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Japanese Ambassador to Nepal, Yutaka Kikuta, said there has been special relations between Nepal and Japan, laying emphasis on the crucial role of JICA Alumni Association of Nepal (JAAN) in consolidating the persisting ties.

Ambassador Kikuta said this at a Sakura (Japanese Cheery) plantation program hosted by JAAN in Lele, Godabari on the occasion of its golden jubilee.

Chief Representative of JICA Nepal, Akimitsu Okubo, shared that the Association has been extending support to the community development of Nepal by providing Japanese volunteers. He claimed that the Association has also played a crucial role in importing Japanese technology.

Godabari Municipality Mayor Gajendra Maharjan extended thanks for the assistance being provided to the municipality and urged the Japanese Embassy, JICA Nepal and JAAN to continue such cooperation in coming days as well.

JAAN Chair, Dr Ram Chandra Bhusal informed that the Association has been working to enhance income generation and capacity building of community people in Lele area of Godavari so as to improve their livelihood.

Owing gratefulness to the ward no. 5 of the municipality for providing land and also supporting in the development of Sakura Garden, he expressed his confidence that the garden will further consolidate the Nepal-Japan relations.

JAAN developed a Sakura Garden by planting 40 Japanese cherry saplings while organizing several programmes to celebrate the golden jubilee.

It may be noted that Japan had also offered Foreign Minister's Commendation to JAAN in recognition of its remarkable contributions to strengthen Nepal-Japan relations.

JAAN is a social organization of the Nepali students who returned to Nepal after studying in Japan. The Association has been active since 1973.

Reinsurance and non-life insurance companies are gradually diversifying their investment portfolios. Nepal Reinsurance Company has invested Rs 20.36bn in various sectors, according to the company’s financial disclosure for the first quarter of 2023/24. Similarly, the other reinsurance company in the country, Himalayan Reinsurance, is also gradually diversifying its investment portfolio. The company, which recently went public, has invested over Rs 10.13bn.

The Nepal Insurance Authority has outlined investment guidelines for reinsurance companies in the Investment Guidelines for Reinsurance Companies, 2023. According to the guidelines, reinsurance companies are required to invest a minimum of 20 percent of their investment portfolio in treasury bills and bonds of the federal, provincial, and local governments, as well as the central bank. Nepal Reinsurance Company has invested Rs 300m in these instruments. However, Himalayan Reinsurance Company hasn't made any investments in these instruments, even though government bonds are considered one of the safest investment sectors.

Additionally, reinsurance companies must invest at least 30 percent of their investment in fixed deposit schemes of commercial banks. The two reinsurance companies have parked a combined Rs 23.22bn in fixed deposit accounts in different commercial banks. Since bank deposits are considered a safe sector for investment and also yield interest regularly, reinsurance companies are attracted to fixed deposit schemes of banks and financial institutions.

Nepal Reinsurance Company has also invested Rs 2.02bn in fixed deposit schemes of development banks and financial institutions. However, Himalayan Reinsurance hasn't invested in fixed deposits of development banks and financial institutions yet. Although reinsurance companies are allowed to invest 10 percent of their total investments in the real estate sector, they haven't made such investments yet, considering the associated risks.

Reinsurance companies are also allowed to invest up to 10 percent of their total investments in primary shares. While Nepal Reinsurance Company has invested in primary shares worth Rs 588.9bn, Himalayan Reinsurance has only put Rs 62m in such investments. Reinsurers are allowed to invest a maximum of 20 percent of their total investment in preference shares, bonds, and debentures, etc, of banks and financial institutions. Nepal Reinsurance Company has invested Rs 1.87bn in such instruments, while Himalayan Reinsurance has invested Rs 1.39bn.

Similarly, reinsurance companies can invest up to 20 percent of their total investments in bonds and debentures of companies listed on Nepal Stock Exchange (Nepse). However, the two companies have not invested in these instruments yet. They are also allowed to invest a maximum of 10 percent in companies involved in agriculture production and distribution, cold storage, tourism, hydropower, solar energy, cable cars, roads, electricity transmission lines, education, and the health sector. However, these sectors have not been able to attract investments from reinsurance companies.

Instead, they are attracted to Citizen Investment Trust and mutual fund schemes. Nepal Reinsurance and Himalayan Reinsurance have invested Rs 50.9m and Rs 40m, respectively, in these schemes.

Although they are allowed to invest a maximum of 5 percent of their investment in shares of investment companies, they haven't made any such investments so far. Nepal Insurance and Himalayan Reinsurance, however, have invested Rs 102.6m and Rs 225m, respectively, in promoter shares of these companies. Nepal Reinsurance has invested Rs 503.6m in companies that aren't listed yet. Himalayan Reinsurance hasn't made any such investments so far.

Likewise, non-life insurance companies have made a combined investment of more than Rs 60bn, according to their financial disclosures for the first quarter. Nearly Rs 48.5bn of their investment is in fixed deposit schemes of different banks and financial institutions.

Fourteen non-life insurance companies in the country have invested a total of Rs 60.51bn in different sectors, according to the Nepal Insurance Authority. A lion's share of this investment is in fixed deposit schemes of banks and financial institutions. Non-life insurers have invested a total of Rs 42.79bn in fixed deposits of commercial and infrastructure development banks. Similarly, they have invested Rs 5.36bn in fixed deposit schemes of development banks and Rs 1.49bn in deposit schemes of finance companies.

The Investment Guidelines for Non-life Insurance Companies, 2023, has fixed investment limits for non-life insurance companies while also specifying investment sectors. According to the guidelines, they can invest 30 percent of their total investment in fixed deposit schemes of commercial and infrastructure development banks, 10 percent in development banks, and 5 percent in such schemes of financial institutions.

Likewise, they are required to invest a minimum of 20 percent of their total investments in bonds and debentures of the federal, provincial, and local governments, as well as Nepal Rastra Bank. However, only eight out of 14 non-life insurers have complied with this requirement. The Oriental has invested Rs 70m, National Insurance has allocated Rs 129.5m, Prabhu and Siddhartha each have invested Rs 5m, Sagarmatha Lumbini has contributed Rs 6.5m, and IGI Prudential has invested Rs 4.35m in these instruments.

While they are allowed to make up to 10 percent of their total investment in the real estate sector, the non-life insurers haven’t made any such investment yet. These companies are allowed to invest a maximum of 10 percent of their total investment in primary shares of listed companies. Twelve companies have invested Rs 3.16bn in primary shares. The Oriental and National Insurance haven’t invested in primary shares yet. Similarly, eight non-life insurers have invested Rs 2.75bn in bonds and debentures of listed companies. 

Non-life insurance companies are also allowed to invest in agriculture companies, cold storage facilities, tourism, hydropower, solar energy, cable car, roads, transmission lines, education, and health sectors, etc. Non-life insurers, however, aren't attracted to this sector much. Only Prabhu, Shikhar, Sagarmatha Lumbini, and IGI Prudential have invested a total of Rs 417.50m in these sectors.

“It is natural for any company to choose a risk-free sector while investing its capital. However, we suggest the companies pay attention to the diversification of investments as it spreads the risk,” Shambhuraj Lamichhane, head of the legal branch of the Nepal Insurance Authority, said. “We suggest companies not to put all eggs in one basket while making investments. Investment should be distributed in different areas.” According to Lamichhane, while investment in fixed deposit schemes and banks and debentures is safe, insurance companies have also invested in other sectors like real estate, which has risks.

The authority has also allowed investment companies to invest in sectors like aviation, which is also considered risky.

The price of gold has increased by Rs 300 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 118, 600 per tola today. It was traded at Rs 118, 300 per tola on Thursday.

Meanwhile, tejabi gold is being traded at Rs 118, 050 per tola. It was traded at Rs 117, 750 per tola.

Similarly, the price of silver has dropped by Rs 10 and is being traded at Rs 1,400 per tola today. 

President Ram Chandra Paudel reached the west gate of the Singhadurbar this morning and offered floral tributes to King Prithvi Narayan Shah, the unifier of modern Nepal.

On the occasion, a band of the Nepal Army presented a guard of honor to the President.

During the event, dignitaries from different walks of life also offered floral tributes on the statue of King Prithvi Narayan Shah.

The 302nd birth anniversary of King Prithvi Narayan Shah is being celebrated across the country today by organizing a variety of programmes to commemorate the contributions of King Shah for the unification process of modern Nepal.

The 302nd birth anniversary of King Prithvi Narayan Shah is being celebrated across the country today by organizing a variety of programs. The event is celebrated every year on Poush 27 of the lunar calendar.

The government has also given a public holiday today declaring this day as the National Unity Day.

Different programmes are being organized across the country to commemorate the contributions made by King Prithvi Narayan Shah for the nation's unifications.

Floral tribute is being offered to King Prithvi Narayan Shah, the unifier of modern Nepal, by gathering in front of his statue at the west gate of Singhadurbar.

Prithvi Narayan Shah was born on 27 Poush 1779 BS in Gorkha to King Narabhupal Shah and Queen Kaushalyavati.

He became the King on Chaitra 25, 1799 BS. Before that, Nepal was divided into 52 principalities. After Prithvi Narayan became king, he succeeded in extending the border of Nepal from Tista in the east to Chepe river in the west. After the demise of Prithvi Narayan, his successors worked to expand the state of Nepal to the fort of Kangada in the west.

Prithvi Narayan Shah had conquered Nuwakot in 1801 BS. Twenty-five years later, in 1826 BS, he conquered the Kathmandu Valley. After conquering the Nepal Valley, Prithvi Narayan Shah extended the borders of the country.

The Cyber Bureau of Nepal Police is searching for those involved in making public the photo of rape victim ‘Gaushala 26’ (name changed).

Bureau spokesperson Pashupati Raya said that they started searching for the people involved in posting the photo on social media after the victim filed a complaint at the Bureau.

“The victim has filed a complaint at the Bureau. We are searching for those involved in posting the photo of the victim on social networking sites,” he said.

The Kathmandu District Court on Wednesday sentenced cricketer Sandeep Lamichhane to eight years in prison along with the fine and compensation of Rs 500, 000 on the basis of the complaint lodged by ‘Gaushala 26’.

The Rastriya Swatantra Party has even suspended its cadre who made public the photo of the victim.

An industrial village is to be established at Bageshwori of Changunarayan Municipality-7, Bhaktapur.

The Ministry of Industry, Commerce, Land and Administration of Bagmati Province has taken the initiative to establish the cultural industrial village spanning an area of approximately 63 ropanis (one ropani is equivalent to 5476 sq. ft).

According to Changunarayan Municipality Mayor, Jeevan Khatri, the process of acquiring the land in Gurungtar was decided a year ago and the provincial government recently endorsed the proposal in this regard.

The proposal to undertake the construction of a cultural industrial village was presented to the provincial government following discussions among all bodies concerned including the ward offices, the municipality, land reform office, revenue office, the District Administration Office and the Bhaktapur Chamber of Commerce of Industry. 

With the endorsement of the proposal, the construction of the village will be commenced, he said.

Bagmati Province Minister for Industry, Commerce, Land and Administration, Ram Krishna Chitrakar said with the endorsement of the local government's proposal to allocate land for establishing the industrial village, works have begun to prepare the detailed project report.

The Gautam Buddha Cricket Stadium is to be constructed with joint investment of the three tiers of the government. Dhurmus-Suntali Foundation had initiated the construction of the stadium but abandoned it later.

The construction of the stadium has been ensured with the Federal Government giving its approval to the Bharatpur Metropolitan City to construct the structure in partnership with the provincial government.

Bharatpur metropolis mayor Renu Dahal said that a meeting of the Council of Ministers, the Federal Government, on Tuesday gave consent to the metropolis for constructing the 'national pride' project.

According to her, the Federal Government will also provide funds in the form of grants for construction of the sports structure.

As per the agreement, the land required for the stadium was to be acquired on land substitution basis, but this provision has been done away with now and the federal government gave approval to acquire land for 40 years in line with the Land Lease Act.

Mayor Dahal said the Bharatpur Metropolitan City is proceeding ahead with the construction of the sports structure after signing land lease agreement with Tribhuvan University and the Agriculture and Forestry University.

The Bagmati provincial government had signed an initial agreement with the metropolis for carrying out the construction works worth Rs 750 million. However, Mayor Dahal said that Rs 1 billion will be required for making the stadium fit for organizing national-level matches as per the metropolis' plan.

According to Dahal, works on constructing the pitch and parapet would be completed in the first phase to make the stadium fit for holding matches.