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Janata Samabwadi Party Nepal (JSPN)'s general congress that concluded in Janakapur has assigned the responsibility of nominating office bearers and central committee members to party Chair Upendra Yadav. 

The meeting scheduled to elect a new working committee today decided to allocate the rights to the chair for nominating the new working committee. 

There is a provision of having 21 office bearers and 201 central committee members in the party.

Earlier, the general congress had unanimously elected Upendra Yadav as the chair.

President Ram Chandra Paudel has said that Nepal's Constitution has fully embraced the provisions of social justice such as equal rights, equal opportunities, and equal treatment, which is at the core of the International Labor Organization.

"With participation in the Global Coalition for Social Justice, we reaffirm our commitment to social justice, faith in multilateralism, and to renew the social contract," he said in his keynote address at the High-Level event of the 112th International Labor Conference and the Inaugural Session of the Global Coalition for Social Justice in Geneva, Switzerland earlier today.

"Our collective effort to achieve sustainable peace through social justice is as relevant today as it was a hundred years ago. When discussing sustainable peace, we must remember that it cannot be achieved without justice and economic-gains to the poor and downtrodden."

Stating that in course of its political journey from monarchy to a federal democratic republic, Nepal has placed social justice at the center of change in labor, employment, and social security sectors, he said that Nepal's constitution has enshrined labor rights, the right to employment, the right to form trade unions, and the right to participate in collective bargaining as fundamental rights. "To implement these constitutional provisions, we have made legal and institutional arrangements such as the Labor Act, Trade Union Act, Employment Rights Act, Contribution-based Social Security Act, and National Employment Policy."

The Global Coalition for Social Justice announced today is our noble initiative and shared commitment to embrace social justice for all and in all areas, as envisioned by the ILO. Ensuring equality and justice for workers is our collective resolve.

Noting that people in all countries and societies of the world must receive justice, and they must be freed from hunger and fear, he said since it is the world of work that has made the world prosperous, ensuring a fair share of the fruits of labor to reach the hands of workers is our shared responsibility; and this is social justice.

President Paudel also expressed belief that the Global Coalition for Social Justice would continuously inspire everyone to unite through social dialogue to maintain social harmony and tolerance and achieve economic development and prosperity.

On a different note, the President said as a resident of a mountainous country, I need to speak about climate change and its impacts to the lives of the Nepali people while discussing social justice at present and climate justice for the generations to come.

Climate change has severely affected supply of drinking water, crop patterns, biodiversity, and public health, pushing millions into marginal poverty and adding to stark inequality. Climate induced disasters have compounded problems by severely affecting livelihoods and causing displacement of families and communities from their homelands.

"Therefore, I believe that adequate funding, compensation, and necessary technology should be provided to countries in order to ensure climate justice," the President said, "The global community, especially major emitters, should not fail to shoulder this responsibility. While talking about social justice, we must not forget to ensure climate justice globally."

Noting that a significant amount of money that should be spent on development is being invested in deadly weapons for useless war, the President said that the international community should reverse this path and mobilize resources for the prosperity of humanity. "Sustainable peace can be achieved through shared prosperity and a sense of global brotherhood, not through weapons."

Nepal is actively engaged in the 8.7 Alliance, standing against child labour, forced labour, and modern slavery and also actively involved as a pathfinder country for employment and social security for a just transition. "Currently, we are implementing the Decent Work Program (2023–2027) in Nepal, which includes employment, rights, and social dialogue."

Nepal is committed to implementing the 'Decent Work Agenda' in embracing the digital economy, care economy, and gig economy, he said while pointing out the need to make assessments of the institutional, legal, and operational aspects of the ILO and reform so as to address the challenges of the changing world of work.

Referring to the increasing trend of young people from developing countries seeking employment in labor destination countries, President Paudel appealed to all countries of the world to treat migrant workers with respect and treat them equally and abide by the principle of decent work.

The government has decided to make the national identity card mandatory for receiving the social security allowance.

It will be effective in 28 districts with effect from July 16 as per the recent Cabinet decision.

With this decision, the district administration offices are thronged by those in need of the ID card.

Director General at National ID Card and Registration Department, Yubraj Kattel, shared that the scheme would be enforced from July 16 even for the renewal of social security schemes in 28 districts.

The concerned district administration offices were mobilizing additional resources at local levels for the distribution of national ID cards, he added.

The districts implementing this provision are- Jhapa, Rautahat, Rupandehi, Morang, Sarlahi, Kapilvastu, Sunsari, Kathmandu, Dang, Udayapur, Bhaktapur, Banke, Saptari, Lalitpur, Bardiya, Siraha, Sindhuli, Surkhet, Dhanusha, Makwanpur, Kailali, Mahottari, Chitwan, Kanchanpur, Bara, Kaski, Parsa, and Tanahu.

The Department has launched the distribution of national ID cards since the past four years in 73 districts.

On Wednesday, the Department however issued a notice, informing that the people above 90 years and those living with disabilities need not produce national ID cards while receiving social security allowance.

The Central Investigation Bureau (CIB) of Nepal Police arrested one more person in connection with the Hyper Fund scam.

According to CIB Spokesperson and Information Officer, Superintendent of Police, Hobindra Bogati, Srikant Bhandari was apprehended from Rukum on Wednesday.

Earlier, the CIB had nabbed Nanu Ghimire aka Kajal from Lalitpur for her alleged involvement in duping Nepalis in the scam.

So far, police have received complaints from 56 people of fraud over Rs 79.5 million to the scam.

The CIB said that it has been preparing to issue a red corner notice through Interpol against those against whom complaints have been filed by the alleged victims.

CIB has appealed to those being subjected to the scam to register a complaint at the CIB.

It has also provided an online space for the registration of the complaint.

One can visit the official website of CIB https://cib.nepalpolice.gov.np and lodge a complaint via the Gmail ID ([email protected] or [email protected] )that is featured on its site.

The Nepal Stock Exchange (NEPSE) plunged by 9. 32 points to close at 2,112. 29 points on Thursday.

Similarly, the sensitive index dropped by 0. 72 points to close at 374. 18 points.

A total of 14,294,712-unit shares of 313 companies were traded for Rs 6. 44 billion.

Meanwhile, Samriddhi Finance Company Limited (SFCL) and Kutheli Bukhari Small Hydropower Limited (KBSH) were the top gainers today with their price surging by 10. 00 percent. Likewise, Mid Solu Hydropower Limited (MSHL) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 34 trillion.

Deputy Prime Minister and Foreign Minister Narayan Kaji Shrestha on Thursday hosted a breakfast meeting with the senior executives of leading Indian Multinational Companies operating in Nepal and associated with Nepal-India Chamber of Commerce & Industry (NICCI).

The meeting was coordinated by the Nepal-India Chamber of Commerce & Industry (NICCI).

The event began with welcome remarks from the Deputy Prime Minister.

During the meeting, the Chief Executives and representatives of the companies shared their success stories in Nepal and briefed their plans for future expansion, emphasizing their commitment to reinvest from the earnings locally, reads a statement issued by NICCI.

They also highlighted several challenges they face, including issues in the real sector, difficulties in remitting funds, payments to foreign suppliers, and the impacts of post-COVID economic sluggishness on construction and manufacturing sectors.

The mismatch in customs duties on raw materials versus finished products, which has increased manufacturing costs in Nepal, has created an uneven playing field. Despite repeated requests to address budget suggestions, these issues have remained unresolved.

Additionally, concerns were raised regarding the retention of earnings by Indian nationals working in these companies and the high tax rates in Nepal, which are among the highest globally. The representatives urged the government to address these matters to foster a more conducive investment environment in Nepal.

In response, Deputy Prime Minister Shrestha assured the delegates that he would convey their issues to the Prime Minister, as well as the Ministers of Finance and Industry, Commerce, and Supplies, to ensure that these concerns are heard and addressed, the statement further reads.

He expressed his concern over the reliance of Nepal’s economy on remittances and import duties, which has led our economy into a consumer-based economy. He emphasized the need to shift towards an import-substitution and export-oriented economy for long-term sustainability. Deputy Prime Minister Shrestha thanked all the multinational representatives for their presence and their insights into the current economic situation in Nepal.

The meeting was attended by Ravi Kumar Rayavaram, Managing Director of Surya Nepal Pvt. Ltd.; Amlan Mukherjee, Managing Director of Unilever Nepal Ltd.;  Abhiman Bararia, Managing Director of Asian Paints Nepal Pvt. Ltd., G. Gopalakrishnan of Asian Paints, Gorakh Rana, Deputy Chief Executive Officer of Standard Chartered Bank Nepal Ltd.; Rabi Bhakta Shrestha, Promoter Director of Unilever Nepal Ltd.; Saibal Ghosh, Management Consultant at Berger Jenson and Nicholson Nepal Pvt. Ltd.; Mayur Kumar, Financial Controller of Dabur Nepal Pvt. Ltd.; and Keshab Man Singh, Director General of NICCI.

On the occasion, the Director General of NICCI presented a copy of the "Investment Guide for Indian Investors, 3rd Edition, 2024” to the Deputy Prime Minister.

This guide book was prepared by NICCI in collaboration with the Embassy of India in Kathmandu and the Embassy of Nepal in New Delhi, was recently launched at the Investment Summit 2024 in April in Nepal.

It includes all the provisions and amendments made by the Government of Nepal up to the date of the Investment Summit 2024 through special ordinances to ease investment procedures in Nepal.

The net profit of bank and financial institutions (BFIs) fell by 15.03 percent over the first 10 months of the fiscal year 2023/24 as slow credit growth impacted their profitability.

According to Nepal Rastra Bank, BFIs earned a net profit of Rs 53.19bn up to mid-May of the current fiscal year, compared to Rs 62.6bn in the same period of the previous fiscal year. This marks a decline of more than Rs 9bn.

The combined net profit of BFIs was Rs 44.67bn up to mid-April. This means they increased net profits by nearly Rs 9bn in the 10th month of the current fiscal year alone.

While all 20 Class ‘A’ banks, or commercial banks, recorded a net profit in the review period, five out of 17 development banks and eight out of 17 finance companies reported a net loss in the same period.

Twenty commercial banks in the country earned a combined net profit of Rs 48.60bn in the first 10 months of 2023/24. Nabil Bank Ltd topped the list of commercial banks in terms of net profit, earning Rs 5.46bn in the review period. Next were Global IME Bank Ltd and NIMB Bank Ltd, with net profits of Rs 4.12bn and Rs 3.77bn, respectively.

Nepal Bank Ltd was at the bottom of the list with a net profit of Rs 590.32m.

The net profit of the 20 commercial banks had increased by 25.03 percent to Rs 70.9bn in the fiscal year 2022/23.

Among Class 'B' financial institutions, or development banks, Muktinath Development Bank logged the highest net profit of Rs 994.87m, followed by Garima Bikas Bank and Shine Resunga Development Bank, which posted net profits of Rs 757.43m and Rs 583.77m, respectively.

Salapa Bikas Bank, Narayan Development Bank, Sindhu Bikas Bank, Saptakoshi Development Bank, and Excel Development Bank reported net losses during the review period. Excel Development Bank had the highest net loss of Rs 270.14m, while Salapa Bikas Bank had the lowest net loss of Rs 140,000.

Among finance companies, Manjushree Finance Company earned the highest net profit of Rs 2024.25m. Gurkha Finance Company and ICFC Finance were next, with net profits of Rs 48.98m and Rs 29.54m, respectively.

On the other hand, Guheshwari Merchant Banking and Finance, Reliance Finance, Central Finance, Progressive Finance, Goodwill Finance, Janaki Finance, Samriddhi Finance, and Pokhara Finance companies registered net losses in the 10-month period.

Three houses were swept away by a landslide last night, leaving one injured at Kokti Village, Angla of Khandbari municipality-11 in Sankhuwasabha. 

According to the District Police Office officiating chief police inspector, Ram Kumar Lamichhane, the landslide swept away the houses of Mani Prasad Rai, Ram Prasad Rai, and Dil Bahadur Rai. Mani Prasad has been injured in the incident.

Being displaced by the disaster, they and their families are taking refuge in neighbors' homes. Nine families in various parts of the district have been displaced by the landslide.

At Shekha of Khandbari-4, four families were displaced due to the landslide, according to Ward Chair Binod Subba.

Similarly, five houses are at high risk from the monsoon-induced disasters at Chichila Rural Municipality-1 and 2. Lamichhane said that they are collecting details of the losses caused by the landslide in the district.  

The landslide also damaged the North-South Koshi Roadway Project. It damaged a four-kilometer segment of the road along the Khandbari-Kimathanka section which was about to be blacktopped.  

Furthermore, the flash flood triggered by incessant rain has damaged the local road in Num, Makalu Rural Municipality, disrupting traffic.

The estimated loss from this damage is around Rs 10 million, as reported by the Road Office.