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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.

A Nepali succumbed to altitude sickness at Ngisyang Rural Municipality-9 in Manang on Wednesday.

The deceased has been identified as Hari Adhikari from Phulkharka of Ganga Jamuna Rural Municipality-5 in Dhading.

He suffered altitude sickness at an altitude of 5,416 meters on Thoranga Pass trekking route at Ngisyang.

Adhikari died on the spot, according to Manang's Chief District Officer, Subas Kumar Lamichhane. 

The body has been transported to Kathmandu via a helicopter.

A code of conduct has been signed between the Advertising Association of Nepal (AAN), National Advertising Association of Nepal (NAN), Nepal Media Society, and the Media Alliance Nepal. On Wednesday, Sudip Thapa, President of AAN, Dharmendra Kaji Shrestha of NAN, Subha Shankar Kandel, Chair of Nepal Media Society, and Bhaskar Raj Rajkarnikar, Chair of Media Alliance Nepal, signed the agreement.

This agreement aims to implement a code of conduct between umbrella organizations of advertising agencies and mainstream media organizations. It is intended to improve advertising business management and monitoring procedures. Currently, a significant portion of government funds allocated for advertising is lost due to improper practices, resulting in the media receiving only a small share of these funds.

Government policies that limit advertising expenditures in sectors such as health, education, and insurance, and ban advertising in certain areas like alcohol, have financially harmed media companies that were established with substantial investments and provide numerous jobs. Creating a supportive environment for media operations is considered a shared responsibility, and there is a growing concern that failure to regulate the advertising business and media may lead to serious issues in the future.

One key objective of this commercial partnership agreement is to ensure that advertising in mainstream media is conducted exclusively through affiliated advertising business organizations (agencies). This measure aims to standardize advertising rates and promote healthy competition, thereby benefiting both advertising businesses and media organizations.

Key points 

• Agencies must be registered and regularly renewed with relevant Nepal Government agencies and the advertisement board, and be members of AAN or NAN.
• Agencies must employ at least five staff and have the necessary physical infrastructure as specified by the AAN or NAN
• Agencies must obtain a ‘No Objection Letter’ annually from the media or related organizations to conduct business with the media
• Mainstream media and media businesses that earn income from advertising must publish and disseminate lists of agencies registered with the advertising board and keep this information on their websites
• Affiliated advertising agencies are required to maintain a bank guarantee or cash bond as per the media’s policy for advertising-related business
• Mainstream media should only conduct business with AAN or NAN-affiliated agencies registered with the Advertising Board. Agencies must similarly work only with media affiliated with the Nepal Media Society and Media Alliance Nepal
• Minimum advertising rates are set at Rs 500 per column per cm in print media and Rs 1,000 per minute on television. Media cannot offer rates below these minimums, and violation will result in a three-month suspension from advertising business
• Agencies must charge at least Rs 600,000 per year for creative concept design and Rs 5,000 for each creative concept
• Advertisers must adhere to a 15 percent commission for agencies and an additional maximum seven percent fee for media marketing agencies. This fee supports agency operations infrastructure, technology, human resources, business development, and returns. Media marketing agencies must operate at the set media rates
• Media affiliated with this agreement must publish and broadcast their advertising rates and maintain transparency on their websites and with the Advertising Board
• Advertisers must pay agencies within 30 days of receiving a bill, and agencies must pay the media within 60 days. Delays will incur a 15 percent annual interest rate from the date of the advertisement publication
• Advertisers leaving an agency must clear all outstanding dues within 30 days. Failure to pay will result in a business ban issued by AAN and NAN, enforceable by all agencies and media.
• To ensure market transparency, advertising rates should be based on the media content’s popularity and quality
• Mainstream media should not engage directly with advertisers, except for event-related dealings

The Birgunj Metropolitan City has decided to close schools for three days, as the excessive heat continues to affect life in the Tarai. The metropolis has made a decision to give summer holiday from today till June 16 to the community and institutional schools within its jurisdiction.

Chief Administrative Officer of Birgunj Metropolitan City, Matrika Bhattarai, said the summer holiday has been extended by three days, keeping in mind the children's health since the heat is increasing in the Tarai region and the Department of Hydrology and Meteorology has forecast this trend could increase even for some more days.

Before this, the metropolis had directed the schools to finish classes by 10.30 am. But it had to give summer holiday after the students started falling unconscious even when classes were run in the morning, hence the extension of the summer holiday by three days.

A meeting of the Metropolitan City's Education Committee on May 27 had given the summer holiday from May 29 to 31.

There are 92 communities and 138 private schools within Birgunj metropolis. Among the 92 community schools, 21 are secondary, 15 basic, 55 primary and one pre-primary school.

The maximum temperature in Birgunj on Wednesday was 38.7 degrees Celsius. The Department of Meteorology has urged for precaution, as there is the possibility of excessive heat in the central and western Tarai region.