Sebon asks hydel firms to issue IPO only after declaring financial details

The capital market regulator has directed the hydropower companies to provide information about their financial status before issuing their initial public offering (IPO) to help people make informed decision.
Securities Board of Nepal (Sebon) directive comes at a time when the hydropower companies are preparing to issue their public offerings. "Some 16 hydropower companies are planning to issue IPOs," according ot the regulator. "The trend of even the hydropower companies which are not financially sound issuing their IPOs has increased by keeping the people in the dark." 
The regulator has also instructed – also to make the IPO issuance process systematised, transparent and simple – the companies to give information regarding the duration the investments made in the projects will start giving returns and the bases. It has asked the hydropower companies to provide clear information regarding the per megawatt (MW) cost, the remaining term of the power production license and the period the investment would be refunded, according to Sebon director Niraj Giri. "They also have to disclose information on net assets per share and the per share income as per their audited financial statement," he said, adding that the companies which are into operation for three years have to give the complete details for all the previous years, whereas the companies not completing three years operation also have to provide details of the period they have been into operation. "Te hydropower companies also have to give clear information about their audit reports."
The hydropower companies have to issue 10 per cent shares to the project affected locals and 15 per cent shares to the general public as it is mandatory.
The Independent Power Producers' Association of Nepal (IPPAN) has welcomed the regulator's move.
The banks and financial institutions (BFIs) dominated share market has currently 17 hydropower companies that are registered with the Nepal Stock Exchange (Nepse). But only a few of them are in profit, according to the first quarterly report. 

Nepal features on British travel agents’ best holiday destination list

Nepal is featured on British travel agents’ best holiday destination list for 2018.
The Association of British Travel Agents' has published a list of 12 best holiday destinations for 2018. "The destinations picked from around the world are expected to be in high demand among Britishers next year," according to the report.
Those named best destinations on the list besides Nepal are Argentina, Arizona, British Columbia, Germany, Malta, Montenegro, New Zealand, Rwanda, St Lucia, Sweden and Turkey.
“The locations were picked for several key reasons including unique travel experience, something special is happening in 2018," it reads, adding that there is easy accessibility for British tourists or the destination is s a well-known with hidden gems.
Meanwhile, the report predicts that vacations will remain a spending priority from British citizens in the new year despite the weakening pound and wider economic issues over the past year.

समृद्धि र विकासको मार्गचित्र

इतिहासको करिब ७ दशक लामो राजनीतिक संक्रमणकाल पूरा गरेर नेपाल संघीयतामा प्रवेश गरेको छ । संघीयताको लामो समयदेखि पक्षपोषण गरिरहेका राजनीतिक दलहरू मात्र होइन, सर्वसाधारण तथा निजी क्षेत्र पनि नेपालमा अब समृद्धिको यात्रा सुरु हुनेमा आशावादी छन् ।

संघीयत नेपालजस्तो बहुसांस्कृतिक, बहुजाती, बहुभाषी देशका लागि लोकतन्त्रको एउटा उत्कृष्ट अभ्यास हो । तर, संसारका उदाहरणहरू हेर्ने हो भने कुनै पनि देश शासकीय पद्धतिका कारणमात्र नभई, दृढ राजनीतिक इच्छाशक्तिले मात्र विकास तथा समृद्ध भएका छन् । संघीयताकै लागि १० वर्षे द्वन्द्वमा होमिएका नेता बाबुराम भट्टराईका अनुसार पनि कुनै पनि शासकीय पद्धति आफंैमा गन्तव्य होइनन्, ती त नागरिकका समृद्धि तथा देशको विकासम्म पुग्ने साधन मात्रै हुन् । त्यसैले संघीयता आफैमा त्यस्तो कुनै जादुको छडी भने होइन समृद्धिका लागि ।

तर, नेपालमा सदियौंदेखिको दमन तथा उत्पिडनले एउटा वर्गमात्र राज्यका स्रोत दोहन गरेर समृद्ध भयो र अन्य वर्ग भाषाभाषी राज्यका प्रणालीबाट मात्र होइन स्रोतबाट समेत बिमुख हुन पुगे भन्ने गुनासो थियो । स्थानीय तह, प्रदेश सभा तथा प्रतिनिधिसभाको निर्वाचन सफलतापूर्वक सम्पन्न भएर नेपाल संघीयतामा प्रवेश गरेसँगै अब गुनासो अथवा विकास तथा समृद्धिको बाटमोतर्फको यात्रा सुरु गर्न ढिलाइ गर्ने बहाना सकिएको छ ।

साथै, लोकतान्त्रिक गणतन्त्र नेपालको संविधानले विकासबाट प्राप्त लाभको  समन्यायिक वितरण हुन दिशा निदेर् श गरेको  र विकासबाट प्राप्त हुने  लाभको  निश्चित अंश रोयल्टी, सेवा वा वस्तु सम्बन्धित परियो जना क्षे त्र र स्थानीय समुदायलाई कानुनबमोजिम वितरण गर्नुपनेर्  संवै धानिक प्रावधान स्पष्ट किटिदिएकाले पनि प्राकृतिक स्रो तको  उपयो गमा स् थानीय समुदायको  सहभागितालाई संविधानले  मार्गप्रशस्त गरेको  छ । यसबाट स्थानीय तहमा स्रोतको सुनिश्चितता हुने र लाभको समन्यायिक वितरण भई गरिब तथा धनीबीचको विभेद कम हुने आशा गर्न सकिन्छ । गरिब तथा धनीको विभेद घट्दै जाँदामात्रै समाजमा द्वन्द्व निराकरण हुन्छ ।

त्यसैले, राजस्व बाँडफाँडका विषयमा पनि संघ, प्रदे श र स्थानीय तहले  आ–आफ्नो  अधिकार क्षेत्रभित्र कर लगाउन र ती स्रोतबाट राजस्व उठाउन सक्ने  संविधानले स्पष्ट व्यवस् था गरेको छ । आर्थिक अधिकार प्रयोग गर्न संघ, प्रदे श र स्थानीय तह स्वतन्त्र भएकाले तिनै  तहले  आफ्नो  अधिकारभित्रका आर्थिक अधिकारका विषयमा कानुन बनाउने , वार्षिक बजेट बनाउने , निर्णय गनेर् , नीति तथा योजना तयार गनेर्  र तिनको  कार्यान्वयन गनेर्  स्वतन्त्रता पाएका छन् । यसले निजी क्षेत्रलाई अलिकति असजिलो अवस्थामा पारेको नेपाल उद्योग वाणिज्य महासंघका पूर्वअध्यक्ष कुशकुमार जोशी बताउँछन् । प्रदेश प्रदेशबीच निजी क्षेत्रलाई बढीभन्दा बढी लगानी गर्न प्रोत्साहन गर्ने गरी कर तथा विभिन्न छुट सुविधा दिए धेरैभन्दा धेरै उद्योगधन्दाको विकास हुने उनको भनाइ छ । तर, एक प्रदेशबाट अर्को प्रदेशमा जाँदा वा प्रदेशैपिच्छे करका दरहरू फरक–फरक भए त्यसले उद्योगी व्यवसायीलाई निरुत्साहित गर्ने र रोजगारी एवं राजस्व वृद्धिमा असर गर्ने उनको भनाइ छ ।

संविधानले भने साझा सूचीका विषयमा भने  संघ सरकारले  निर्धारण गरेबमोजिम हुने  गरी अधिकार प्रयोगबारे  स्पष्ट पारिएको  छ । संघले  अर्थात् नेपाल सरकारले  संकलन गरेको  राजस्व संघ, प्रदे श र स्थानीय तहमा न्यायोचित रूपमा वितरण गर्नुपनेर्  संवै धानिक व्यवस् था गरेर संविधानले स्रोतको बाँडफाँडलाई प्राथमिकता दिएको छ । यस्तै, संघबाट प्रदे श तथा स् थानीय तहले  प्राप्त गनेर्  वित्तीय हस्तान्तरणको  परिमाण राष्ट्रिय प्राकृतिक स्रो त तथा वित्त आयो गको  सिफारिसबमोजिम हुनुपनेर्  व्यवस् था भएकाले यसबाट स्रोतको सुनिश्चितता हुने आशा गर्न सकिन्छ । प्रदे शले  संघ सरकारबाट प्राप्त अनुदान र आफ्नो  स्रो तबाट उठ्ने   राजस्वलाई प्रदे श कानुनबमो जिम स् थानीय तहलाई समानीकरण अनुदान वितरण गर्नुपर्ने तथा समानीकरण अनुदान, सशर्त अनुदान, समपूरक अनुदान र विशे ष अनुदानजस्ता वित्तीय हस्तान्तरणका व्यवस्था रहेकाले पनि वित्तीय तथा राजस्वको सन्तुलित र पारदर्शी हुने विश्वास गर्न सकिन्छ ।

तर, देश संघीयतामा गएसँगै चुनौतीका चांग पनि थपिएका छन् । नेपालमा संघीयताको मुद्दा विकास तथा समृद्धिसँगभन्दा पनि लामो समयदेखि पिछडिएका वर्गबाट राजनीतिक अधिकारसँग जोडिएर आएको मुद्दा हो । साथै, संविधानसभामार्फत विभिन्न राजनीतिक दर्शन र विचार बोकेका राजनीतिक दलले द्वन्द्वको रूपान्तरण तथा राजनीतिक स्थायित्वको उपायका रूपमा सम्झौताको दस्तावेज मानेर ल्याएको संविधानले यस व्यवस्थालाई निर्देशित गर्ने हुँदा यसले विकास तथा समृद्धिको ग्यारेन्टी गर्छ भन्ने चाहिँ छैन । यतिहुँदा हुँदै पनि संघीयताले नेपाललाई राज्यका स्रोत तथा साधन एउटा समूहले मात्र दोहन गर्ने कुप्रथाबाट मुक्त भने गरेको छ । राज्यका स्रोत साधनमा सर्वसाधारणको पहुँच पुगेको छ । र अधिकार सँगसँगै दायित्व पनि थपिएको छ ।

लोकतान्त्रिक गणतन्त्र नेपालको संविधानको अनुसूची ५, ६ र ८ मा उल्लिखित संघ, प्रदेश तथा स्थानीय तहको एकल (७९ वटा) तथा अनुसूची ७ र ९ मा उल्लेखित सहबर्ति अधिकारहरू (४० वटा) तथा मौलिक हक लगायत संविधानको धारा ५० मा राज्यका ४ बटा निर्देशक सिद्धान्तहरू, धारा ५१ मा राज्यका १३ वटा नीतिहरू साथै अन्य धाराहरूमा रहेको कार्य जिम्मेवारीहरूको विस्तृतीकरण तथा संरचना र राज्यशक्तिको तहगत बांडफांड गरी आवश्यक कानुन निर्माण गर्ने (धारा ५६ र ५७) प्रावधानले शदियौंदेखि केन्द्रिकृत हक तथा अधिकार एवं जिम्मेवारी बाँडफाँड गरिदिएको छ । त्यसैले हालसम्म केन्द्रीकृत रूपमा रहेका उत्पादनका साधन, स्रोत एवं अवसरलाई विकेन्द्रित गर्दै राज्यको सबैभन्दा तल्लो तहसम्म विकास तथा समृद्धिलाई लैजान अवसर पनि प्राप्त भएको छ ।

यस्तै, राजस्व स्रोतको बाँडफाँड (धारा ६०) तथा राष्ट्रिय प्राकृतिक स्रोत तथा वित्त आयोग गठन एवं धारा २३४ र २३५ समेतलाई मध्यनजर गरी संघ, प्रदेश र स्थानीय तहबीचको अन्तरसम्बन्ध तथा वित्तीय अन्तरसम्बन्धको खाका तयार गर्ने विषयमा पनि संबिधानमा स्पष्ट लेखिएकोले अब बन्ने सरकारले राजश्व श्रोतको बाँडफाँड तथा राष्ट्रिय प्राकृतिक स्रोत तथा वित्त आयोग गठन गरी संघीयतामा वित्त व्यवस्थापन तथा प्रदेश एवं केन्द्रबीचको वित्तीय अन्तरसम्बन्धको विकास हुनेछ भन्ने आशा गर्न सकिन्छ ।

तर, निजी क्षेत्र भने यससँगसँगै सुशासन तथा भ्रष्टाचारको नियन्त्रण पनि प्रमुख मुद्दा रहेको बताउँछ । नेपाल उद्योग वाणिज्य महासंघका पूर्वअध्यक्ष पशुपति मुरारकाका अनुसार सुशासन, भ्रष्टाचार नियन्त्रण, वित्तीय पारदर्शिता तथा कानुनी शासन एवं समयानुकूल कानूनका सुधार नभएसम्ँम संघीयताले पनि समृद्धिको ग्यारेन्टी गर्न सक्दैन । राजनीतिक स्थिरतासँगै उपयुक्त आर्थिक नीति तथा कानुन निर्माण भई औद्योगिक वातावरणमा सुधार आउने कुरामा आशावादी हुँदाहँुदै पनि उनी केही चिन्तित पनि छन् । किनकि संघीयता नेपालको लागि नौलो अभ्यास हो र यसमा चुनौती धेरै छन्् ।

संघीयतामा अन्य संरचनागत, व्यवस्थापकीय र व्यवहारजन्य रूपान्तरणका चुनौतीदेखि प्रतिस्पर्धात्मक क्षमता अभिवृद्धि गर्नुपर्ने दबाब, विकेन्द्रीकरणको कार्यान्वयनमा देखिएका असफलताको सम्बोधन, योग्यता प्रणाली र समावेशिताबीच सन्तुलन र समावेशीताको नयाँ व्यवस्था, तिनै तहका सरकारी सेवाहरूको अन्तरसम्बन्ध काम, संगठन र जनशक्तिको प्रक्षेपण र बाँडफाँड, राजस्व र स्रोतको अनुपातमा संगठन निर्माण र जनशक्तिको आँकलन, प्रदेश र स्थानीय तहका सरकारको दक्षता र क्षमता विकास एवं प्रशासन पुन संरचना पश्चात संघीय सरकारका निकायहरूको क्षमतामा आउन सक्ने उतारचढाव लगायत अस्थिर राजनैतिक परिस्थिति राजनैतिक शक्तिहरूबीच सहमति र समन्वय तथा निर्णयजस्ता चुनौती पनि रहेका छन् ।

त्यसैले लामो समयदेखि ‘पर्ख र हेर’ को मानसिकतामा रहेको निजीक्षेत्र एकातिर राजनीतिक स्थायित्वले समृद्धिको यात्राको बाटो कोर्ने कुरामा आशावादी देखिन्छ भने अर्कोतिर राजनीतिक दलहरूले भनेझैं आर्थिक क्रान्तीको बाटो सहज नभएकामा पनि उत्तिकै चिन्तित छ । विगतमा राजनीतिक स्थिरता नभएर लगानी योग्य वातावरण भएन भन्ने निजी क्षेत्रको गुनासो भने अब केही हदसम्म हटेको छ । कारण निर्वाचनको परिणामपछि नयाँ संविधानअनुसार बन्ने नयाँ सरकारलाई कम्तीमा २ वर्षसम्म हटाउन पाइनेछैन ।

त्यसैले विगत ५ दशकमा ५ प्रतिशतको हाराहारीमा मात्रै आर्थिक वृद्धि भोगेको नेपालले अब दोब्बर अंकको आर्थिक वृद्धि गर्न तथा सन् २०३० भित्र मध्यम आयको मुलुक तथा २०२२ सम्म अल्प विकसित राष्टको सूचीबाट विकासशील राष्ट्रको समूहमा उक्लन देशभित्र उपलब्ध स्रोत तथा साधनलेमात्र नपुग्ने भएकाले बाह्य लगानी भिœयाउनु अब बन्ने सरकारले गर्ने प्रयाशले पनि संघीयता सफल तथा असफल निक्योल गर्नेछ । यदि नेपालमा लगानी बढेन भने स्वदेशी स्रोतमात्रले नत संघीयता धानिन्छ न त समृद्धि र विकासको बाटोमा अगाडि बढिन्छ ।

राजनीतिक स्थायित्वले समृद्धि देला ?

अन्ततः संघीय संरचनामा जाने कसरतमा संविधानसभामा सुरु भएको बहसको पटाक्षेप गर्दै नेपाल संघीयतामा प्रवेश गरेको छ । बिहीबारको प्रतिनिधिसभा तथा प्रदेशसभाको निर्वाचनले करिब ७ दशकदेखिको राजनीतिक संक्रमणको अन्त्य पनि गरेको छ । यसबाट लामो समयदेखि ’पर्ख र हेर’ को मनोभावमा रहेका निजी क्षेत्र अब राजनीतिक स्थायित्वले समृद्धिको यात्राको बाटो कोरेको बताउँछन् । राजनीतिक दलहरूले भनेझैं अब राजनीतिक लडाइँको पटाक्षेप भएको त छ, तर आर्थिक क्रान्तीको बाटो पनि सहज भने छैन । विगतमा राजनीतिक स्थिरता नभएर लगानीयोग्य वातावरण भएन भन्ने निजी क्षेत्रको गुनासो केही हदसम्म अब हट्नेछ । निर्वाचनको परिणामपछि नयाँ संविधानअनुसार बन्ने नयाँ सरकारलाई कम्तीमा २ वर्षसम्म हटाउन पाइने छैन । यसबाट पछिल्ला करिब २ दशक लगातार अस्थिरता तथा अनिश्चयका कारण हच्किएको निजी क्षेत्रमा अर्थतन्त्रमा केही सुधार हुन्छ भन्ने विश्वास छ ।
तर, के राजनीतिक स्थिरतामात्र आर्थिक उन्नतीको लागि आवश्यक शर्त हो त ? अर्थविद् विश्व पौडेल भन्छन्, “हैन, राजनीतिक स्थिरता एउटा शर्त हो तर यो नै सम्पूर्ण सत्य भने होइन ।” उनका अनुसार नेपालमा राजनीतिक स्थिरता पहिले पनि थियो । तर, राजनीतिक स्थिरतासंगै उपयुक्त आर्थिक नीति तथा कानुन नभएकोले नेपालको आर्थतन्त्र घिटिघिटि गरेर अगाडि बढ्यो ।
नेपालको इतिहासमा धेरै स्थिर राजनीतिक समय थिए । जस्तै, २०१७ सालदेखि २०४६ सम्म पञ्चायत कालमा राजनीतिक स्थिरता त थियो तर, पंचायतकालीन ३० वर्षमा नेपालको आर्थिक वृद्धि भने औषत ३.१३ प्रतिशतमात्र थियो । साथै तीन दशकमा ६ पटक आर्थिक वृद्धिदर नकारात्मक रहेको थियो । २०४६ सालपछि प्रजातन्त्रको आगमन तथा विश्वमा चलेको आर्थिक स्वतन्त्रताको लहर नेपालमा पनि भित्रियो । जसका कारण निजी क्षेत्रले खुलेर उद्योगधन्दा चलाउन पाए । नेपालमा विदेशी लगानी भित्रियो र यसले रोजगारीमात्र सिर्जना गरेन नेपालको प्रतिव्यक्ति आय पनि ह्वात्तै बढाउन मद्दत गर्यो ।
विश्व बैकका अनुसार २०१७ सालमा ५० अमेरिकी डलर हाराहारीमा रहेको नेपालीको प्रतिव्यक्ति आय ३० वर्षमा बढेर जम्मा १९३ अमेरिकी डलर बढ्यो । तर, २०४६ सालदेखिको पछिल्लो २७ वर्षमा नेपालीको प्रतिव्यक्ति आम्दानी बढेर ८५३ अमेरिकी डलर भएको छ । २०४६ सालको परिवर्तनपछि देशमा औद्योगिकीकरण भएका कारण रोजागरीमात्र बढेन २०४७ सालदेखिको पछिल्ला वर्षहरूको औषत आर्थिक वृद्धि ४.५ प्रतिशत रह्यो । अर्थात्, २०४६ सालपछिको सरकारले लिएको आर्थिक नीतिका कारण नेपालले १० वर्षे माओवादी विद्रोह, ९-९ महिनामा फेरिइरहने सरकार, रोजगारदाता तथा कामदारबीचको अप्रिय सम्बन्ध र उद्योगका लागि चाहिने न्यूनतम बिजुलीको चरम अभावका बाबजुद पनि आर्थिक वृद्धिको जग हल्लिन सकेन । भलै, अपेक्षित रूपको आर्थिक वृद्धि तथा रोजगारी निर्माण भने हुन सकेन ।
अब, देश संघीयतामा गइसकेपछिको अवस्थामा सही आर्थिक नीति लिएर आर्थिक वृद्धिपछिमात्रै वितरणमा ध्यान दिनुपर्ने पौडेलको भनाइ छ । “यदि लोकप्रिय बन्ने नाममा अब बन्ने सरकारले बिनास्रोत वितरणतिरमात्रै लाग्यो भने फेरि अर्को दुर्घटना हुने निश्चित छ,” उनी भन्छन् ।
यसका लागि अब बन्ने सरकारले नागरिकको आर्थिक स्वतन्त्रताको प्रत्याभूति गर्नु आवश्यक छ । जहाँ मानिस पुँजी निर्माण गर्ने स्वतन्त्र हुन्छन्, त्यो देशको आर्थिक उन्नति हुने हुनाले सम्पत्तिको अधिकार, दुई पक्षबीच करारको पालना, स्वतन्त्र न्यायपालिका तथा सुरक्षाको प्रत्याभूतिको कारण स्वतन्त्रतापूर्वक हिँडडुल गर्न पाउने अधिकार, स्वतन्त्रतापूर्वक पुँजी निर्माण गर्न पाउने अधिकार तथा स्वतन्त्रतापूर्वक व्यापार गर्न पाउने अधिकारको प्रत्याभूति हुन नसके करिब ७ दशक लगाएर प्राप्त भएको राजनीतिको स्थिरताको जगमा आर्थिक क्रान्ती गर्ने सपना तुषारापात हुन बेर लाग्दैन ।
आर्थिक स्वतन्त्रताअन्तर्गत सरकारले सबै नागरिकलाई बराबरको व्यवहार नगरी कसैलाई छुट वा सुविधा दिनेवित्तिकै त्यसले बजारमा एकाधिकारको सिर्जना गर्दछ र प्रतिस्पर्धाको घाँंटी निमोठ्छ । त्यसबाट सरकारले ‘क्रोनी क्यापिटलिज्म’ बढाउँछ र बजारमा नयाँ खेलाडी आउने वातावरण बन्दैन । पुरानामात्र बजारमा रहिरहने तर नयाँं सिर्जना र नवीन सोच स्थापित हुने वातावरण नबन्नासाथ लगानीकर्ता हतास हुन्छन् । त्यसैले संविधानसभामार्फत बनेको संविधानको कार्यान्वयन सुरु भएसँगै नेपालका विकास साझेदार, विदेशी तथा स्वदेशी लगानीकर्तामा छाएको उत्साह कायम राख्न पनि निर्वाचनपछि जुनसुकै दलको सरकार आएपनि निजी क्षेत्रलाई प्रतिस्पर्धी वातावरणमा काम गर्न दिनेमा नेपाल उद्योग परिसंघका अध्यक्ष हरिभक्त शर्मा आशाबादी छन् । जिम्मेवार राजनीति, सुशासन तथा नीतिगत र कानुनी सुधार, पूर्वाधार विकास र दृढ अठोट नभइ राजनीतिक स्थायित्वलेमात्र आर्थिक वृद्धि तथा समृद्धि प्राप्त नहुने उनको विचार छ ।
“अहिले हाम्रा छिमेकी देश औद्योगिकीकरणको दिशामा अगाडि बढिसकेका छन्, अब हाम्रो पालो,” उनी भन्छन्, “लम्बिँदो राजनीतिक संक्रमणकाल र अनिश्चितताबाट मुक्ति पाएपछि निजी क्षेत्रले पनि देशमा केही गरेर देखाउने छ ।”
निजी क्षेत्रले लगानी बढाउनासाथ देशमा रोजगारी बढ्ने र नेपाली युवाहरू वैदेशिक रोजागरीमा जाने क्रम घट्ने पनि उनको भनाइ छ । संयुक्त राष्ट्रसंघको प्रतिवेदनअनुसार देशको बढ्दो बेरोजगारी सम्बोधन गर्न नेपालले प्रत्येक वर्ष ५ लाख ५० हजार रोजगारीको अवसर सिर्जना गर्न आवश्यक छ । त्यो क्रम बढ्दै गएर सन् २०२० सम्म प्रत्येक वर्ष ६ लाख ३३ हजार युवा बेरोजार हुने अवस्था रहेको प्रतिवेदनले जनाएको छ । रोजगारी सिर्जनाका लागि मुलुकभर समानुपातिक रूपमा विकास निर्माण तथा आर्थिक गतिविधि सिर्जना गरिनुपर्छ भने लगानीका लागि निजी क्षेत्रलाई उत्प्रेरित पनि गरिनुपर्दछ ।
संघीयताका कारण काठमाडौंकेन्द्रित अर्थतन्त्र विस्तारित भएर पक्कै प्रदेशमा धेरै नै रोजगारी सिर्जना हुनेछ । संयुक्त राष्ट्रसंघीय विकास कार्यक्रमले प्रकाशित गरेको नेपाल मानव विकास सूचकांक २०१४ अनुसार कुल गार्हस्थ्य उत्पादनमा जिल्लागत रूपमा हेर्दा काठमाडौंको योगदान १५.८ प्रतिशत छ । काठमाडौंपछि समग्र अर्थतन्त्रमा दोस्रो धेरै मोरङको ३.९ प्रतिशत, बाराको ३.३ प्रतिशत, झापा र रुपन्देहीको ३.२ प्रतिशत योगदान छ । यस्तै, कुल गार्हस्थ्य उत्पादनमा ललितपुरले २.९ प्रतिशत, सुनसरीले २.७ प्रतिशत, कास्कीले २.५ प्रतिशत, नवलपरासी र पर्सा जिल्लाले २.४ प्रतिशत र सबैभन्दा कम मुगुले ०.२ प्रतिशत एवं हुम्ला, डोल्पा, मुस्ताङ र मनाङको बराबरी ०.१ प्रतिशत योगदान छ । प्रादेशिक विभाजन गर्दा आर्थिकभन्दा राजनीतिक विषयलाई बढी महत्व दिइएकाले सबै प्रदेश र प्रदेशभित्रका एकाइहरूबीच समान आर्थिक अवस्था छैन । त्यसैले, देश अव संघीयतामा गइसकेपछि आर्थिक रूपमा सबल प्रदेश निर्माण गर्नुपर्ने दायित्व पनि राजनीतिक दललाई थपिएको छ ।

Nepal proposes updating labour agreement with Bahrain

Nepal proposed to update the existing memorandum of understanding (MoU) on labour and form the Joint Technical Committee with Bahrain.
Nepali ambassador to the Kingdom of Bahrain Padam Sundas proposed – in a meeting with the minister for Labour and Social Development of the Kingdom of Bahrain Jameel Bin Mohamed Ali Hamaidan – when the former paid a courtesy call on the Bahrain minister in Manama yesterday.
On the occasion, Bahrain minister for Labour and Social Development welcomed the ambassador to his office and highlighted on the policies and practices on labour and social development of the Kingdom of Bahrain.
Hamaidan noted the proposal positively and further underscored the need to revise the MoU in line with new provisions and requirements, the Embassy of Nepal in Manama. The minister said that Bahrain tries to be a model in the Gulf Cooperation Council (GCC) to fight any kind of discriminations, and to make sure that every person is treated well.
While highlighting on labour mobility and flexible provisions, he informed that Bahrain is committed to safeguard the labour rights.
During the meeting, ambassador Sundas also expressed his gratitude to the Government of Bahrain for cooperation and support extended to Nepalis in the Kingdom of Bahrain.
On the occasion, deputy head of Mission Khaga Raj Pandeya and Labour Attache Jagadish Chandra Shiwakoti were also present.

Sebon warns against market manipulation

Securities Board of Nepal (Sebon) has directed the merchant bankers and share brokers not to disseminate sensitive information that could manipulate the movement of secondary market.
After receiving numerous grievances from the investors, the capital market regulator issuing a directive today said that share market seems to have been manipulated due to dissemination of sensitive information by the broker companies and merchant bankers. "In recent days, we have received many complaints about the market movement being swayed due to release of sensitive information,” said joint spokesperson for Sebon Niranjaya Ghimire. "The brokerage firms and merchant bankers are engaging in market manipulation through media and other platforms."
The regulator has also directed merchant bankers and share brokerage firms not to make any comments on the price of individual company or sub-index.
The Sebon has also warned to take strict action against the brokerage firms found to be disseminating information based on speculations related to individual company or sub-index.
Nepal Investors’ Forum Working Committee members yesterday had met Nepal Stock Exchange (Nepse) officials and chairman of Sebon to discuss the market.

South Asia Economic Summit from tomorrow

Nepal is hosting a three-day regional economic summit to strengthen economic integration in the South Asia and sub-region.
The tenth South Asia Economic Summit (SAESX) – with the theme Deepening Economic Integration for Inclusive and Sustainable Development in South Asia – will start tomorrow. It will be attended by more than 200 delegates, including ministers, members of Parliament, planners, senior government officials and leading think tanks and researchers from South Asian countries to discuss on inclusive and sustainable development, according to a press note from the National Planning Commission (NPC).
The main theme of the summit will be strengthening economic integration in the sub-region for attaining inclusive and sustainable development, it added.
National Planning Commission and Commerce Ministry in collaboration with South Asia Watch on Trade, Economics and Environment (SAWTEE) is organising the summit that consists of 18 sessions in which a wide range of issues, including regional trade potentials, cooperation on power trade, collaboration for reducing disaster impacts, intellectual property relating to herbs, employment generation, trade facilitation, collaborate on climate change, international labour migration will be discussed.
South Asia Economic Summit is a civil society initiative – almost a track 2 initiative – of the South Asian think-tanks and is organised in different countries of South Asia. Five South Asian think-tanks including South Asia Watch on Trade, Economics and Environment (SAWTEE), Nepal, Centre for Policy Dialogue (CPD) Bangladesh, Research and Information System for Developing Countries (RIS) India, Sustainable Development Policy Institute (SDPI) Pakistan and Institute of Policy Studies of Sri Lanka (IPS) Sri Lanka take turns to organise the annual event in one of the SAARC countries.
Established in 2008 the regional economic platform has also initiated debate and discussions on various issues relating to South Asian development challenges and succeeded in developing itself as an effective medium of regional integration and economic collaboration in less than a decade, said vice chair of NPC Swornim Wagley.
The main objective of the summit is to help the South Asian Association for Regional Cooperation (SAARC) process on economic development.
Wagle said the conference would help to develop consensus among the participating countries on the main agendas and challenges of development issues as the South Asian region is known as the least integrated region of the world due to lack of connectivity. Intra-regional trade and investment among South Asian countries is just around five per cent of the total trade and investment of South Asian countries with the countries beyond the region.

NOC rolls back petro price hike

Nepali Oil Corporation (NOC) has rolled back its decision to hike the prices of petroleum products after Prime Minister Sher Bahadur Deuba asked them to take it back.
The state-owned petro monopoly had increased the prices of petrol, diesel, kerosene and cooking gas on Wednesday night but the premier has today morning asked the NOC to take the decision back as the country is nearing election.
NOC had increased Rs 2 per litre in petrol, Rs 1.5 each in diesel and kerosene, and Rs 25 per cylinder in cooking gas effective from Wedbesday midnight.
"But NOC withdrew its decision to increase the prices of petroleum products under the directive of prime minister Sher Bahadur Deuba," according to the government oil monopoly.

Global IME Bank launches 3D secure services to make online transactions more secure

Global IME Bank from today launched 3D secure services for its credit cardholders to perform online transactions and now part of initial few banks that offer such services in Nepal.
"The service allows Global IME Bank credit card holders to use their cards during online transactions and allow them to participate in verified by visa process," the bank said, adding that the new value-added service by Global IME Bank is an extension of the banks mission to reiterate its commitment to its consumers to meet the needs of an ever-changing market in terms of security, technology, and financial solutions. "The few simple steps will enable cardholders to activate the new feature while performing first ecommerce transaction where customers need to enroll and set credentials for future usage."
Subsequent online purchases will then be validated with additional layer of security for cardholder’s authentication, said the Global IME Bank that has in association with visa partnered with Izealiant Technologies for implementing the solution that provides flexibility to choose authentication types like password or OTP depending upon customer preference.
As a direct benefit, Global IME Bank cardholders can now enjoy additional security for their online card usage on various ecommerce sites worldwide, it claimed. "It will also increase acceptance across more merchants participating in 3D secure services for using Global IME cards."
The protective feature enables the bank to authenticate not only the card but also the cardholder during payment of internet purchases thus protecting their online transactions against theft and illegal use of cards, it added.
Acting chief executive of the Global IME Bank Janak Sharma Poudyal said that the bank's new 3D Secure Services for card holders plays a significant role as it enhances security which is a critical aspect of any online business transaction. "This along with our impressive card features ensures that we always meet the evolving security needs of our customers to give them a world class banking experience," he added. 

नेपाल दक्षिण एसियामा तेस्रो व्यवसायमैत्री देश

दक्षिण एसियामा नेपाल तेस्रो सहज व्यावसायिक वातावरण भएको देश बनेको छ । व्यवसाय गर्ने वातावरणमा सुधार गर्दे गएपछि यस क्षेत्रमा भुटान तथा भारतपछि नेपाल तेस्रो व्यवसायमैत्री मुलुक भएको विश्व बैंकको प्रतिवेदनले देखाएको हो ।

सन् २०१८ का लागि बैकद्वारा मंगलबार प्रकाशित ‘डुङइ बिजनेस’ प्रतिवेदनअनुसार अघिल्लो वर्षभन्दा २ स्थान सुधार गरेर नेपाल १०५ औं स्थानमा उक्लिएको छ । यसअघि गत वर्ष सन् २०१७ को लागि प्रकाशित प्रतिवेदनले नेपालको स्थान १ सय ७ मा रहेको देखाएको थियो । नेपालले आफ्नो स्थानमात्र सुधारेको नभइ दक्षिण एसियामा नै तेस्रो सहज व्यावसायिक वातावरण भएको देश बन्न पुगेको हो । विश्वका १ सय ९० देशको अर्थतन्त्रलाई समेटेर तयार पारिएको प्रतिवेदनले नेपालले १ सय अंकमा ५९.९५ अंक पाएको जनाउँदै नेपालको अवस्था सुधारोन्मुख रहेको देखाएको हो ।

दक्षिण एसियामा नेपालभन्दा अगाडि भारतले आफ्नो अवस्थामा सुधार गरेर गत वर्षको १ सय ३० स्थानबाट फड्को मारेर यस वर्ष १ सयौं स्थानमा उक्लेको छ भने ७५ औं स्थानमा रहेको भुटान दक्षिण एसियाकै सबैभन्दा राम्रो व्यावसायिक वातावरण भएको देश बनेको छ ।

भारतले ‘डुङइ बिजनेस’का १० सूचकमा ८ वटामा सुधार गरेको भन्दै विश्व बैकले भारतमा व्यवसाय सुरु गर्न, निर्माणसम्बन्धी कार्यको अनुमति, कर्जा प्राप्ति, विद्युत् प्राप्ति, साना लगानीकर्ताको संरक्षण, कर भुक्तानी प्रक्रिया, वैदेशिक व्यापार, कामदारसम्बन्धी सम्झौता र समस्याग्रस्त संस्थाको व्यवस्थामा सुधार आएको जनाएको छ ।

यस्तै, प्रतिवेदनमा श्रीलंका १११ औं स्थानमा छ भने माल्दिभ्स १३६ औं, पाकिस्तान १४७ औं, बंगलादेश १७७ औं र अफगानिस्तान १८३ औं स्थानका रहेको पनि उल्लेख छ । नेपालमा पछिल्ला वर्षमा चल सम्पत्तिको धितोमा पनि कर्जा दिन सकिने व्यवस्थासहितको सुरक्षित कारोबार प्रणालीको कार्यान्वयन, संस्थागत पारदर्शीताको कायम गर्दै साना लगानीकर्ताको संरक्षणमा सुधार भएकोले व्यावसायिक वातावरण सुधार भएको प्रतिवेदनले उल्लेख गरेको छ ।

यस्तै, नेपालले १० वटा सूचकमध्ये साना लगानीकर्ताको संरक्षणमा सबैभन्दा राम्रो स्थान (६२), वैदेशिक व्यापारमा सहजता (७६), समस्याग्रस्त संस्थाको व्यवस्थापनमा (७६) तथा सम्पत्ति दर्तामा (८४) अंक प्राप्त गरेर राम्रो स्थान प्राप्त गरेको छ । सोही कारण नेपालले आफ्नो स्थान गत वर्षभन्दा २ स्थान माथि उकाल्न सफल भएको प्रतिवेदनले जनाएको छ । तर, नेपालले सुधार गर्न नसकेका केही क्षेत्रहरू जस्तै, निर्माण अनुमतिसम्बन्धी प्रक्रियाहरू लामो हुँदै गएको तथा यसमा समय बढी लाग्ने गरेकाले सुधारको अझै आवश्यकता रहेको औंल्याइएको छ ।

प्रतिवेदनले न्यूजिल्यान्ड पहिलो, सिंगापुर दोस्रो, डेनमार्क तेस्रो, दक्षिण कोरिया चौथो तथा चीनको हङकङ क्षेत्र पाँचौं स्थानमा रहेको पनि जनाएको छ । प्रतिवर्ष विश्व बैंकले निकाल्ने यसै प्रतिवेदनको आधारमा संसारका धेरै लगानीकर्ताले आफ्नो लगानी विस्तार जस्ता निर्णय गर्ने पनि बैंकले जनाएको छ । यस्तै, वल्र्ड इकोनोमिक फोरमद्वारा यसअघि सार्वजनिक विश्वको प्रतिस्पर्धी क्षमता २०१७ का अनुसार नेपाल गत वर्षभन्दा सूचकांकमा १० तह माथि उक्लेर ८८ औं नम्बरमा परे पनि दक्षिण एसियामा भने चौथो स्थानमा नै रहेको छ । विश्वको प्रतिस्पर्धी क्षमता २०१५ मा नेपाल दक्षिण एसियाको तेस्रो प्रतिस्पर्धी अर्थतन्त्र रहेको थियो ।

वल्र्ड इकोनोमिक फोरमले १ सय ३७ देशमा गरेको अध्ययनअनुसार विश्वव्यापी प्रतिस्पर्धी मुलुकको सूचीमा नेपाल ८८ औं नम्बरमा परेको थियो । तर, दक्षिण एसियाली मुलुकमा भने नेपाल चौंथो नम्बरमा छ । अध्ययन प्रतिवेदनमा दक्षिण एसियाका ६ मुलुकलाई समावेश गरिएकामा नेपाल बंगलादेश र पाकिस्तानभन्दा अगाडि छ । भारत ४०, भुटान ८२ र श्रीलंका ८५ औं नम्बरमा छन् ।

NOC hikes petro price

Nepal Oil Corporation has jacked up price of petroleum products effective from midnight.
According to NOC spokesperson Birendra Goit, the corporation has increased Rs 2 per litre in petrol, Rs 1.50 per litre in diesel and kerosene, and Rs 25 per cooking gas cylinder. "As per the new price, petrol will be available on Rs 100, diesel on Rs 75.50 and a cooking gas cylinder on Rs 1350," he added.
Since Nepal has been importing petroleum products from the Indian Oil Corporation (IOC), NOC fixes price of the petroleum products based on price list sent in by the IOC on 1st and 16th of every Gregorian month.
The government owned oil monopoly said that it has increased the price of petrol, diesel and kerosene and liquefied petroleum gas – popularly known as cooking gas – today as the price of the crude oil in the international market has seen increament. "We had to adjust the prices of other products due to increment in prices in the international market," he added.
NOC has, however, has not changed the price of aviation fuel. 
Even with the increment in the price of petroleum products, NOC will make profit of only Rs 19.70 million due to heavy loss in cooking gas, the NOC claimed, adding that it bears Rs 115 million loss per month even after implementation of the new rate.
Though, NOC has adopted automatic pricing system to adjust price of petroleum products according to the international price, it has not changed the fuel price since February.

FNCCI, Austrian Chamber sign agreement

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Austrian Federal Economic Chamber today signed an eight-point bilateral agreement to strengthen the economic ties between the two countries.
The agreement signing ceremony between FNCCI president Bhawani Rana and vice president of Austrian Federal Economic Chamber Richard Schenz – on behalf of their respective organisations – was also witnessed by industry minister Sunil Bahadur Thapa.
The agreement stresses the expansion of collaboration between the two countries in the sectors as bilateral trade, commerce and technology, apart from moving ahead by facilitating the extension of mutual interests and cooperation, and the exchange visits of business delegations to both countries. Both the sides also agreed to review the agreement inked between the FNCCI and Austrian Federal Economic Chamber in 1993.
Addressing on the occasion, minister Thapa highlighted the need for exchanging knowledge, skills and technology between the two countries.
Austria has been providing financial and technical support to various sectors in Nepal. The key areas of development cooperation involve hydroelectricity, infrastructure development, conservation of ancient temples, drinking water supply and eco-tourism development.
Likewise, National Planning Commission (NPC) member Dr CK Poudel and industry secretary Yam Kumari Khatiwada urged the visiting Austrian team to consider investment in agriculture, energy and service sector in Nepal as the country offers favourable environment for investment. Nepal has simplified the procedure for transferring profits for foreign companies besides implementing online company registration and promoting an industrial village, Khatiwada said, adding that the country has also declared tourism and infrastructure development as priority areas to facilitate foreign direct investment in these sectors.
Austrian ambassador to Nepal Brigitte Oppinger-Walchshofer, on the occasion, shared that the Austrian entrepreneurs were encouraged to invest in Nepal.
Namche Small Hydroelectric Project, Patan Museum, Garden of Dreams at Keshar Mahal, Kathmandu and Rolwaling eco-tourism are some of the projects that have been completed under Austrian cooperation.
Nepal’s trade with Austria has also been increasing in recent years. According to the Trade and Export Promotion Centre, the value of the commerce between the two countries swelled to Rs645.47 million in 2016 from Rs364.15 million in 2012.
Last year, Nepal exported goods worth Rs243.15 million while imports from Austria amounted to Rs402.32 million.
Major exports to Austria include paper and paper products, woollen carpets, handicrafts, readymade garments, silverware and jewellery. Likewise, Nepal’s key imports from Austria in terms of value are machinery and parts and communications equipment.
FNCCI president Bhawani Rana, after signing the agreement, said that a favourable environment has been created in Nepal due to the political stability and second generation policy reforms.
Similarly, Austrian Federal Economic Chamber president Richard Schenz shared that the Austrian entrepreneurs are willing to invest in Nepal and pledged to attract more Austrian investment in Nepal.
The representatives of the Austrian Federal Economic Chamber and Austrian entrepreneurs are currently on a visit to Nepal in course of exploring investment opportunities.

Wataniya Airways to fly to Nepal in November

Wataniya Airways is flying to Kathmandu connecting Kuwait for the first time from November.
Wataniya Airways of Kuwait has been granted permission to operate flights to Nepal, according to the Tourism Ministry. "It will be the first airline from Kuwait to serve Kathmandu when it begins flights by November."
There is no direct air connection between Nepali and Kuwait and currently travelers have to travel via Saudi Arabia. "Wataniya that will be operating a daily flight has received an operating authorisation today,” said under-secretary at the Tourism Ministry Pramod Nepal. "The service is expected to benefit Nepali migrant workers in Kuwait,” he said, adding that a direct flight is also expected to make travelling cheaper. "The flight is also likely to increase tourist movement from Kuwait to Nepal."
Nepal and Kuwait signed an air service agreement (ASA) in January 2006. The Wataniya Airways that has resumed its services in July after ceasing operations in 2011, t had closed after three years in the business due to its financial problem and political instability in the Middle East.
The airways is also planning to fly to various other destinations – including Egypt, the UAE, Lebanon, Jordan, Iran, India, Pakistan and Europe – except Kathmandu. It operates two narrow-body Airbus A320s and plans to launch services to 16 destinations, the airlines said.
Since Kuwait is the fifth biggest employer of Nepali workers, the direct flight might help Nepali migrant workers make their trip easy. According to the Department of Foreign Employment, in the last fiscal year, some 12,507 Nepalis received permits to work in Kuwait. In 2015-16, some 10,049 Nepali job aspirants left for Kuwait.

Strong Asian intraregional trade and investment improve economic resilience

Growing trade and investment linkages in Asia and the Pacific help improve the region’s economic resilience to uncertainties in the global economic and trade policy environment, according to a new Asian Development Bank (ADB) report.
In a study released today, the Asian Economic Integration Report 2017, ADB examines recent regional integration trends and introduces a new regional integration index. The report also includes a special chapter on how Asia can strengthen financial resilience in an era of financial interconnectedness.
Strong intraregional trade and investment are acting as a buffer for the region against uncertainties in global trade and economic growth, according to the report. In 2016, Asia’s intraregional trade share measured by value rose to 57.3 per cent in 2016, a record high, up from an average of 55.9 per cent from 2010 to 2015.
Foreign direct investment (FDI) within Asia rose in absolute value to reach $272 billion in 2016, despite a 6 per cent decline in global FDI flows into the region. This intraregional FDI increased as a share of total FDI to the region from 48 per cent in 2015 to 55 per cent in 2016. Given the role intra-Asian FDI plays in enhancing global and regional value chain development, this is expected to help strengthen the region’s trade growth globally.
Asian economies have continued expanding their global presence, with FDI originating from Asia rising 11 per cent in 2016 to $482 billion, primarily through investment in renewable energy, natural resources, semiconductors, and information technology.
“Asia and the Pacific is leading a recovery in world trade that is helping the region to maintain strong growth momentum amid global economic and trade policy uncertainty,” said ADB’s chief economist Yasuyuki Sawada. “Asia’s continued integration and cooperation will underpin regional economic growth and financial resilience.”
The 2017 report introduces a new composite index, the Asia-Pacific Regional Cooperation and Integration Index. The index measures regional integration across six components, including trade and investment, money and finance, regional value chains, infrastructure and connectivity, movement of people, and institutional and social integration. The index is aimed at helping policymakers better understand and measure the levers for greater regional integration and cooperation.
The report also features a special chapter on how Asia can strengthen financial resilience in an era of financial interconnectedness. It highlights that 20 years after the Asian financial crisis, Asia stands strong, with healthier financial systems, stronger regulations, and better regional financial cooperation mechanisms.
Significant challenges remain, however, with unresolved financial market and system weaknesses. Remaining regulatory policy gaps could also increase the region’s risk exposure and financial vulnerability through excessive leverage and risk-taking.
The report offers several recommendations for countries in the region to strengthen their resilience to future crises, including maintaining sound macroeconomic fundamentals; further strengthening national regulatory and supervisory frameworks and institutional capacities; further developing local currency bond markets; strengthening regional regulatory cooperation, including resolution mechanisms for interconnected regional banks; and reviewing and strengthening existing financial safety nets against potential contagion and spillover effects.
ADB – based in Manila – is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members, 48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.

Central bank working on to retrieve money

The central bank said that it is making utmost efforts to retrieve money amounting to over Rs 400 million transferred to various banks abroad by hackers using SWIFT from NIC Asia Bank.
Some unidentified hackers broke into the Society for Worldwide Interbank Telecommunication (SWIFT) – an international payment network – at the NIC Asia Bank in Kathmandu, and had siphoned off the amount during the Tihar festival. A total of 11,000 banking and financial institutions across 200 countries are said to be using SWIFT system. The hackers have transferred the amount to eight banks in six countries, according to the investigation.
According to the deputy spokesperson at the central bank Rajendra Pandit, the central bank has asked the domestic banks to make efforts to retrieve the amount transferred abroad. It has also sought help of banks in those six countries from where hackers have requested the transfer.
Meanwhile, NIC Asia Bank has been stepping up its effort towards this end.
Pandit also reminded that the central bank had instructed all the banks and financial institutions to pay special attention to the usage of IT in banking not only to make banking easier, convenient but also to curb the cyber attack and illegal transferring in the banking.
The central bank had also summoned the chief of the IT department of all the banks in the capital to discuss how to secure the internal system of banking.
The central bank governor has also directed the banks and financial institutions to set up IT desk in their institutions.

Government appoints Bhusal new chief of NRA following Pokharel's resignation

A cabinet meeting today appointed former finance secretary Yubaraj Bhusal as the new chief executive officer (CEO) of National Reconstruction Authority (NRA) after Govinda Raj Pokharel resigned from the post.
Bhusal is the third person and fourth chief executive of the authority that was formed to help expedite the reconstruction after the devastating earthquake of April 2015.
Pokharel resigned from his post on Saturday as he has made an unexpected foray into competitive politics, filing is candidacy in parliamentary elections from Pyuthan. Election Commission had directed him to leave the district for taking part in election activities while still assuming the NRA top post.
Pokharel had served as the vice chair of National Planning Commission (NPC) before being appointed CEO of the authority by the Pushpa Kamal Dahal-led government.
Dahal's government had sacked Sushil Gyawali, appointed by KP Sharma Oli-led government, to appoint Pokharel for the top post.
Pokhrel was first appointed the chief executive of the authority by then Sushil Koirala-led government in August 2015 through an ordinance. But his appointment was scrapped in six months as his appointment saw an automatic annulment due to lack of law. The CPN-UML government led by KP Sharma Oli in December appointed Sushil Gyewali as the second chief executive to oversee the reconstruction.
But the Nepali Congress-Maoist Centre government led by Maoist chair Pushpa Kamal Dahal in January sacked Gyewali to bring Pokhrel back at the authority's helm. Now the Sher Bahadur Deuba-led government has chosen Bhusal to lead the reconstruction body.
During his 34 years in bureaucracy starting in 1980, Bhusal served in various government agencies including the National Planning Commission (NPC), local development, general administration and tourism among others.
Meanwhile, Bhusal – after being appointed as chief executive of the authority – has expressed his commitment to deliver concrete results by leading the reconstruction works within three months. He further made commitment to expedite the reconstruction of national heritages and quake- survivors' houses placing them on top priority.
Bhusal’s appointment has come at a time when the authority is under intense public scrutiny for the sluggish reconstruction work.
The National Reconstruction Authority set-up to oversee the reconstruction works in the aftermath of the April 2015 earthquake that killed nearly 9,000 people and floored thousands of houses, seems to have become a political playground for parties.
Frequent changes in the authority raised serious concerns over reconstruction of damaged houses, with thousands of people still awaiting housing grant. Many of the quake survivors are either still living in temporary shelters or damaged houses.
The authority has completed survey of reconstruction drive in 17 earthquake affected districts. It also has claimed that more than 200,000 private homes have either been rebuilt or are under construction in 14 districts worst hit by the devastating earthquakes. The authority had identified 737,705 households as the beneficiary of housing grant. Of the total, some 620,646 households have acquired first tranche of the government aid, whereas 85,332 have received the second tranche and 12,726 have received the third tranche.

Swift under cyber attack, Nepali banks feel the heat

Some Nepali banks have become latest victim to hackers siphoning off millions of dollars by targeting the backbone of the world financial system, SWIFT. Though, account-holders need not worry as their deposits parked in the bank are safe, the international wire transfer has come under suspicion as the incidents have been repeatedly occurring across the globe.
SWIFT – Society for Worldwide Interbank Telecommunication – is a global financial messaging system that thousands of banks and commercial organisations across the world use to transfer billions of dollars every day. SWIFT claims that over 90 per cent of fund transfers in the world take place through SWIFT.
Though, other banks have also been suspected under attack, unidentified cyber criminals have reportedly hacked into the SWIFT system of NIC Asia Bank and stole money, exposing vulnerability in the information technology system of the banks in the country, according to the central bank that has confirmed the reported cyber theft which took place during the Tihar vacation – October 19 to October 21 – when all the banks and the central monetary authority remained closed.
After the request of the bank, the central bank has today sent a team to take stock of the situation. NIC Asia has also already requested the central bank to initiate the cancellation of transfer of funds with the central banks of other countries, where the money already have been transferred. Meanwhile, it has not been clear, how, where and how much money have been transferred from Nepali banks.
"We, however, have not been able to confirm the exact amount of money that has been illegally transferred through multiple small transactions via SWIFT,” central bank's deputy spokesperson Rajendra Pandit said, adding that the central bank has also written to international banks and central banks of different countries not to entertain transactions generated from NIC Asia.
Apartfrom NIC Asia Bank, Prabhu Bank, NMB Bank and Prime Commercial bank's SWIFT codes have also been suspected to have been hacked by unknown hackers by using malware in their system.
However, the attack on NIC Asia closely resembles the 'biggest-ever cyber heist' that took place in Bangladesh. In May 2016, cyber criminals had hacked into the computer of a Bangladeshi central bank official to make illegal payments via SWIFT. The criminals had sent messages to the New York Federal Reserve seeking to transfer nearly $1 billion from Bangladesh Bank’s account. Though, most of the transfers were blocked, about $81 million was sent to a bank in the Philippines.
In 2016 a Turkish hacking group 'Bozkurtlar' or 'Grey Wolves' had hacked two Nepali banks – Business Universal Development Bank and Sanima Bank – and Bangladeshi banks, Dutch-Bangla Bank, The City Bank, and Trust Bank run by Army Welfare Trust.
A US-based cyber security website databreachtoday.com had reported on May 13, 2016 that the stolen data was ‘apparently posted online’ on May 10 by the group Bozkurtlar.
According to the report, the same hacking group had leaked data tied to Qatar National Bank and UAE's InvestBank also.
A report prepared by the Russia-based computer security firm Kaspersky Lab had said international cyber criminals had attempted to attack financial institutions in Nepal using a malware called Carbanak.
According to the experts, the hackers normally exploit vulnerabilities in the systems of member banks, allowing them to gain control of the banks’ legitimate SWIFT credentials.
The hackers then use those credentials to send SWIFT funds transfer request to other banks, which, trusting the messages to be legitimate, then sent the funds to accounts controlled by them.
Lately, numbers of developed nations have been struggling to address cyber attack as it has posed serious threat to the global financial market.

China South Asia Expo in Kathmandu on Nov 2-5

Yunnan International Exposition Affairs Bureau and Nepal-China Executives Council ghe first ever China-South Asia Expo in Kathmandu on November 2-5.
The regional exhibition that showcases goods from China and South Asian countries used to be organised in Kunming of China only is also regarded as a cultural and economic bridge for the region. The event – being organised since 2003 – is  believed to facilitate policy coordination between the countries and translate complementary advantages into common growth of the entire region.
The expo aims at promoting regional communications, building the regional influence of China-South Asia Expo, expanding presence and influence of businesses of Yunnan's participating administrative division (Diqing Tibetan Autonomous Prefecture) and building a larger platform of cooperation and exchanges, according to a press release issued by the secretariat of China-South Asia Expo.
The expo with a total exhibition area of 3,300-sq-meters will have 150 standard booths, apart from dedicated pavilions to showcase images and build the brands of participating companies and regions from China and South Asia. Nepali entrepreneurs are also taking part in the expo.
Thw expo will also see a discussion on 'Belt and Road: Opportunities for Women Entrepreneurs' and 'China-South Asia Expo Workshop'.
Head of the China-South Asia Expo Executive Committee Gao Shuxun – who is also former vice-governor of China's Yunnan Province – is leading the Chinese delegation to Kathmandu. Alongwith him, more than 100 Chinese businessmen will be present at the expo.
The companies showcasing their products and services includes energy, investment, mineral development, electronic and information technology, bio pharmaceuticals, culture, tourism promotion, home appliance, tea production, native produces, handicrafts, ethnic costumes, food processing machines, and food packaging machines.
Nepal and other South Asian countries will showcase gems and jewelry, leather products, garments, tea, coffee, shoes, tourism products and handicrafts at the expo.
Diqing Prefecture of Yunnan Province will – during the expo – stage an on-site tourism promotion event along with folk song and dance performance.
Earlier, the Nepal-China Executives Council had organised annual China Trade Fair from 2005-2009 and South Asia-China Trade Fair in 2010 and 2011 in Kathmandu.

Around 2500 educational institute reconstructed

The reconstruction of 2,456 educational institutions hit by the devastating earthquakes of 2015 has been completed so far, according to the National Reconstruction Authority (NRA).
Issuing the post-quake reconstruction data of the last nine months, the authority claimed that the pace of reconstruction in the educational sector is comparatively better to reconstruction progress in other different sectors.
According to the authority, some 4,381 educational institutions – schools and colleges – of the 8,923 educational institutions affected by the devastating earthquakes have been either fully rebuilt or are under construction.
Likewise, the reconstruction of only 200 educational institutions had been completed nine months back, before the incumbent chief executive of the authority Govinda Raj Pokharel took over. Pokharel was appointed to the top post of the authority on January 11.
Issuing a press statement today, the authority also informed that the number of houses fully rebuilt or under construction after suffering irreparable damages in the 14 worst affected districts has also reached almost 209,000 so far. "Only 17,099 quake-affected houses were under reconstruction and 11,871 such houses were fully rebuilt until January."
"Though it seems that the overall reconstruction process in the country has been delayed, data revealed that reconstruction works have gathered pace in the last nine months,” Pokharel said, adding that the timely completion of the reconstruction of all quake-hit physical infrastructure will depend on inter-agency coordination.

Nepal-Jordan forms a joint technical committee to implement agreement

Nepal and Jordon have formed a joint secretary-led joint technical committee for the implementation of labour agreement signed between the two countries recently.
According to a press release issued today by the Ministry of Labour and Employment, the committee will hold discussion on the issues related to Nepali migrant workers in Jordan as part of the implementation of the agreement. "An arrangement has been made to hold the committee's meeting once in a year."
Minister for Labour and Employment Farmullah Mansoor and Minister for Labour and Employment of Jordan Ali Al- Ghezawi had signed the agreement on October 18.
According to the agreement, there is also an arrangement of free ticket and visa for Nepali migrant workers willing to go to Jordan for employment. The government has also implemented the same provision with Qatar, Bahrain, Saudi Arabia, United Arab Emirates, Oman, Kuwait and Malaysia.
A mechanism will also be formed to resolve any dispute between the employee and employer, whereas a provision will also be put into action that will guarantee welfare, and security of Nepali migrant workers in Jordon.
About 8,000 Nepalis are working in Jordon in the garment and service sectors, according to the Ministry. Though Nepal has allowed Nepali migrant workers to work in 109 foreign destinations, it has signed bilateral labour agreements with only few countries including Qatar, Jordan, Bahrain, South Koran, the UAE and Israel.

Government to hand over Tamakoshi-3 hydro project licence to TBI

The Energy Ministry is going to award project feasibility survey licence of Tamakoshi-3 Hydropower Project to TBI Holding.
The company has filed a feasibility survey licence application at the Department of Electricity Development (DoED) on October 11 for project that was earlier expected to generate the 650 MW. But the SN Power – a Norwegian energy developer – had left the project as it found the project not feasible to generate 650 MW and sell it to Indian market.
The department approved the application and forwarded it to the Energy Ministry for final approval, according to the department's spokesperson Babu Raj Adhikari.
"The documents presented by TBI Holding along with the application were complete," he said, adding that the department has forwarded the application to the ministry recommending that survey licence be awarded to the company.
TBI Holding – a company owned by newly elected president of the Non Resident Nepali Association (NRNA) Bhaban Bhatta – will survey the Tamakoshi 3 within 2 years to finalise the generating capacity, return on investment and its feasibility.
The government has authorised the board to implement hydropower projects with installed capacity of 500MW or above. According to the Investment Board Act 2011, the board has sole authority to implement project of 500 MW and above.
The project was in the basket – after the SN Power walked out in 2016 – of the Investment Board Nepal (IBN) as it was still expected to generate 650 MW, though there has been not any possibility of generating more than 305 MW due to current policy brought by the former energy minister Janardan Sharma.
Tamakoshi 3 – a run-of-the-river (RoR) project located in Dolakha and Ramechhap districts – is projected to cost Rs 130 billion, if it is developed as according to the SN Power's plan.
The board claimed that it was gearing up to launch international bidding to develop the hydropower as it has not revised the generation feasibility according to the new policy brought by energy minister Janardan Sharma. The new policy has many provisions that has forced the hydel project to downsize to almost half.
However, the board also claimed that it has prepared a modality for the construction of the project under the public private partnership (PPP) model with a mix of domestic and international investments after the potential developer Statkraft of Norway pulled out from the project in January 2016 before signing project development agreement (PDA).
"The board had forwarded the proposal to the ministry in April, seeking suggestions," according to higher official at the board, who claimed that it was waiting for the ministry’s response. 
SN Power – the Norwegian company – had spent Rs 1 billion to conduct a survey, obtain technical updates and perform environment impact assessment after receiving a survey licence from the government in March 2008.
Officials said it had abandoned the project over concerns about finding buyers for the electricity produced by the project. Statkraft had planned to sell energy in India but it lost hope after it could not get price it wanted from India and selling in the domestic market was also not feasible. 

CBS to revise gross domestic product basket

The Central Bureau of Statistics (CBS) is going to add new goods and services to the basket that is used for calculation of the gross domestic product (GDP) to reflect the more realistic economy.
The revision will also reflect changes in current economic activities and captures areas including information, communication and technology (ICT) and agriculture and livestock farming, which propped up in the last decade and have expanded in recent years but have not been covered by the national accounts at present, according to the director general of the CBS Suman Raj Aryal.
"After updating the GDP basket, the CBS will change the base year for calculation of national accounts to 2010-11 from 2000-01," he said, adding that the bureau will introduce the revised basket from 2019, if things go as planned. "It means the national accounts for fiscal year 2018-19 will capture the goods and services that are not currently used in calculation of the GDP."
The revision of the GDP basket is expected to give a boost to economic output because of inclusion of new economic activities, which will also help boost economic output.
Though developed countries revise the GDP base year every five years, the CBS has been revising the base year for calculation of national accounts every 10 years. In order to set the new base rate, the bureau is also preparing an internal research of its own surveys like Living Standard Survey (LSS), Agriculture Survey and ICT Survey, among others, and preparing to conduct a new economic census to measure the value of economic output starting from April next year.
The CBS first launched national accounts figures in 1961-62, though it has been producing these data on an annual basis since 1964-65.
Currently, the CBS has divided the economy into three broad sectors; agriculture, industry and services, which have further been divided into 15 categories including agriculture and forestry, fishing, mining and quarrying, manufacturing, electricity gas and water, construction, wholesale and retail trade, hotels and restaurants, transport, storage and communications, financial intermediation, real estate, renting and business activities, public administration and defence, education, health and social work and other community, social and personal service activities. The agricultural sector contributes to around 30 per cent, industrial sector around 14 per cent and the services sector makes around 56 per cent to the economy.
Currently, several economic activities and contribution of the informal sector is being excluded in GDP calculation, indicating that the country's actual GDP growth rate is higher than the current rates.
"Output of all economic activities in a fixed location, including both formal and informal, will be surveyed," he said, adding that it will generate new statistics of employment generation, income, and expenditure and capital formation by those economic activities. 

A retired pilot revives crashed plane as aviation museum

A Turkish Airlines plane that crash landed at Kathmandu airport two years ago will be welcoming on board again not for a flight but as the first aviation museum in Kathmandu.
The Airbus A330 was carrying 224 passengers when it skidded off the runway at Kathmandu’s airport in March 2015, coming to a stop with its nose buried in the grassy verge on the edge of the tarmac. Though, no one was hurt, the crash shut Nepal’s only international airport for four days as technicians struggled to move the plane.
The aircraft was eventually dragged to a disused corner of the airport where it sat rusting for two years until Captain Bed Upreti had an innovative idea of turning it into a museum.
Upreti bought the metal carcass and has invested $600,000 to turn it into an aviation museum that he had done earlier also but in far western part of the country in Dhangadi.
In Dhangadi, he had turned an abandoned Fokker 100 into a museum, though smaller compard to the one he oa planning in Kathmandu.
Working only at night when the airport was closed, it took a team of engineers from Turkey six weeks to dismantle the plane into 10 pieces, before loading them onto trucks for the 500 metre journey across the road. It took another two months to put all the pieces back together. With all the seats stripped out of the belly of the plane, the new museum feels surprisingly spacious.
The business class section of the plane will feature a model of the Wright Brothers’ first aircraft – the first machine to successfully take to the sky – and in the tail there will be a cafe.
More than 150 miniature display planes will chart the history of aviation as well as the story of Nepal’s flying industry.
The museum will give a chance to people, who might never fly, to step into a plane, Upreti said, hoping that the museum will also inspire young minds to become pilots and engineers. 

Nepse suspends trading in shares of 26 firms

The Nepal Stock Exchange (Nepse) today suspended share trading of 26 companies as they have failed to pay their annual dues on time. The listed companies are required to pay their annual fee dues within the first three months – the first quarter – of completion of the fiscal year. The listed companies must – apart from paying annual fee to Nepse – also submit their annual report to the capital market regulator. But most of them every year miss the deadline.
Some 196 companies that are listed at the Nepse have to pay an annual fee ranging from Rs 15,000 to Rs 50,000 depending on their paid up capital. According to Nepse, a company with a paid-up capital of up to Rs 10 million has to pay Rs 15,000 annually, whereas a company with a paid-up capital of Rs 10 million to Rs 50 million is required to pay Rs 25,000. Likewise, a company with a paid-up capital of Rs 50 million to 100 million has to pay Rs 35,000 and those with a paid-up capital of more than Rs 100 million are required to pay Rs 50,000 as annual fee.
According to assistant spokesperson for Nepse Murahari Parajuli, trading in stocks of several companies has been halted for years. Of the total companies whose share trading has been suspended, some companies including Jyoti Spinning Mills and Gorakhkali Rubber Udyog have stopped operations and others like Hotel Yak and Yeti has applied for delisting but they have not delisted their shares yet.
"After repeated reminders, more than 20 companies cleared their dues in the last two days," Parajuli added.
Meanwhile, some of the companies have also failed to submit their report to the Securities Board of Nepal (Sebon) this year too. According to capital market regulator Sebon, some 98 companies missed the deadline to submit their reports in the last fiscal year. Apart from sending reminder to them, Sebon has not been able to take any action against them as usual as the law has not been clear on action against them.

Nepal, Jordan sign labour agreement

Nepal has signed a labour agreement with Jordan. Labour and Employment minister Farmullah Mansoor and his Jordanian counterpart Ali Ghezawi signed the agreement at the Labour Ministry of Jordan today.
Jordan has a high demand of Nepali women in garment sector and Nepal had long been preparing to sign the labour agreement with Jordan, though as many as 5,000 Nepalis are currently working in Jordan.
Nepali workers in Jordan will have strong legal rights with this agreement. Jordan is the new destination for the Nepali workers, according to Ministry for Labour and Employment.
The agreement includes working hour, insurance, rights and supply process among others.

PM urges NRNs for investment in Nepal

Prime Minister Sher Bahadur Deuba today urged the Non-Resident Nepalis (NRNs) to invest in Nepal with confidence, as the investment-friendly environment has been improving gradually in the country.
Speaking at the concluding session of the 8th world conference of the NRN Association (NRNA), he said that the government has been reforming the Acts and Regulations to ensure an investment-friendly climate. He also urged the NRNs to be the part of prosperious Nepal investing without any hesitation.
Investments are welcome in hydropower, tourism, energy and other sectors, the Prime Minister said, adding that Nepal has also been able to be elected to the UN Human Rights Council as a result of the role played by the NRNs. He expressed the hope that the country would take the path towards prosperity following the elections to the House of Representatives and the provincial assemblies scheduled for November.
The NRN conference today ended with the election of a new working committee led by Bhaban Bhatta.
The newly-elected working committee of NRNA also appointed Bhusan Ghimire as its new spokesperson. Ghimire has Masters in Journalism from Sofia University in Japan and is working as the chief editor of Nepal Samachar, a Nepali paper published in Tokyo. He has been residing in Japan for the past 16 years and is involved in restaurants and grocery business in Japan.
Ghimire is also the former central member of Federation of Nepali Journalists.

Neraly 400K Nepalis are below poverty line

Nearly 400,000 people are reeling under the poverty line across 25 districts – covering regions including Himalayas, hills and Terai plains – in Nepal, according to a report prepared by the Ministry of Cooperatives and Poverty Alleviation.
The report that includes the details of poor in Bhojpur, Khotang, Siraha, Sindhuli, Ramechhap, Rautahat, Gorkha, Tanahu, Baglung, Kapilvastu, Arghakhanchi, Pyuthan, Rolpa, Bardiya , Jajarkot, Dolpa, Jumla, Kalikot, Mugu, Humla, Bajura, Bajhang, Achham and Kailali and published on the occasion of the 25th International Day for the Eradication of Poverty today revealed that there are a total of 391,831 poor households. "Among them, it has classified 188,226 households as ‘extreme poor’, 119,761 as ‘mid-poor’ and 83,844 households as ‘general poor’.
According to the survey, out of the total 1.24 million households in those 25 districts, some 31.5 per cent are poor.
Unveiling the report, minister for Cooperatives and Poverty Alleviation Ambika Basnet insisted on the need of economic transformation to reduce poverty.
Likewise, minister of State for Cooperatives and Poverty Alleviation Champadevi Yadav said that the government is preparing to distribute poor identity cards to people of 25 districts where the Poor House Identification Programme is implemented shortly after the Tihar festival. Nepal has categorised the poor people into three categories extreme poor, medium poor and general poor. The government is distributing card according to the three categories – red for absolute poor, yellow for medium poor and blue for poor – according to the ministry. The poor households are eligible for government social security programmes including educational scholarship, health insurance and skill training towards food security and self-employment with the cards.
At the proclamation of the United Nations, October 17 every year is celebrated as the International Day for the Eradication of Poverty since 1993. This year, the day was marked with the theme of 'Answering the Call of October 17 to end poverty: A path toward peaceful and inclusive societies'.
Of the total population in Nepal, some 23.38 per cent fall under the poverty line, according to the Central Bureau of Statistics (CBS). The UN has set a goal – popularly known as the Sustainable Development Goals (SDGs) – of eradicating all sorts of poverty across from the world by 2030. The UN defines the poverty being based on 10 indicators of daily life including education and health, as per which an individual earning less than a dollar in a day as poor. The UN identifies individual earning less than a dollar in a day as poor.
The UN report indicates that some three billion people across the world are under the poverty line while 8 million people are deprived of sufficient food.
At the programme, National Planning Commission (NPC) former vice chair Dr Shankar Sharma, joint secretary at the Finance Ministry Kewal Prasad Bhandari and joint secretary at the Industry Ministry Pradeep Koirala presented working papers on different nature of poverty and NPC former vice chair Dr Jagdish Chandra Pokhrel and Nahakul KC commented on the papers.
With the latest report, Nepal aims at designing effective interventions to tackle poverty.
According to the report, about 71 per cent of the households in Bajura district are living below the poverty line and have low social indicators in areas such as health and education besides lacking market access.
The Poor Household Support Coordination Board Secretariat said that among the 13,619 households out of the 21,711 households in the district that have been classified as ‘poor’. Within that group, 6,393 households have been identified as ‘extreme poor’.
The board considered eight indicators including ownership of the house and its structure, types of cooking fuel, water and sanitation facilities, household size and ethnicity to calculate the poverty level.
According to a survey, some 4,228 households among the total poor households are ‘mid-poor’ while 2,998 are ‘general poor’. The study also revealed that 63.9 per cent of the total 21,989 households in Kalikot, or 12,433 in number, are living below the poverty line. Among them, 5,877 households are extreme poor.
In Humla and Bajhang, 63.2 per cent and 62.8 per cent respectively of the households are poor. Likewise, more than 50 per cent of the households in Jumla, Achham, Mugu and Dolpa districts are living under the poverty line.
Among the 25 districts, Tanahu has the lowest poverty rate with 21.1 per cent of the households being unable to manage their daily minimum requirements. "In terms of the number of households, Kailali district has 21,577 households under the poverty line, the largest among the districts surveyed."
"Nepal should focus on poverty alleviation programmes that are sustainable, inclusive and helpful to build up resilience among the poor people,” said UNDP country director Renaud Meyer on the occasion.

Unchecked inequality could spur unrest: new UNFPA report warns

Unless inequality is urgently tackled and the poorest women empowered to make their own decisions about their lives, there could be unrest and threats to peace and to their development goals, according to a new report published today by the United Nations Population Fund (UNFPA).
The costs of inequalities, including in sexual and reproductive health and rights, could extend to the entire global community’s goals, stated the UNFPA report – The State of the World Population 2017 – "Worlds Apart: Reproductive Health and Rights in an Age of Inequality."
Failure to provide reproductive health services, including family planning, to the poorest women can weaken economies and sabotage progress towards eliminating poverty, it further reads adding that economic inequality reinforces and is reinforced by other inequalities, including those in women’s health, where only a privileged few are able to control their fertility.
Inequality today is not only about the haves and have-nots, said UNFPA executive director Dr Natalia Kanem. "Inequality is increasingly about the cans and cannots," she said, adding that poor women, who lack the means to make their own decisions about family size or who are in poor health because of inadequate reproductive health care dominate the ranks of the cannots.
Limited access to family planning that results in unintended pregnancies and abortions does not only harm women’s health, but also restricts their ability to join or stay in the paid labour force and move towards financial independence, the report argued.
The UNFPA report also recommends focusing on the furthest behind first, in line with the United Nations blueprint for achieving sustainable development and inclusive societies by 2030. 

Bhatta elected NRNA president

The eighth global conference of Non-Resident Nepali Association (NRNA) has elected Bhaban Bhatta as the new president for the next two-year term.
Bhatta – with 1,197 votes – has defeated Jamuna Gurung Ghale, who secured 584 votes, in the election held here today. Of the total 1854 voters, 1788 voters cast their ballots.
Jamuna Gurung Ghale is the better half of the incumbent president Shesh Ghale, who is completing his second two-year term. According to the statatue of the NRNA, one can not become president for the third term.
Bhatta, who has been associated with the non-resident Nepali movement since the beginning in 2003, as the executive member of the adhoc committee in 2003 while forming the organisation in Japan and served in various positions of the international coordination council (ICC) of the NRNA.
Bhatta has been living in Japan since the last 20 years. He owns chain restaurants and a resort in Japan. Bhatta has also invested in various sectors like hospitality, media, brewery, education, aviation and planning to invest in many more in Nepal.
After being elected as the new president of NRNA, Bhatta said that he will take forward the NRNA movement to second version, which he has named NRNA V.2, and work towards making a substantiative contribution to Nepal's economy. He said that every NRNs, despite their economic status, will get an opportunity to contribute to the socio-economic development of the country through a collective investment mechanism. Bhatta also said NRNA will forward the agendas including its own headquarters construction, smart NRNA academy, Laprak Model Settlement and joint investment.
Meanwhile, the global conference also elected Kumar Panta (Germany), Kul Acharya (UK) and Sapila Rajbhandari (Russia) as vice presidents. Panta had served as vice president in the earlier executive committee, whereas Acharya was coordinator for Europe region and Rajbhandari was women coordinator in the executive committee. Likewise, DB Chhetri and Janaki Gurung (secretary), Hikmat Bahadur Thapa (treasurer) and Somnath Sapkota (co-treasurer) from some 100 candidates, who were vying for 39 different posts in the new executive committee. The election committee informed Bhuma Devi Limbu won the Woman Coordinator post while Sudan Thapa claimed victory as Youth Coordinator.
A total of 1,854 delegates cast their votes in the election held late today at Hyatt hotel in Kathmandu for the executive committee of the NRNA that was established 14 years ago and now has spread in 77 countries. 

US gives $100,000 for restoration of Hindu temple in Nepal

The US has provided Nepal a financial assistance of $100,000 for the restoration of a 16th century Hindu temple, which was badly damaged in the 2015 devastating earthquake that jolted the Himalayan republic.
The US Embassy in Kathmandu, through the Ambassador’s Fund for Cultural Preservation (AFCP), provided the amount to the Kathmandu Valley Preservation Trust (KVPT) for the restoration of the historic Char Narayan temple.
"Built in 1566, the temple demonstrates a significant and highly-developed expression of Newari architecture,” according to a statement issued by the embassy.
"Our work through the Ambassador’s Fund for Cultural Preservation serves as a symbol of the strong, vibrant partnership between our nations, as well as our respect for Nepal’s diverse and rich heritage,” Ambassador Teplitz said, adding, "As we celebrate the 70th year of diplomatic relations between our two countries, I am pleased to inaugurate the restoration work on Char Narayan as a tangible symbol of our mutual friendship."
Teplitz and director general of the Department of Archaeology Bhesh Narayan Dahal jointly inaugurated the restoration of the temple at a ceremony in Patan Durbar Square in the capital Kathmandu.
Combined with other donors, the funding will support the seismic strengthening and restoration of the Malla-era temple belonging to Lord Vishnu. The restoration work is expected to be completed within two years.
Nepal was hit by a massive 7.8 magnitude devastating earthquake in April 2015 that left nearly 9,000 people dead and as many as 22,000 injured.
According to a UN report, more than 300,000 houses were damaged in the earthquake.

Nepse rebounds on election hopes

Nepal Stock Exchange (Nepse) benchmark index jumped by 46.59 points today to close the market at 1,564.87 points due to investors' confidence on provincial and federal polls scheduled on November 26 and December 7. The Election Commission has already started the election process.
The share market rebounded on the second trading day of the week by double-digit following a continous drop after Dashain festival.
The single-day surge in the benchmark index was the highest in six months for a market that has recovered somewhat after a continuous dive due to the Dashain festival. The last time the market had surged by this level was on April 19 when the benchmark index climbed up by 49.88 points.
Share price of 154 companies went up on Monday while nine companies suffered loss. 
A total of 1.47 million units of shares of 163 companies worth Rs 615.04 million were traded in the market this week through 4,469 transactions.
Similarly, the investors' confidence also looked up due to comfortable liquidity situation in the banking system. Investors are also expecting the interest rates to fall with the bank and financial institutions having comfortable liquidity position.
Amid mismatch on the growth of deposit and loans, the financial institutions were facing the shortage of loanable fund until last month. The shortage has pushed interest rates to the higher level.

AEPC provides Rs 60 million to microhydro projects

The Alternative Energy Promotion Centre (AEPC) has provided support for maintenance of 48 micro hydro projects, which were completely or partially damaged by the devastating earthquakes of April and May 2015. The AEPC has provided Rs 60 million to 48 projects – out of the total 262 projects that were damaged – in the last two years for their maintenance.
AEPC is providing grant to complete maintenance of the damaged projects in 11 districts – Rasuwa, Nuwakot, Dhading, Gorkha, Kavre, Sindhupalchowk, Dolakha, Ramechhap, Sindhuli, Okhaldhunga and Makawanpur – which were highly affected by the natural calamity.
AEPC will continue its financial support to damaged projects until completion of maintenance process. According to the AEPC, micro hydro projects in Dolakha, Sindhupalchowk and Gorkha were highly affected by the earthquakes.
The AEPC is providing support for maintenance of micro hydro projects, with assistance from the United Nations Development Programme (UNDP) and Department for International Development (DfID). Likewise, fund from the government is also being utilised for maintenance of such projects.
"We are not directly involved in the maintenance process of the said projects," spokesperson for AEPC Nawa Raj Dhakal said, adding that the AEPC provides subsidy and the local community or consumer community of the project will handle the entire works.
AEPC has distinguished damaged projects in two categories; partially-damaged and fully-damaged. AEPC is sending grant through district coordination committee to projects for partially-damaged projects, whereas it directly sends the support amount to the project in the case of fully-damaged projects.
Likewise, AEPC – a government institution formed with an objective to develop and promote renewable and alternative energy technologies in the country – has also assisted the maintenance process of more than 5,000 biogas plants affected by the same natural disaster in Kavre and Gorkha districts. Likewise, it has started a study to assist the biogas plants in Nuwakot and Rasuwa districts. 

Finance Ministry recommends Nepse and DCGC heads

The selection committee formed by the Finance Ministry has recommended three candidates for the post of general manager (GM) of Nepal Stock Exchange (Nepse) and chief executive of Deposit and Credit Guarantee Corporation (DCGC).
After taking their interviews and studying their business plans, the selection committee – chaired by joint secretary of the ministry Uttar Kumar Khatri – recommended three
names – Chandra Singh Saud, Pramod Raj Sharma and Manoj Kumar Gnyawali – to the Cabinet today for a post of general manager of Nepse.
Chandra Singh Saud is a former chief executive officer of Nepal Insurance Company, whereas Pramod Raj Sharma is a university professor and Manoj Kumar Gnyawali is the deputy chief executive officer at Jyoti Bikash Bank.
The Cabinet meeting will select one of them as the general manager of Nepse for a term of four years. The selection committee had taken interviews of all the 13 candidates and shortlisted five on September 16 before recommending three to the Cabinet.
"The selection committee has finalised the candidates on the basis of their performance during interviews and based on their business plans,” he said, adding that Prabin Pandak and former Nepse general manager Sitaram Thapaliya, who had made it to the top five, are now out of the race.
The Finance Ministry had started the process to appoint a general manager at Nepse on August 1, after former general manager Thapaliya completed his four-year tenure on July 7.
Likewise, the Finance Ministry has finalised three candidates for the post of chief executive officer (CEO) of the Deposit and Credit Guarantee Corporation (DCGC). The selection committee led by Revenue Secretary Shishir Kumar Dhungana finalised three candidates today for the post after taking their interviews and examining their business plans.
The ministry has finalized former chief executive officer of Nepal Community Development Bank Ghamansingh Khadka, acting chief executive officer at DCGC Bishnubabu Mishra and a banker Binod Bahadur Karki as top three candidates for the chief executive of the Corporation.
The Cabinet will appoint one of them as the CEO of the Corporation for four years.
As a deposit insurer, DCGC started deposit guarantee scheme from 2010. It is a system that protects depositors against loss of their deposits placed with banks and financial institutions (BFIs) in case of BFIs’ failure.

SDF meeting concludes

SAARC member states – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka – met in Thimphu of Bhutan on October 4-6 for the counterpart agencies meeting of SAARC Development Fund (SDF).
The meeting reviewed the status of ongoing SDF-funded Social Window projects in the SAARC member states, challenges faced by SDF in implementation of projects in the member states, importance and role of the counterpart agencies of SDF and other important matters pertaining to SDF, read a press release issued by the Thimpu-base SDF.
Counterpart agencies are the focal points nominated by the finance ministries in order to coordinate and facilitate on behalf of SDF in the respective member states.
"Counterpart agencies have a very vital role in effective implementation of projects in the SAARC member states as they act as coordinator or facilitator on behalf of SDF as and when requested by SDF," said chief executive of SDF Sunil Motiwal during the meeting. "Their role as counterpart agencies will certainly benefit SDF even more in times to come," he said, adding that SDF, along with its counterpart agencies, is fully committed to bring synergies in the member states through project funding.
SDF is the umbrella financial institution for projects and programmes implemented in the SAARC member states. Its focus is to strengthen regional integration in the SAARC region through project funding and collaboration.

Nepse up by 6.89 points as market reopens

The stock market increased as the market reopens after the festival holiday.
The Nepal Stock Exchange (Nepse) index rose by 6.89 points today, the first day of trading after a week-long Dashain holiday. Rise in demand for shares after festival has pushed thr share marke index to rise slowly. Nepse opened at 1,556.35 points and closed at 1563.24 points today.
Despite the rise in Nepse, the secondary market witnessed a low transaction volume. According to Nepse, the value of share transactions totalled Rs 140 million with 269,776 shares changing hands. The figure is almost one-fifth of the usual daily turnover of Rs 700-800 million seen before the Dashain festival.
Almost all the groups posted gains in their indices today. The hydropower group made the highest gain of 63.84 points to close at 1,858.38 points. It was followed by hotels, insurance companies, commercial banks and trading. 

ADB approves over $210 million in LEAP Financing

The Asian Development Bank (ADB) has approved two projects worth over $210 million in debt financing from the Leading Asia’s Private Infrastructure Fund (LEAP) in its first year of operation. ADB expects these initial projects will generate about $1.4 billion in total financing, including $264.5 million from ADB’s own capital and an additional $890 million from cofinancing partners.
ADB is also actively processing over $500 million of LEAP debt and equity transactions for private infrastructure throughout the region. This includes potential projects in India, Indonesia, Myanmar, Pakistan, the Philippines, and Thailand.
LEAP is one of ADB’s cofinancing vehicles dedicated to private sector infrastructure in Asia and the Pacific. The Japan International Cooperation Agency (JICA) supports the fund, launched in August 2016, through a $1.5 billion equity commitment. Combined with ADB’s own capital and that of commercial partners, the fund is expected to provide financing of at least $6 billion and enables ADB to boost support for quality and sustainable infrastructure.
“We are very pleased with the initial progress of the fund, which has made a tangible impact on private infrastructure delivery in the region within the first 12 months,” said senior vice president of JICA Yasushi Kanzaki.
Over the past year, LEAP financing for two transactions has been approved, with the projects now in their construction phase. "LEAP is amplifying the impact we can have on our developing member countries,” said ADB vice president for Private Sector and Cofinancing Operations Diwakar Gupta. “The initial renewable energy projects are helping the region in its transition to a low-carbon economy.”
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members, 48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.

EU releases €800 000 to support victims of floods in Nepal

The European Union (EU) is providing €800 000 (Rs 98.5 million) in emergency relief funding to assist the most affected populations, in response to the widespread floods that have swept across large parts of Nepal in recent weeks. This allocation is part of a larger regional allocation of €2 million in response to floods in South Asia.
"The countries in South Asia are facing some of their worst floods in decades, which are resulting in a large-scale humanitarian situation affecting millions. It is especially in these hard times that EU solidarity makes a difference: our support will reach those most in need and help them recover from the devastating losses they have suffered," saidCommissioner for Humanitarian Aid and Crisis Management Christos Stylianides.
EU support will provide life-saving assistance, prioritising shelter, food assistance, water and sanitation, health and protection to those affected by the floods, while restoring the safety and dignity of the most vulnerable populations. The funding will be channelled through the European Commission’s European Civil Protection and Humanitarian Aid Operations department (ECHO).
Nepal is witnessing its worst flooding in 15 years, which is affecting almost two million people. Some 160 people lost their lives, 20 900 families are still temporarily displaced and at least 235 000houses have been damaged or completely destroyed. Because of the massive loss of livestock, people are now dependent on food distributions; however, so far these have not been sufficient to meet the basic needs of the most vulnerable population.
Since 2001, the European Union has invested over €24 million to fund Disaster Risk Reduction and preparedness programmes in Nepal, supporting - among others - initiatives such as the building of flood-resistant infrastructures and the reinforcement of Early Warning Systems.

2019 DV Programme opens

The application period for the 2019 Diversity Visa (DV) programme opens on October 3 (9:45 pm nepal time) and closes on November 7 (10:45 pm Nepal time).
The American Embassy in Kathmandu has said that there is no fee to enter the DV lottery.
Likewise, the Embassy has also recommended against using a consultant to assist with application. "One can consider using a family member, friend or other trusted person, if one need assistance," it said, adding that no matter, who provides assistance, one is solely responsible for one's own application.
One has to apply online as entries for the 2019 Diversity Visa lottery must use the electronic Diversity Visa entry form (E-DV) during the registration period.
"When registering, one must list one's spouse and all of unmarried children under the age of 21 at the time of application," it said, suggesting that submissions without the inclusion of family members will make entry invalid. "A person can submit one application only."
Likewise, one has to submit a recent photo and the entries submitted with the same photo from the last DV year will be disqualified.
After submitting, the DV form, one has to print and save confirmation number as this number is the only way to check status on or after May 1, 2018 to check the result.
The Embassy has also reminded that even one is selected as a DV winner, it does not guarantee that one will receive a visa.

NEA terminates Dhalkebar contract

Nepal Electricity Authority (NEA) has terminated the contract of Dhalkebar substation as the Chinese contractor had intentionally delayed the works of the project.
The project is critical for Nepal-India electricity trade, and the termination of contract could lead to load shedding. But the Central China Power Grid International Economic and Trade – the contractor of the substation – had delayed the works since long putting forward various demands, which are not related with the contract. The contractor had asked NEA to remove the component of Inaruwa and Hetauda substations from the project or provide actual additional cost that accrue while implementing the project.
According to the contract between NEA and China Power Grid International Economic and Trade – in June 2014 – the substation was supposed to have been completed by September 2015. But the deadline was continuously pushed back as the contractor had sought additional incentives to complete the project on time.
Nepal plans to raise import of electricity via Muzaffarpur-Dhalkebar cross-border electricity transmission line. The country will be able to import an additional 100 megawatts (MW) of electricity on top of the existing 145 MW from India after the Dhalkebar substation – Rs 1.42 billion project under loan assistance of the World Bank – has been charged at 220 kV, which is critical to end load-shedding.
"The contractor has hardly worked for seven months though the construction work had started one-and-a-half years ago,” said project manager of Dhalkebar substation Radhesharan Mahato. "Some 85 per cent works of the project have been completed."
The NEA has already seized the bank guarantee of the contractor. However, the power utility has yet to select the next best option to expedite the project. After termination of the contract, NEA has a few options, like it can call for request for proposal (RfP) from the shortlisted companies, open a rebidding process or hand over a direct contract for remaining works to one of the earlier shortlisted companies.
Nepal-India energy secretary level talks held in February had also taken into account that the project will be completed by August this year.
The contractors normally generate profit from the delivery of equipment despite low bidding for the field level works and they seem reluctant to complete the project works on time. The NEA has also proposed to release 50 per cent of the payment for equipment only after the completion of works to make the contractor liable to complete the project works within the desired time.
Especially for projects funded by the World Bank, the executing agency has to release the payment for equipment to the contractor, after it submits the shipment order of the equipment.

India removes GST on supply of services for transit cargo

India has removed the goods and services tax on services provided by Indian service providers for transit cargo like transportation, insurance, shipment, container freight station and cargo handling charges.
Indian Finance Ministry – issuing a notification – informed about the GST waiver considering these services provided by the Indian service providers as ‘service export’.
Joint secretary at the Commerce Ministry Rabi Shanker Sainju confirmed that India has waived the GST on supply of services associated with transit cargo to Nepal and Bhutan – landlocked countries – through a recently published Gazette notice.
The new provision introduced by government of India had come into force from September 29. "Nepali traders making payments in Indian currency to procure aforesaid services will not have to pay GST now," he said, adding that Indian government had earlier levied GST since July 1.
Since the Indian government introduced the GST, services like transportation, cargo handling and container freight station had became costlier as the GST rule recognised and exempted GST only, if the service procurer made payment in convertible foreign currency. Though GST is not applicable on export of goods and services, it recognised service export only if the Indian supplier received payment in convertible foreign currency.
Nepal had requested the Indian government for GST waiver citing that services procured by Nepali traders in India should be taken as service export. Likewise, Nepali private sector – during the Prime Minister Sher Bahadur Deuba's India visit – had also requested the Indian authorities to waive the GST on Indian service providers for transit cargo like transportation, insurance, shipment, container freight station and cargo handling charges as it is against the Nepal-India Bilateral Trade and Transit Agreement. The Indian government officials, especially then Commerce Minister Nirmala Sitharaman – currently Defence Minister – had with Nepali private sector vowed to waive GST, if it is against the bilateral agreement.
The central bank encourages traders to make payments in Indian currency for transactions in India to prevent chances of embezzlement of convertible foreign currency like US dollar by Nepali traders.
Nepal has requested GST waiver for all services procured by Nepalis in India, like software, business process outsourcing, knowledge process outsourcing and other technical services as well, according to Sainju. "However, India has amended GST rules only for services related to transit cargo that includes road and rail transportation, shipping line charges, cargo handling charges."