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The price of gold has dropped by Rs 1,000 per tola (11.66 grams) in the Nepali domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers' Association, the gold is being traded at Rs 149, 600 per tola. It was traded at Rs 150, 600 per tola on Monday.

Similarly, the silver is being traded at Rs 1,765 per tola. It was traded at Rs 1,795 on Monday.

The Madhes Province Policy and Planning Commission released a report on Sunday highlighting the high poverty rate and deteriorating Human Development Index (HDI) in Madhes Province. The HDI encompasses factors such as education, health, employment, and infrastructure development that directly impact human life.

According to the report, the multidimensional poverty rate in Madhes is 24.02 percent, compared to the national average of 20 percent. Issues such as food insecurity, inadequate shelter, lack of clothing, and inability to afford medical treatment are categorized under multidimensional poverty. Madhes Province ranks second in both multidimensional poverty and economic poverty, with an economic poverty rate of 22.53 percent.

Despite some improvements, Madhes remains at the bottom of the HDI rankings among provinces. The overall poverty rate and multidimensional poverty rate in Madhes were 27.7 and 47.9 percent respectively in the base year 2018/19. By 2022/23, these rates had improved to 22.53 and 24.02 percent, but they fell short of the target to reduce the overall poverty rate to 21 percent.

Similarly, the HDI increased from 0.421 to 0.519 during the same period. However, Madhes still lags behind other provinces, with Mahottari and Rautahat performing the worst. The first periodic plan aimed to raise per capita income to $1,000, but only $875 was achieved by 2022/23. The plan also targeted an average annual economic growth rate of 9.0 percent, but the actual rate was limited to 2.5 percent due to internal and external challenges.

The report cites the global Covid-19 pandemic, the Russia-Ukraine war, and rising commodity prices, including petroleum, as key factors disrupting supply chains and hindering economic growth. The economic growth rate for Madhes was just 1.5 percent in 2022/23, with a per capita GDP of $868. For the fiscal year 2023/24, growth is estimated at 3.8 percent, with a per capita GDP of $892.

Breaking from the tradition of overly ambitious growth targets, the second periodic plan has adopted a nonlinear least square model to set realistic and achievable economic growth projections. Based on the GDP of 2022/23, the plan forecasts an average economic growth rate of 6.8 percent, with sectoral growth targets of 4.4 percent for the primary sector, 8.8 percent for the secondary sector, and 7.3 percent for the tertiary sector.

Regarding implementation, 60 percent of strategies and 57 percent of action plans have been executed under interrelated and overarching subject areas. Out of 143 proposed programs, 57—or 40 percent—have been implemented. Progress has been observed in only 70 of the 129 set indicators, with no sub-sector apart from forestry and environment exceeding 50 percent progress. Notably, data management and human resource development sub-sectors show no progress, and there is little coordination between climate change initiatives, disaster risk reduction, and indicator achievements.

Nepali band Kandara is set to embark on an exciting global musical tour in 2025, beginning with a grand performance at the prestigious O2 Arena in London on Jan 4. This milestone marks the first time a Nepali band will perform at the iconic venue, following in the footsteps of Nepali artist Sajjan Raj Vaidya. Lead vocalist Bibek Shrestha expressed the band’s excitement, calling the O2 a dream venue for any artist and describing this opportunity as a proud moment. After their London debut, the band will continue their tour with performances in Dubai, Qatar, and Hong Kong later in January.

Adding to the excitement, Kandara is releasing a new song titled “Hunecha (The Song of Hope)” on 1 Jan 2025, as a New Year’s offering. Known for themes of love, nature, and cultural stories, this track carries a unique message of hope and positivity, aiming to inspire listeners to embrace optimism in the coming year. Drummer Sunil Thapa, a founding member of the band, has penned and composed the song, which encourages individuals to foster positive change through their actions and behaviors. Notably, former Prime Minister KP Sharma Oli has extended his best wishes for the song’s success.

Kandara has been actively engaging with fans through performances, including a recent themed concert, “Home Country, Then Abroad,” held at the LOD Club in Thamel, Kathmandu. Celebrating its 30th anniversary, the band has also delivered successful concerts across Gandaki, Koshi, and Bagmati provinces.

The current lineup features Bibek Shrestha on vocals, Sunil Thapa on drums, Dev Lama on lead guitar, Pankaj Jha on bass guitar, Avinash Gayak on madal, and Umesh Thapa on keyboard. Sunil Thapa, a founding member, continues to play a pivotal role in the band’s journey. With a legacy spanning three decades, Kandara remains a beloved name in Nepali music, blending meaningful lyrics, rich melodies, and a deep connection to its roots while expanding its presence on the global stage.

One more person has been tested positive for monkeypox.

A 44-year-old Saudi Arabia returnee man has been tested positive for the infection, according to Spokesperson at the Ministry of Health and Population Dr Prakash Budhathoki.

He said that further details regarding the infection will be made public soon.

On December 20, a 36-year-old male from Tahanun was diagnosed with the monkeypox infection. He is also a returnee from Saudi Arabia.

Nepal recorded the first case of infection on June 16, 2023. The infection was confirmed on a foreign national.

It is caused by a virus called monkeypox and is transmissible to humans or animals to humans. 

This disease is transmitted via contact with infected individuals or animals. Transmission can occur through direct contact with wounds, sores, or bodily fluids such as saliva or mucus, as well as through surfaces and materials contaminated with the virus.

Infected animals, including monkeys, rats, squirrels, and contaminated bedding or clothing, can also transmit the virus.  

President Ram Chandra Paudel has expressed grief over the demise of Jimmy Carter, the former President of the United States of America.

President Paudel today, via social platform X, expressed sorrow over Carter's death and mentioned that Carter's contribution to peace, human rights and charity has become an inspiration to the world. President Paudel also expressed his condolences to the bereaved family and the American people.

Carter, the 39th President of the United States, died at the age of 100 on Sunday at his home in Hospice Care in the small town of Plains, Georgia.

His wife Rosalyn passed away in November 2023 at the age of 96. Carter, who conducted diplomatic missions in his 80s, built houses for the poor in the 90s.

Former President Carter visited Nepal in 2008 to supervise the Constituent Assembly elections held for the first time in Nepal. 

Police have arrested two persons along with a truck laden with 160 kg marijuana in Birgunj on Sunday.  

The arrestees have been identified as truck owner Krishna Ghalan (44) of Kamane, Hetauda Sub-Metropolitan City-7, Makwanpur and Rajal Bishwokarma (20) of Jhurjher, Rapti Municipality-3, Chitwan.

Police recovered the drug from the false bottom created in the hood of the truck (Na 3 Kha 4212) heading towards the dry port of Birgunj from Parwanipur at Bhawanipur, Birgunj Metropolitan City-18 during a security check.

DSP Kishor Lamsal of the District Police Office, Parsa informed that they have impounded the truck and arrested the duo for the investigation.

Prime Minister KP Sharma Oli has extended heartfelt wishes to all Nepali citizens at home and abroad on the occasion of Tamu Lhosar, the major cultural festival of the Gurung community.

In a message shared on social media, he expressed, "We are immensely rich in culture. Best wishes to all on the occasion of Tamu Lhosar."

The festival reminds of a scene in which Gurung women wear traditional ornaments in their heads, a Makhamali or velvet blouse, Ghalek (a traditional shawl), Patuki (a traditional belly-binding cloth), and a saree. Gurung men dress in cultural attire such as the Bhoto (a sleeveless vest), Bhangra (a white shirt-like garment), and Kachhad (a type of kilt), and perform vibrant cultural dances, the Prime Minister said.

The festival is celebrated on the 15th of the Nepali month Push (December-January) and the night today is the longest of the year and then, the duration of the night is believed to gradually shorten.

In observance of the festival, the government has announced a public holiday.

Commercial banks in Nepal are experiencing a decline in dividend capacity due to weak credit demand and high non-performing loan levels amid a prolonged economic slowdown. Most banks declaring dividends for the fiscal year 2023/24 have reduced their payouts, with some opting not to distribute dividends at all.

Of the 20 commercial banks in the country, 11 have decided to distribute dividends from their earnings in the previous fiscal year, while five have opted not to distribute dividends. Four are yet to announce their decision on dividend payouts. Among the 11 banks which provided dividends to their shareholders, seven have reduced their rates compared to the previous fiscal year.

Himalayan Bank Ltd, Machhapuchchhre Bank Ltd, NMB Bank Ltd, Rastriya Banijya Bank Ltd and Prabhu Bank have announced they would not distribute dividends from last fiscal year’s profits. Among these, Machhapuchchhre had distributed 14 percent dividend in 2022/23 (13.3 percent bonus shares and 0.7 percent cash for tax purposes). Rastriya Banijya Bank had provided 5.5 percent cash dividend last year. Himalayan, NMB, and Prabhu Bank did not distribute dividends last year either.

Four commercial banks—Kumari Bank Ltd, Nepal Investment Mega Bank Ltd, Nepal Bank Ltd and NIC Asia Bank Ltd—are yet to make their dividends announcements. Despite low credit expansion, commercial banks posted a profit of Rs 64.15bn in 2023/24, a 13.4 percent compared to net profit of Rs 56.57bn in 2022/23. However, most banks could not increase their dividend payouts as they had to set aside substantial funds for provisioning for their non-performing loans.

Commercial banks set aside a combined Rs 201bn for provisioning in 2023/24, compared to Rs 147bn in 2022/23. Himalayan, NMB and Prabhu have not distributed dividends for two successive fiscal years. Himalayan is not in a position to distribute dividend because non-performing loans of its merging partner—Civil Bank—was 27 percent at the time of the merger which necessitated provisioning of substantial funds. The two Class ‘A’ banks started joint operation after merger on Feb 24 last year.

Four banks have increased their dividend payouts compared to the previous fiscal  year. Standard Chartered Bank Nepal has announced a dividend of 25.5 percent (6.5 percent bonus shares and 19 percent cash) from its profits of 2023/24 compared to 19 percent cash dividend a year earlier. Payout of Nepal SBI’s dividend payout has increased slightly from 10.55 percent (3.75 percent bonus shares and 6.8 percent cash) to 10.65 percent (3.8 percent bonus shares and 6.85 percent cash). Prime Commercial Bank Ltd and Agricultural Development Bank (LTD), which didn’t provide dividends from the earnings last year, have announced five percent cash dividend and 10.53 percent dividend (three percent bonus shares and 7.53 percent cash), respectively, this year. However, Everest Bank Ltd, Nabil Bank Ltd, Global IME Ltd, Laxmi Sunrise Ltd, Sanima Bank Ltd, Citizens Bank International Ltd and Siddhartha Bank Ltd have reduced their dividend rates.