Kathmandu : Fonepay, Nepal’s largest payment network, today announced that Citizens Bank, a leading commercial bank of Nepal, launched Fonepay Credit Card. Fonepay has revealed that the eagerly anticipated Fonepay Credit Card is now technically and operationally ready and Citizens Bank becomes the first bank to introduce it to its customers. The Virtual Credit card scheme is expected to redefine the payment card industry and customer experience. Fonepay Credit Card is a fully functional Digital Card and customers can avail a card and transact from their mobile banking application.

Fonepay Credit Card scheme is a fully functional digital card solution which empowers card holders with unparalleled convenience, flexibility, and control over their credit card functionality. This card scheme facilitates a wide array of digital transactions across the Fonepay network where customers can make QR payments, online or ecommerce payments, and leverage advanced features like seamless EMI conversion.

The Fonepay Credit Card empowers customers by providing seamless onboarding and delivery of the card within few seconds in their mobile banking apps. Customers can benefit from new and advanced features of Fonepay card enhancing their full control over card management, limit control, statement delivery etc. setting it apart from conventional payment cards.

“We are excited to introduce the Fonepay Credit Card Scheme as the latest addition to our suite of digital payment solutions,” said Diwas Kumar, CEO of Fonepay. Our mission has always been to prioritize customers and this new product embodies that commitment. With an aim of democratizing credit, we’re ensuring that credit access is within reach of all. For merchants, this means a boost in business and a cost-effective solution. Since this is a domestic scheme, we will also be saving millions for the economy as we lead the charge towards a more inclusive and prosperous financial future for all Nepalese.”

Kumar concluded, “Fonepay extends its gratitude and congratulations to Citizens Bank for placing their trust in our solution and for being the FIRST bank in Nepal to introduce Nepal’s own Virtual Card Scheme.”

Kathmandu : A plane of Nepal Airlines Corporation (NAC) made a successful test flight at Resunga Airport at 7:39 am today.

NAC’s plane (9N-ABT) departed from Tribhuvan International Airport (TIA), Kathmandu, landed at Resunga Airport located at Simichaur of Resunga Municipality-10 in Gulmi.

The NAC made a test flight today for commercial flights as per the agreement between the NAC and municipality.
Spokesperson of the Nepal Airlines Operators Association, Yograj Kandel, said that plans are afoot for the commercial flights after today’s successful test flight. He said that the NAC will begin commercial flight after carrying out needed assessment from a technical team.

According to Kandel, the travel fare and the number of passenger in a flight would be determined after the study. “However, the plane fare could be around Rs 6,000 per person for Resunga-Kathmandu flight,” he added.
Captain Manish Bista of NAC said that regular flights would be conducted after submitting today’s flight report to the Civil Aviation Authority of Nepal (CAAN) within a week.

Construction of the airport was completed some months ago after 16 years of its commencement. Constructed with the investment of Rs 330 million, the airport’s runway is 520 metres long and 20 metres wide. Located at an elevation of 1,526 metres above the sea level, the airport is spread over 156 ropani of land.

After the successful test flight, Mayor of Resunga Municipality Khildhowj Panthi expressed his happiness stating that the dream of folks here to travel to Kathmandu by plane is being materialised soon.
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Kthmandu : The government has revoked the licenses of 33 construction companies.

The license of 33 construction companies, who had acquired the license from the Ministry of Physical Infrastructure and Transport for the purpose of public construction, has become invalid after they did not renew their license.

Issuing a notice today, the Construction Business Promotion Branch of the Ministry said the licenses of these companies were scrapped automatically as per the Clause 7 (3) of the Construction Business Act-2055 after the construction companies did not renew their licenses for fiscal year 2079/80.

The Ministry had urged contractors to renew their licenses within April 13 for the fiscal year 2079/80. The licenses were revoked after the licenses were not renewed within the deadline, according to the Ministry. RSS

Biratnagar : Finance Minister Prakash Sharan Mahat has assured that the issue of high bank interests would be addressed through an upcoming monetary policy.

In his address to a province-level interaction on formulation of budget and revenue policy for the upcoming fiscal year here today, the Minister said the interest rates would be reduced through the monetary policy.

“Private sector knows about causes of economic slowdown,” he said, adding that the liberal monetary political was necessary to address the problem of interest rates. As he shared on the occasion, he has already advised the Nepal Rastra Bank (NRB) to proceed towards that end. “The NRB has taken the matter seriously and I am hopeful of the solution.”

Stating that the central bank was an independent body and it had in one circumstance tightened the monitory, he said, “Now it is urgent to act liberally.”

He took time to stress the need of increasing capital expenditure and resolving the issues like delayed contract process and site clearance causing hurdles in accelerating the development projects. “Efforts for increasing capital expenditure should be taken from the very first day of fiscal year,” the Minister asserted. (RSS)

Kathmandu, 24th April 2023: Laxmi Bank has signed an MOU with Nepal Police Welfare Fund to establish the Nepal Police-Laxmi Bank Scholarship Akshaya Fund worth NPR 25 lakhs and pledges financial assistance of NPR 7.5 lakhs over the next five years as part of its #SupportGirlChild initiative.

The MOU was signed by Mr. Dipesh Amatya, Chief of Retail Financial Services, Laxmi Bank and Mr. Kedar Dhakal, Deputy Inspector General of Nepal Police in the presence of Inspector General of Nepal Police, Mr. Basanta Kunwar and Chief Executive Officer of Laxmi Bank, Mr. Ajaya Bikram Shah. This scholarship fund aims to support deserving female students from the families of incumbent, former, and retired, martyred or disabled junior level police officers studying in Police Schools.

Nepal Police will manage and oversee the scholarship selection process while Laxmi Bank will provide financial support. The Bank is confident that this initiative will strengthen its #SupportGirlChild campaign and empower deserving students from these schools to enhance their education.

Kathmandu, 26 January : Gold has hit the ever-highest price in the domestic market. Today, the price of yellow metal was fixed at over 106 thousand per tola (11.66 grams).

According to the Federation of Nepal Gold and Silver Dealers Associations, the fine gold is traded at Rs 106 thousand 900 per tola following a rise of Rs 700 per tola from the price of previous day.

Likewise, the price of worked gold is Rs 106 thousand 400 today against Rs 105 thousand 700 on Wednesday. Similarly, silver is being traded at Rs 1,380 per tola today following a rise Rs 15 per tola on Wednesday.

According to Federation Chair Manik Ratna Shakya, the prices of gold and silver have soared in the Nepali market due to the rise in the international market. Prices of gold and silver are determined being based on the international market prices.

Aug 10. Japanese investment giant SoftBank Group said on Tuesday net profit plunged 39 percent in the first quarter, following big gains in the same period last year related to the US merger of T-Mobile and Sprint.

The corporate behemoth has poured money into some of Silicon Valley’s biggest names and hottest new ventures, from AI to biotech, through its $100-billion Vision Fund.

It reported Japan’s biggest ever annual net profit in 2020-21, driven by tech share rallies as people moved their lives online during the coronavirus pandemic.

The merger of US telecoms operators Sprint — which was controlled by SoftBank Group — and T-Mobile was completed in April 2020, releasing more than 700 billion yen ($6.3 billion) in net income, the conglomerate said Tuesday.

Net profit in the three months to June 2021 was 761.5 billion yen, compared with 1.26 trillion yen in the first quarter of last year.

SoftBank’s investment approach means large transactions can cause unpredictable fluctuations in its results, said Mariko Semetko, senior credit officer at Moody’s Japan.

“Last year’s record high follows the previous year’s record loss, and signifies the highly volatile nature of the company’s business,” she told AFP.

“The company has a very fluid and complex capital structure, and unlisted investments and private financings that have limited transparency and are frequently collateralised. Its investment approach results in high governance risks.”
In 2019-20, SoftBank reported a net loss of 961.6 billion yen — its worst ever — as the start of the pandemic compounded woes caused by its investment in troubled office-sharing start-up WeWork.

But it quickly returned to profit as the impact of Covid-19 lockdowns worked largely in its favour.In the first quarter of the current fiscal year, the telecoms firm-turned-investment giant’s total gain on investments came to 1.26 trillion yen, a year-on-year increase of around 28 percent.

Gains were led by rises in the share prices of Chinese ride-sharing giant Didi Chuxing and US food delivery app DoorDash, and partially offset by losses including of South Korean e-commerce giant Coupang.

Analysts said before the earnings release that it was too early for Tuesday’s results to reflect the impact of a recent crackdown on Didi and other US-listed tech firms by Chinese authorities.

In early July, after Didi went ahead with a contentious New York IPO, Beijing announced a probe into the company citing cybersecurity concerns, and ordered its app be removed from stores.

Unlike in the previous quarter, SoftBank Group did not list big names Facebook, Microsoft, Alphabet or Netflix in its portfolio of holdings, although it did list Amazon.

This does not necessarily mean the company has sold off its holdings in the US firms, although it could signal a potential reduction in the number of shares held, despite recent record highs in tech stock prices.

As usual, SoftBank did not issue an annual forecast, with its business model increasingly dependent on often volatile stock market activity. AFP

The government is releasing whitepaper incorporating the economic details of the country. Minister for Finance Janardan Sharma is releasing the whitepaper (Fact Paper) highlighting the current economic situation of the country in the meeting of the House of Representatives today.

The HoR meeting is taking place at 1pm today. According to Shreedhar Neupane, press expert of the Speaker Agni Sapkota, the Finance Minister has asked for the time to issue the whitepaper in the parliament meeting.
The government for the first time is issuing a whitepaper after the formation of new government led by Nepali Congress President Sher Bahadur Deuba.

Minister Sharma said the government is issuing the whitepaper incorporating the reality of the economic situation of the country rather than to blame others.

Gandaki, Aug 3. Chief Minister of Gandaki Province, Krishna Chandra Nepali Pokharel, has said the relations and cooperation between the government and private sector should be strong to ensure economic prosperity in the province.

At a programme organized by Pokhara Chamber of Commerce and Industries here Monday, CM Nepali viewed that province government was in need of suggestion on how investment friendly atmosphere could be made with policy, legal, structural and procedural reforms. “Government is for cooperation with private sector to the extent possible,” he said, adding that the agenda of attracting youths to entrepreneurship and industries was in top priority.

According to him, technology is linked to enterprise and industry at present which has provided services to consumers at their convenience and less cost.

In the programme, CM Nepali vowed that good initiatives of the previous government in the province would be owned up and continued. He stressed the need of promoting international trade by opening border points- Korala in the north and Triveni in the south. For this to happen, the federal government was sought help, he shared.

On the occasion, Minister for Physical Infrastructures, Urban Development and Transport, Kumar Khadka, informed that government was aware that entrepreneurs and industrialists were facing acute adversity at present.

Similarly, Minister for Finance, Ramaji Baral, informed that government was moving ahead with small budget and it would take private sector together.

Minister for Tourism, Industry, Commerce and Supplies, Mani Bhadra Sharma, shared information that province government was planning vaccination to the businesspersons.

The businesspersons speaking at the programme prodded the government to launch programmes that rescue industrialists from adversity. RSS

Seoul [South Korea], August 2. ‘Samsung Electronics’ smartphone shipments ranked first in the world in the second quarter of this year, following the first quarter.

According to the global market research firm Counterpoint on the 30th, Samsung Electronics recorded 18% of total global smartphone shipments in the second quarter, maintaining its No.1 position in the world. However, Samsung Electronics’ shipments in the second quarter (18%) slightly decreased from the previous quarter (21.7%). Samsung Electronics shipped out 57.9 million units in the second quarter.

Xiaomi recorded the highest performance in China, Southeast Asia, and Europe, and ranked second. Xiaomi has increased global shipments in India market, which have been hit by the COVID-19 outbreak, with its premium strategy and low-priced line sales.

In particular, its share of mid-priced markets such as Southeast Asia and Europe increased.

Apple’s shipments decreased 12% compared to the previous quarter, and ranked third, one notch lower than the previous quarter.

Counterpoint explained that the global smartphone market decreased 7% in the second quarter due to global semiconductor shortage and spread of COVID-19, but sales increased by 35% year-on-year to $113 billion (about 129.5658 trillion won).

“Due to the delay in the release of iPhone 12 series, there were demands for waiting, and the sales revenue increased with the high sales of iPhone ProMax in Europe and the U.S.,” Counterpoint explained regarding this trend. “Also, Xiaomi, Oppo, and Vivo also increased their shipments and sales due to Huawei’s absence and increased demand for 5G.” (ANI/Global Economic) RSS