UICL holds AGM

KATHMANDU: United Insurance Co Ltd (UICL) held its fourteenth annual general meeting in Kathmandu on Monday. Ravi Bhakta Shrestha, president of UICL on the occasion, said the company has collected premium worth Rs 150 .2 million during the fiscal year 2063-64 that is an increment by 13 per cent in comparison to previous year. It has also posted net profit of Rs 5.82 during the period, states a press release. — HNS

WAFED’s concern

KATHMANDU: Water and Energy Users Federation-Nepal (WAFED) has expressed a serious concern over the government’s decision to hand over 402 MW Arun-III project to India’s Sutlej Jal Vidyut Nigam. In a press release, WAFED has stated that Nepal should build such bigger and cheaper hydropower projects like Arun-III, Upper Karnali and West Seti on its own. “However, the government has been awarding these projects to foreign developers without proper and adequate public consultation, which is against the spirit of Jana Andolan-II and unconstitutional,” WAFED claims adding that the current interim government has no mandate to award such mega projects and asked the government to withdraw its decision. — HNS

Trade halted at TIA

KATHMANDU: Following a dispute over working area and its policy matter, foreign trade through the Tribhuvan International Airport (TIA) customs and TIA-CAAN Air Cargo Complex halted throughout the day on Monday. As a result, about 500 workers lost their daily wages and more than 10 international airlines flew back without cargo, states a press release issued by Nepal Freight Forwarders Association. “This has resulted in loss of revenue worth millions and freight forwarders and cargo agents have lost their credibility”.— HNS