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The Hetauda Cement Industry (HCI) has faced a deepening financial crisis, causing adverse impact on production.

HCI management had shut down the factory since October 1, 2024, reasoning the need for repairing machines. Although it was expected to complete maintenance and resume production from mid-November, the administration argued it took more time for repair.

Administration chief and spokesperson, Hareram Aryal, however, said, "Only maintenance is not the reason behind delay in resumption of industry. As the economic crisis is deepening, it is not sure when to resume the industry."

Although the production is nil at present, the spending is regular- salary to employees and fuel costs. It further adds to the financial problems, according to him.

Aryal shared that the industry was in need of raw materials. "If it runs daily, at least 120 trucks of coal are required. It is not available now nor has money to purchase it. The previous payment is pending for a long time."

The employees are also not paid for their extra services.

Established at Lamsure of Hetauda city in 2033 BS, the industry had begun producing cement since 2043BS. The implements are old to use in full capacity for production.

Technical chief Kameshwor Mandal said, "Many equipment are overused and now not functioning well to ensure smooth production." He further said the maintenance was still going on.

When the industry is run in full capacity, it produces as many as 16,000 sacks of cement every day.

World's tallest and longest 'megatroll' has come into operation at 'The Cliff' located in Kushma.

The megatroll is 225 meters tall and 1,228 meters long. The Cliff is becoming the major destination for adventure tourism. 

One can enjoy the ride in a megatroll from its tower located at The Cliff premises, Balewa, to the tower located below Kushma bazaar. It can accommodate up to three persons at a time. The riders can also enjoy solo rides or with partners, said Chairperson of The Cliff, Raju Karki.

Normally, the speed of a megatroll is 140 kilometers per hour. However, it could be increased.  It takes seven minutes to 12 minutes to cross the distance.

Karki mentioned that Rs 40 million has been invested for the operation of the megatroll. The construction of the megatroll started a year ago and it has commercially come into operation from Thursday. The test of the megatroll was conducted successfully two weeks ago.

"One can enjoy megatroll ride experiencing the view of Kaligandaki River. We are happy to launch another adventurous sport for tourists. We have expected it would further contribute to socio-economic development along with tourism," he shared. 

The fare for a solo ride of megatroll has been fixed at Rs 4,000 while it is 9,500 for three persons in a group.

Different structures including an adventurous swimming pool are also under construction, added Chair Karki. Number of tourists visiting the area has increased remarkably after blacktopping of the Kaligandaki corridor and Mid-Hill highway.

Institutional income tax collection has declined over the first six months of the current fiscal year 2024/25. The half-yearly review of the budget for the fiscal year 2024/25 released recently by the Ministry of Finance shows income tax collection from institutional taxpayers fell by 11.9 percent to Rs 63.79bn. Such collection was Rs 69.04bn in the review period of the previous fiscal year. This is mainly due to reduced tax contributions from government-owned enterprises and public limited companies.

Institutional income tax refers to the tax paid by companies and institutions to the government. If these entities generate higher profits, their tax contributions typically increase and vice versa.  Total income tax collection over the first six months of  2024/25 increased by 2.47 percent to Rs 139.2bn.  Data shows although private limited companies have shown a significant increase in tax contributions, the decline in payments from government entities and public limited companies has impacted overall institutional tax collection.

According to the mid-term review of the fiscal budget, tax contributions by government companies fell by 18.15 percent to Rs 3.58bn, while those from public limited companies dropped by a whopping 35.29 percent to Rs 26.51. In the review period of the previous fiscal year, government companies and public limited companies had contributed Rs 4.38bn and Rs 40.51bn as income tax to state coffers. 

Income tax contribution by private limited companies, however, grew by 36.67 percent to Rs 26.46bn. Likewise, such contributions by other companies increased by 7.91 percent to Rs 7.53bn. Individual income tax collection increased by 21.18 percent to Rs 50.99bn, while income tax from investment also went up by 10.74 percent to Rs 27.37bn.  Finance ministry officials say the decline in institutional income tax collection is largely due to reduced revenues in the telecommunications sector. Additionally, the decrease in earnings of government institutions and public limited companies has also contributed to this trend. 

Revenue of telecom companies have been consistently on the decline over the past few years due mainly to reduction in revenue from international calling. Similarly, the net profit of banks decreased by 4.62 percent in the second quarter of the current fiscal year. Financial reports for the second quarter of 2024/25 shows that out of 20 commercial banks in the country, only 11 reported growth in profit. 

Despite high liquidity in banks, banks have not been struggling to extend credit. Slow credit growth and rising non-performing loan (NPL) levels have hit both revenue and profitability of banks. Interest income of Class ‘A’ banks, for example, fell by 14.7 percent in the first half of 2024/25.

The price of gold has increased by Rs 400 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 170, 200 per tola today. It was traded at Rs 169, 800 per tola on Thursday.

Similarly, the price of silver has increased by Rs 5 and is being traded at Rs 1, 970 per tola today.