolutionize the fashion industry in Nepal,” he says. Sherpa is dubbed the ‘Event King’ in Nepal, and not without reason. In two decades, he has organized more than 300 events, including but not limited to ‘Miss Nepal World’, ‘Mr Nepal’, ‘Miss Mangol’, ‘Miss Indigenous Heritage Nepal’, and ‘Miss Teen Nepal’. He is also involved in reality shows like Voice of Nepal, Voice of Nepal Kids, Nepal Idol, as well as several music videos and films. Sherpa has also appeared in several Nepali music videos and also acted in a movie titled ‘Rahadani’ that was released in 2020. “Acting had always been my hobby, so this was a fulfilling experience,” he says. He believes that everyone has their own unique talent when it comes to acting, modeling or singing. “It never hurts to give things a shot,” he says. Now, Sherpa is teaching fashion designing, though he is still actively involved in event planning and management. He teaches at the IIFT Kathmandu - School of Fashion and Interior Design. He is also the managing director at the institute.  He says he is happy to see youths interested in fashion. The institute has managed to train over 1,000 students in fashion designing. They are also encouraged to be involved in event management along with Sherpa. The institute is listed as one of the best fashion institutes in the city, and has received several excellence awards, one of them being the ‘Best Fashion Academy Award’ in 2020. Sherpa received the ‘Corporate Business Excellence Award’ through IIFT in 2022. There are plans of expansion in the pipeline, with a branch in Pokhara among other places. “Fashion designing, event planning, and other such creative fields weren’t viable options back when I started my career. But that’s slowly changing as people are keen on exploring these options,” he says. He believes the Nepali fashion industry is slowly working its way up in the global landscape with designers and creative minds coming up with new ideas and thus opening new avenues. Sherpa credits his mentor Basana Chhetri and his family for his success. He claims they have paved the way and eased the hurdles for him. “I’m lucky to have found such a supportive family who has assisted me in every possible way,” he says. But he feels he has prioritized his work over family and wants to change that. “I have realized you mustn’t let your work consume you, that there needs to be a healthy work-life balance,” he says.

The Nepal Stock Exchange (NEPSE) gained 76.64 points to close at 2,177.34 points on Tuesday. Similarly, the sensitive index surged by 12.72 points to close at 414. 87 points. A total of 9,333,788 unit shares of 260 companies were traded for Rs 3. 36 billion. Meanwhile, Barun Hydropower Co. Limited, Khanikhola Hydropower Co. Ltd, Radhi Bidyut Co. Ltd and Adarsha Laghubitta Bittiya Sanstha Limited were sthe top gainer today, with their price surging by 10. 00 percent. ICFC Finance Limited Debenture was the top loser as its price fell by 5.90 percent. At the end of the day, total market capitalization stood at Rs 3. 14 trillion.

Suman Rayamajhi is the Managing Director of Upaya and has over 20 years of experience in the corporate, telecom, startup, equity, and financial sectors in Nepal. Upaya is an online logistics company operating in various cities in Nepal. Suman had also worked as Chief Financial Officer in Smart Telecom and had been a key management team of Smart to operationalize the company with the 4G launch in major cities of Nepal and raising the fund for the network expansion. He is also the founder of Eos Advisors, a boutique investment advisory company, where his expertise lies in setting up & operationalizing PE/venture funds, due diligence, transactions advisory, and deal structuring. In a conversation with The Annapurna Express, Rayamajhi talked about Upaya, the challenges of running a logistics company, and the company's future plans. Excerpts: It’s been over four years since Upaya started its operations. How do you reflect on the growth of the company in this period? Upaya started its operations in 2018 and has seen rapid growth, particularly in the last 18 months. The company was founded with the aim of addressing the inefficiencies in the logistics industry in Nepal. We recognized the challenges faced by business owners in securing vehicles for delivery and the lack of work for driver partners. Through extensive research, Upaya was established with a focus on four-wheeler delivery services through its on-demand service. As the business grew, the company expanded into the two-wheeler segment and expanded its operations to cover the entire country. The company has also established its own fulfillment center and acquired a transportation company to enable intercity transport now. Today, Upaya has a daily average of over 1,000 trips and 2,500 orders. The company has formed partnerships with organizations such as Sipradi, Loconav, and UK Aid, among others. With a team that has grown from a few people to 170 employees across Nepal, Upaya was awarded the "Best Startup of the Year 2021." Upaya's growth has enabled it to extend logistics operations to all verticals, including market aggregation where you can book vehicles ranging from two-wheelers to 21-ton trucks in any city in Nepal, and end-to-end operations where you can send goods to 100 pin codes of the country. The only backward integration remaining is in warehousing, which the company is working towards fulfilling through the establishment of a world-class warehousing and fulfillment facility. What challenges are there to running a logistics services company? How Upaya overcame the challenges? One of the biggest challenges in the logistics sector is the unorganized nature and lack of standardization. To address these challenges, Upaya has focused on professionalism and transparency. The company has used technology to improve transparency, standardization, and traceability. There have been no significant infrastructure investments to date in the logistics sector in Nepal. Upaya is committed to making infrastructural investments together with technological investments in the logistics sector so as to collaborate with all the existing logistics players. The company has standardized transportation through its Trip Management System and the GPS system. In the logistics industry, the first-mile is the process of collecting packages from the sender and preparing them for transportation. Mid-mile is the process of transporting packages from one hub to another, and the last-mile is the process of delivering packages to the recipient. We are also working on Upaya Connect where we are building the mid-mile SaaS application. We have planned various initiatives to improve efficiency and transparency in each of these stages of the logistics process. Upaya has been working on sector training and capacity building for its delivery partners. For example, the company has provided driver and rider partner training under the UKAID SEEP program to more than 2,000 driver & rider partners, which covers financial literacy, digital literacy, and customer service. This has already led to improvements in the intracity pickup category, and Upaya plans to extend this to the transportation side and intercity trucks in the future. We have also started our Upaya Alliance project where all the transport companies can come and work together sharing our technological & infrastructural resources. This will enable the transporter to expand their reach to routes and cities where they would not have been able to reach before and build their capacity to provide better services to their customers. Getting all these transporters, truck owners, driver partners working under one umbrella, using uniform practice, and operating the same technology will be the biggest challenge as well as the opportunity for Upaya. What were the impacts of the Covid-19 pandemic on the company's business operation? How fast was the recovery in business? The Covid-19 pandemic had a big impact on Upaya's business operations and recovery is taking time. The current market sentiments are low, recovery of due payment is difficult, and customers are holding their growth. The pandemic combined with the Ukraine/Russia war has created a negative impact on Nepal’s economy. However, the company is still trying to grow under a collaboration model with franchise partners, business partners, and alliance partners under these circumstances. Over the past year, we've seen a sharp contraction in business activities and market demand. How has the economic slowdown affected the company's business? If the business was operating normally, the company would have grown tenfold. However, with the current demand being low, Upaya is focusing on strengthening its backend, systems, capacity, and relationships with partners like drivers, fleet owners, transporters, and franchises. The company believes that the current scenario will be overcome in the next 12 months and that once the situation returns to normal, it can grow further as planned. It is time to “build your system”. Upaya in June 2021 and January 2023 received funding from Dolma Impact Fund and Nepal Infrastructures Investment Fund respectively. How did the funding in 2021 help Upaya expand its services in different parts of the country? How has the company planned to spend the funding it has received in the latest series? The funding received from Dolma Impact Fund in 2021 helped Upaya expand its operations into four verticals, namely Upaya On-Demand, Mero Upaya, Upaya Fulfillment, and Upaya Transport. This has enabled us to become a national logistics company from a company operating in Kathmandu Valley. Upaya On Demand is a quick delivery service for express delivery needs. Clients can book a two-wheeler or four-wheeler delivery through the Upaya app and track the delivery in real time. Mero Upaya is a custom logistics service for clients with specific requirements. Upaya provides a customized solution with a contractual agreement and a dashboard to track vehicles. This service allows clients to outsource their logistics and focus on their core business. These two verticals constitute our Market Aggregation model. On the other hand, Upaya Fulfillment is an affordable delivery service for deliveries to multiple places in Nepal. It's ideal for businesses that need to distribute packages to customers or for online businesses looking for delivery services at an affordable price. Upaya Transport is a delivery service for bulk goods all over Nepal. Clients can track their deliveries and have hassle-free delivery with updates from Upaya on the status of their deliveries. The service covers the entire delivery process, from the client to the transport and then to the final destination. These two verticals on the other hand cover our End-to-End (E2E) model. The funding received from Nepal Infrastructures Investment Fund in 2023 is being used to expand the business and move the company toward profitability. As a tech-enabled logistics services company, what are the major areas of focus for Upaya currently? What new opportunities the company is looking to explore? Upaya is not a tech-enabled logistics company but a logistics company enabled by tech. The two look the same but it's different. We are first a logistics company rather than a tech startup. The company uses technology in combination with infrastructural support to make logistics efficient, transparent, and standardized. The next big focus of Upaya is to build state-of-the-art warehouses in five different locations in the country. This is a part of building Upaya 2.0 where we plan to build automated warehouses along with reaching 300 plus pin codes delivery points for delivery all across the country. The company is currently in the process of raising Series B funding, which we expect to close by the end of 2023. How conducive are the policies of the government for a company like Upaya? Currently, the logistics sector is yet to be defined as an "industry" in Nepal, resulting in a fragmented policy environment. Upaya plans to work with key stakeholders such as the government, transport associations, and other industry-related organizations to create a more conducive environment. The company's approach to this challenge is centered on collaboration and building relationships with existing players in the sector. By doing so, Upaya aims to jointly grow the sector while also helping existing players leverage its technologies for mutual growth. The government recently introduced the Trade Logistics Policy. How effective do you think the policy can be to minimize the costs associated with trade and production?  The Trade Logistics Policy introduced by the government is an important step towards creating a conducive business environment for logistics companies. However, its effectiveness in minimizing the costs associated with trade and production depends on its successful implementation. For this, coordination and collaboration by all the stakeholders, including the government, logistics companies, and the transportation sector, is crucial. A well-developed legal infrastructure is also necessary to foster a good business environment for logistics companies. This includes clear regulations, procedures, and processes for setting up, operating and scaling up logistics businesses, as well as policies for protecting the rights of the businesses. India introduced the National Logistics Policy to lower the cost of logistics from its current 14 percent of GDP to less than 10 percent which highlights the importance of an integrated approach to reducing the costs associated with trade and production. In Nepal, the cost of logistics currently stands at 20-22 percent which is high and reducing it would greatly benefit the economy and all the consumers. The current draft Trade Logistics Policy 2079 is being introduced by the government, that focuses on three objectives:  

1. Focused and consolidated development of logistics infrastructure
2. Improvement of management of logistic networks through technology
3. Create better governance of the logistics industry