Submit your Article

The Commission for the Investigation of Abuse of Authority on Thursday filed a corruption case at the Special Court against 16 individuals and two companies in connection with the procurement of Telecommunication Traffic Monitoring and Fraud Control System (Teramocs) equipment for the Nepal Telecommunication Authority.

According to CIAA spokesperson Rajendra Kumar Paudel, the anti-corruption watchdog has sought Rs 3. 21 billion from each of them, including Nepali Congress lawmaker and former minister Mohan Bahadur Basnet.

The CIAA has stated that this scam came to light when Basnet was the Minister for Information and Communications.

Similarly, the then chairpersons of the Nepal Telecommunications Digambar Jha and Purushottam Khanal, the then members Dhan Raj Gyawali and Tika Prasad Upreti, directors Bijay Kumar Ray, Surendra Lal Hada and Dipesh Acharya and then then deputy directors Rewati Raya Panta, Suresh Basnet, Harinya Prasad Bastakoti, Achyutananda Mishra and Sanjeev Adhikari have been made defendants.

Likewise, the corruption charges have also been registered against consulting firm Vanrise Solutions SAL and its CEO Jamal Anauti and its local agent Connection Trade Link Pvt Ltd and its chairman Dilip Kumar Gurung and its director Tej Prasad Kharel.

On January 19, 2024, the parliamentary Committee for Education, Health and Information Technology directed the government to submit documents related to Mobile Device Management System (MDMS) and Teramocs.

The Committee had directed the Ministry of Communications and Information Technology to submit papers related to policy decision, purchase process, payment and rationale of implementation concerning MDMS and Teramocs from the start.

The House panel also decided to ask for the ministry-level investigation report on these topics and the court decisions related to the same and to take further decisions on the basis of consultations with experts.

Earlier on December 27, 2023, the Public Accounts Committee of Parliament had instructed the Commission for Investigation of Abuse of Authority to carry out further investigation into the technology procurement process of Teramocs and proceed with the prosecution in accordance with the law.

Teramocs is a technology conceptualised for the lawful interception and domestic voice/data traffic monitoring with fraud detection and control over the network of telecom service operators, who are providing telecom and internet services to the public.

US President Donald Trump stated on Thursday that India has proposed a trade deal with the United States that includes "zero tariffs." During his visit to Qatar, Trump stated: "India offered the US a deal, basically zero tariffs", Reuters reported.

This comes after his statements in Michigan on April 30, when he stated tariff talks with India were going well and he was optimistic about reaching a final agreement shortly. The US and India have been engaged in high-level negotiations to resolve ongoing trade and market access issues.

According to a May 9 Reuters report, India offered to reduce its average tariff difference with the US from 13 percent to below 4 percent, marking a significant shift in its trade policy.

Qatar Airways has signed a record $96bn deal with Boeing for 160 widebody jets—130 787 Dreamliners and 30 777Xs—with options for 50 more. The agreement, finalized during President Donald Trump’s visit to Doha, includes 400 engines from GE Aerospace, a division of General Electric and the world’s largest jet engine manufacturer, according to Reuters.

This is GE Aerospace's largest engine contract to date, and it represents a significant boost for both companies as they compete with Airbus, which has encountered issues operating in Gulf climates. The 777X, still in development, is expected to enter service in 2026.

Qatar Airways already holds 94 777X orders. Boeing’s backlog now includes 521 777X and 828 787 orders as of April 30, Reuters reported.

Most commercial banks in the country have kept interest rates on individual fixed deposits unchanged for the month from mid-May to mid-June, reflecting caution amid a complex financial landscape. The average interest rate on individual fixed deposits for Jestha dipped slightly by 0.02 percentage points to 5.95 percent compared to April, while institutional fixed deposits saw a marginal increase of 0.01 percentage to 4.37 percent.

Although credit demand is gradually picking up in recent months, banks, which are sitting on substantial loanable funds, are still grappling with a liquidity crisis. The central bank’s decision to raise Rs 35bn through a 21-day deposit auction to mop up excess liquidity from the banking system on Wednesday shows that the liquidity crisis is showing no signs of easing. Subdued credit demand due to sluggish economic activity has limited opportunities for banks to deploy these funds effectively.

Among 20 commercial banks in the country, Everest Bank, Nepal Bank, Kumari Bank, Siddhartha Bank, Sanima Bank and Nepal Investment Mega Bank (NIMB) have changed their interest rates for Jestha. While Everest Bank, Nepal Bank and Sanima Bank have raised their rates slightly, Kumari Bank, Siddhartha Bank and NIMB have reduced their rates.

Everest Bank has raised individual fixed deposit rates by 0.03 percentage points to 6.64 percent and institutional rates to 5.64 percent. Similarly, Nepal Bank increased individual rates by 0.30 percentage points to 5.45 percent but kept institutional rates unchanged. Sanima Bank revised its individual fixed deposit rates upward by 0.38 percentage points to 6.33 percent and institutional rates by 0.30 percentage points to 4.50 percent.

 Kumari Bank on the other hand trimmed its rates by 0.01 percentage points, setting individual fixed deposits rate at 5.91 percent and institutional deposits rate at 4.91 percent. Siddhartha Bank also cut its rates on fixed deposits by 0.25 percentage points, offering 5.75 percent for individuals and 4.75 percent for institutions. NIMB made the steepest reduction, slashing individual fixed deposit rates by 1 percentage point to 5.5 percent and institutional rates by 0.06 percentage points to 4 percent.

Nepal Bank has kept its institutional fixed deposit rate, but raised its individual fixed deposit rate by 0.30 percentage points to 5.45 percent.

Australian Prime Minister Anthony Albanese met Indonesian President Prabowo Subianto in Jakarta on Thursday, strengthening defence and economic ties in his first overseas visit since re-election.

Calling Indonesia an “indispensable partner,” Albanese urged deeper defence cooperation following a bilateral agreement on maritime security, counter-terrorism, and disaster response. Prabowo reaffirmed Indonesia's pledge to ratify the agreement, according to Reuters.

The leaders also discussed trade, food security, energy transition, and critical minerals, with Indonesia encouraging more Australian investment.

Albanese denied rumors that Russia was attempting to gain military access in Papua, claiming that Indonesia had flatly rejected the idea. As both countries strive for more cooperation in the face of changing global dynamics, ties remain robust despite divergent strategic perspectives, Reuters reported.

Israeli air raids on southern Gaza killed at least 26 people overnight. The attacks targeted nine locations in the region, according to BBC.

Israel ordered evacuations from portions of Gaza City in the northern Gaza Strip, warning of significant military action. The raids came amid an ongoing Israeli blockade that has stopped aid from accessing Gaza for more than ten weeks.

The conflict began on October 7, when Hamas launched a horrific attack on Israel, killing around 1,200 people and seizing 251 hostages. In response, Israel's current military campaign in Gaza has killed at least 52,829 people, BBC reported.

The price of gold has dropped by Rs 3, 500 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 181, 800 per tola today. It was traded at Rs 185, 300 per tola on Tuesday.

The price of silver has increased by Rs 35 and is being traded at Rs 1, 925 per tola today.

US President Donald Trump landed in Qatar on the second leg of his Middle East tour, after departing from Saudi Arabia on Wednesday. He was greeted with full ceremonial honors.

During the visit, Trump and Qatar's Emir, Sheikh Tamim bin Hamad Al Thani, signed agreements worth more than $1.2trn. Key agreements include a $96bn agreement for Qatar Airways to buy up to 210 Boeing planes and a $38bn investment plan to rebuild Al Udeid Airbase and other defense assets, according to BBC.

Later today, officials from the United States, Turkey, and Syria are due to meet to discuss Trump's proposal to relax sanctions on Syria.

Trump’s tour will conclude in the United Arab Emirates on Thursday, BBC reported.