March 13: Newly-elected President Ram Chandra Paudel is scheduled to take the oath of office and secrecy today (March…
March 13: Newly-elected President Ram Chandra Paudel is scheduled to take the oath of office and secrecy today (March…
March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket…
March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23).…
March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank…
March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view.…
March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since…
March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the…
March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds…
March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal…
March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years.…
March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in…
March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. …
March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the…
March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the…
Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March…
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The Office of the President is hosting a special ceremony at Sheetal Niwas to administer the oath to the President-elect Paudel at 1.00 pm on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's constitution has specified a provision that the president shall take the oath of office and secrecy from the chief justice before assuming the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting Chief Justice Hari Krishna Karki would administer oath of office and secrecy to the newly-elected president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Paudel was elected the president on March 9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country had adopted the practice of presidential system with the establishment of republic as an outcome of the 2006 April uprising. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As per the constitution, the president shall assume the role as the guardian of the country and shall work to promote national unity. The post of president is a ceremonial role and the president's main responsibility is to safeguard the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the constitution, the term of the president is five years from the date of his/her election to the post and the person elected twice to the post is not allowed to become a presidential candidate again.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-13', 'modified' => '2023-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '16986', 'image' => '20230313105522_1678361137.jpg', 'article_date' => '2023-03-13 10:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17246', 'article_category_id' => '1', 'title' => 'Nepal Retains ODI Status with win over UAE ', 'sub_title' => '', 'summary' => 'March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ODI status will be valid for the next four years. According to the provision, the International Cricket Council (ICC) provides the ODI status to a team which secures top five places under the League-2. With this win, Nepal has climbed to the fourth position ahead of other three participating countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 36 matches a participating country has to play under the League, Nepal has so far played 34, collecting 36 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the UAE has got 31 points from 34 games it played so far, and is in the sixth place. Elected to bat first after winning the toss, Nepal made 248 runs in 49.2 overs losing all wickets. Their start was not so good as they lost three wickets for only 22 runs. However, Capitan Rohit Kumar Paudel steadied Nepal’s innings by scoring 77 runs off 112 deliveries with nine boundaries. He was named the player of the match. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Aarif Shekh contributed 43 runs off 52 balls, Gulsan Jha 37 off 31, Dipendra Singh Airee 34 off 19 and Bhim Sarki 29 off 37. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For the UAE, Aayan Afzal Khan, Zahoor Khan, Rohan Mustafa and Zawar Farid took two wickets each. Similarly, Aryan Lakra and Junaid Siddique bagged one wicket each. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal excelled in bowling to register the win. Chasing the 249-run target, UAE was dismissed for a meagre 71 runs in 22.5 overs at the loss of all wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They hit only eight runs before losing four wickets. Except three players, UAE's other players did not score in double digits. Aayan Afzal hit the highest 29 runs, and Ashwanth Valthapa 14. Similarly, Karthik Meiyappan remained unbeaten on 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Narayan Rajbanshi contributed significantly to make the team victorious as he bagged five wickets conceding 20 runs off 47 balls with two maiden overs. Similarly, Sandeep Lamichhane took two wickets conceding 14 runs off 24 balls. Also, Sompal Kami, Airee and Jha claimed one wicket each. </span><span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16984', 'image' => '20230312092438_FpKelCiaAAIa42e.jpg', 'article_date' => '2023-03-12 21:23:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17245', 'article_category_id' => '1', 'title' => 'Export and Import Decline in Seven Months of Current FY', 'sub_title' => '', 'summary' => 'March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). The Current Macroeconomic and Financial Situation, based on seven months' data ending mid-February, released by Nepal Rastra Bank (NRB) on Sunday states that during the seven months of 2022/23, merchandise exports decreased 29.0 percent to Rs 93.43 billion against an increase of 88.3 percent in the same period of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Destination-wise, exports to India and China decreased 37.7 percent and 13.4 percent respectively whereas exports to other countries increased 8.0 percent. Exports of zinc sheet, cardamom, particle board, woolen carpets, polyester yarn and thread, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, silverware and jewelries, among others, decreased in the review period, added the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of FY 2022/23, merchandise imports also decreased 19.9 percent to Rs 919.17 billion against an increase of 42.8 percent a year ago. Destination-wise, imports from India, China and other countries decreased 18.0 percent, 24.3 percent, and 22.0 percent respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports of petroleum products, sponge iron, chemical fertilizer, gold, other stationeries, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, silver, among others, decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the import side, imports from all the major customs points decreased in the review period.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, the total trade deficit decreased 18.7 percent to Rs 825.73 billion during the seven months of FY 2022/23. Such a deficit had increased 38.4 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export-import ratio decreased to 10.2 percent in the review period from 11.5 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 71.78 billion. Such amount was Rs 128.17 billion in the same period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 53.9 percent and 45.5 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.53 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 48.2 percent, 0.02 percent and 51.7 percent of total exports respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the imports side, the share of intermediate goods remained 53.1 percent, capital goods 8.6 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.7 percent, 10.9 percent and 35.4 percent respectively in the same period of the previous year. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16983', 'image' => '20230312060639_Trade.jpg', 'article_date' => '2023-03-12 18:05:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17244', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 7.88 Percent: NRB', 'sub_title' => '', 'summary' => 'March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by NRB on Sunday revealed that food and beverage inflation stood at 6.19 percent whereas non-food and service inflation rose to 9.22 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel subcategory increased 15.24 percent, cereal grains and their products 12.39 percent, tobacco products 10.83 percent, alcoholic drinks 8.78 percent, and spices 8.04 percent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of transportation subcategory increased 15.58 percent, health 10.39 percent, housing and utilities 9.78 percent, furnishing and household equipment 9.00 percent and recreation and culture 8.81 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley increased the most at 8.47 percent compared to Terai, hills and the mountains where CPI was recorded at 7.82 percent, 7.30 percent and 7.92 percent respectively. Inflation in these regions were 5.47 percent, 6.50 percent, 6.71 percent and 5.97 percent respectively a year ago, the central bank’s report added.</span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16982', 'image' => '20230312052720_Inflation.jpg', 'article_date' => '2023-03-12 17:25:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17241', 'article_category_id' => '1', 'title' => '‘Let's not Look at Microfinance and Cooperatives from the Same Point of View’', 'sub_title' => '', 'summary' => 'March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '17248', 'article_category_id' => '1', 'title' => 'Newly-elected President Paudel to take Oath of Office Today ', 'sub_title' => '', 'summary' => 'March 13: Newly-elected President Ram Chandra Paudel is scheduled to take the oath of office and secrecy today (March 13).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 13: Newly-elected President Ram Chandra Paudel is scheduled to take the oath of office and secrecy today (March 13). The Office of the President is hosting a special ceremony at Sheetal Niwas to administer the oath to the President-elect Paudel at 1.00 pm on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's constitution has specified a provision that the president shall take the oath of office and secrecy from the chief justice before assuming the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting Chief Justice Hari Krishna Karki would administer oath of office and secrecy to the newly-elected president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Paudel was elected the president on March 9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country had adopted the practice of presidential system with the establishment of republic as an outcome of the 2006 April uprising. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As per the constitution, the president shall assume the role as the guardian of the country and shall work to promote national unity. The post of president is a ceremonial role and the president's main responsibility is to safeguard the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the constitution, the term of the president is five years from the date of his/her election to the post and the person elected twice to the post is not allowed to become a presidential candidate again.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-13', 'modified' => '2023-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '16986', 'image' => '20230313105522_1678361137.jpg', 'article_date' => '2023-03-13 10:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17246', 'article_category_id' => '1', 'title' => 'Nepal Retains ODI Status with win over UAE ', 'sub_title' => '', 'summary' => 'March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ODI status will be valid for the next four years. According to the provision, the International Cricket Council (ICC) provides the ODI status to a team which secures top five places under the League-2. With this win, Nepal has climbed to the fourth position ahead of other three participating countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 36 matches a participating country has to play under the League, Nepal has so far played 34, collecting 36 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the UAE has got 31 points from 34 games it played so far, and is in the sixth place. Elected to bat first after winning the toss, Nepal made 248 runs in 49.2 overs losing all wickets. Their start was not so good as they lost three wickets for only 22 runs. However, Capitan Rohit Kumar Paudel steadied Nepal’s innings by scoring 77 runs off 112 deliveries with nine boundaries. He was named the player of the match. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Aarif Shekh contributed 43 runs off 52 balls, Gulsan Jha 37 off 31, Dipendra Singh Airee 34 off 19 and Bhim Sarki 29 off 37. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For the UAE, Aayan Afzal Khan, Zahoor Khan, Rohan Mustafa and Zawar Farid took two wickets each. Similarly, Aryan Lakra and Junaid Siddique bagged one wicket each. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal excelled in bowling to register the win. Chasing the 249-run target, UAE was dismissed for a meagre 71 runs in 22.5 overs at the loss of all wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They hit only eight runs before losing four wickets. Except three players, UAE's other players did not score in double digits. Aayan Afzal hit the highest 29 runs, and Ashwanth Valthapa 14. Similarly, Karthik Meiyappan remained unbeaten on 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Narayan Rajbanshi contributed significantly to make the team victorious as he bagged five wickets conceding 20 runs off 47 balls with two maiden overs. Similarly, Sandeep Lamichhane took two wickets conceding 14 runs off 24 balls. Also, Sompal Kami, Airee and Jha claimed one wicket each. </span><span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16984', 'image' => '20230312092438_FpKelCiaAAIa42e.jpg', 'article_date' => '2023-03-12 21:23:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17245', 'article_category_id' => '1', 'title' => 'Export and Import Decline in Seven Months of Current FY', 'sub_title' => '', 'summary' => 'March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). The Current Macroeconomic and Financial Situation, based on seven months' data ending mid-February, released by Nepal Rastra Bank (NRB) on Sunday states that during the seven months of 2022/23, merchandise exports decreased 29.0 percent to Rs 93.43 billion against an increase of 88.3 percent in the same period of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Destination-wise, exports to India and China decreased 37.7 percent and 13.4 percent respectively whereas exports to other countries increased 8.0 percent. Exports of zinc sheet, cardamom, particle board, woolen carpets, polyester yarn and thread, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, silverware and jewelries, among others, decreased in the review period, added the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of FY 2022/23, merchandise imports also decreased 19.9 percent to Rs 919.17 billion against an increase of 42.8 percent a year ago. Destination-wise, imports from India, China and other countries decreased 18.0 percent, 24.3 percent, and 22.0 percent respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports of petroleum products, sponge iron, chemical fertilizer, gold, other stationeries, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, silver, among others, decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the import side, imports from all the major customs points decreased in the review period.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, the total trade deficit decreased 18.7 percent to Rs 825.73 billion during the seven months of FY 2022/23. Such a deficit had increased 38.4 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export-import ratio decreased to 10.2 percent in the review period from 11.5 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 71.78 billion. Such amount was Rs 128.17 billion in the same period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 53.9 percent and 45.5 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.53 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 48.2 percent, 0.02 percent and 51.7 percent of total exports respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the imports side, the share of intermediate goods remained 53.1 percent, capital goods 8.6 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.7 percent, 10.9 percent and 35.4 percent respectively in the same period of the previous year. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16983', 'image' => '20230312060639_Trade.jpg', 'article_date' => '2023-03-12 18:05:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17244', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 7.88 Percent: NRB', 'sub_title' => '', 'summary' => 'March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by NRB on Sunday revealed that food and beverage inflation stood at 6.19 percent whereas non-food and service inflation rose to 9.22 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel subcategory increased 15.24 percent, cereal grains and their products 12.39 percent, tobacco products 10.83 percent, alcoholic drinks 8.78 percent, and spices 8.04 percent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of transportation subcategory increased 15.58 percent, health 10.39 percent, housing and utilities 9.78 percent, furnishing and household equipment 9.00 percent and recreation and culture 8.81 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley increased the most at 8.47 percent compared to Terai, hills and the mountains where CPI was recorded at 7.82 percent, 7.30 percent and 7.92 percent respectively. Inflation in these regions were 5.47 percent, 6.50 percent, 6.71 percent and 5.97 percent respectively a year ago, the central bank’s report added.</span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16982', 'image' => '20230312052720_Inflation.jpg', 'article_date' => '2023-03-12 17:25:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17241', 'article_category_id' => '1', 'title' => '‘Let's not Look at Microfinance and Cooperatives from the Same Point of View’', 'sub_title' => '', 'summary' => 'March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '17248', 'article_category_id' => '1', 'title' => 'Newly-elected President Paudel to take Oath of Office Today ', 'sub_title' => '', 'summary' => 'March 13: Newly-elected President Ram Chandra Paudel is scheduled to take the oath of office and secrecy today (March 13).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 13: Newly-elected President Ram Chandra Paudel is scheduled to take the oath of office and secrecy today (March 13). The Office of the President is hosting a special ceremony at Sheetal Niwas to administer the oath to the President-elect Paudel at 1.00 pm on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's constitution has specified a provision that the president shall take the oath of office and secrecy from the chief justice before assuming the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting Chief Justice Hari Krishna Karki would administer oath of office and secrecy to the newly-elected president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Paudel was elected the president on March 9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country had adopted the practice of presidential system with the establishment of republic as an outcome of the 2006 April uprising. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As per the constitution, the president shall assume the role as the guardian of the country and shall work to promote national unity. The post of president is a ceremonial role and the president's main responsibility is to safeguard the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the constitution, the term of the president is five years from the date of his/her election to the post and the person elected twice to the post is not allowed to become a presidential candidate again.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-13', 'modified' => '2023-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '16986', 'image' => '20230313105522_1678361137.jpg', 'article_date' => '2023-03-13 10:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17246', 'article_category_id' => '1', 'title' => 'Nepal Retains ODI Status with win over UAE ', 'sub_title' => '', 'summary' => 'March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ODI status will be valid for the next four years. According to the provision, the International Cricket Council (ICC) provides the ODI status to a team which secures top five places under the League-2. With this win, Nepal has climbed to the fourth position ahead of other three participating countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 36 matches a participating country has to play under the League, Nepal has so far played 34, collecting 36 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the UAE has got 31 points from 34 games it played so far, and is in the sixth place. Elected to bat first after winning the toss, Nepal made 248 runs in 49.2 overs losing all wickets. Their start was not so good as they lost three wickets for only 22 runs. However, Capitan Rohit Kumar Paudel steadied Nepal’s innings by scoring 77 runs off 112 deliveries with nine boundaries. He was named the player of the match. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Aarif Shekh contributed 43 runs off 52 balls, Gulsan Jha 37 off 31, Dipendra Singh Airee 34 off 19 and Bhim Sarki 29 off 37. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For the UAE, Aayan Afzal Khan, Zahoor Khan, Rohan Mustafa and Zawar Farid took two wickets each. Similarly, Aryan Lakra and Junaid Siddique bagged one wicket each. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal excelled in bowling to register the win. Chasing the 249-run target, UAE was dismissed for a meagre 71 runs in 22.5 overs at the loss of all wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They hit only eight runs before losing four wickets. Except three players, UAE's other players did not score in double digits. Aayan Afzal hit the highest 29 runs, and Ashwanth Valthapa 14. Similarly, Karthik Meiyappan remained unbeaten on 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Narayan Rajbanshi contributed significantly to make the team victorious as he bagged five wickets conceding 20 runs off 47 balls with two maiden overs. Similarly, Sandeep Lamichhane took two wickets conceding 14 runs off 24 balls. Also, Sompal Kami, Airee and Jha claimed one wicket each. </span><span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16984', 'image' => '20230312092438_FpKelCiaAAIa42e.jpg', 'article_date' => '2023-03-12 21:23:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17245', 'article_category_id' => '1', 'title' => 'Export and Import Decline in Seven Months of Current FY', 'sub_title' => '', 'summary' => 'March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). The Current Macroeconomic and Financial Situation, based on seven months' data ending mid-February, released by Nepal Rastra Bank (NRB) on Sunday states that during the seven months of 2022/23, merchandise exports decreased 29.0 percent to Rs 93.43 billion against an increase of 88.3 percent in the same period of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Destination-wise, exports to India and China decreased 37.7 percent and 13.4 percent respectively whereas exports to other countries increased 8.0 percent. Exports of zinc sheet, cardamom, particle board, woolen carpets, polyester yarn and thread, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, silverware and jewelries, among others, decreased in the review period, added the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of FY 2022/23, merchandise imports also decreased 19.9 percent to Rs 919.17 billion against an increase of 42.8 percent a year ago. Destination-wise, imports from India, China and other countries decreased 18.0 percent, 24.3 percent, and 22.0 percent respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports of petroleum products, sponge iron, chemical fertilizer, gold, other stationeries, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, silver, among others, decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the import side, imports from all the major customs points decreased in the review period.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, the total trade deficit decreased 18.7 percent to Rs 825.73 billion during the seven months of FY 2022/23. Such a deficit had increased 38.4 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export-import ratio decreased to 10.2 percent in the review period from 11.5 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 71.78 billion. Such amount was Rs 128.17 billion in the same period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 53.9 percent and 45.5 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.53 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 48.2 percent, 0.02 percent and 51.7 percent of total exports respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the imports side, the share of intermediate goods remained 53.1 percent, capital goods 8.6 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.7 percent, 10.9 percent and 35.4 percent respectively in the same period of the previous year. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16983', 'image' => '20230312060639_Trade.jpg', 'article_date' => '2023-03-12 18:05:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17244', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 7.88 Percent: NRB', 'sub_title' => '', 'summary' => 'March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by NRB on Sunday revealed that food and beverage inflation stood at 6.19 percent whereas non-food and service inflation rose to 9.22 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel subcategory increased 15.24 percent, cereal grains and their products 12.39 percent, tobacco products 10.83 percent, alcoholic drinks 8.78 percent, and spices 8.04 percent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of transportation subcategory increased 15.58 percent, health 10.39 percent, housing and utilities 9.78 percent, furnishing and household equipment 9.00 percent and recreation and culture 8.81 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley increased the most at 8.47 percent compared to Terai, hills and the mountains where CPI was recorded at 7.82 percent, 7.30 percent and 7.92 percent respectively. Inflation in these regions were 5.47 percent, 6.50 percent, 6.71 percent and 5.97 percent respectively a year ago, the central bank’s report added.</span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16982', 'image' => '20230312052720_Inflation.jpg', 'article_date' => '2023-03-12 17:25:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17241', 'article_category_id' => '1', 'title' => '‘Let's not Look at Microfinance and Cooperatives from the Same Point of View’', 'sub_title' => '', 'summary' => 'March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The Office of the President is hosting a special ceremony at Sheetal Niwas to administer the oath to the President-elect Paudel at 1.00 pm on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal's constitution has specified a provision that the president shall take the oath of office and secrecy from the chief justice before assuming the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting Chief Justice Hari Krishna Karki would administer oath of office and secrecy to the newly-elected president. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Paudel was elected the president on March 9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The country had adopted the practice of presidential system with the establishment of republic as an outcome of the 2006 April uprising. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As per the constitution, the president shall assume the role as the guardian of the country and shall work to promote national unity. The post of president is a ceremonial role and the president's main responsibility is to safeguard the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the constitution, the term of the president is five years from the date of his/her election to the post and the person elected twice to the post is not allowed to become a presidential candidate again.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-13', 'modified' => '2023-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '16986', 'image' => '20230313105522_1678361137.jpg', 'article_date' => '2023-03-13 10:54:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17246', 'article_category_id' => '1', 'title' => 'Nepal Retains ODI Status with win over UAE ', 'sub_title' => '', 'summary' => 'March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Nepal has retained its ODI status after registering an extraordinary 177-run win over the United Arab Emirates in the final tri-series of the ICC Men's Cricket World Cup League-2 at the Kirtipur-based Tribhuvan University International Cricket Ground. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ODI status will be valid for the next four years. According to the provision, the International Cricket Council (ICC) provides the ODI status to a team which secures top five places under the League-2. With this win, Nepal has climbed to the fourth position ahead of other three participating countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 36 matches a participating country has to play under the League, Nepal has so far played 34, collecting 36 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the UAE has got 31 points from 34 games it played so far, and is in the sixth place. Elected to bat first after winning the toss, Nepal made 248 runs in 49.2 overs losing all wickets. Their start was not so good as they lost three wickets for only 22 runs. However, Capitan Rohit Kumar Paudel steadied Nepal’s innings by scoring 77 runs off 112 deliveries with nine boundaries. He was named the player of the match. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Aarif Shekh contributed 43 runs off 52 balls, Gulsan Jha 37 off 31, Dipendra Singh Airee 34 off 19 and Bhim Sarki 29 off 37. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For the UAE, Aayan Afzal Khan, Zahoor Khan, Rohan Mustafa and Zawar Farid took two wickets each. Similarly, Aryan Lakra and Junaid Siddique bagged one wicket each. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal excelled in bowling to register the win. Chasing the 249-run target, UAE was dismissed for a meagre 71 runs in 22.5 overs at the loss of all wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They hit only eight runs before losing four wickets. Except three players, UAE's other players did not score in double digits. Aayan Afzal hit the highest 29 runs, and Ashwanth Valthapa 14. Similarly, Karthik Meiyappan remained unbeaten on 11. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Narayan Rajbanshi contributed significantly to make the team victorious as he bagged five wickets conceding 20 runs off 47 balls with two maiden overs. Similarly, Sandeep Lamichhane took two wickets conceding 14 runs off 24 balls. Also, Sompal Kami, Airee and Jha claimed one wicket each. </span><span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16984', 'image' => '20230312092438_FpKelCiaAAIa42e.jpg', 'article_date' => '2023-03-12 21:23:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17245', 'article_category_id' => '1', 'title' => 'Export and Import Decline in Seven Months of Current FY', 'sub_title' => '', 'summary' => 'March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: Both export and import to and from Nepal have decreased in the first seven months of the current fiscal year (FY 2022/23). The Current Macroeconomic and Financial Situation, based on seven months' data ending mid-February, released by Nepal Rastra Bank (NRB) on Sunday states that during the seven months of 2022/23, merchandise exports decreased 29.0 percent to Rs 93.43 billion against an increase of 88.3 percent in the same period of the previous fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Destination-wise, exports to India and China decreased 37.7 percent and 13.4 percent respectively whereas exports to other countries increased 8.0 percent. Exports of zinc sheet, cardamom, particle board, woolen carpets, polyester yarn and thread, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, silverware and jewelries, among others, decreased in the review period, added the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of FY 2022/23, merchandise imports also decreased 19.9 percent to Rs 919.17 billion against an increase of 42.8 percent a year ago. Destination-wise, imports from India, China and other countries decreased 18.0 percent, 24.3 percent, and 22.0 percent respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports of petroleum products, sponge iron, chemical fertilizer, gold, other stationeries, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, silver, among others, decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Imports </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the import side, imports from all the major customs points decreased in the review period.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, the total trade deficit decreased 18.7 percent to Rs 825.73 billion during the seven months of FY 2022/23. Such a deficit had increased 38.4 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The export-import ratio decreased to 10.2 percent in the review period from 11.5 percent in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the seven months of 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 71.78 billion. Such amount was Rs 128.17 billion in the same period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 53.9 percent and 45.5 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.53 percent in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 48.2 percent, 0.02 percent and 51.7 percent of total exports respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the imports side, the share of intermediate goods remained 53.1 percent, capital goods 8.6 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.7 percent, 10.9 percent and 35.4 percent respectively in the same period of the previous year. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16983', 'image' => '20230312060639_Trade.jpg', 'article_date' => '2023-03-12 18:05:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17244', 'article_category_id' => '1', 'title' => 'Consumer Price Inflation Rises to 7.88 Percent: NRB', 'sub_title' => '', 'summary' => 'March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: The year-on-year (y-o-y) consumer price inflation increased to 7.88 percent in mid-February 2023 compared to 6.24 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by NRB on Sunday revealed that food and beverage inflation stood at 6.19 percent whereas non-food and service inflation rose to 9.22 percent in the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel subcategory increased 15.24 percent, cereal grains and their products 12.39 percent, tobacco products 10.83 percent, alcoholic drinks 8.78 percent, and spices 8.04 percent</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of transportation subcategory increased 15.58 percent, health 10.39 percent, housing and utilities 9.78 percent, furnishing and household equipment 9.00 percent and recreation and culture 8.81 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley increased the most at 8.47 percent compared to Terai, hills and the mountains where CPI was recorded at 7.82 percent, 7.30 percent and 7.92 percent respectively. Inflation in these regions were 5.47 percent, 6.50 percent, 6.71 percent and 5.97 percent respectively a year ago, the central bank’s report added.</span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16982', 'image' => '20230312052720_Inflation.jpg', 'article_date' => '2023-03-12 17:25:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17241', 'article_category_id' => '1', 'title' => '‘Let's not Look at Microfinance and Cooperatives from the Same Point of View’', 'sub_title' => '', 'summary' => 'March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: Stakeholders have emphasized that microfinance companies and cooperatives should not be viewed from the same point of view. Speaking on the occasion of the 22nd foundation day of Small Farmers Development Microfinance Financial Institution, the speakers said that all microfinance and cooperatives are not problematic. Similarly, they said, if the production and productivity of the agricultural sector can be increased and attention can be paid to the storage, processing and marketing of agricultural products, the path to economic development will be opened.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Speaking at the program, Shri Krishna Upadhyay, the former chairman of the Agricultural Development Bank, pointed out the need to pay attention not only to investment in the agricultural sector but also to the marketing of the products. He emphasized that the government should identify such cooperatives and implement agricultural programs to boost the enthusiasm of farmers who are members of agricultural cooperatives that have done good work in rural areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Cooperatives are not necessarily problematic all the time," he said, adding, There are also cooperatives that have potential and have proven themselves to be successful." </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He emphasized the need to end the practice of looking at cooperatives and microfinance from the same point of view.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Khem Bahadur Pathak, president of Farmers Development Microfinance Financial Institution, expressed dissatisfaction with the analysis that all microfinance companies are facing problems. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He clarified that there is no problem in the institutions as stated in the market. He said that they are working on the economic and social transformation of Raute, Kusunda, Musahar, Bankaria, Dalits, minorities and women who are backward in the community through the small farmers’ program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the program, the Chief Executive Officer of the Agricultural Development Bank, Gobinda Gurung, pointed out the need to work more on motivating farmers to start production, processing, storing and connecting to the market.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, the Chief Executive Officer of Farmers Development Microfinance Financial Institution, Shivram Prasad Koirala emphasized that the institution should be evaluated by looking at the work done by microfinance. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16979', 'image' => '20230312024826_Micro_finance.jpg', 'article_date' => '2023-03-12 14:47:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17240', 'article_category_id' => '1', 'title' => 'Silicon Valley Bank is Largest Bank Failure since 2008 Financial Crisis', 'sub_title' => '', 'summary' => 'March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 12: US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of a US bank since 2008.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reuters reported that the sudden collapse shook global markets and left billions of dollars belonging to companies and investors stranded.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets, the news agency added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Silicon Valley Bank faced "inadequate liquidity and insolvency", BBC quoted banking regulators in California, where the firm has its headquarters, as saying during the takeover.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes, according to Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The 2008 crash prompted tougher rules in the United States and beyond.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The genesis of SVB's collapse lies in a rising interest rate environment, Reuters further said adding, as higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some SVB clients started pulling money out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“To fund the redemptions, SVB sold a $21 billion bond portfolio consisting mostly of U.S. Treasuries on Wednesday, and said it would sell $2.25 billion in common equity and preferred convertible stock to fill its funding hole. By Friday, the collapsing stock price had made its capital raise untenable and sources said the bank tried to look at other options, including a sale, until regulators stepped in and shut the bank down.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The last FDIC-insured institution to close was Almena State Bank in Kansas, on October 23, 2020.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, the problems at SVB underscore how a campaign by the U.S. Federal Reserve and other central banks to fight inflation by ending the era of cheap money is exposing vulnerabilities in the market. Some analysts forecast more pain for the sector as the episode spread concern about hidden risks in the banking sector and its vulnerability to the rising cost of money.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16978', 'image' => '20230312012548_Banks - Copy.jpg', 'article_date' => '2023-03-12 13:24:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17239', 'article_category_id' => '1', 'title' => 'Conservation Efforts of ACAP Hindering Development Works: Local Governments', 'sub_title' => '', 'summary' => 'March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: The conflict of interest between the Annapurna Conservation Area Project (ACAP) and the local governments within the jurisdiction of ACAP over the utilization of natural resources and other issues have resulted in a situation in which the people’s representatives have demanded the termination of the project.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">ACAP is an integrated and community-based conservation and development approach undertaken by the National Trust for Nature Conservation (NTNC) which spreads across 15 municipalities in five districts including Kaski, Manang, Mustang, Lamjung and Myagdi. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The representatives of the local units complain that the conservation efforts of the ACAP has hindered development works.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The policies of ACAP has been hindering development works,” Chairperson of Thasang Rural Municipality, Pradeep Gauchan, told the state-owned RSS.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Gauchan, the construction of a 15-bed hospital in the rural municipality has been obstructed due to the ACAP policies, which do not allow chopping down of trees. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">All of the local units within the Annapurna Conservation Area Project (ACAP) have demanded that they be allowed to use the ACAP area. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 15 municipal chiefs and deputy chiefs of the local units, which fall under the ACAP, put forth a six-point demand towards this end at a coordination meeting held in Machhapuchhre Rural Municipality of Kaski on Saturday, RSS reported. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Machhapuchhre Rural Municipality Meen Bahadur Gurung said that the term of ACAP should not be extended. Gurung was of the view that the area of ACAP should now be used by the concerned local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif""> Likewise, Chair of Kaholasonthar Rural Municipality of Lamjung, Surya Prasad Gurung, said that the main source of income for the local government is natural resources, so it is a problem when ACAP keeps the income from natural resources. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Vice-chair of Machhapuchhre Rural Municipality, Sita Adhikari, said that all the 15 municipal chiefs and deputy chiefs had to meet to form a common opinion because of many problems resulting from the ACAP. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting has decided to submit a memorandum to the federal and provincial governments to resolve the problems in revenue collection due to ACAP and its regulations. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16977', 'image' => '20230312115358_20221009114613_Annapurna-Circuit-6-1600x1067.jpeg', 'article_date' => '2023-03-12 11:53:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17238', 'article_category_id' => '1', 'title' => 'Chances of Rain with Thunder and Lightning Today ', 'sub_title' => '', 'summary' => 'March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 12: There is a possibility of light rain with thunder and lightning due to the effect of the westerly winds today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Barun Paudel, senior meteorologist at the Weather Forecast Division of the Department of Hydrology and Meteorology, the pre-monsoon season is active leading to light rainfall with thunder and lightning in the past few days. The months of March, April and May are considered pre-monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The westerly wind is active with the sun shining throughout the day, leading to light rain with thunder and lightning in the evening. Therefore, there is a possibility of light rainfall in the hill areas of the country in the evening today, Paudel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather forecast bulletin issued by the division also states that the weather will be generally clear in the hill areas of the country today afternoon. The minimum temperature of Kathmandu today was recorded at 10 degrees Celsius and the maximum temperature is expected to be 25 degrees Celsius. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-03-12', 'modified' => '2023-03-12', 'keywords' => '', 'description' => '', 'sortorder' => '16976', 'image' => '20230312112059_rainfallll.jpg', 'article_date' => '2023-03-12 11:20:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17236', 'article_category_id' => '1', 'title' => 'Nepal Exports Cement worth Rs 170 Million in Seven Months ', 'sub_title' => '', 'summary' => 'March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: Nepal exported cement worth around Rs 170 million in the first seven months of the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs on Friday show that Nepal exported cement and clinker equivalent to Rs 167 million 33 thousand in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the seven months' period, clinker worth Rs 106.37 million and cement worth Rs 60.65 million was exported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department said 151,158 tonnes of clinker and 153,493 tonnes cement has been exported during this period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two Nepali cement industries have been exporting Nepali brand cement to India. The 'Tansen' brand cement is being exported since July 8, 2022 and the 'Arghakhanchi' brand cement since October 17, 2022. The Nepali cement is exported to various markets in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Arghakhanchi Cement Industry Rajesh Agrawal said that although the export declined during big festivals, it has now started to peak. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16974', 'image' => '20230310064553_20220927024152_cementtttt.jpg', 'article_date' => '2023-03-10 18:45:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17234', 'article_category_id' => '1', 'title' => 'Interest on Loan Highest in Ten Years', 'sub_title' => '', 'summary' => 'March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">March 10: At a time when the movement against interest rates is intensifying, it has been revealed that the interest rates charged by banks and financial institutions (BFIs) have become highest in 10 years. Due to the tight monetary policy taken by Nepal Rastra Bank (NRB), the average interest on loan of commercial banks is close to 13 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB adopted strict policy after inflation increased due to the Covid-19 pandemic and Russia-Ukraine tension along with decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As soon as the pandemic subsided, the interest rates of the banks started to rise from last year after the banks became aggressive in extending loans. In December 2022, the average interest on loans of commercial banks was 9.44 percent, which reached double digits since January. With the tightening of monetary policy by NRB in the current fiscal year (FY), the cost of banks' capital increased, increasing the interest on loans.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In order to discourage credit consumption, NRB announced that the bank rate has been increased by 1.5 percentage points to 8.5 percent, the policy rate from 5.5 percent to 7 percent, and the deposit collection rate from 4 percent to 5.5 percent through monetary policy of the current year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the high interest rate was heavily criticized, NRB announced to reduce the spread rate of the banks through the first quarter review of the monetary policy of the current year. As per the instructions of NRB, commercial banks have been told to reduce the spread rate to 4.2 percent from April 2023. From June 2023, commercial banks should maintain a spread rate of 4 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB also reduced the overnight repo interest rate by 1.5 percentage points to 7.5 percent. NRB expects that the cost of capital of banks will decrease along with the interest rate.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The businessmen are conducting pressure programs to reduce the interest rate saying that the banks charge high interest rates to earn more profit and due to this they are unable to pay the loan. On the other hand, the bankers are claiming that interest rates are automatically rising because the banks’ costs are increasing as they do not have enough investable capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Governor of NRB Dipendra Bahadur Chhetri interprets the interest rate controversy as a product of the government's policy and the practice of banks. He said that even if the market determines the interest rate, there is a dispute because of the intervention of NRB and the carteling of banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the lack of liquidity in the banking system, there was an unhealthy competition among banks to attract deposits by raising interest rates. NRB intervened after commercial banks increased the interest rate on personal savings to 12 percent. According to the instructions issued by NRB, the banks can reduce the interest rate only by 10 percent compared to the previous month. However, the umbrella organizations of BFIs have been determining interest rates through the association by mutual agreement.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Narayan Prasad Pokharel, Assistant Spokesperson of NRB says that it is necessary to regulate the interest rate market. He said, “If NRB had not intervened, the commercial bank's interest rate would have reached 18 percent by now.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President of Nepal Bankers Association, Sunil KC, claims that a gentleman’s agreement has been reached to keep the interest rate at one level and create an environment of healthy competition.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16972', 'image' => '20230310040459_interest-rates-e1541025967190.jpg', 'article_date' => '2023-03-10 16:02:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17232', 'article_category_id' => '1', 'title' => 'UK State Minister Visits Arun III Hydropower Project Site', 'sub_title' => '', 'summary' => 'March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 10: British Foreign, Commonwealth and Development Minister of State (Indo-Pacific) Anne Marie Trevelyan, has visited the 900 MW Arun III hydropower project under construction in Sankhuwasabha. While observing the power house and transformer bay of the project, she said that Nepal is moving towards achieving great success in clean and renewable energy production. She said that Nepal will gain a competitive advantage in hydropower production and that Nepal has an important role in reducing carbon emissions through regional trade in clean and renewable energy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the occasion, Sushil Bhatta, CEO of the Investment Board said that the Arun-III hydropower project is a milestone in the development of Nepal's energy sector. He said that the board facilitated all the necessary steps to continue project implementation even during the difficult times of the Covid-19 pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Madhu Prasad Bhetuwal said that the large hydropower projects under construction in Nepal will play an important role in addressing the demand for electricity in this region. He pointed out the need to speed up the construction of international transmission lines between South Asian countries to make regional electricity trade worthwhile.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Arun-III hydropower project is being developed by SJVN Arun III Power Development Company, which is mainly owned by Indian developer company SJVN. Arun Dhiman, CEO of the company informed the high-level visiting team about the progress of the project. According to him, the physical progress towards production of the project so far is 61.2 percent. The company is constructing a 253 km long inland transmission line of 400 KV capacity from the project's power house to Sitamarhi in India, which is targeted for completion by 2023.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16970', 'image' => '20230310030408_1678403346.jpg', 'article_date' => '2023-03-10 15:03:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17231', 'article_category_id' => '1', 'title' => 'Flights of Shree Airlines Grounded until Security Inspection', 'sub_title' => '', 'summary' => 'March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: The Civil Aviation Authority of Nepal (CAAN) has directed Shree Airlines to ground all the aircraft of the company until security checks of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned RSS, CAAN Spokesperson Jagannath Niraula said that the aviation regulatory body has decided to allow Shree Airlines to operate flights only after a thorough inspection of the engines. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Niraula made it clear that the aircraft of the Shree Airlines would conduct flights only after security inspection from the technicians of CAAN, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The planes of Shree Airlines would get permission to fly only after the CAAN's technicians give permission after the security inspection of the engines. The planes are grounded after the incident of Thursday," RSS quoted Niraula as saying. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A Sreee Airlines aircraft bound for Bhairahawa from Kathmandu had made an emergency landing on Thursday after one of its engines caught fire and the aircraft had to return back to Kathmandu from Dhading.</span> No passengers or crew members were injured in the incident.<br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Manager of Shree Airlines Anil Manandhar said that the passengers of Shree Airlines had to suffer due to the sudden notice of the CAAN. He argued that the airline company had already scheduled 14 flights for Friday when they received the letter from CAAN to ground the aircraft.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CAAN on the other hand maintained that the security of passengers is of utmost priority.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Aviation safety has become a hot topic in Nepal due to its poor record. A Yeti Airlines aircraft with 72 people on board had crashed in Pokhara on January 15 while making a final approach for landing. A preliminary report of air crash investigation had revealed that the engines of the ill-fated aircraft had no thrust causing the aircraft to stall. All 72 people on board the aircraft were killed. Following the incident, the regulatory body is under intense pressure to ensure safety of the aviation sector in Nepal.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16969', 'image' => '20230310115020_20230309033900_1678336935.jpg', 'article_date' => '2023-03-10 11:49:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17230', 'article_category_id' => '1', 'title' => 'Retail Business Slows Down', 'sub_title' => '', 'summary' => 'March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">March 10: The retail business, which involves the sale of daily essentials to the general public, has slowed down due to the latest financial situation of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The retail businessmen shared their experience that the consumers have stopped buying non-essential goods. They say that the business has declined a lot compared to the past as only basic necessities are sold.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The prices of consumer goods have skyrocketed mainly because of the hike in transportation cost after the price of petroleum products increased in the international market following Ukraine’s invasion by Russia on February 24 last year when the global economy was still battling the impacts of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The trend of price hike is rising steadily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The decline in purchasing power of the general public seems to have had a toll on the retail business.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Bir Bahadur Karki, a grocery shop owner, says that the retail business is not running enthusiastically of late. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“There is not much business these days. The income of consumers has decreased and there is a short-supply of money. In this context, how can the consumers spend money and how will our business run?'' he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen accept that the price of goods has increased sharply. They say that the prices of both domestically-produced and imported goods have increased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen say that there has been a sharp rise in the prices of many items such as biscuits, shampoo, cashew nuts, cumin seeds, cardamom among others. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"We are buying goods at a high price. We need to sell them with some profit margin," Aryan Shah, a retail businessman, told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Shopkeepers who sell food say that although the price of food grains have remained almost stable for some time, sales have decreased. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">“The prices have not increased. Prices of rice, oil and other commodities have instead decreased compared to the previous month. However, the business is declining,'' said Naval Kishore Goyal, a food trader.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, consumers say that they have no income and therefore they lack money. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Businessmen are saying that they have not been able to collect the money for the goods sold on credit. Devendra Bhakta Shrestha, president of the Nepal Food Groceries and Wholesalers Association, a representative organization of grocers, says that the grocery business is in crisis now. "Sales are going down but the main problem is not being able to collect money from the market," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to Shrestha, the retail businessmen say that they are not getting money from the cooperatives. “In this context, how will they pay the credit?" </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Nirmala UI","sans-serif"">He urged the government to improve the environment for getting money from the cooperatives. Retailers are complaining that cooperatives have not given the money they have deposited due to lack of liquidity.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16968', 'image' => '20230310101203_fair price shoppp.jpg', 'article_date' => '2023-03-10 10:11:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17229', 'article_category_id' => '1', 'title' => 'Constitutional Responsibilities are my Guiding Principles: President-Elect Paudel ', 'sub_title' => '', 'summary' => 'March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 10: President-elect Ram Chandra Paudel has expressed his commitment to remain impartial and neutral while executing his role as the president. He also said that he will follow the due process of law in his work execution. After being elected as the new president of Nepal on Thursday, Paudel said he is aware of the role of the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Extending a message of gratitude to all after his election to the coveted post, Paudel vowed to get engaged in the national campaign for sustainable peace, good-governance, development and prosperity by internalizing the letter and spirit of the constitution while discharging his duty as the president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Constitutional responsibilities for promotion of Nepal's national unity, defence of sovereignty, and implementation and protection of the constitution shall be my guiding principles," according to the President-elect Paudel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the message issued on Thursday night, President-elect Paudel extended a heartfelt tribute to all martyrs who lost their lives in different movements, struggles and campaigns waged for the establishment and restoration of democracy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel also expressed his gratitude to former Speaker Subas Chandra Nembang for the friendly competition in the presidential election, Nembang's political party and the voters as well. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">President-elect thanks PM Dahal, NC President Deuba and CPN (US) Chair Nepal</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President-elect Ram Chandra Paudel met Prime Minister Pushpa Kamal Dahal at the latter's official residence in Baluwatar on Thursday and thanked him for the support. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the meeting, President-elect Paudel thanked Prime Minister Dahal, who is also the chair of CPN (Maoist Centre), while the Prime Minister congratulated Paudel and extended his best wishes for a successful tenure, according to the Prime Minister's Secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Paudel met with Nepali Congress President and former Prime Minister Sher Bahadur Deuba and CPN (Unified Socialist) Chairperson and former Prime Minister Madhav Kumar Nepal. President-elect Paudel visited Deuba at his residence in Dhumbarahi and Nepal at his residence in Koteshwar. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Newly elected President Paudel receives certificate of election</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Paudel, a senior leader of Nepali Congress, was earlier awarded a certificate for being elected to the post of president. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Election Commissioner Dinesh Kumar Thapalia handed over the certificate of election to Paudel at the Federal Parliament Building in New Baneshwar on Thursday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Election Officer Mahesh Sharma Paudel announced the results of the election, sharing that leader Ram Chandra Paudel was elected to the post of the president. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Pushpa Kamal Dahal, President of Nepali Congress and former Prime Minister Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) and former Prime Minister Madhav Kumar Nepal, Chairperson of Loktantrik Samajbadi Party Mahanth Thakur, Chair of Nagarik Unmukti Party Ranjita Shrestha, Chair of Janamat Party CK Raut, election commissioners, leaders and workers of various political parties were present on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the presidential election held on Thursday, Paudel received 33,802 votes and his competitor, Subash Chandra Nembang, received 15,518 votes. </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16967', 'image' => '20230310094747_RSS-IMG_0311.jpg', 'article_date' => '2023-03-10 09:43:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17228', 'article_category_id' => '1', 'title' => 'Sanima Middle Tamor Hydropower Opens Sale Of IPO to General Public ', 'sub_title' => '', 'summary' => 'Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10).', 'content' => '<p><span style="font-size:18px">March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO) to the general public from Friday(March 10). In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.</span></p> <p><span style="font-size:18px">Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. </span></p> <p><span style="font-size:18px">Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.</span></p> <p><span style="font-size:18px">The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. </span></p> <p><span style="font-size:18px">Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.</span></p> <p><span style="font-size:18px">Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.</span></p> <p><span style="font-size:18px">The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.</span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-03-10', 'modified' => '2023-03-10', 'keywords' => '', 'description' => '', 'sortorder' => '16966', 'image' => '20230310054012_collage - 2023-03-08T172116.161.jpg', 'article_date' => '2023-03-10 05:36:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
