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Prime Minister KP Sharma Oli, who is presently on a four-day official visit to China since Monday, has said Nepal is interested in welcoming investments from China.

In his address to a reception organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and China Council for the Promotion of International Trade today, the Prime Minister said the atmosphere is favorable for investment in Nepal which has made its way towards an era of political stability and prosperity.

"We will facilitate the investments for realizing the national aspiration 'Prosperous Nepal, Happy Nepali'. We are committed to investment security," he said. The PM also invited Chinese investors to visit Nepal gifted by its natural beauty and seek investment opportunities.

The Prime Minister arrived in Beijing on December 2 at the Invitation of his Chinese counterpart Li Qiang. 

He is scheduled to return home tomorrow, Thursday.

Kathmandu Gurkhas defeated Karnali Yaks by three wickets  in the Siddhartha Bank Nepal Premier League (NPL) on Wednesday.

Karnali Yaks were invited to bat first after losing the toss in the match held at the Tribhuvan University (TU) Cricket Ground in Kirtipur. They posted a total of 149 runs for the loss of five wickets in 20 overs. In response, Kathmandu Gurkhas chased down the 150-run target in 19.3 overs, losing seven wickets.

Sumit Maharjan remained not out on 40. He faced 37 balls, hitting three boundaries and one six. Gerhard Erasmus also contributed 38 runs off 28 balls, including three boundaries and two sixes. Captain Karan KC made 28 runs off 10 balls, hitting two boundaries and two sixes. Michael Levitt added 22 runs, including two boundaries and one six.

Sompal Kami, Nandan Yadav, Gulshan Jha, Zeeshan Maqsood, and Bipin Sharma each took one wicket for Karnali Yaks.

Earlier, for Karnali Yaks, Shikhar Dhawan scored an impressive 72 not out off 51 balls, including four boundaries and five sixes. Chadwik Walton made 21 runs off 15 balls, hitting five boundaries, while Babar Hayat contributed 13 runs off 18 balls. Gulshan Jha scored 12 runs off 19 balls, and Zeeshan Maqsood added 14 runs off 11 balls.

Towards bowling, Gerhard Erasmus of Kathmandu Gurkhas took two wickets. Nathan Sowter, Dipesh Kandel, and captain Karan KC each claimed one wicket.

Consumers often face challenges in obtaining timber for construction and other purposes due to unavailability at the required time. However, in Nawalpur district, timber worth millions has rotted and become unusable. Despite being cut on time, the timber could not be utilized due to complex forest-related laws.

Forest Officer Shishir Lamsal explained that delays in processing and handing over the timber have caused it to lose its value. Timber cut for various projects and community purposes has been left to rot. “When auctions are called, contracts often remain unsigned. Even in cases where contracts are signed, contractors sometimes fail to collect the timber, leading to its deterioration,” Lamsal said.

According to the Divisional Forest Office, Nawalpur, 78,235 cubic feet of timber are now in need of re-evaluation. At official rates, this timber is valued at over Rs 800m, but at current market prices of Rs 3,000 to Rs 4,000 per cubic foot, its value could exceed Rs 2bn. Much of this timber, some of which has been lying unused since 2017, is now unusable.

Chief Divisional Forest Officer Basanta Keshav Adhikari noted that delays in timber handovers by projects like the Narayangarh-Bhairahawa road project exacerbated the problem. “Timber from the project was handed over late, leading to its loss of value. Consumers are hesitant to invest in timber now, as the market is not economically favorable,” Adhikari said.

Repeated attempts to auction the timber have failed, with no contracts signed despite three calls. The forest office has written to the ministry requesting re-evaluation. Section 89 of the Gandaki Province Forest Act, 2023, allows for the re-evaluation of deteriorated and rotted timber. However, out of 83,673 cubic feet of timber cut during the Butwal-Narayanghat road expansion, 46,198 cubic feet remain unsold and unusable.

Forest Officer Lamsal emphasized that delays in project handovers have worsened the situation. “Some timber was handed over as recently as two or three months ago, but delays meant it had already deteriorated,” he said. According to the forest office, there is currently 114,086 cubic feet of timber in Nawalpur district.

Bishwa Bagale, a central member of the Timber Traders Association, criticized the handling of timber contracts. “Contracts should have been initiated one and a half years in advance to prevent this deterioration, but that didn’t happen. Now, entrepreneurs are reluctant to take up contracts for damaged timber. The price of deteriorated wood should be reduced, and new contracts should be called,” Bagale suggested. He estimated that less than 20 percent of the timber remains usable.

Meanwhile, consumers seeking timber from the forest office are returning empty-handed. Despite having timber in stock, the office is unable to distribute it due to the lack of an approved work plan. “The District Forest Products Supply Committee distributes timber, but we are not in a position to provide it at the moment,” said the chief officer. Four and a half months after the end of the fiscal year, the Gandaki Province Ministry of Forests has yet to approve the work plan for timber distribution, further delaying the process.

The Nepal Stock Exchange (NEPSE) plunged by 24. 97 points to close at 2,750.87 points on Wednesday.

Similarly, the sensitive index dropped by 2. 18 points to close at 469.03 points.

A total of 20,332,066-units of the shares of 320 companies were traded for Rs 9. 13 billion.

Meanwhile, Khanikhola Hydropower Co. Ltd. (KKHC) was the top gainer today with its price surging by 9. 99 percent. Likewise, Support Microfinance Bittiya Sanstha Ltd. (SMB) and Life Insurance Corporation (Nepal) Limited (LICN) were the top losers as their price fell by 5. 44 percent.

At the end of the day, the total market capitalization stood at Rs 4. 56 trillion.

Ambassador of the Republic of Korea to Nepal Park Tae-young and UNICEF Representative to Nepal Alice Akunga visited floods and landslides affected communities in Kavrepalanchowk District on November 29.

They officially handed over essential health and hygiene supplies to the people hit hard by floods and landslides and opened a child-friendly space, reads a statement issued by the Embassy of Republic of Korea in Nepal.

Nepal witnessed heavy rainfall in September, which caused widespread flooding and landslides. Tens of thousands of homes were damaged and destroyed, as well as thousands of water and sanitation facilities, and hundreds of schools and clinics.

 The government of the Republic of Korea has decided to provide US$500,000 in humanitarian aid to Nepal to support the latter’s ongoing relief efforts.

Korea has been working closely with UNICEF to reach the floods-affected communities, including Kavre District, Udayapur District, Okhaldhunga District, Solukhumbu District and Saptari District, with lifesaving supplies, as well as social and protection services, according to the statement.

“We are proud to partner with UNICEF to ensure that the most vulnerable people and their communities affected by the disasters receive critical support in a timely manner”, says Park Tae-young, Ambassador of the Republic of Korea to Nepal. “Today, we distributed lifesaving supplies, including WASH supplies and newborn kits for mothers and their infants, which included warm clothes and blankets essential to keep them warm as temperatures are dropping at the start of winter.”

Korea has been providing immediate support to Nepal during difficult times, including the 2015 Nepal earthquake, the Covid-19 pandemic, and last year’s earthquake in Jajarkot.

Ambassador Park highlighted various aspects of Korea- Nepal relations, focusing on mutual interest and common concerns of both countries.

The Republic of Korea committed to further deepen the friendly ties grounded in mutual respect and understanding.

Korea and Nepal celebrate the 50th anniversary of their diplomatic relations established in 1974.

President Ram Chandra Paudel has successfully undergone prostate surgery.

According to the press statement issued by Prof Dr Ghanashyam Gurung, Officiating Executive Director of the TU Teaching Hospital at Maharajgunj, Kathmandu, the surgery was performed on the President using advanced technology.

The President was admitted to the hospital this morning for prostrate treatment. His health condition is said to be normal at present.

Nepal and China have signed the Belt and Road Initiative (BRI) Cooperation Framework. The agreement was signed today in Beijing.

Acting Foreign Secretary Amrit Bahadur Rai and China's National Development and Reform Commission's Deputy Head Liu Sushe signed the document on behalf of their respective sides.

The signing ceremony took place on the third day of Prime Minister KP Sharma Oli's four-day official visit to the People's Republic of China at the invitation of his Chinese counterpart Li Qiang.

The construction of a 400 kV substation in Bahrabise Municipality, Sindhupalchok, is advancing at full speed. This twelve-phase substation is being developed to integrate electricity from hydroelectric projects on the Tamakoshi and Sunkoshi rivers and their tributaries into the national transmission system, enhancing the country’s overall power grid.  

The construction of 220/132 kV and 132/11 kV substations at the same location has already been completed, and equipment testing has been finalized. Meanwhile, all equipment for the 400 kV twelve-bay substation, which employs Gas Insulated System (GIS) technology, has been delivered to the site.  

Civil structures to house the power transformers are nearing completion and connection work is underway. The building to accommodate the control room and GIS equipment is still under construction. Equipment connection will commence once the civil structures are finalized. The project has achieved approximately 70 percent overall progress, with completion expected by June.  

Nepal Electricity Authority (NEA) Executive Director Kulman Ghising visited the construction site on Saturday, urging project teams to expedite the remaining work to ensure early completion.  

“Once the 400 KV Bahrabise substation is operational, electricity from hydroelectric projects in the Balefi and Bhotekoshi river corridors can be transmitted to Dhalkebar via the Bahrabise-Khimti 400 kV transmission line and exported to India,” said Ghising. “Prioritize this project and accelerate the work to finish ahead of schedule.”  

Three substations—Khimti, Bahrabise, and Lapsiphedi—are under construction as part of the 400 kV substation project. The Tamakoshi-Kathmandu 220/400 kV transmission line project, which includes a 43 km transmission line from the New Khimti substation in Ramechhap to Bahrabise, is nearing completion.  

Of the 118 towers planned for the Khimti-Bahrabise line, 117 foundations are complete, with 115 towers erected and 36 km of wire stretched. The final tower is under construction, and the Khimti-Bahrabise section is expected to be operational by February.  

Similarly, construction of the 46 km Bahrabise-Lapsiphedi 400 KV double-circuit transmission line is progressing. Out of 122 towers, 118 foundations are complete, 117 towers erected, and 42 km of wire stretched. Work on the remaining towers is ongoing. The Lapsiphedi-Changunarayan 132 KV transmission line has also been extended to enable electricity penetration into Kathmandu Valley. However, local opposition continues to impact progress.  

Upon the completion of the 400 KV transmission line funded by the Millennium Challenge Corporation (MCC), electricity will be able to flow from Lapsiphedi to the new Butwal substation at Bhumhi in Nawalparasi (Bardghat Susta West), significantly boosting Nepal’s transmission capacity.