Khabarhub brings you a glimpse of major developments of the day in Nepal, including politics, business/economy, sports, entertainment, and more.
Karnali Chief Minister Kandel summons an all-party meeting
Chief Minister Yamlal Kandel of Karnali Province has taken a proactive step by convening an all-party meeting scheduled for May 17. The objective behind this initiative is to foster a unified approach among the political parties represented in the Provincial Assembly towards the overarching goal of Karnali’s development and prosperity. Highlighting the significance of collective efforts, Chief Minister Kandel emphasized, “Prosperity and development are shared concerns that transcend party lines.” The meeting aims to facilitate a convergence of viewpoints among the Nepali Congress, Maoist Center, CPN-UML, Unified Socialist, and Rastriya Prajatantra Party, all of whom hold representation in the Karnali Provincial Assembly.
Youth murdered in Kathmandu’s Battisputali; four arrested
A twenty-four-year-old youth, Shambhu Dhimal of Morang, has been killed in Kathmandu’s Battisputali. According to SSP Basanta Rajoure of the District Police Complex Kathmandu, Dhimal’s body was discovered on a road in Battisputali. “We have taken four individuals into custody for further investigation,” stated SSP Rajaure. A press conference will be held today to divulge more details regarding this unfortunate event, police said. The names of the arrested individuals have not been disclosed. Police said that the motive behind the murder remains undisclosed. Initial findings suggest a possible altercation as the cause of this tragedy, according to the police. However, a thorough investigation is underway, police said. After being found on the road, Dhimal was transported to KMC Hospital in Sinamangal by the police.
105 crocodiles released into Rapti river
A total of 105 crocodiles of the Gharial species have been released into the Rapti river. The crocodiles were raised at the crocodile breeding center of Chitwan National Park (CNP). Crocodiles are raised in the breeding center with the aim of helping in the conservation of Gharial crocodiles, since the rate of survival and growth in the natural habitat is low, said information officer of the park, Ganesh Prasad Tiwari. Established in the year 2035 BS, the Gharial Crocodile Breeding Center has so far released 1,957 crocodiles in different rivers of the country. So far, 1,222 crocodiles were released in the Rapti River, 419 in Narayani River, 110 in Babai, 115 in Saptakoshi, 35 in Kaligandaki, 41 in Karnali, 10 in West Rapti River of Banke National Park, and 25 in Chaudhar river of Shuklaphanta National Park.
Gold price increases by Rs 500 per tola today
Gold price increased by Rs 500 per tola in the domestic market today. As reported by the Nepal Gold and Silver Dealers’ Association, the price of fine gold has been fixed at Rs 138,400 per tola, while standard gold is currently traded at Rs 137,750 per tola. The price of fine gold was Rs 135,600 per tola, while standard gold was traded at Rs 134,950 per tola on Friday.
PM Dahal flexible to forming parliamentary probe committee, claims NC leader Lekhak
Following a meeting at the Prime Minister’s official residence in Baluwatar, Prime Minister Pushpa Kamal Dahal Prachanda has reportedly expressed openness to establishing a parliamentary committee to probe the cooperative case involving Home Minister Rabi Lamichhane. Chief Whip of Nepali Congress, Ramesh Lekhak, conveyed the party’s demand for an inquiry into Lamichhane’s involvement in the cooperative case. Prime Minister Dahal responded positively to the proposal, indicating willingness to address the matter, according to Lekhak. “We have emphasized the necessity of a parliamentary inquiry committee concerning cooperatives. Our dialogue with the Prime Minister centered on this issue, and he has shown receptivity,” stated Lekhak. “This is a positive development. We have presented our stance, and the Prime Minister has responded affirmatively,” he added.
Resignation of President’s economic expert Chiranjibi Nepal accepted
President Ram Chandra Paudel’s economic expert, Chiranjibi Nepal, has tendered his resignation. The President’s Office issued a statement on Sunday, confirming the acceptance of Nepal’s resignation. Chiranjibi Nepal had voiced dissatisfaction with the government’s decision to feature the ‘chukche’ map (new map of Nepal) on the Rs 100 note. Following the controversy surrounding his remarks, President Poudel interrogated Nepal, ultimately leading to his resignation.
Kathmandu Mayor Balen calls for action against UML Chair Oli in Tea Estate Case
Mayor Balen Shah of Kathmandu Metropolitan City (KMC) has asserted that the government, under the leadership of KP Oli, should face prosecution in the Giribandhu Tea Estate case located in Jhapa. Balen highlighted that the Constitutional Bench of the Supreme Court overturned the decision of the then Oli-led government to exchange approximately 344 bighas of land in the Giribandhu Tea Estate case, a matter that came to light via social media platform Facebook. According to Balen, the current value of the land exceeds 10 billion rupees, underscoring the urgency for the former Oli-led government to be held accountable. He urged individuals who were denied rightful ownership of the land to pursue legal recourse, emphasizing that avenues for reclaiming the land have now been exhausted.
Remittances to Nepal total Rs. 1082.62 billion in nine months
Nepal has received Rs. 1082.62 billion in remittances over the past nine months, as per the latest report from the Nepal Rastra Bank (NRB). The Current Macroeconomic and Financial Situation of Nepal report, covering the nine-month period ending mid-April 2023/24, reveals a 19.8 percent increase in remittance inflows compared to the same period last year. This growth is slightly lower than the 24.2 percent increase observed in the previous year. In terms of US Dollars, remittance inflows amounted to $8.15 billion, marking a 17.7 percent increase during the review period, compared to a 13.9 percent increase in the previous year.
Nepal’s foreign exchange reserves surge to Rs. 1911.86 billion
Nepal’s gross foreign exchange reserves soared by 24.2 percent to reach Rs. 1911.86 billion in mid-April 2024, according to the latest data released by the Nepal Rastra Bank (NRB). This marks a significant increase from the Rs. 1539.36 billion recorded in mid-July 2023. In US dollar terms, the gross foreign exchange reserves saw a robust growth of 22.7 percent, reaching $14.36 billion in mid-April 2024, up from $11.71 billion in mid-July 2023. Of the total foreign exchange reserves, those held by the NRB surged by 25.4 percent to Rs. 1688.21 billion in mid-April 2024 from Rs. 1345.78 billion in mid-July 2023.
School bus targeted in petrol bomb attack in Chitwan
This morning, a school bus en route to pick up children was subjected to a petrol bomb attack on the Dadrahani Bridge in Bharatpur Metropolitan City-20, according to police reports. Deputy Superintendent Bhesh Raj Rijal, spokesperson for the District Police Office Chitwan, disclosed that a group of six unidentified assailants launched the attack by hurling a petrol bomb at the bus (registered as Bagamati Province 06001 Ka 0045) this morning. Before throwing the Molotov cocktail, the assailants instructed the driver and his assistant to exit the vehicle. The bus subsequently ignited and was completely engulfed in flames.
NEPSE index climbs to 2025.71, stock market capitalization reaches Rs. 3212.01 billion
The Nepal Stock Exchange (NEPSE) index surged to 2025.71 points in mid-April 2024, marking a notable increase from 1934.48 points recorded in mid-April 2023. Concurrently, the stock market capitalization reached Rs. 3212.01 billion in mid-April 2024, showing a significant rise from Rs. 2818.61 billion in the same period last year. The number of companies listed at NEPSE reached 272 by mid-April 2024, compared to 248 in mid-April 2023. Among these listings, 134 belong to Bank and Financial Institutions (BFIs) and insurance companies, 91 are hydropower companies, 22 are manufacturing and processing industries, 7 are hotels, 7 are investment companies, 4 are trading companies, and 7 fall under other categories.
Gold prices surge by 17.2%, oil prices rise by 7.6% in last one year
The international market witnessed a significant uptick in commodity prices, with the price of oil (Crude Oil Brent) increasing by 7.6 percent to $93.12 per barrel in mid-April 2024, compared to $86.51 per barrel a year earlier. Similarly, the price of gold surged by 17.2 percent to $2401.50 per ounce in mid-April 2024, up from $2048.45 per ounce a year ago, according to the Nepal Rastra Bank.
Nepal government expenditure reaches Rs. 909.39 billion in nine months
The Ministry of Finance, Financial Comptroller General Office (FCGO) reported that the Nepal Government’s total expenditure stood at Rs. 909.39 billion during the nine months of 2023/24. This marks a slight decrease of 3.6 percent compared to the growth of 18.7 percent observed in the previous fiscal year. During this period, the total revenue mobilization of the Nepal Government, including the amount to be transferred to provincial and local governments, amounted to Rs. 748.04 billion. This represents a growth of 9.4 percent, contrasting with a decrease of 13.4 percent in the same period of the last fiscal year.
Maoist Center withdraws support from Madhesh Provincial Government; Two ministers resign
The CPN (Maoist Center) has decided to withdraw its support from the Madhesh provincial government, leading to the resignation of two ministers representing the party. Ministers Bharat Kumar Sah and Yubraj Bhattarai, who were part of the provincial government, tendered their resignation to Chief Minister Saroj Kumar Yadav. Bharat Kumar Sah, who served as Minister for Forest and Environment, and Yubraj Bhattarai, Minister for Industry and Tourism, have stepped down from their respective positions.
UML withdraws support from Madhesh Provincial Govt following Maoist Center
In a rapid succession of events, following the withdrawal of support by the CPN (Maoist Center) from the Madhesh Provincial Government, the CPN-UML has also decided to withdraw its support from the provincial government. The ministers representing the CPN-UML have collectively resigned from their positions and submitted their resignations to the Chief Minister. The resignations include those of four Ministers and two State Ministers. The resigning ministers are Saroj Kumar Yadav, Raj Kumar Lekhi, Shatrudan Singh, Pramod Kumar Jayswal, Keshav Raya, and Sharada Thapa.
Inflation dips in Kathmandu Valley, holds steady in Terai, notable increase seen in Hilly region
The year-on-year consumer price inflation in various regions of Nepal showed a mixed trend with the Kathmandu Valley, Terai, Hill, and Mountain regions recording inflation rates of 4.06 percent, 4.58 percent, 5.33 percent, and 4.32 percent, respectively. This marks a significant moderation compared to the inflation rates a year ago, which stood at 8.57 percent, 7.68 percent, 7.01 percent, and 7.47 percent, respectively. The overall year-on-year consumer price inflation in Nepal moderated to 4.61 percent in mid-April 2024, down from 7.76 percent a year ago.
Court rules against Worldlink, orders payment of Rs 2 billion in royalty fees
Worldlink, a private internet service provider, has suffered a setback in cases related to its royalty obligations. The Supreme Court, on Sunday, dismissed the writ petition filed by the company in an attempt to avoid paying Rs 2 billion in royalty fees. With this ruling from the apex court, Worldlink is now obligated to pay over Rs 2 billion in royalty to the government. A joint bench comprising Judges Hari Prasad Phuyal and Nahakul Subedi rejected the company’s writ petitions filed on Mangsir 23, 2076, Asar 7, 2077, and Asar 24, 2077.
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