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Chinese Ambassador to Nepal Chen Song paid a courtesy call on National Assembly Chairman Narayan Prasad Dahal.

During the meeting held at the office of Dahal in Singha Durbar today, matters related to bilateral partnership, mutual cooperation and relations were discussed, according to the Chair Dahal’s Secretariat.

On the occasion, he said the relations between the two countries are strong at the people’s level along with diplomatic level.

Talking about the visit by presidents of both countries and regular exchanges of visit by parliamentary delegations, Chair Dahal mentioned that such visits help expand new dimensions of relationship and development.

He expressed the belief that China would provide continuous support to Nepal in coming days, sharing that the support of China for Nepal’s economic and social sectors is incomparable.

Similarly, the Chinese Ambassador expressed happiness that the Parliament has passed the TRC Bill, which he said would be a new stride in Nepal’s peace, stability and development sector.

Stating that China is willing to start direct air service to Pokhara and Bhairahawa International Airports from different cities of China, Ambassador Song underlined that it would help to increase arrival of Chinese tourists in Nepal. 

To support young entrepreneurs and their startup businesses, Annapurna Media Network (AMN) has launched the ‘Startup with Annapurna’ campaign. “Young startups today are the big companies of tomorrow and play a crucial role in the economic development of our country,” says Manoj Basnet, General Manager of AMN. “This campaign aims to encourage these entrepreneurs and help promote their businesses by enhancing the branding and marketing of their products.”

According to Basnet, all AMN platforms will contribute to the campaign. The network’s media outlets include Annapurna Post (Nepali daily), The Annapurna Express (English daily), Radio Annapurna Nepal 94 MHz, annapurnapost.com, and AP1 HD television.

Startups participating in the campaign can benefit from product introductions in Annapurna Post, company profiles in The Annapurna Express, 30-minute product and company segments on Radio Annapurna Nepal 94 MHz, product videos on the network’s social media, international marketing opportunities, and more, adds Basnet.

The government has proposed a fine of up to Rs 30m for individuals and groups involved in insider trading in the securities market.

Minister for Finance Bishnu Prasad Poudel registered the Securities (First Amendment) Bill, 2024, in the House of Representatives last week. The Bill aims to regulate securities transactions more effectively and incorporates new practices and international standards, with a focus on combating fraud and insider trading.

The proposed legislation significantly increases penalties for insider trading. Individuals and groups involved in fraud and insider trading can face penalties ranging from repayment of the amount involved, an equal fine, or up to three years of imprisonment, or a combination of all these penalties. If the amount involved is known, offenders could face fines ranging from Rs 5m to Rs 30m or up to three years imprisonment. 

As per the existing law, such offenders can be handed a maximum penalty of one year imprisonment.

Likewise, the bill proposes removing chartered accountants and representatives from the Federation of Nepalese Chambers of Commerce and Industry Securities Board of Nepal (Sebon) from sitting on the board of Sebon to avoid conflict of interest. Then FNCCI Vice-president, Chandra Prasad Dhakal, stepped down from the executive board of Sebon in August 2021 after media outlets reported conflict of interest. Dhakal, who was representing FNCCI in the Sebon board, chairs a number of companies listed on Nepal Stock Exchange (Nepse).   

Similar stringent measures have been proposed for individuals and groups providing false transactions, price manipulation and providing misleading information. Such individuals and groups can be slapped fines up to Rs 5m and three years imprisonment, depending on whether the amount involved is known or unknown.

Likewise, the bill introduces new restrictions to prevent conflicts of interest. Former chairpersons and high-ranking officials of the Sebon will be barred from working for listed companies or licensed institutions for two years after leaving their positions. However, this restriction won't apply to political appointees.

The bill also includes provisions for central depository services, derivatives and specialized investment funds such as private equity and venture capital. This is expected to pave the way for introduction of derivative products in the securities market. 

Likewise, it authorizes Sebon to request banking transaction records from the central bank for investigative purposes. “If an investigation is required regarding securities transactions conducted by any individual, company or organized institution, Sebon can request Nepal Rastra Bank (NRB) to obtain relevant transaction records from the concerned bank or financial institution. Upon receiving such a request, the NRB is required to collect the records from the relevant bank or financial institution and provide them to the Board,” the Bill reads.

Sebon, however, will have to keep such records confidential and use them solely for investigative purposes.

The Ministry of Health and Population and the National Innovation Center have signed an agreement for collaboration in repair, maintenance and management of medical appliances at 17 hospitals under the purview of the federal government.

Dr Madan Upadhyay, Chief of the Ministry's Quality Measurement and Regulation Division and Dr Mahabir Pun signed on a letter of agreement to that connection on behalf of the Division and the Center, respectively.

Minister for Health and Population Pradip Paudel witnessed the signing of the agreement.

On the occasion, Minister Paudel said that the Ministry is collaborating with the Center as it is necessary to make the health equipment functional and well-managed for managing the health sector in the context of limited resources with the State.

"We are immediately not in a position to purchase the required medical equipment due to the resource constraints. This agreement that has been reached with the goal of making the most out of the available equipment with us is an important initiative," he said. 

Stating that much amount that would be spent on buying new equipment would be spared if the equipment that are lying idle could be repaired and maintained and reused, he said works on repair and maintenance of such equipment has been initiated now.

The health minister expressed happiness to give the responsibility of an important work as managing the medical equipment to a renowned and established organization of the country. He added that this culture of partnership indicates that the State has confidence in the domestic organizations and workforce.

Center chairperson Pun said that the National Innovation Center has got another significant responsibility in connection with improvement of the health sector. "This responsibility is related to the repair and maintenance of biomedical equipment at government hospitals and to determine the condition of such appliances," he elaborated.

The Annapurna Conservation Area, the renowned destination for trekking globally, reported 21 deaths due to altitude sickness during the fiscal year 2080-81 BS (2023-24).  Of them, six are Nepalis.

According to Annapurna Conservation Area Project (ACAP) Chief, Dr Rabin Kadariya, among the dead, 11 are Indians, two are Malaysians, one is Ukrainian and one is Briton.

Most of the casualties took place along the Muktinath area in Mustang.

Some people suffering from altitude sickness were rescued by helicopters.

Kadariya said that the ACAP started archiving such incidents last year.

A journey to a high altitude demands special care. It should be undertaken gradually, getting adjusted to the atmospheric conditions, he said. Once the altitude sickness is sensed, one should promptly climb down, he said.

A human skeleton of a Swedish national who had been missing during the Mardi Peak trek was found recently after seven months of missing. 

A sole trek along a long route is not recommended. It must be observed in a group or accompanied by a guide. 

The ACAP welcomed 222,180 foreign tourists last year. Of them, 117,845 were from Asian countries, and 104,256 were from other countries.

The highest arrivals: 35,265 were in the month of Chaitra (March-April) and the lowest was 5, 401 in the month of Shrawan (July-August), the first month of the fiscal year.

Dr Kadariya said last year around 50,000 plus people visited the area compared to the previous fiscal year. A total of 172,510 people: 89,777 from South Asia and 82,733 visited the area during the fiscal year 2079-80 BS (2022-23).

The Annapurna Conservation Area spanning 7,600 square kilometers covers 89 wards of 16 local levels in Kaski, Lamjung, Manang, Myagdi, and Mustang.

Rich in natural beauty, bio-diversities, civilization, unique mountain life, and culture, the Annapurna Conservation Area is one of the most desired trekking routes for people from home and abroad.

The Nepal Stock Exchange (NEPSE) gained 2.11 points to close at 2,968.44 points on Wednesday.

Similarly, the sensitive index surged by 1.25 points to close at 530. 11 points.

A total of 41,454,611-unit shares of 337 companies were traded for Rs 18. 90 billion.

Meanwhile, Corporate Development Bank Limited (CORBL), Sindhu Bikash Bank Ltd (SINDU), Reliance Finance Ltd. (RLFL) and Dolti Power Company Limited (DOLTI) were the top gainers today, with their price surging by 10. 00 percent. Likewise, Karnali Development Bank Limited (KRBL) was the top loser as its price fell by 10.00 percent.

At the end of the day, total market capitalization stood at Rs 4. 71 trillion.

Adverse weather affected the flights at Tribhuvan International Airport on Wednesday.

According to TIA's General Manager Jagannath Niraula, adverse weather and subsequent low visibility issues have affected both domestic and international flights.

Niraula said that flights to Pokhara have been canceled and those to Janakpur and Simara have been delayed.

Towards international service, a flight by Air China has been diverted back. It was scheduled to land at TIA at 10:55 am today. Some international flights were made to be on hold.  

Buddha Air's information officer Dipendra Kumar Karna confirmed the cancellation of the Kathmandu-Pokhara flight while the flight towards Bharatpur Airport was delayed.

The Buddha's air flight to Surkhet this morning was diverted to Pokhara owing to the adverse weather that generally affected the domestic services at TIA on Tuesday.

At present, the country is under the influence of monsoon wind.

According to the Meteorological Forecasting Division, the Department of Hydrology and Meteorology, presently the monsoon trough is positioned slightly northward, triggering partial to general rainfall across the country. 

Presently, light to moderate rain with thunder is taking place in some parts of Koshi, Gandaki, Lumbini, and Sudurpaschim Provinces and a few places in the rest of the provinces.

Heavy rain has been forecast at one or two places of the Koshi, Gandaki, Lumbini, Karnali and Sudurpashim Provinces.

Prime Minister KP Sharma Oli spoke of the need to establish and expand many industries with minimal capital amount to enhance domestic production.

Addressing the Start-Up Nation 2030 conference here today, PM Oli viewed that youth and women, with innovative and creative thinking, could get employment opportunities at home instead of seeking greener pastures.

Oli encouraged expansion of entrepreneurship among youths to displace imports, reduce poverty, bolster national confidence and to achieve Sustainable Development Goals.

He argued that the banks and financial institutions should provide loans to such enterprises on the basis of the project rather than keeping enterprises as the mortgage.

Stating that some 'fraudulent elements' were trying to defame cooperatives, he assured that the government will advance cooperatives in a healthy manner.

Furthermore, the Head of the Government insisted that we should enhance entrepreneurship based on technology, skills and capital so that desired results are achieved in domestic production.

"Any startup invested by the government should not fail. It should be taken forward as a campaign," the PM observed, pledging utmost facilitation to the private sector on the part of the government.

"We have not come to power and formed the government for the sake of it. Not for nothing I have assumed the role of Prime Minister at this age. I am entrusted with this responsibility to deliver something substantial," said the 73-year-old PM.

The two-day event is a collaborative effort of the Ministry of Industry, Commerce and Supplies and Federation of Nepalese Chambers of Commerce and Industry (FNCCI) among other organizations.

Present in today's conference were Deputy Prime Minister and Minister of Finance Bishnu Prasad Paudel, Minister for Industry, Commerce and Supplies Damodar Bhandari, Minister for Labour, Employment and Social Security Sharat Singh Bhandari and FNCCI's President Chandra Prasad Dhakal among others.

The Conference is a part of the campaign to make Nepal a startup-friendly nation in South-Asia by 2030, paving a way for the establishment of 10,000 startups and 100,000 jobs by the end of this period.