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The CPN (Unified Socialist) has reshuffled the responsibilities of its party leaders six months after the completion of its central general convention.

According to Party Secretary Som Prasad Pandey, a 24-member central secretariat has been constituted, led by Party Chair Madhav Kumar Nepal, as determined by a meeting of the party's Standing Committee.

As part of the revised portfolios, the party's honoured leader Jhalanath Khanal has been appointed head of the School Department, while Beduram Bhusal will lead the Organisation Department.

Pramesh Hamal has been tasked with overseeing the Foreign Affairs Department, and Ghanendra Basnet will now be in charge of the State Affairs Department. Senior Vice -Chair Rajendra Pandey will head the Front Section.

Other assignments include Vice Chair Jagannath Khatiwada, who will lead the Federal and Provincial Affairs Department, and Vice Chair Prakash Jwala, who will oversee the Publicity Department.

Vice Chair Jayanti Rai has been appointed in- charge of the All Nepal Women’s Association (Socialist), while Vice Chair Bhanu Bhakta Joshi will take a role of in-charge for the Sudurpaschim Province.

Vice Chair Dharmanath Prasad Sah has been assigned responsibility for the Madhes Province in-charge, and Vice Chair Gangalal Tuladhar will oversee the Bagmati Province.

General Secretary Ghanshyam Bhusal has been given the overall monitoring responsibilities.

Deputy General Secretary Rajendra Rai will be in charge of the Koshi Province, while Deputy General Secretary Ram Kumar Bhattarai will serve as the Office Secretary. Deputy General Secretary Garima Shah has been assigned as in-charge of Parliamentary Affairs, and Vice Chair Metamani Chaudhary will handle the Lumbini Province as its party in-charge.

Secretary Srinath Baral has been assigned responsibility for the Gandaki Province in-charge, and Secretary Chandra Bahadur Shahi will oversee the Karnali Province.

Laxman KC will oversee the Youth Department, and Ram Kumari Jhankri will be in charge of the Student Department, as said by Vice Chair Khatiwada.

The price of gold has dropped by Rs 700 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 150, 700 per tola today.

Similarly, the price of silver has dropped by Rs 5 and is being traded at Rs 1,835 per tola today.

The Nepal Electricity Authority (NEA) has announced that industrial customers will face power cuts during evening peak hours until the Upper Tamakoshi Hydropower Project resumes operations. The project, which was damaged by flooding and landslides on Sept 27 and 28, has been temporarily shut down.

NEA Managing Director Kul Man Ghising stated that managing power supply during winter has become challenging due to the closure of the 456 MW-capacity Upper Tamakoshi Project, the largest hydroelectric facility connected to the National Transmission Grid.

He explained that power cuts are necessary for industrial customers during evening peak hours, as electricity demand surges and supply management becomes difficult. However, NEA assured that power supply to other customers will remain unaffected.

The NEA clarified that these cuts are exacerbated by a seasonal drop in electricity production from run-of-the-river hydropower projects, which generate one-third less power in winter due to reduced water flow. Additionally, the NEA has been unable to import sufficient electricity from India to meet peak-hour domestic demand.

Repair and maintenance work at the Upper Tamakoshi Project is underway, with power generation expected to resume by Dec 25.

To address winter demand, the Central Electricity Authority of India has permitted Nepal to import up to 654 MW of electricity daily until 15 March 2025. This includes 600 MW via the 400 kV Dhalkebar-Muzaffarpur Cross-border Transmission Line and 54 MW via the 132 kV Tanakpur-Mahendranagar Transmission Line.

However, electricity imports are restricted during peak hours (5 pm to 9 pm), further complicating power supply management, the NEA added.

Vehicular movement along the Sisneri-Dakshinkali road connecting Hetauda to Kathmandu will be halted from today till December 26.

Deputy Superintendent of Police at the District Police Office, Makawanpur, Shyamu Aryal said vehicular movement will not be allowed to ply the road for blacktopping.

Similarly, vehicular movement will also be halted along the Kulekhani-Fakhel-Matatirtha road for up-gradation works.

According to Makawanpur District Police Office, vehicles are currently plying the Kantilokpath road, Tribhuvan Highway and Narayangadh Muglin road connecting Hetauda to Kathmandu.

The Upper Arun Hydropower Project in Sankhuwasabha district has failed to achieve financial closure within the stipulated time frame due to a lack of investment guarantees from development partners.

A consortium of development partners led by the World Bank and comprising the Asian Development Bank and Japan International Cooperation Agency (JICA), among others, had earlier agreed in principle for loan financing of the 1,063 MW semi-reservoir project. However, the project missed the October deadline to achieve financial closure because of uncertainty of investment from development partners.

Sources at the energy ministry say the World Bank has not been able to take a financing decision due to India’s concerns.

The estimated cost of the Upper Arun project, including interest during construction and inflation, is $1.75bn. The funding structure is planned with 70 percent loans and 30 percent equity. The plan was to secure concessional loans from international financial institutions and domestic banks. Two years ago, an MoU was signed under the leadership of Hydroelectricity Investment and Development Company (HIDCL) to raise Rs 53bn through co-financing from domestic banks and financial institutions.

Kulman Ghising, the executive director of the Nepal Electricity Authority (NEA), acknowledged delays in the financial closure but said discussions were underway at the administrative and diplomatic levels to secure World Bank funding. “Even if foreign agencies withdraw, the project will still be implemented through domestic investments,” he added.

The World Bank’s operational guidelines require consensus with both upstream (China) and downstream (India) countries. Ghising confirmed that both neighbors were formally notified about the project. However, India has not responded to the notification.

Sources say since an Indian company is developing three hydropower projects in the Arun River basin, India is naturally concerned about the project planned upstream. A source at the ministry said India is expecting some equity in the company developing Upper Arun.

The NEA plans to develop the project as a model of “blended financing,” involving equity investments from the federal government, provincial government, local units, project-affected residents, and the general public, along with concessional loans from international and domestic financial institutions. Of the 30 percent equity, 51 percent will be raised from promoter shares held by Upper Arun Hydroelectric Company, while the remaining 49 percent will come from public shares. Local governments, provincial government, and affected residents in Sankhuwasabha will also hold stakes in the company.

According to Project Director Phanindra Raj Joshi, preparatory works such as design review and tender document preparation are ongoing. “Preparations are underway so that we can initiate the tender process right once financial closure is achieved,” Joshi said.

French firm Tractebel Engineering has been appointed as the consultant for construction supervision of the project. The company is currently involved in reviewing the design and preparing bidding documents.

The construction is targeted to begin in early 2026 and be completed by 2031. The project has already spent approximately Rs 5bn on preparatory works. A total of 232.14 hectares of private land has already been acquired. Likewise, resettlement of affected families is ongoing. The project is expected to displace around 22 households, while environmental and social impacts are expected to be minimal.

The project is designed to operate at full capacity for six hours daily during the winter months when demand for energy is high.

The feasibility study for Upper Arun was initially conducted in 1991. The feasibility report was refined in 2011 and updated in 2021. According to the project office, storage bunkers for explosives required for tunnel excavation and associated facilities for military personnel overseeing them are under construction. Similarly, track opening for access roads from Chhongrang to Namase has begun. Likewise, the construction of office and residential buildings for project staff is in the final stages.

A joint venture of Gayatri Projects Ltd of India and Kankai International Builders of Nepal was awarded the access road contract for Rs 7.91bn in February.

The Startup Summit Nepal 2024, organized by The Startup Network (Nepal) and PHDCCI (India-Nepal Centre), concluded today with resounding success at Hotel Aloft, Kathmandu.

The event brought together policymakers, entrepreneurs, investors, and thought leaders to engage in meaningful discussions about the future of Nepal's startup ecosystem.

Minister for Physical Infrastructure and Transport Devendra Dahal and CPN-UML Mahanagar President Gyanendra Shakya jointly inaugurated the event.

The opening session featured addresses by:

●     Dr Sudeep Rauniar, Founder of The Startup Network (Nepal)

●     Kamlesh Jain, Co-Chair, India-Nepal Centre, PHDCCI & ED & COO (International), Varun Beverages Ltd.

●     Mark Templer, Political and Economic Chief, US Mission in Nepal

●     Suman Shekhar, First Secretary (Commerce), Indian Embassy in Nepal

●     Ambassador Manjeev Singh Chair, India-Nepal Centre, PHDCCI & India's Former Ambassador to Nepal

●     Atul K Thakur, Secretary, PHDCCI (India-Nepal Centre)

The summit hosted four thematic panel discussions:

1.    Challenges in the Startup Landscape and Investment in Nepal:

Panelists explored the barriers Nepali startups face, including limited funding, regulatory hurdles, and infrastructure constraints.

2.    Enhancing India-Nepal Cooperation in the Startup Ecosystem:

This panel discussed fostering cross-border collaboration to accelerate innovation, shared funding opportunities, and scaling startups regionally and globally.

3.    Accelerating Clean and Green Energy in Nepal:

Focused on the importance of scaling renewable energy solutions, with discussions on policies, innovation, and investment opportunities.

4.    Startups and Minimizing Nepali Brain Drain:

The Summit highlighted how startups can provide career opportunities, innovation platforms, and competitive environments to retain Nepal's talent.

Meanwhile, three top startups – Pal-Always with You, NotAI GPT, and Taximandu – competed for the Best Startup of the Year 2024 title and a cash prize of NPR 30,000.

After a rigorous evaluation, Taximandu was declared the winner, earning both the award and the prize money.

The Startup Network is a pioneering organization committed to nurturing Nepal's entrepreneurial ecosystem by connecting startups with investors, policymakers, and industry leaders.

The summit was sponsored by NIMB Ace Capital Limited, co-sponsored by CNI, Kumari Bank, NIC ASIA Capital, Lumbini Bikas Bank, Nepal SBI Bank Ltd, Shangrila Development Bank, and Agricultural Development Bank Limited. Business 360, WOW Magazine, The Himalayan Times, and News 24 served as media partners, while Aloft and BFIN joined as innovation partners, VISA and Varun Beverages as Strategic Partners. Subisu provided internet sponsorship, and Coffee of Promise and Bookverse were the event’s creative partners.

The Ministry of Health and Population has issued a circular to provide minimum wages and benefits to nursing and health workers.

Chief of the Quality Measurement and Regulation Division of the Ministry Dr Raj Kumar Pandey has issued a circular to the government hospitals, medical colleges and all community private hospitals to provide minimum nursing facilities.

Division Chief Dr Pandey said that the circular was issued after receiving complaints from the Ministry regarding the benefits and facilities of nursing in particular.

Likewise, the ministry has also directed to make arrangements of additional allowance for works beyond the stipulated time, he added.

Hospitals have also been directed to appoint human resources on contract (appointment agreement), not to mobilize human resources on wage basis and not keeping the original educational certificate of the human resource at the office.

Similarly, a letter of experience should be provided after completing the work and the remuneration of nursing and other health workers should be provided only through the banking system.

The Nepal Electricity Authority (NEA) has earned a profit of Rs 9.11 billion in the first three months of the current fiscal year. This is the profit before tax deduction.

A total income, including interest and other revenue from mid-July to mid-September of the current fiscal year was Rs 41.80 billion and spending accounted for Rs 32.69 billion. 

During the reporting period, NEA spent Rs 32.69 billion for operating maintenance. Similarly, the electricity sale from various distribution centers was Rs 28.95 billion.

The NEA has purchased a total of 4.10 billion units from its own and subsidiary companies as well as other private manufacturing companies. NEA Managing Director Kulman Ghising informed that a payment of Rs 21.09 billion was made for this purpose.