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The price of gold has increased by Rs 500 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 106, 300 per tola today. The gold was traded at Rs 105, 800 per tola on Tuesday. Meanwhile, the price of silver has increased by Rs 5 and is being traded at Rs 1,370 per tola today.

Prime Minister Pushpa Kamal Dahal and CPN-UML Chairman KP Sharma Oli held a meeting Wednesday. During the meeting that took place at the Prime Minister’s official residence in Baluwatar this morning, the two exchanged views on contemporary political issues and the elections of the President and the Vice-President scheduled for March 9 and 17, respectively. Meanwhile, Province 1 Chief Minister Hikmat Bahadur Karki called on the Prime Minister today itself. On the occasion, they congratulated each other on the elections on their respective positions, exchanging views on making the delivery of the province government further effective.  

Administrator Samantha Power will travel to Kathmandu, Nepal in early February. While there, Administrator Power will meet with civil society leaders, community groups, students, businesses, and government officials to discuss Nepal’s efforts and achievements in becoming a more democratic, prosperous, inclusive, and resilient country. Administrator Power will underscore the United States’ enduring, more than 75-year partnership with the government and people of Nepal. She will highlight USAID’s commitment to increasing our engagement with Nepal and its new government. Administrator Power will announce new efforts to build momentum to strengthen democratic gains in federalism, social inclusion, civil society, and media freedom.

At least 14 people were charred to death and several others injured in a major fire at a multi-storey building in Jharkhand’s Dhanbad on Tuesday evening, The Times of India reported.

"Fourteen people, including 10 women and three children, were killed in the massive fire. Rescue operation is still under way at the site," news agency ANI quoted Dhanbad deputy commissioner Sandeep Singh as saying.

“14 people died and 12 others were injured in the fire. Several people were in the apartment to attend a marriage function. The cause of the fire is yet to be known. We are focusing on rescue. The injured were shifted to a nearby hospital,” Dhanbad SSP Sanjiv Kumar said.

“District officials have completed the rescue and search operation at the building. No one remains trapped and 14 injured people are being treated and they are in stable condition. The portion of the building damaged by fire has been cleared,” the deputy commissioner said. The blaze erupted at 6pm at Ashirwad Tower in Dhanbad's Joraphatak area, around 160km from state capital Ranchi.

Dhanbad deputy commissioner Sandeep Singh, who is monitoring the operation on the spot along with senior police officers, told PTI that the exact number of people who died and suffered injuries is yet to be ascertained, according to The Times of India.

"Several people are reportedly trapped ," a senior police officer said. Jharkhand chief minister Hemant Soren expressed grief over the loss of lives due to the fire.

The first half of FY 2022/23 was quite momentous in the Nepali banking sector in terms of banking consolidation. Three mergers and one acquisition took place in the banking sector, reducing the total number of commercial banks operating in the country to 22. Amid the consolidation drive, times are challenging for banks. Commercial banks that have enjoyed windfall profits even during the Covid-19 crisis years of 2020 and 2021 have found themselves surrounded by a severe liquidity crunch and shortage of loanable funds forcing them to increase interest rates over the past year.   With non-performing loans (NPL) rising, the overall profit of commercial banks has tanked in the first half of the current fiscal year. The unaudited financial reports of commercial banks for the second quarter show their profit declined by 1.34 percent in the first six months of the current fiscal year 2022/23. There has been a significant increase in NPLs of commercial banks in the first half of the current fiscal year. As per the financial reports of 22 commercial banks, their bad loans have gone up by a whopping 111.71 percent. The average NPL of commercial banks has increased to 2.35 percent in the first half of FY 2022/23 compared to 1.11 percent during the same period of FY 2021/22. Bankers say NPLs have risen mainly due to the non-recovery of debts. As the private sector is struggling with rising borrowing rates and a sharp slowdown in market demand, banks are facing challenges to recover loans. According to bankers, the non-payment of loan installment and interest has increased in this fiscal year. Had there been economic activity, it would have been easier for borrowers to pay the principal loan amounts and interest on time, they say. The deposits of commercial banks grew by 9.34 percent totaling Rs 4,647.931 billion by mid-January 2023. At the same time, the extension of loans grew by only 3.45 percent in the first half of the current fiscal year. While banks' interest income grew by 35.65 percent, their interest expenses expanded by much higher during this period. As banks have to pay higher interest rates for deposits amid a prolonged liquidity crunch, their interest income surged by 41.26 percent. This has affected the bank's net interest income which grew by 25.69 percent. Banks saw their net fee income and net trading income shrinking in the first half of the current fiscal. The net fee income decreased by 11.13 percent while net trading income shrunk by 39.04 percent during this period.  15 banks' net profit rise Of the 22 commercial banks, 15 have reported an increase in profits compared to the same period of the last fiscal year. Similarly, six banks have reported a decline in their profits and one bank has posted a loss. Sunrise Bank, Citizens Bank International, Siddhartha Bank, Prime Commercial Bank, Prabhu Bank, and Nepal Bank have reported a decline in their profits. The Agricultural Development Bank reported a loss of Rs 0.128 billion in the first half of the current fiscal.  The banks' quarterly report shows two banks' profit has crossed the Rs 3 billion mark while three other banks earned above Rs 2 billion in profit in this fiscal. There are 12 other banks whose profit has crossed the Rs one billion mark in the first half of FY 2022/23. Nabil Bank records highest profit Nabil Bank has topped the chart as the bank's profit grew by 56.67 percent in the first six months of the current fiscal year. The bank earned Rs 3.41 billion in profit in the first six months of the current fiscal year.  NIC Asia Bank came second with a profit of Rs 3.27 billion, an increment of 36 percent followed by the Global IME Bank reporting a profit of Rs 2.78 billion. However, Global IME's profit grew by a meager 4.42 percent in this fiscal. In terms of percentage growth, Everest Bank has the highest profit growth of 89.49 percent. The bank recorded a profit of Rs 1.58 billion in the first half of this fiscal compared to Rs 0.83 billion in the last fiscal. Standard Chartered Bank's profit also grew by 61.36 percent to Rs 1.90 billion. Meanwhile, Agricultural Development Bank Limited has reported a big slump of 109.06 percent in profit earning in the first half of the current fiscal. The bank has incurred a loss of 0.128 billion in the first half of FY 2022/23 compared to a profit of 1.42 billion during the same period of FY 2021/22. The bank's profit decreased due to an increment in the impairment charges. The bank's NPL also increased from 2.08 percent to 4.52 percent in this fiscal. According to the bank, it has set aside Rs 2.17 billion for impairment charges, an increment of 250 percent compared to the last fiscal.  ADBL posts highest NPL The profits of banks have also been affected by the increment in bad loans as they have to keep aside large amounts of money for the provisioning of bad loans. Provisioning is a practice where banks are required to maintain a certain amount in reserve when loans are not recovered. Of the 22 commercial banks that have published their second quarter report, the Agricultural Development Bank Limited (ADBL) has the highest NPL. The bank's NPL has increased to 4.52 percent by mid-January compared to 2.08 percent during the same period of the last fiscal.  The profit of the ADBL has decreased by a whopping 109.06 percent in the first half of the current fiscal. The bank has incurred a loss of 0.128 billion in the first half of FY 2022/23 compared to a profit of 1.42 billion during the same period of FY 2021/22.  Himalayan Bank Limited (HBL), Sunrise Bank, Kumari Bank, Nepal Investment Bank, and Nepal Bank are the other five banks whose NPL is above 3 percent. The HBL's NPL has reached 3.77 percent in the first half of FY 2022/23 compared to 0.72 percent during the same period of FY 2021/22. Sunrise Bank's NPL increased to 3.36 percent in mid-January 2023 from 1.40 percent in mid-January 2022. The NPL of Kumari Bank and Nepal Bank has increased to 3.15 percent and 3.11 percent, respectively.  The NPL of Kumari Bank increased mainly due to the merger with NCC Bank. As the NCC Bank had a higher NPL, Kumari Bank's overall bad loan increased after the merger.  Rastriya Banijya Bank (RBB) is the only commercial bank that has its NPL decreased in this fiscal year. The government-owned bank has been able to reduce its bad loans by 9.67 percent during the review period. The RBB's NPL has decreased to 2.79 percent in mid-January 2023 from 3.06 percent in mid-January 2022.  Three mergers, one acquisition, and one merger MoU In terms of banking consolidation, the first half of FY 2022/23 was historic. The first six months of the current fiscal year saw three mergers and one acquisition in the banking sector.  Kumari Bank and NCC Bank started unified business on January 1. The second week of January saw two mergers and one acquisition becoming successful in the Nepali banking sector; the Global IME Bank and Bank of Kathmandu merged and commenced their unified business and Prabhu Bank acquired Century Commercial Bank. Nepal Investment Bank and Mega Bank completed their merger and commenced business as Nepal Investment Mega Bank. Two more banks - Laxmi Bank and Sunrise Bank joined the merger bandwagon, signing a memorandum of understanding (MoU) for a merger on January 9.

The Nepal Stock Exchange (NEPSE) plunged by 15. 70 points to close at 2,111.68 points on Tuesday. Similarly, the sensitive index dropped by 2. 36 points to close at 400. 62 points. A total of 7,553,235 unit shares of 259 companies were traded for Rs 2. 82 billion. Meanwhile, Adarsha Laghubitta Bittiya Sanstha Limited was the top gainer today with its price surging by 10. 00 percent. Likewise, Prime Life Insurance Company Limited was the top loser with its price dropped by 5. 21 percent. At the end of the day, the total market capitalization stood at Rs 3. 04 trillion.

Chinese smartphone brand Vivo on Sunday launched the newest handset of its Y series, the Vivo Y02. According to Vivo, the phone comes with a 5000 mAh battery to effortlessly complete all the tasks for a day and 2GB RAM + 32GB storage, along with a beautiful and eye-catching design. Y02 is available at Rs 12,499 across all retail stores in Nepal. The Vivo Y02 is equipped with a 6.51-inch HD+ display with eye protection that allows for an immersive and enjoyable viewing experience. With its 2.5D slim body design, the phone is beautiful as well as comfortable to hold. The smartphone is available in two colors, Cosmic Grey and Orchid Blue. The Y02 has been designed keeping in mind young consumers' busy lives who desire a smartphone that will make their day-to-day lives easier. According to the company, the Y series, aimed at young customers, has established itself in the market as one of the most popular smartphone series. "The Y Series handsets are aimed at young millennials who increasingly rely on smartphones to keep up with their hectic lifestyles," reads a press statement of the company. The entry-level smartphone is powered by a MediaTek P22 that provides high performance and reliability. The devices have a large 2GB RAM + 32GB storage that has an expandable capacity of up to 1TB. The triple card slot supports memory expansion of up to 1TB. The device has an 8MP Rear Camera along with a 5MP Front Camera, coupled with a rear f/2.0 and front 2.2 aperture that elevate the camera experience for its users when it comes to clicking a photograph or selfie. There are features such as Face Beauty and Time-Lapse on the Y02 camera to enhance your day-to-day shooting experience. As a result of these features, users can take professional-quality photos from their smartphones, which enhances their overall photography experience. Vivo has added many new features to the Y02 to improve the user experience. Vivo's Face Wake feature unlocks the phone whenever needed in a blink of an eye. Vivo's exclusive Multi Turbo 5.5 focuses on optimizing core scenes to reduce stuttering and lag in games. The device is engineered to prioritize and allocate memory and CPU resources—especially when too many apps are running simultaneously in the background.

The Nepal Rastra Bank (NRB) has given its final approval for the acquisition of Civil Bank by Himalayan Bank Limited (HBL). A NRB board meeting last week gave its final consent for the acquisition. The HBL is acquiring Civil Bank at a swap ratio of 100:80. This means 100 shares of Civil Bank will get converted to 80.28 shares of Himalayan Bank after the acquisition. For Himalayan Bank, this acquisition has become a sort of a matter of reputation following the failed merger attempt with Nepal Investment Bank last year. Himalayan Bank started an initiative to acquire another commercial bank after its merger with Nepal Investment Bank Limited (NIB) got derailed at the final stage. The HBL-NIB eight months long merger process was aborted after the 29th annual general meeting (AGM) of HBL held on January 14, 2022, disapproved the plan of merger with NIB. Only 43.63 percent voted in favor of the merger while 42 percent came against the merger. As per the rules, a merger proposal will only be passed after 75 percent of the shareholders of the bank approve it. Three major shareholders of the HBL - Employees’ Provident Fund, N Trading Company, and Chhaya International- stood against the merger. With Nepal Rastra Bank continuously pushing the HBL for the merger, the bank on July 13, 2022, signed an acquisition MoU with Civil Bank.