Author: space4knews

June 22, Kathmandu – The government has instructed industrialists and businesspeople to promptly lower market prices. Industry, Commerce and Supplies Minister Gaurikumar Yadav convened representatives from various private sector umbrella organizations and directed them to reduce prices without delay. During the meeting at the ministry, Minister Yadav emphasized that since global oil prices have declined, market prices in Nepal should be adjusted accordingly.

The meeting included chairpersons and representatives from the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Industrial Association, Nepal Chamber of Commerce, Fruit and Vegetable Business Association, and the Rice, Lentils, and Oil Traders Association. During discussions, business representatives voiced their professional challenges and complaints to the minister. After hearing their concerns, Minister Yadav highlighted that uncontrolled market prices are causing severe hardships for ordinary citizens and urged that prices must be lowered immediately without any excuses.

She called for streamlining the sale and distribution of essential daily commodities such as salt, oil, rice, and fresh vegetables, asking stakeholders to examine the real market conditions and reduce prices promptly. Minister Yadav stressed that with the government’s and Prime Minister Balendra Shah’s interest in the matter, the ministry must work diligently to make the market as consumer-friendly as possible. Responding to the minister’s directive and the current market situation, private sector representatives present at the meeting expressed positive feedback, according to the ministry.

The ministry stated that industrialists and businesspeople have pledged to fully cooperate with the government to reduce market prices to provide relief to general consumers and take necessary measures to that effect.

June 6, Kathmandu – Extreme Energy Drinks, a popular brand produced by Agro Thai Foods Pvt. Ltd., has signed title sponsorship agreements with six franchise teams in the third edition of the Nepal Premier League (NPL) cricket tournament. Out of the eight franchise teams, Extreme has partnered as the title sponsor with six, marking what the company describes as one of the largest private-sector collaborations in Nepal’s sports business history.

Extreme Energy Drinks has formalized title sponsorship deals with Kathmandu Gorkha, Chitwan Rhinos, Janakpur Bolts, Karnali Yaks, Pokhara Avengers, and Lumbini Lions. The agreements were signed during a special event on Monday, with representatives from the six teams and Sonia Rana, Business Head of Agro Thai Foods Pvt. Ltd., endorsing the contracts. Per the agreement, Extreme Energy Drinks will remain the principal sponsor of these teams for the next three years, and its logo will prominently feature on the front of the teams’ playing jerseys.

According to the company, this partnership will further strengthen the brand’s presence among audiences through NPL, the largest franchise cricket competition in Nepal, and will contribute significantly to the professional development of cricket in the country. During the event, the chief guest, Chatur Bahadur Chand, President of the Cricket Association of Nepal (CAN), described the collaboration between Extreme Energy Drinks and the NPL franchises as an important initiative for sustainable growth of Nepali cricket, enhancing players’ futures and reinforcing the overall cricket infrastructure.

Addressing the program, Krishna Dahal, National Sales Manager of Agro Thai Foods Pvt. Ltd., expressed pride in partnering simultaneously as the title sponsor with six teams in Nepal’s biggest and most prestigious cricket tournament. He emphasized that the collaboration extends beyond brand promotion to supporting the long-term development of Nepali cricket. Extreme Energy Drinks has been consistently investing in the Nepalese sports sector over the past few years.

June 6, Kathmandu – Finance Minister Dr. Swarnim Wagle has appointed new Director Generals for two key departments under the Ministry of Finance. Yam Lal Bhusal has been appointed as the Director General of the Customs Department. The position became vacant after the previous head, Shyam Prasad Bhandari, was transferred to the ministry headquarters. The ministry also transferred Bharat Mani Pandey out of the Ministry of Finance.

Similarly, Dr. Bhishma Kumar Bhusal has been appointed as the Director General of the Internal Revenue Department. Although, upon Dr. Wagle’s appointment as minister, the then Director General Madan Dahal was transferred, the position had not been permanently filled, with the department being managed under acting Director General Ramesh Aryal even during critical budget formulation periods. Following Bhusal’s appointment, Aryal was transferred out of the Ministry of Finance. Additionally, Prem Prasad Acharya has been transferred as Deputy Director General of the Customs Department. Both Bhusals assumed their new responsibilities after being transferred from the Prime Minister and Council of Ministers’ Office to the Ministry of Finance.

June 22, Kathmandu – The process of sending skilled workers (E-7 visa) to South Korea through manpower agencies has been resumed. This procedure, which was previously suspended following directives from the Commission for the Investigation of Abuse of Authority, has been reinstated by the Ministry of Youth, Labour and Employment after an interim order from the Patan High Court. The Ministry of Labour has written to the Ministry of Foreign Affairs requesting facilitation in the certification of documents and other necessary procedures for Nepali skilled workers destined for South Korea under the E-7 visa category.

The ministry has confirmed that a ministerial-level decision was taken to advance the necessary processes. The letter states that the matter, which previously required instructions from the ministry, is now being handled based on diplomatic notes received from the Embassy of the Republic of Korea in Nepal and various orders issued by the Patan High Court at different times. With this, the formal channel to send skilled workers to South Korea through manpower companies under the Foreign Employment Act, 2064 (2008) and related laws is now open. The Ministry of Labour has also requested the Ministry of Foreign Affairs to ensure the Seoul-based Nepali Embassy completes document certification and related tasks. Copies of this letter have been sent to the Department of Foreign Employment and the Nepali Embassy in Seoul.

Impact on the EPS System? Since 2007, under a government-to-government agreement between Nepal and South Korea, Nepali workers have gone to South Korea’s production, agriculture, construction, and fisheries sectors on E-9 visas through the Employment Permit System (EPS). With the resumption of the E-7 visa system, some stakeholders have expressed concerns that this may weaken the EPS system. However, representatives from the Ministry of Labour and manpower agencies argue that both systems are distinct and will not affect each other.

Dikbahadur Khatri, President of the Nepal Foreign Employment Entrepreneurs’ Association, explained that the E-9 and E-7 visas serve different purposes: “The E-9 visa is for semi-skilled workers, whereas the E-7 visa is for fully skilled workers. Due to differences in demand, selection procedures, and the nature of employment, this will not impact the EPS system.” According to him, under the E-7 category, Nepali manpower companies will obtain demand letters from South Korean employers and send skilled workers based on those.

Labour Ministry spokesperson Pitambar Ghimire also noted that the South Korean government has clearly stated that the E-7 system will not affect the EPS system. He added that Nepal initially proposed sending skilled workers through a government-to-government (G-to-G) modality but South Korea insisted on a business-to-business (B-to-B) system for the dispatch of skilled workers. “E-7 workers are skilled workers, while E-9 workers are semi-skilled workers who have passed language proficiency tests. Therefore, these are two separate systems,” explained Ghimire. He further mentioned that if any impact is observed in the future, the matter can be reviewed accordingly.

June 22, Kathmandu – During the visit of Asian Development Bank (ADB) President Masato Kanda to Nepal, a loan agreement amounting to NPR 2.5 billion was signed. Nepal has agreed to obtain a concessional loan of USD 16.5 million (equivalent to NPR 2.5 billion) from ADB. The agreement was finalized on Monday in the presence of Finance Minister Dr. Swarnim Wagle and Masato Kanda to fund two national projects. Finance Secretary Dr. Ghanshyam Upadhyay and ADB’s Resident Representative in Nepal, Anoo Kushwaha, signed the agreement.

Nepal plans to invest this loan in the Integrated Drinking Water and Sewerage Management Project and the South Asia Subregional Economic Cooperation (SASEC) Supply Chain Management Improvement Program (Subprogram 2). According to Amrit Lamsal, Undersecretary and spokesperson of the Ministry of Finance, USD 11.5 million has been allocated for the sewerage management-related project, and USD 5 million for the supply chain management improvement project. These funds will be used to develop integrated infrastructure for drinking water and sewerage management at the local level. Furthermore, the loan will support modernizing customs procedures and logistics services under this second loan agreement.

During the program, Finance Minister Dr. Swarnim Wagle highly appreciated the assistance from ADB towards Nepal’s development and expressed confidence that the partnership would strengthen further in the future. ADB President Masato Kanda reaffirmed the bank’s commitment to continue and enhance its six-decade-long cooperation with Nepal. He assured sustained support to help Nepal confront existing external and internal challenges, aligning ADB’s priorities with Nepal’s development goals.

Senior officials from the Government of Nepal and the Asian Development Bank were present at the event. Regarding the two projects funded by the loan, under ADB’s financial support, the government plans to modernize customs administration with the aim of promoting trade and creating employment by borrowing USD 5 million. This project seeks to upgrade customs systems through technology, risk-based inspections, and simplified procedures. According to ADB, the loan will also strengthen the supply chain sector by improving quality infrastructure, regulatory frameworks, and coordination systems. These improvements aim to reduce trade costs, make cross-border trade more predictable, and enhance supply chain management capacity. Additionally, the project targets efficient cargo movement and contributions to regional value chains.

On the other hand, the second project focuses on drinking water infrastructure in small and medium-sized towns, benefiting approximately 850,000 people across 13 districts, as noted by ADB.

June 22, Kathmandu – The real estate market showed improvement in the third quarter of the current fiscal year. Compared to the same period last fiscal year, the transaction value nearly doubled. According to the central bank, property sales amounted to NPR 183.9 billion in the third quarter of the current fiscal year. In the third quarter of fiscal year 2081/82, the transaction value was NPR 100 billion. The number of real estate transactions increased by 6.42 percent compared to the same period last year, whereas during the previous fiscal year, the number of transactions had decreased by 4.52 percent in that period.

The number of registered property transactions rose by 0.62 percent in the current year’s third quarter, while in the same period last year such transactions had declined by 6.71 percent. The central bank also reported that the number of registered property relinquishment transactions increased by 12.17 percent this quarter, compared to a 3.26 percent decrease during the corresponding quarter last fiscal year. Total transacted land area expanded by 1.60 percent, whereas last year it had contracted by 10.84 percent during the same period.

From mid-January to mid-April, revenue collected from real estate transactions grew by 23.72 percent, compared with a 13.47 percent increase in revenue during the same period last year. Capital gains tax collected from real estate transactions rose by 31.42 percent in the current quarter, up from an 18.31 percent increase in the previous year. Bank loans disbursed for real estate during this period increased by 5.55 percent, compared to a 7.52 percent growth last year.

Among provinces, Bagmati Province recorded the largest increase in property relinquishment transaction numbers, up by 33.01 percent, while Madhesh Province saw a decline of 4.79 percent. Other provinces experienced growth in transaction counts. Gandaki Province had the highest increase in total transacted land area at 24.84 percent, whereas Madhesh Province’s transacted area fell by 9.33 percent. In the third quarter, all seven provinces saw an increase in total real estate transaction value compared to the same period in the previous fiscal year, with Bagmati Province showing the biggest rise at 131.52 percent and Madhesh Province the smallest at 22.67 percent.