Tens of thousands of protesters demanding a restoration of Nepal's monarchy clash with police
Riot police used batons and tear gas to halt tens of thousands of supporters of Nepal’s former king who attempted to march to the center of the capital on Thursday to demand the restoration of the monarchy and the nation's former status as a Hindu state.
The protesters, waving the national flag and chanting slogans supporting former King Gyanendra, gathered on the edge of Kathmandu and attempted to move toward the center of the city. Riot police blocked them, beating them with bamboo batons and firing tear gas and a water cannon. There were minor injuries on both sides.
Authorities had banned protests in key areas of the city prior to the rally.
“We love our king and country more than our lives. Bring back the monarchy. Abolish the republic,” the crowd chanted.
Supporters of the former king came to Kathmandu from all over the country to demand the return of the monarchy that was abolished in 2008. They accused the government and political parties of corruption and failed governance.
Weeks of street protests in 2006 forced then-King Gyanendra to abandon his authoritarian rule and introduce democracy.
Two years later, a newly elected parliament voted to abolish the monarchy and declared Nepal a republic with a president as head of state.
Since then, Gyanendra has been living as a private citizen with no power or state protection. He still has some support among the people but little chance of returning to power.
The demonstrators also demanded that Nepal be turned back into a Hindu state. The Himalayan nation was declared a secular state in 2007 by an interim constitution. AP
Nepse surges by 9. 87 points on Thursday
The Nepal Stock Exchange (NEPSE) gained 9.87 points to close at 1, 860.20 points on Thursday.
Similarly, the sensitive index surged by 2. 76 points to close at 356. 98 points.
A total of 4,420,518-unit shares of 292 companies were traded for Rs 1. 34 billion.
Meanwhile, Buddha Bhumi Nepal Hydropower Company Limited was the top gainer today, with its price surging by 9. 97 percent. Likewise, Nabil Bank Limited was the top loser as its price fell by 8.20 percent.
At the end of the day, total market capitalization stood at Rs 2. 86 trillion.
Global IME Bank highest taxpayer in banking sector
Global IME Bank has emerged as the highest taxpayer among all banks and financial institutions in Nepal for the fiscal year 2021/23.
The bank has contributed a corporate tax of Rs 3.2 billion during this period. At present the Global IME Bank holds the position of the largest bank in the country in terms of capital. It has paid-up capital of Rs 35.77 billion, the Global IME Bank said in a press release.
Established in 2007 as a commercial bank, Global IME Bank achieved this status through the merger and acquisition of 21 banks and financial institutions, including five commercial banks, 10 development banks, and six finance companies.
The bank is actively pursuing digitization and has embraced 'Vision-2025', a strategic plan aimed at doubling its business with the utilization of modern technologies and digitization.
The bank has established a nationwide presence with 350 branches, 369 ATM counters, 322 branchless units, and 64 extension counters across all 77 districts of Nepal. It has also expanded its reach internationally with representative offices in London (UK), New Delhi (India) and Sydney (Australia), maintaining three international contact points.
With a customer base exceeding 4.2 million and a workforce of more than 4,000 employees, Global IME Bank continues to solidify its position as a key player in the banking sector.
Can PM revitalize the economy?
Prime Minister Pushpa Kamal Dahal has announced different programs aimed at revitalizing the economy. The programs encompass a range of actions, from aiding individuals struggling to repay loans taken from banks and financial institutions to revising bank rates in order to lower interest rates.
Dahal believes that these initiatives will instill hope among the masses by introducing reforms in the country, given that the economy is still facing pressure despite positive indicators in various sectors.
These key measures to bolster the economy were announced during a four-hour discussion about the current state of the economy and future strategies with ministers, secretaries, the governor of Nepal Rastra Bank, private sector leaders, members of parliament and economists, and others on Tuesday.
“When I assumed leadership of the government, the economy was facing serious crises. Over the last 10 months, the government has taken various initiatives which have turned economic indicators positive,” Dahal said. “However, the economy still faces challenges. Therefore, the government’s primary focus is on further enhancing the economy and fostering optimism among the people.”
The government has said that the central bank will facilitate the repayment of loans for individuals who used the funds for their intended purposes but are struggling due to an economic slowdown. Likewise, although interest rates are coming down, the government has directed the central bank to study whether the rates can be reduced further. The central bank has also been tasked with studying problems faced by individuals in repaying loans taken from microfinance institutions.
Moreover, the government has announced plans to form a dedicated agency to regulate cooperatives and create a fund to safeguard deposits in saving and credit cooperatives.
The government has also said that it is committed to enhancing the revenue structure to make it more conducive to investment and production in line with recommendations made by past studies and commissions.
Additionally, the government has said that it would expedite mega hydropower projects such as Budhgandaki, Karnali Chisapani, and Upper Arun. It has also pledged to implement recommendations made by a team of experts for the construction of Nijgadh International Airport in Bara.
Moreover, the government has expressed commitment to address challenges in the implementation of the decision to extend construction deadlines for various development projects made in the first week of June.
Furthermore, the government has said that it will initiate the process of settling outstanding dues with contractors and form a high-level commission to address overall governance issues.
Similarly, it has decided to make the the Industry and Commerce Promotion Dialogue Council, which serves as a forum for private sector and government dialogue, more active.
Police lob teargas shells at Durga Prasain group in Balkhu
Police lobbed teargas canisters at the supporters of controversial businessman Durga Prasain at Balkhu.
After Prasain addressed the program organized at Balkhu, the demonstrators headed towards Thapathali to picket Singha Durbar. Police, however, blocked them by firing teargas.
While addressing the program, Prasain had said that they would not enter the city to gherao the Singha Durbar.
Police fired teargas shells at the demonstrators while they were heading towards Kalimati from Balkhu.
Police also fired a water cannon to take the situation under control.
The situation turned tense after the protestors hurled stones at the security personnel.
Anil Sharma: Architecture is a nuanced balance between design and execution
Prof Anil Sharma has over 30 years of experience in designing multi-star hotels that are climate-responsive and energy-efficient. The ace architect is also a visiting expert and facility member at IIT-Roorkee, The School of Planning and Architecture, Bhopal, and Indira Gandhi Technical University for Women, New Delhi among others. Sharma and his projects have been the recipient of many prestigious awards. His first hotel project, Holiday Inn, won the Best Hotel of the Year in the Asia Pacific Region in 1994.
He has taken on a leadership role in organizing and hosting the annual ‘Hi-Aim’ conference which is a collective assembly of hospitality industry leaders, architects, interior designers, and managers. The next conference is scheduled to be held in Kathmandu from 1-2 Feb 2024.
In a conversation with Evana Manandhar of ApEx, Sharma runs us through the importance of architecture and design while discussing his own experiences and highlighting the importance of the upcoming conference.
You have been involved in both architectural design and project management. How do you strike a balance?
Over the years, there has been a shift from a primary focus on architectural design to an increased involvement in project management. I believe it was largely influenced by market pressures and evolving industry demands. In the early stages of my career, I found myself gradually taking on more project management responsibilities, sometimes even offering these services for free. This transition was a response to the perceived market expectations and the need to balance design creativity with effective project execution.
Over the last 15-20 years, I’ve strategically changed my approach. Recognizing the distinct nature of architectural design and project management, I have effectively delegated the project management role to a proficient team of managers. This has allowed me to refocus on the core aspects of architectural design. By delegating project management, I’ve been able to streamline processes and achieve a more focused and efficient workflow.
Do designing and management go hand in hand?
I firmly believe that an architect’s primary role is to conceive and design exceptional buildings. The creation of precise drawings and plans is paramount in ensuring the success of a project. This concentrated effort in architectural design is critical as it forms the foundation upon which construction is based. It’s essential to underscore that while architectural design provides the blueprint for construction, project management handles the execution aspects. These are distinct roles, each requiring specific expertise.
My journey in architecture has seen a nuanced balance between design and project management. Recognizing the need to specialize, I’ve strategically delegated project management responsibilities, allowing me to concentrate on the architect’s core role of creating impeccable designs for construction.
How do you approach a new project? What are the challenges in understanding the client’s needs and requirements?
Approaching a new project involves a structured sequence to comprehensively understand the client’s needs and requirements. Initial client interaction is crucial. You must engage in open dialogue to grasp the project’s goals, audience, and desired outcomes. Once the requirements are defined, thorough research is conducted and industry trends are analyzed.
You must also put in the effort to understand the historical and cultural context as this ensures a tailored approach. What follows is a holistic presentation to the client, showcasing researched insights and design options aligned with project goals. Success hinges on a comprehensive understanding, emphasizing ongoing collaboration, and communication. This approach ensures that the project not only meets functional requirements but also resonates with its unique identity, fostering a successful and impactful outcome.
Can you tell us about a challenging project you’ve worked on? How did you deal with it?
Working on the Marriott project in Nepal was a huge challenge. The site is irregular and unconventionally shaped. Coupled with its location in an urban slum, the project demanded a thoughtful and creative approach. Focused on transforming these challenges into opportunities, I crafted an inward-looking design centered around a captivating courtyard.
This unique space not only accommodated the irregular site but also addressed the negative aspects of the surrounding urban environment. The courtyard, conceived as the project’s focal point, ingeniously became the landmark. Guests were treated to not only an aesthetically pleasing space but also some really good views. A swimming pool was made at the top, adding an element of luxury and leisure.
What are some qualities that architects must possess and hone?
An architect’s success lies in the cultivation of two paramount qualities: humility and knowledge. Firstly, humility is the linchpin for effective collaboration, enabling the architect to integrate diverse perspectives from clients, engineers, and collaborators. This quality fosters a client-centric approach, prioritizing the client’s vision over personal design preferences. Humility also manifests in the ability to accept constructive criticism, learn from mistakes, and adapt designs iteratively.
Secondly, in-depth knowledge forms the bedrock of architectural prowess. Technical proficiency in construction, materials, and structural systems is non-negotiable to ensure the safety and functionality of a design. Additionally, a well-rounded architect possesses a deep understanding of environmental sustainability, cultural and historical contexts, and regulatory compliance. This knowledge not only facilitates innovative and timeless design but also empowers architects to educate clients and navigate legal complexities.
Since Hi-Aim’s goal is to become a landmark forum for the hospitality industry, what are some of the key ways to do that?
In order to make Hi-Aim a preeminent forum for the hospitality industry and elevate its reputation, a meticulous approach to speaker selection is imperative. Priority should be given to individuals with established industry standing and a proven ability to engage diverse audiences. The selection process should also emphasize a diversity of perspectives within the hospitality sector, ensuring representation from various segments such as hotel management, design, technology, and sustainability.
Leveraging partnerships with industry associations and reputable brands can facilitate recommendations and introductions. To enhance the exclusivity and prestige of the event, an invitation-only strategy for key speakers can be employed. Strategic marketing campaigns, highlighting the speakers’ achievements and unique perspectives should precede the event to generate anticipation and buzz. A commitment to speaker support, recognition, and the creation of exclusive networking opportunities will further incentivize influential figures to participate, thereby solidifying HI-AIM’s reputation as a landmark conference in the hospitality industry.
Yuwa Sangh, Durga Prasain group clash in Balkhu
A clash broke out between Yuwa Sangh, youth wing of the CPN-UML, and Durga Prasain group at Balkhu in Kathmandu on Thursday.
The both groups which took to the streets against the government engaged in a clash this afternoon.
Durga Prasain group and Yuwa Sangh cadres hurled stones at each other after the latter reached Balkhu by taking out a motorcycle rally.
Gold being traded at Rs 116, 500 per tola on Thursday
The gold is being traded at Rs 116, 500 per tola in the domestic market on Thursday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 115, 950 per tola.
Similarly, the silver is being traded at Rs 1,455 per tola today.
