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In a significant development, Annapurna Media Network (AMN) is set to launch its brand, ‘Annapurna Media Network-USA’, in the United States through a collaboration with the American company BiStream LLC. A formal partnership agreement was signed between the two organizations, marking the network’s entry into the international media landscape.

The agreement was signed by Manoj Basnet, General Manager of AMN, and Adrian Pokharel and Sabina Aryal, Directors of BiStream LLC. Based in Gainesville, Virginia, BiStream is registered in the state of Virginia and will also serve as the US bureau office for Annapurna Media Network.

“We have authorized BiStream to use the Annapurna Media Network-USA (AMN-USA) brand name and materials produced under that brand,” said Basnet. “This step will help Nepali media to transition into international platforms, enabling Nepalis to read, listen, and watch content from Nepal directly in the US.”

AMN currently operates prominent media platforms including Annapurna Post Daily, The Annapurna Express, Radio Annapurna Nepal 94 MHz, annapurnapost.com, and AP1 HD Television.

BiStream's directors, Adrian Pokharel and Sabina Aryal, stated, “BiStream will operate Annapurna Media Network-USA under the AMN-USA brand. In the near future, we will also offer technical knowledge training and discussions from America to help increase the capacity of journalists working in Nepal.”

This collaboration is expected to bolster the network’s global reach and enhance the technical skills of its workforce, contributing to the growth of Nepali media on the international stage.

The Nepal Stock Exchange (NEPSE) plunged by 22. 73 points to close at 2,610.21 points on Wednesday.

Similarly, the sensitive index dropped by 4. 30 points to close at 463. 07 points.

A total of 15,428,724-unit shares of 317 companies were traded for Rs 6. 85 billion.

Meanwhile, Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB) was the top gainer today with its price surging by 10. 00 percent. Likewise, Asian Hydropower Limited (AHL) was the top loser with its price dropped by 6. 88 percent.

At the end of the day, the total market capitalization stood at Rs 4. 15 trillion.

Nepal’s carpet industry, a leading source of employment and foreign currency, has been in decline, drawing increasing complaints from business owners. Statistics confirm the downturn in this key sector.

In its prime, Nepal exported carpets worth Rs 35bn annually to international markets. However, over the past five years, exports have dropped significantly, ranging from Rs 6bn to Rs 11.5bn annually. According to the Department of Customs, carpet exports for the fiscal year 2023/24 amounted to approximately Rs 11.4bn, representing 8 percent of total exports. During this period, Nepal exported goods worth Rs 1.52bn in total.

Once the top export, carpets are now ranked fourth, with iron, steel, coffee, tea, and spices dominating Nepal’s exports. Business owners attribute this decline to the removal of exemptions previously provided under the 1995/96 Act, making it harder to sustain operations in the carpet and wool industry. On Sunday, over 100 carpet business owners met with Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel, urging the government to remove value-added tax (VAT) on the import of carpets and raw materials. They presented a six-point list of demands to address the industry’s challenges.

The Nepali Carpet Producers and Exporters’ Association, along with the Nepal Exporters’ Federation, highlighted to Finance Minister Paudel that the carpet industry has long been a top job provider and foreign currency earner. They stressed that the recent reduction in government support has had a severe impact on the sector. “The production cost of Nepali carpets has risen, and the application of VAT complicates the process,” one representative stated. He explained that while VAT is refunded after export, the lengthy seven-month production cycle has increased the financial burden on businesses.

The challenges are exacerbated by the need to carry out different stages of production, such as yarn cutting and dyeing, in separate locations, further driving up costs when VAT is applied. Balram Gurung, a carpet business owner, expressed concern that Nepal’s carpet industry has lost its competitive edge in global markets.

The Economic Act of 2023 also imposed a 13 percent duty on raw materials imported into Nepal, further increasing production costs and harming the industry’s ability to compete internationally.

In response, Deputy Prime Minister and Finance Minister Paudel acknowledged the decline in carpet production, exports, and earnings. He committed to addressing the industry's concerns and promised to engage relevant authorities in finding solutions.

Annapurna Media Network (AMN) has announced its partnership with The Times of Media Group, Bennett & Coleman Co Ltd (BCCL), India’s largest media conglomerate.

Under the agreement, AMN has been designated as the buyer responsible for soliciting advertisements from Nepal across all categories for BCCL’s publications, web platforms and other mediums.

In turn, AMN has appointed BCCL as its buyer to solicit advertisements from India for AMN’s publications and advertising spaces as part of a reciprocal agreement. Both parties have agreed to act in their respective capacities as publisher and buyer.

Speaking about the partnership, AMN’s General Manager, Manoj Basnet, expressed gratitude to the Times of India team and Head of International Sales, Shweta Arora, for facilitating the dual representation agreement.