Nepse plunges by 5.58 points on Wednesday
The Nepal Stock Exchange (NEPSE) plunged by 5. 58 points to close at 2,079.71 points on Wednesday.
Similarly, the sensitive index dropped by 0. 41 points to close at 371. 61 points.
A total of 8,042,767-shares of 306 companies were traded for Rs 3. 99 billion.
Meanwhile, Bhagawati Hydropower Development Company Limited (BGWT) was the top gainer today with its price surging by 10. 00 percent. Likewise, Upper Lohore Khola Hydropower Company Limited (ULHC) was the top loser with its price dropped by 5. 51 percent.
At the end of the day, the total market capitalization stood at Rs 3. 29 trillion.
New juice bar opens in southwest London
In southwest London, a new juice bar named Squeezed has opened, aiming to offer a fresh and unique culinary experience. Founded by brothers Samir and Sabin Sharma, along with Samir’s wife, Anjali Phuyal, Squeezed combines their diverse backgrounds in business, hospitality, and art to create a distinctive food and drink destination.
Squeezed focuses on healthy pressed juices and blended smoothies made from locally sourced fresh ingredients, the owners say. “The menu also features a variety of Asian fusion dishes, including sushi, steamed dumplings, and sizzling noodles, providing a flavorful twist that appeals to a wide range of customers.”
The Sharma brothers, who manage front-of-house operations, are supported by their parents in the kitchen, making Squeezed a true family endeavor. The founders’ commitment to health, flavors, and community is central to the ethos of their new venture.
Looking beyond London, the team has plans to expand Squeezed internationally. They envision opening locations in Spain, India, Dubai, and other destinations, adapting their menu to incorporate popular local flavors while maintaining the essence of their brand.
Key to our growth strategy are esteemed board members Amir Hossain and Partha Panda, whose business experience and vision have been instrumental in supporting our global aspirations, they say.
Indian Embassy celebrates World Environment Day
The Indian Embassy in Kathmandu in collaboration with the Lalitpur Metropolitan Municipality City organized a tree plantation program to celebrate World Environment Day on Wednesday.
Minister for Forest and Environment Nawal Kishor Sah Sudi, Lalitpur Metropolitan City Mayor Chribabu Maharjan and Indian Ambassador to Nepal Naveen Srivastava participated in the tree plantation program near Chardham Temple, Sankata Bridge, Ward No 1, Lalitpur, Nepal.
Several political representatives, government officials, social workers and environment enthusiasts participated in the event, highlighting the shared commitment for the protection and preservation of the environment.
The Ambassador of India to Nepal, in his address, highlighted that the special event had been organized especially on the occasion of the World Environment Day to raise awareness about the importance of protecting the environment and to encourage individual and collective efforts to safeguard it for future generations, reads a statement issued by the Indian Embassy in Kathmandu today.
The Minister for Forest and Environment, and the Mayor of Lalitpur Metropolitan City, in their remarks, emphasized the importance of cooperation and partnerships in protecting the planet for future generations.
150 trees were planted by the participants during the event.
Gold price drops by Rs 500 per tola on Wednesday
The price of gold has dropped by Rs 500 per tola in the domestic market on Wednesday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 142, 200 per tola today. It was traded at Rs 142, 700 per tola on Tuesday.
Similarly, tejabi gold is being traded at Rs 141, 500 per tola. It was traded at Rs 142, 000 per tola.
Similarly, the silver is being traded at Rs 1,825 per tola today.
Two killed, seven injured in Doti jeep accident
Two persons died in a jeep accident in Doti on Wednesday.
The deceased have been identified as Ritika Parki (3) and Dhauli Devi Dhami (40) of Lekam Rural Municipality, Darchula.
The four-wheeler (Pradesh 01-001- Ja-1489) was heading towards Dhangadhi from Lekam of Darchula when the incident occurred at Khadina in Jorayal Rural Municipality-1, Doti at around 4:30 am today, police said.
There were nine persons including the driver in the jeep.
SP Hemlal Bhattarai of the District Police Office, Doti said that seven persons were injured in the accident.
Further investigation into the incident is underway, said police.
President appeals to global community to contribute for mitigating climate change impacts
President Ram Chandra Paudel has appealed to the global community to secure the future of the upcoming generation by mitigating negative impacts of climate change.
At a program organized at the President's Office on the occasion of the World Environment Day today, President Paudel said rapid changes in glaciers and glacial lakes due to growing impacts of global warming has added challenges to the lives and livelihoods with flash floods and landslides in the downstream areas.
"Nepal and other countries of the world are struggling with the crisis caused by climate change, pollution and loss of biodiversity. These crises cannot be solved by someone's efforts, everyone should be united", the President said.
He noted that our common challenges and opportunities have been incorporated in the theme of the World Environment Day ' Our Land, Our Future: Land Restoration, Desertification and Drought Resistance'.
Recalling the views expressed by UN Secretary-General Antonio Guterres to reduce Nepal's mountain crisis, high risk of climate change and climate-related problems in Nepal and other mountainous countries, President Paudel expressed concern over the negligible contribution to greenhouse gas emissions in Nepal.
He stressed the need for the world community to come together to solve the problems arising out of climate change and reduce its impact.
Stating that Nepal has been carrying out various works at the national level to mitigate the impacts of climate change and this issue has also been addressed in the policies and programs of the government, President Paudel expressed the belief that the President Climate Change Management Programme would help increase adaptive capacity by reducing the negative impacts of climate change.
President Paudel had opened the plantation by planting a sapling of 'palas' on the President building premises.
Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwombhar Prasad Shrestha, Speaker Devraj Ghimire and National Assembly Chair Narayan Dahal also planted saplings.
Chief Secretary Baikuntha Aryal, Chief of Army Staff Prabhuram Sharma, chiefs of security agencies, ambassadors of different countries and heads of donor agencies were present on the occasion.
Over 70 percent of Nepalis lack access to bank credit
While access to savings accounts has become widespread among the general public in Nepal’s banks and financial institutions, access to credit remains significantly lower.
A latest study of the Nepal Rastra Bank (NRB) shows banks and financial institutions (BFIs) have 51.17m deposit accounts, while the number of credit accounts is significantly lower at around 1.84m. This shows that 71.83 percent of the population remains outside the banking system for credit transactions. A survey on the financial literacy situation conducted by the central bank reveals that while 46.34 percent of adults use loans, only 17.6 percent utilize bank loans. The survey reveals significant variations in the usage of different financial services among the adult population. The highest utilization is in savings, investment, or retirement instruments, with 86.64 percent of adults using these services.
Payment instruments follow closely, used by 73.78 percent of the population. However, other financial services have lower adoption rates. Credit instruments are used by 46.34 percent of adults, while insurance services have the lowest penetration at just 30.02 percent. Similar survey conducted in 2021 showed that 67.3 percent of the population had an account with a bank or financial institution. The central bank last week unveiled its Financial Inclusion Policy, 2024 to promote financial inclusion through expanded financial services, enhanced literacy and consumer protection. The policy prioritizes extending financial access, boosting entrepreneurship, promoting financial literacy, protecting consumer interests and data collection.
Among others, the policy aims at presenting a draft National Financial Inclusion Strategy to the government this year, incorporating its objectives into monetary policies and budgets and issuing directives to support institutions in its implementation. The policy builds on past plans, programs and practices, focusing on inclusive financial access, digital innovation, gender and eco-friendly banking, sustainable financial system development, infrastructure development, regulatory roles, partnerships and accountability. Likewise, it aims to promote micro, small, and medium enterprises/businesses by developing entrepreneurship, developing business capacity, developing infrastructure and technology, creating an investment-friendly environment and providing appropriate types of loans and low interest rates. Similarly, making services from various agencies technology-friendly to increase the access of target customers to the banking system and encouraging micro, small and medium-level industries, trade and businesses by simplifying processes is the other objective of the policy.
Furthermore, the policy aims to make services from various agencies more digitally accessible thereby widening the banking system's reach to targeted demographics.
Commercial banks are present in all 753 local units across the country, except in Saipal of Bajhang, with the total branch network reaching 11,589. Likewise, there are 18.94m digital wallet users, while mobile banking clients number 21.36m, 1.85m use internet banking and ConnectIPS has 1.1m users. Additionally, there are 4,855 ATMs across the country.
Management of waste begins at home: Minister Joshi
Bhanubhakta Joshi, Minister of Federal Affairs and General Administration, has stated that the country is dealing with a serious waste management issue and that management should begin at home.
He said, “The source of waste is the home, and if we manage it properly at home, there will be no issues with waste management.”
Minister Joshi, while addressing the National Conference and Exhibition on Waste Management and Circular Economy on Monday, which is scheduled for two-day days on June 3-4 conference organized on the occasion of World Environment Day.
He expressed his belief that the two-day conference will provide the government with advice and pressure on what kind of waste management policies and rules are appropriate.
Similarly, Aanand Mishra, the founder and President of CREASION Nepal, stated, “The issue of waste management is of primary concern to the entire humanity, and we should avoid futile discussions and move toward concrete implementation of waste management plans and policies.”
“A consolidated approach is required for environmental protection and waste management. It will be simple to work against garbage management if all the stakeholders, from government sector to private sector and media, collaborate together to address it,” he added.
Parallel to the program, CREASION Nepal organized significant panel discussion sessions, which focused on “Investment from Bilateral and Multilateral agencies in waste management” and “Critical role of media in Addressing Waste Management Issues in Nepal.”
In the first session, representatives from the World Bank, including Abebaw Alemayehu, Senior Urban Specialist, Anu Joshi Shrestha, Enterprise and Value Chain Development Specialist, ICIMOD, Dharma Swarnakar, Economic Advisor, UNDP Nepal, Bhushan Tuladhar, Chief of Party, USAID Clean Air, Fhi 360, and Maya Tamang from (Samyukta Safai Jagaran) SASAJA, highlighted the investment in the waste management sector.
Similarly, during the second session, Gunaraj Luitel, Editor-in-Chief of Nagarik Daily, Bimal Gautam, Editor-in-Chief of Lokantar.com, and Sonia Awale, Executive Editor of Nepali Times, Roshani Adhikari, president of the Nepal Forum of Environmental Journalists (NEFEJ), shed light on how the media is raising the issue of waste management.
