Kathmandu: Karan Pariyar from Bardiya has won the fifth edition of the 'Nepal Idol', a singing competition. He became the winner based on the votes received from the audience, after defeating Mohit Bhujel, Salomi Gurung and Sachin Bishwakarma in the finals held on Saturday evening. Winner Pariyar received a cash prize of Rs.2.5 million while Salomi Gurung of Pokhara came second to win a cash prize of Rs 1 million, Sachin Bishwakarma of Darjeeling came third and received Rs 500,000. Likewise, Mohit Bhujel of Darjeeling won the fourth place and received a scooter as the prize. The judges for the fifth edition of 'Nepal Idol' were Nhu Bajracharya, Kaliprasad Baskota and Indira Joshi. Source: National News Agency RSS
Man drowns while fishing, six others injured
A man who went fishing in the river near Kushe Rural Municipality-1 Tarechaur has died while six others have been injured. Indra Bahadur Rokaya of Kushe Rural Municipality-9 died when he was swept away by flash floods while fishing in the river on Saturday night, said the Vice Chair of Kushe Rural Municipality Devika Singh. The deceased Rokaya was a teacher of Malatakura Secondary School in the same municipality. Likewise, Rajendra Bahadur Shahi, Khim Bahadur Shahi, Prithvi Bahadur Shahi, Jeevan Jaisi, Govinda Rawat of Kushe-1 and Dipendra Bahadur Shahi of Kushe-4 were injured in the incident. Source: National News Agency RSS
Emphasis on political stability for attracting FDI
Kathmandu: The public relations committee of the Nepali Congress in the UK has expressed concern over the lack of political stability in Nepal, which has discouraged foreign investment to Nepal from the UK. In an event organized in London on Saturday, the chairperson of the committee, Mahesh Dahal, said that although British entrepreneurs and businesspersons are willing to invest in Nepal frequent policy changes is an obstacle towards that end. He said that not only non-resident Nepalis but foreign investors were also urged to invest in Nepal but they are afraid due to Nepal's political instability. He emphasized that political parties should be serious for political stability. On the occasion, President of Nepal Press Union Shiva Lamsal said that he will inform the Congress leadership about the problems facing the committee. President of Press Union UK Bipin Niraula, political analyst RK Tripathi (Rajkumar) and others were present on the occasion. Source: National News Agency RSS
Nepal’s labour should be utilized within the country: Chief Minister Mahara
Chief Minister of Lumbini Province Jokha Bahadur Mahara has said that the Nepali labour should be stopped from going abroad. All political parties should hold discussions to ensure the use of qualified labour force produced by Nepal within the country. He said that the government of Lumbini province has started to create an environment where the Nepali labourers can be consumed by using technology in the fields of tourism, environment, agriculture, water resources etc. Inaugurating a program related on IT and artificial intelligence held at Ghorahi in Dang today, he suggested that everyone should emphasize on the use of technology for good deeds and human Lumbini Technical University Registrar Rekh Bhandari, Local Development Training Institute former Executive Director Dr Shailendra Giri, Nepal Television Deputy General Manager Engineer Chintamani Baral and Nepal Telecom Engineer Rabiraj Yadav are providing training on the use and benefits of digital technology related to artificial intelligence. Sour ce: National News Agency RSS
CPD for structured energy budget to ensure sustainability
The Centre for Policy Dialogue (CPD) today laid emphasis on structured budget for power and energy sector to ensure energy sustainability in the country. The think-tank also observed that without proper planning, allocation, implementation and monitoring, both energy sustainability and energy transition will not be achieved. The observations were made at an event at the BRAC Centre Inn in the city. A K Azad, Member of Parliament, attended the event as the special guest while Mohammad Hossain, Director General of Power Cell under Power Division was present as guest of honour. Dr M Tamim, Professor of the Petroleum and Mineral Resources Engineering of BUET and Former Special Assistant to the Chief Advisor of last caretaker government; Mohammad Alauddin, Rector of the Bangladesh Power Management Institute; Professor Dr M Shamsul Alam, Energy Advisor of the Consumers Association of Bangladesh (CAB); Professor Badrul Imam, Honorary Professor of the Department of Geology of the University of Dhaka and Hasan Me hedi, Chief Executive of the CLEAN (Coastal Livelihood and Environmental Action Network), attended as distinguished discussants. Dr Fahmida Khatun, Executive Director, CPD, presided over the session. Dr Khondaker Golam Moazzem, Research Director of CPD, delivered a keynote presentation styled "Power and Energy Sector in the National Budget FY2025: Can the Proposed Measures Address the Challenges?" at the event. In his speech, Khondaker Golam Moazzem said the budget for the power and energy sector needs to be structured from energy sustainability and energy transition point of view. In the budget for the fiscal 2024-25, he said, some important issues that required very distinctive fiscal measures are not being addressed. These include fossil fuel phase-out, the retirement of rental quick rental power plants, ending capacity payments, and incentivising renewable energy through fiscal measures, he added. He mentioned that more budgetary allocation needs to be ensured for speedy expansion of the renewable e nergy. Renewable energy-friendly fiscal and budgetary incentives should be proposed and recommended, he added. Golam Moazzem said a special allocation of Tk 100 crore has been proposed by the finance minister to encourage the development and use of renewable energy. Though the amount is small, he said, the initiative is appreciated since it will accelerate the breaking of carbon lock-in in the country. He informed that prioritising the distribution and transmission network of the drilled gas is appreciated. In Bangladesh, he said, the power and energy sector is passing a challenging period which needs proper fiscal, budgetary and policy planning with regard to generation, transmission and distribution of electricity and generation, transmission of domestic gas. He called for stopping funding for any new fossil fuel-based power generation. He recommended reducing load-shedding and enhancing allocation for drilling more gas wells. Source: Bangladesh Sangbad Sangstha
Philippe Varin elected as chair of ICC
International industry leader Philippe Varin has been elected chair of the International Chamber of Commerce (ICC) - the voice of world business, representing over 45 million businesses. Varin succeeds Maria Fernanda Garza - who becomes ICC's Honorary Chair - following a unanimous vote of the organisation's over 90 national committees at its Global Headquarters in Paris, said a press release here today. Varin is an operating partner of the GVP Climate Investment Fund and Chair of the C'Possible partnership to enhance vocational education opportunities in France. He served as Group Executive Vice President for Aluminum at Pechiney before becoming CEO of Corus in 2003, overseeing its acquisition by Tata in 2007. He also chaired PSA Peugeot Citroen from 2009 to 2014 and subsequently, Areva and Orano until 2020. Upon his election Varin said: "I am deeply conscious that the founding mission of the International Chamber of Commerce - to promote peace and prosperity through global trade - is of immense strateg ic importance and a challenge in a world that is increasingly characterised by conflicts and intense geo-economic competition." Varin has set out a five pillar strategy for his two-year tenure as ICC Chair, encompassing: international trade, the rule of law, climate action, trade digitalisation and multilateral cooperation. ICC World Council also elected three prominent business leaders in its Chairmanship: Harsh Pati Singhania (First-Vice Chair) from India, Shinta Kamdani (Vice Chair) from Indonesia and Patrick Obath from Kenya (Vice Chair). Source: Bangladesh Sangbad Sangstha
Stocks flat as large-cap issues tumble
Stock markets today finished the session of the week flat as the major indices of the both Dhaka and Chittagong stock exchanges showed no significant rise amid lower activities of large-cap securities. The benchmark index of the Dhaka bourse closed the day with 3 points up at 5,247.14. The Shariah DSES and the blue-chip DS30 also followed the same trend with 0.59 point up at 1,146.65 and with 2.03 points up at 1,877.50. The losers took a strong lead over the gainers as out of 398 issues traded, 232 closed lower, 111 advanced and 55 issues remained unchanged on the DSE floor. The major gaining issues were SALVOCHEM, PAPERPROC, MONOSPOOL, SONALIANSH and BSRMSTEEL. The major losing companies were NORTHERN, LEGACYFOOT, STYLECRAFT, CRYSTALINS and JIMSMDL. The Chittagong Stock Exchange (CSE) closed the day of the week with upward trend with its major CASPI 34.90 points up at 14,821.72. At CSE, 203 issues were traded. Of those, 75 closed higher and 95 closed lower when 22.40 lakh shares worth Taka 10.98 crore changed hands. Source: Bangladesh Sangbad Sangstha
Govt asks Matiur not to join Sonali Bank’s board meeting
The government has instructed Matiur Rahman, who has come into spotlight after a controversy over his wealth, not to attend the board meetings of Sonali Bank PLC. Talking to reporters after a meeting, Sonali Bank Chairman Ziaul Hasan Siddiqui said the government has decided that Matiur will not attend the board meetings of Sonali Bank in future. "We informed our board members about the government decision," he added. He said it is not the responsibility of the board to appoint or remove Matiur Rahman because he is a representative of the government to the Sonali Bank board. The government appointed Matiur as a director of Sonali Bank in February 2022 for three years. Source: Bangladesh Sangbad Sangstha
Matiur Rahman removed from NBR
President of the National Board of Revenue's (NBR) Customs, Excise and VAT Appellate Tribunal Md Matiur Rahman has been transferred to the Internal Resources Division (IRD) of the Finance Ministry. The government today issued a circular directing his immediate transfer, said a press release. However, the circular did not mention why this action was taken. It has been said, "This order issued in public interest will be effective immediately." Source: Bangladesh Sangbad Sangstha
Gold price plunges by 2,700 rupees
Kathmandu: The price of gold and silver has decreased in the domestic market today. According to the Federation of Nepal Gold and Silver Dealers' Associations, the price of hallmark gold has gone down by Rs 2,700 per tola (11.66 grams) on Sunday. The gold was traded 1, 44,700 per tola on Friday. Fine gold is being traded at Rs 142, 000 per tola today. Worked gold which was sold at Rs 144,000 per tola Friday is being traded at Rs 141,300 per tola today. Meanwhile, the price of silver has also declined by Rs 50 per tola. Silver is being traded at Rs 1,815 per tola today. It was sold at Rs 1,865 per tola on Friday. Source: National News Agency RSS
Three-member Committee formed to address demands of Federal Parliament staff
Kathmandu: A three-member Committee coordinated by Minister for Law, Justice and Parliamentary Affairs, Padam Giri, has been formed to respond to demands of the employees of the Federal Parliament Secretariat. A meeting took place today at the initiation of Prime Minister Pushpa Kamal Dahal 'Prachanda' at the PM's official residence in Baluwatar ended with this decision. Federal Parliament Secretary-General Padma Prasad Pandey and Finance Secretary Madhu Kumar Marasini have been nominated members on the Committee. Present in the meeting were Speaker Devraj Ghimire, National Assembly (NA) Chairperson Narayan Prasad Dahal, former Prime Minister and CPN (UML) Chair KP Sharma Oli, Finance Minister Barsha Man Pun, and Minister Giri. Chief Secretary Dr Baikuntha Aryal and Federal Parliament Secretary-General Pandey also attended the meeting. According to the Speaker's press advisor Shekhar Adhikari, the Speaker has been busy in formal and unofficial meetings with bodies concerned regarding the concerns of the F ederal Parliament employees. Source: National News Agency RSS
Bahrabise substation construction completed
Kathmandu: The construction of Bahrabise substation, which is considered important for connecting Sindhupalchok and surrounding districts to the national power grid, has been completed. There are 160 MVA, 132/11 kV and 5 MVA power transformers in the substation with a total capacity of 220/132 kV. Testing of all equipment of the substation based on Gas Insulated System (GIS) technology has been completed. Another substation of 400 kV is also under construction at Bahrabise, it is said. Under the leadership of Chilime Hydropower Company, a subsidiary of Nepal Electricity Authority (NEA), the power of the 120 megawatt Mid-Bhotekosi hydropower project built in Sindhupalchowk will be connected to this substation. According to NEA, the Bahrabise substation will be charged using the same electricity after the production of electricity from the Mid-Bhotekosi hydropower project. During the testing of structures and equipment to start electricity generation from the project, the tunnel is currently being repaired a fter water leaked from it. NEA Executive Director Kulman Ghising said that the tunnel repair is being done with the aim of completing it by the second week of August. A high-level delegation including Ghising on Saturday monitored the repair work of the substation, transmission line and tunnel at Madhyabhotekosi and asked the project management and contractor company to complete the entire work before the stipulated time. In course of the inspection, Executive Director Ghising mentioned that since the construction of Bahrabise substation, there is no problem for the electricity generated from the Mid-Bhotekosi to connect to the national grid. The power generated from the Mid-Bhotekosi Project would be connected to the Bahrabise substation via the 220 kV transmission line. The NEA Executive Director Ghising said the Project has already constructed the tower for the around four-kilometre 220 kV single circuit transmission line from the switch yard of the powerhouse up to the Bahrabise substation. Cable has been stretched on around two kilometres of the transmission line. According to Ghising, the Project has not been able to fix the cable on the remaining two kilometres due to the protest by the locals of Palanti at Ward Nos 3 and 4 of Bahrabise municipality. Source: National News Agency RSS