January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from…
January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from…
More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in…
January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World…
Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in…
January 11: Hotels in Birgunj will open till midnight after ensuring safety measures.…
Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar…
January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a…
January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock…
January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports.…
January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the…
January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives…
Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of…
January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new…
January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal…
Chitwan Festival kicked off on the banks of Narayani River on…
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The interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16708', 'article_category_id' => '1', 'title' => 'Biting Cold Throws Life Out of Gear in Tarai ', 'sub_title' => '', 'summary' => ' Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. ', 'content' => '<p> </p> <p><br /> <span style="font-size:18px">January 11: Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. </span></p> <p><span style="font-size:18px">Freezing cold has hit normal life very hard in Siraha, Saptari, Rautahat. The maximum cold was felt of this year in Saptari on Tuesday. Thick fog and cold breeze have made everyday life hard. </span></p> <p><span style="font-size:18px">Streets wear deserted looks as people hardly venture out of their homes throughout the day. <br /> Meanwhile, patients of asthma, diarrhoea, and common cold have increased at hospitals and health centers in the district. </span></p> <p><span style="font-size:18px">With the falling mercury, locals can be spotted burning firewood to keep themselves warms in the public places., such as streets. </span></p> <p><span style="font-size:18px">Biting cold has hit people from impoverished families such as Dom and Musahar and daily wage earners the most.<br /> Freezing cold has stopped daily wage earners from going to work. This has made them difficult to make their ends meet, according to Biraju Sada of Tilathi Koiladi Rural Municipality-4.</span></p> <p><span style="font-size:18px">Satya Narayan Mukhiya of Chhinnamasta Rural Municipality-3, Saptari complained that unbearable cold had hit normal life very hard. </span></p> <p><span style="font-size:18px">“We don’t have warm clothes to wear. On the other hand, extreme cold has made it tough to make ends meet”, bemoaned Mukhiya.</span></p> <p><span style="font-size:18px">Poor and marginalized people from backward communities are relying on firewood collected from the village to avoid coldness. </span></p> <p><span style="font-size:18px">“We make fire with firewood and keep ourselves warm,” said Hari Narayan Sada from Saptari headquarters Rajbiraj. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16449', 'image' => '20230111062034_Cold-wave 11.jpg', 'article_date' => '2023-01-11 06:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16707', 'article_category_id' => '1', 'title' => 'Stock Market Shows Signs of Bullish Trend', 'sub_title' => '', 'summary' => 'January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government. Many have assessed that the market, which has increased with the policy changes from the government, has now returned to a bullish trend despite closing below 2200 points on Tuesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In recent days, the market has been increasing by an average of 50/60 points daily although it fell by 21 points on Tuesday. The daily turnover has also reached Rs 4/5 billion. In the last 12 days, the stock market index NEPSE has increased by 345 points. It is an increase by 18.45 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The morale of investors was boosted after Bishnu Paudel got the responsibility of the Finance Ministry in the new government led by CPN (Maoist Center) Chairman Pushpa Kamal Dahal. The policy changes made by the Nepal Rastra Bank are also supporting the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nayan Bastola, secretary general of the Share Investors Pressure Group, said that there is a possibility that the market will break the record of 3200. He said that if you look at the current market trend, there are signs that it has returned to a bullish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sabir Bade Shrestha, Chief Executive Officer (CEO) of CBIL Capital, shared that the current stock market is progressing according to policy developments. Shrestha said that the formation of the new government has created a positive atmosphere due to the policies of the NRB and the Ministry of Finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha believes that the prime minister taking the vote of confidence in the Parliament on Tuesday will further increase the morale in the market. In addition, he claimed that the market will boost further after banks and financial institutions reduce interest rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha said that there is less possibility of daily trading of 20/22 billion shares as in the past because the NRB has made it difficult for banks to invest in the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The share market climbed to 2211 points on Monday with an increase of about 400 points (396 points) before falling marginally to 2190 points on Monday. It is an increase of about 22 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the market increases by 20 per cent, it is taken as a bullish trend, and when it decreases by 20 per cent, it is considered as a bearish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Some analysts interpret it as a bullish trend if the stock market goes up for many days and falls only for a few days. That is, even if there is a bullish trend in the market for 3/4 days and a bearish trend for 1/2 days, the overall market is rising during this time. The market decreased only 3 out of 11 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the continuous increase in share prices of companies whose financial conditions are weak is interpreted as the market moving into a bullish trend. Recently, the increase in group indicators, including finance and hydropower, also confirms it.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16448', 'image' => '20230110055823_20221227112853_20160613011604_20160613100022_fdsk;slk.jpg', 'article_date' => '2023-01-10 17:57:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16706', 'article_category_id' => '1', 'title' => 'Interest Rate of Treasury Bills Lowest in a Year', 'sub_title' => '', 'summary' => 'January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Monday, Nepal Rastra Bank (NRB) called for bids to renew treasury bills of Rs 16 billion including T-bills of Rs 2 billion for 28 days, Rs 8 billion for 91 days and Rs 6 billion for 364 days. During the auction, the central bank received applications more than the total worth of T-bills while the interest rate dropped to the lowest point.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the 28-day treasury bills worth Rs 2 billion auctioned on Monday, the bid was Rs 10.59 billion more than the T-bills auctioned. The interest rate of the treasury bills remained at 7.93 percent. Last week, the interest on the 28-day treasury bills was maintained at 9.16 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank received bids for the 91-day treasury that exceeded the quotation of Rs 8 billion by Rs 5.52 billion. NRB said that the interest rate of the treasury bills also decreased by about 1 percentage point compared to the previous week and stood at 10.6 percent. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">NRB had issued a repo for a period of 45 days on December 29. The average interest rate was maintained at 5.099 percent in the repo. As the liquidity in the market eased due to repo, the banks auctioned for more T-bills than the quotation of the central bank.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the government has extended the period for commercial banks to calculate 80 percent of the local level's amount as deposits till mid-July. By Sunday, deposits in banks and financial institutions have reached Rs 5300 billion. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The disbursement of loans also increased by Rs 3 billion to Rs 4700 billion. Along with the increase in deposits, the CD ratio of banks also decreased from 86.44 to 86.40 percent. NRB informed that the inter-bank interest rate also decreased to 6.26 percent.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16447', 'image' => '20230110053333_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-01-10 17:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16705', 'article_category_id' => '1', 'title' => 'Chitwan Festival Kicks Off ', 'sub_title' => '', 'summary' => 'Chitwan Festival kicked off on the banks of Narayani River on Monday.', 'content' => '<p><span style="font-size:18px">January 9: Chitwan Festival kicked off on the banks of Narayani River on Monday.</span></p> <p><span style="font-size:18px">Outgoing Minister for Industry, Commerce and Supplies of Bagmati Province, Milan Babu Shrestha, inaugurated the Festival amidst a programme. </span></p> <p><span style="font-size:18px">On the occasion, Mayor of Bharatpur Metropolitan City, Renu Dahal, said the Festival would contribute to the overall development of the district.</span></p> <p><span style="font-size:18px">“The festival will help foster economic activities,” she hoped.</span></p> <p><span style="font-size:18px">Similarly, Vice President of The Federation of Nepalese Chamber of Commerce and Industries(FNCCI) Dinesh Shrestha, said that that liquidity crisis seen in the banking system was causing concern to the industries and entrepreneurship. </span></p> <p><span style="font-size:18px">"Government must pay heed to the liquidity problem," he stressed, arguing that policy level instability was eroding investment climate in Nepal. </span></p> <p><span style="font-size:18px">The Festival will run till January 18, according to Chairman of FNCCI Chitwan chapter, Chun Narayan Shrestha. <br /> The Festival has several stalls including the agricultural products, autos, 'made in Nepal', electronics and IT. </span></p> <p><span style="font-size:18px">The festival is focused to promote indigenous products of Chitwan such as mustard oil and apiary for socioeconomic and cultural transformation of the district this time around. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16446', 'image' => '20230110052046_collage (43).jpg', 'article_date' => '2023-01-10 17:17:30', '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' => '16721', 'article_category_id' => '1', 'title' => 'Commercial Banks to Lower Interest Rates in Mid-January', 'sub_title' => '', 'summary' => 'January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">An executive committee meeting of Nepal Bankers Association (NBA) on Wednesday decided to reduce the interest rates immediately after the Special Annual General Meeting (AGM) of the umbrella body of CEOs of commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">As per the decision taken by NBA, commercial banks will charge a maximum of 11 percent interest on personal deposits and a maximum of 9 percent on institutional deposits in the Nepali month of Magh (mid-January to mid-February). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Back in the month of Asoj (mid-September to mid-October), the commercial banks had fixed the interest on personal deposits at 12.13 percent and that for institutional deposits at 10.13 percent. The interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16708', 'article_category_id' => '1', 'title' => 'Biting Cold Throws Life Out of Gear in Tarai ', 'sub_title' => '', 'summary' => ' Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. ', 'content' => '<p> </p> <p><br /> <span style="font-size:18px">January 11: Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. </span></p> <p><span style="font-size:18px">Freezing cold has hit normal life very hard in Siraha, Saptari, Rautahat. The maximum cold was felt of this year in Saptari on Tuesday. Thick fog and cold breeze have made everyday life hard. </span></p> <p><span style="font-size:18px">Streets wear deserted looks as people hardly venture out of their homes throughout the day. <br /> Meanwhile, patients of asthma, diarrhoea, and common cold have increased at hospitals and health centers in the district. </span></p> <p><span style="font-size:18px">With the falling mercury, locals can be spotted burning firewood to keep themselves warms in the public places., such as streets. </span></p> <p><span style="font-size:18px">Biting cold has hit people from impoverished families such as Dom and Musahar and daily wage earners the most.<br /> Freezing cold has stopped daily wage earners from going to work. This has made them difficult to make their ends meet, according to Biraju Sada of Tilathi Koiladi Rural Municipality-4.</span></p> <p><span style="font-size:18px">Satya Narayan Mukhiya of Chhinnamasta Rural Municipality-3, Saptari complained that unbearable cold had hit normal life very hard. </span></p> <p><span style="font-size:18px">“We don’t have warm clothes to wear. On the other hand, extreme cold has made it tough to make ends meet”, bemoaned Mukhiya.</span></p> <p><span style="font-size:18px">Poor and marginalized people from backward communities are relying on firewood collected from the village to avoid coldness. </span></p> <p><span style="font-size:18px">“We make fire with firewood and keep ourselves warm,” said Hari Narayan Sada from Saptari headquarters Rajbiraj. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16449', 'image' => '20230111062034_Cold-wave 11.jpg', 'article_date' => '2023-01-11 06:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16707', 'article_category_id' => '1', 'title' => 'Stock Market Shows Signs of Bullish Trend', 'sub_title' => '', 'summary' => 'January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government. Many have assessed that the market, which has increased with the policy changes from the government, has now returned to a bullish trend despite closing below 2200 points on Tuesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In recent days, the market has been increasing by an average of 50/60 points daily although it fell by 21 points on Tuesday. The daily turnover has also reached Rs 4/5 billion. In the last 12 days, the stock market index NEPSE has increased by 345 points. It is an increase by 18.45 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The morale of investors was boosted after Bishnu Paudel got the responsibility of the Finance Ministry in the new government led by CPN (Maoist Center) Chairman Pushpa Kamal Dahal. The policy changes made by the Nepal Rastra Bank are also supporting the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nayan Bastola, secretary general of the Share Investors Pressure Group, said that there is a possibility that the market will break the record of 3200. He said that if you look at the current market trend, there are signs that it has returned to a bullish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sabir Bade Shrestha, Chief Executive Officer (CEO) of CBIL Capital, shared that the current stock market is progressing according to policy developments. Shrestha said that the formation of the new government has created a positive atmosphere due to the policies of the NRB and the Ministry of Finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha believes that the prime minister taking the vote of confidence in the Parliament on Tuesday will further increase the morale in the market. In addition, he claimed that the market will boost further after banks and financial institutions reduce interest rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha said that there is less possibility of daily trading of 20/22 billion shares as in the past because the NRB has made it difficult for banks to invest in the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The share market climbed to 2211 points on Monday with an increase of about 400 points (396 points) before falling marginally to 2190 points on Monday. It is an increase of about 22 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the market increases by 20 per cent, it is taken as a bullish trend, and when it decreases by 20 per cent, it is considered as a bearish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Some analysts interpret it as a bullish trend if the stock market goes up for many days and falls only for a few days. That is, even if there is a bullish trend in the market for 3/4 days and a bearish trend for 1/2 days, the overall market is rising during this time. The market decreased only 3 out of 11 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the continuous increase in share prices of companies whose financial conditions are weak is interpreted as the market moving into a bullish trend. Recently, the increase in group indicators, including finance and hydropower, also confirms it.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16448', 'image' => '20230110055823_20221227112853_20160613011604_20160613100022_fdsk;slk.jpg', 'article_date' => '2023-01-10 17:57:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16706', 'article_category_id' => '1', 'title' => 'Interest Rate of Treasury Bills Lowest in a Year', 'sub_title' => '', 'summary' => 'January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Monday, Nepal Rastra Bank (NRB) called for bids to renew treasury bills of Rs 16 billion including T-bills of Rs 2 billion for 28 days, Rs 8 billion for 91 days and Rs 6 billion for 364 days. During the auction, the central bank received applications more than the total worth of T-bills while the interest rate dropped to the lowest point.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the 28-day treasury bills worth Rs 2 billion auctioned on Monday, the bid was Rs 10.59 billion more than the T-bills auctioned. The interest rate of the treasury bills remained at 7.93 percent. Last week, the interest on the 28-day treasury bills was maintained at 9.16 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank received bids for the 91-day treasury that exceeded the quotation of Rs 8 billion by Rs 5.52 billion. NRB said that the interest rate of the treasury bills also decreased by about 1 percentage point compared to the previous week and stood at 10.6 percent. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">NRB had issued a repo for a period of 45 days on December 29. The average interest rate was maintained at 5.099 percent in the repo. As the liquidity in the market eased due to repo, the banks auctioned for more T-bills than the quotation of the central bank.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the government has extended the period for commercial banks to calculate 80 percent of the local level's amount as deposits till mid-July. By Sunday, deposits in banks and financial institutions have reached Rs 5300 billion. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The disbursement of loans also increased by Rs 3 billion to Rs 4700 billion. Along with the increase in deposits, the CD ratio of banks also decreased from 86.44 to 86.40 percent. NRB informed that the inter-bank interest rate also decreased to 6.26 percent.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16447', 'image' => '20230110053333_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-01-10 17:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16705', 'article_category_id' => '1', 'title' => 'Chitwan Festival Kicks Off ', 'sub_title' => '', 'summary' => 'Chitwan Festival kicked off on the banks of Narayani River on Monday.', 'content' => '<p><span style="font-size:18px">January 9: Chitwan Festival kicked off on the banks of Narayani River on Monday.</span></p> <p><span style="font-size:18px">Outgoing Minister for Industry, Commerce and Supplies of Bagmati Province, Milan Babu Shrestha, inaugurated the Festival amidst a programme. </span></p> <p><span style="font-size:18px">On the occasion, Mayor of Bharatpur Metropolitan City, Renu Dahal, said the Festival would contribute to the overall development of the district.</span></p> <p><span style="font-size:18px">“The festival will help foster economic activities,” she hoped.</span></p> <p><span style="font-size:18px">Similarly, Vice President of The Federation of Nepalese Chamber of Commerce and Industries(FNCCI) Dinesh Shrestha, said that that liquidity crisis seen in the banking system was causing concern to the industries and entrepreneurship. </span></p> <p><span style="font-size:18px">"Government must pay heed to the liquidity problem," he stressed, arguing that policy level instability was eroding investment climate in Nepal. </span></p> <p><span style="font-size:18px">The Festival will run till January 18, according to Chairman of FNCCI Chitwan chapter, Chun Narayan Shrestha. <br /> The Festival has several stalls including the agricultural products, autos, 'made in Nepal', electronics and IT. </span></p> <p><span style="font-size:18px">The festival is focused to promote indigenous products of Chitwan such as mustard oil and apiary for socioeconomic and cultural transformation of the district this time around. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16446', 'image' => '20230110052046_collage (43).jpg', 'article_date' => '2023-01-10 17:17:30', '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' => '16721', 'article_category_id' => '1', 'title' => 'Commercial Banks to Lower Interest Rates in Mid-January', 'sub_title' => '', 'summary' => 'January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">January 12: Commercial banks of Nepal have agreed to reduce the interest rates on deposits from mid-January.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">An executive committee meeting of Nepal Bankers Association (NBA) on Wednesday decided to reduce the interest rates immediately after the Special Annual General Meeting (AGM) of the umbrella body of CEOs of commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">As per the decision taken by NBA, commercial banks will charge a maximum of 11 percent interest on personal deposits and a maximum of 9 percent on institutional deposits in the Nepali month of Magh (mid-January to mid-February). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Back in the month of Asoj (mid-September to mid-October), the commercial banks had fixed the interest on personal deposits at 12.13 percent and that for institutional deposits at 10.13 percent. The interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16708', 'article_category_id' => '1', 'title' => 'Biting Cold Throws Life Out of Gear in Tarai ', 'sub_title' => '', 'summary' => ' Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. ', 'content' => '<p> </p> <p><br /> <span style="font-size:18px">January 11: Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. </span></p> <p><span style="font-size:18px">Freezing cold has hit normal life very hard in Siraha, Saptari, Rautahat. The maximum cold was felt of this year in Saptari on Tuesday. Thick fog and cold breeze have made everyday life hard. </span></p> <p><span style="font-size:18px">Streets wear deserted looks as people hardly venture out of their homes throughout the day. <br /> Meanwhile, patients of asthma, diarrhoea, and common cold have increased at hospitals and health centers in the district. </span></p> <p><span style="font-size:18px">With the falling mercury, locals can be spotted burning firewood to keep themselves warms in the public places., such as streets. </span></p> <p><span style="font-size:18px">Biting cold has hit people from impoverished families such as Dom and Musahar and daily wage earners the most.<br /> Freezing cold has stopped daily wage earners from going to work. This has made them difficult to make their ends meet, according to Biraju Sada of Tilathi Koiladi Rural Municipality-4.</span></p> <p><span style="font-size:18px">Satya Narayan Mukhiya of Chhinnamasta Rural Municipality-3, Saptari complained that unbearable cold had hit normal life very hard. </span></p> <p><span style="font-size:18px">“We don’t have warm clothes to wear. On the other hand, extreme cold has made it tough to make ends meet”, bemoaned Mukhiya.</span></p> <p><span style="font-size:18px">Poor and marginalized people from backward communities are relying on firewood collected from the village to avoid coldness. </span></p> <p><span style="font-size:18px">“We make fire with firewood and keep ourselves warm,” said Hari Narayan Sada from Saptari headquarters Rajbiraj. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16449', 'image' => '20230111062034_Cold-wave 11.jpg', 'article_date' => '2023-01-11 06:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16707', 'article_category_id' => '1', 'title' => 'Stock Market Shows Signs of Bullish Trend', 'sub_title' => '', 'summary' => 'January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government. Many have assessed that the market, which has increased with the policy changes from the government, has now returned to a bullish trend despite closing below 2200 points on Tuesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In recent days, the market has been increasing by an average of 50/60 points daily although it fell by 21 points on Tuesday. The daily turnover has also reached Rs 4/5 billion. In the last 12 days, the stock market index NEPSE has increased by 345 points. It is an increase by 18.45 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The morale of investors was boosted after Bishnu Paudel got the responsibility of the Finance Ministry in the new government led by CPN (Maoist Center) Chairman Pushpa Kamal Dahal. The policy changes made by the Nepal Rastra Bank are also supporting the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nayan Bastola, secretary general of the Share Investors Pressure Group, said that there is a possibility that the market will break the record of 3200. He said that if you look at the current market trend, there are signs that it has returned to a bullish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sabir Bade Shrestha, Chief Executive Officer (CEO) of CBIL Capital, shared that the current stock market is progressing according to policy developments. Shrestha said that the formation of the new government has created a positive atmosphere due to the policies of the NRB and the Ministry of Finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha believes that the prime minister taking the vote of confidence in the Parliament on Tuesday will further increase the morale in the market. In addition, he claimed that the market will boost further after banks and financial institutions reduce interest rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha said that there is less possibility of daily trading of 20/22 billion shares as in the past because the NRB has made it difficult for banks to invest in the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The share market climbed to 2211 points on Monday with an increase of about 400 points (396 points) before falling marginally to 2190 points on Monday. It is an increase of about 22 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the market increases by 20 per cent, it is taken as a bullish trend, and when it decreases by 20 per cent, it is considered as a bearish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Some analysts interpret it as a bullish trend if the stock market goes up for many days and falls only for a few days. That is, even if there is a bullish trend in the market for 3/4 days and a bearish trend for 1/2 days, the overall market is rising during this time. The market decreased only 3 out of 11 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the continuous increase in share prices of companies whose financial conditions are weak is interpreted as the market moving into a bullish trend. Recently, the increase in group indicators, including finance and hydropower, also confirms it.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16448', 'image' => '20230110055823_20221227112853_20160613011604_20160613100022_fdsk;slk.jpg', 'article_date' => '2023-01-10 17:57:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16706', 'article_category_id' => '1', 'title' => 'Interest Rate of Treasury Bills Lowest in a Year', 'sub_title' => '', 'summary' => 'January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Monday, Nepal Rastra Bank (NRB) called for bids to renew treasury bills of Rs 16 billion including T-bills of Rs 2 billion for 28 days, Rs 8 billion for 91 days and Rs 6 billion for 364 days. During the auction, the central bank received applications more than the total worth of T-bills while the interest rate dropped to the lowest point.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the 28-day treasury bills worth Rs 2 billion auctioned on Monday, the bid was Rs 10.59 billion more than the T-bills auctioned. The interest rate of the treasury bills remained at 7.93 percent. Last week, the interest on the 28-day treasury bills was maintained at 9.16 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank received bids for the 91-day treasury that exceeded the quotation of Rs 8 billion by Rs 5.52 billion. NRB said that the interest rate of the treasury bills also decreased by about 1 percentage point compared to the previous week and stood at 10.6 percent. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">NRB had issued a repo for a period of 45 days on December 29. The average interest rate was maintained at 5.099 percent in the repo. As the liquidity in the market eased due to repo, the banks auctioned for more T-bills than the quotation of the central bank.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the government has extended the period for commercial banks to calculate 80 percent of the local level's amount as deposits till mid-July. By Sunday, deposits in banks and financial institutions have reached Rs 5300 billion. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The disbursement of loans also increased by Rs 3 billion to Rs 4700 billion. Along with the increase in deposits, the CD ratio of banks also decreased from 86.44 to 86.40 percent. NRB informed that the inter-bank interest rate also decreased to 6.26 percent.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16447', 'image' => '20230110053333_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-01-10 17:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16705', 'article_category_id' => '1', 'title' => 'Chitwan Festival Kicks Off ', 'sub_title' => '', 'summary' => 'Chitwan Festival kicked off on the banks of Narayani River on Monday.', 'content' => '<p><span style="font-size:18px">January 9: Chitwan Festival kicked off on the banks of Narayani River on Monday.</span></p> <p><span style="font-size:18px">Outgoing Minister for Industry, Commerce and Supplies of Bagmati Province, Milan Babu Shrestha, inaugurated the Festival amidst a programme. </span></p> <p><span style="font-size:18px">On the occasion, Mayor of Bharatpur Metropolitan City, Renu Dahal, said the Festival would contribute to the overall development of the district.</span></p> <p><span style="font-size:18px">“The festival will help foster economic activities,” she hoped.</span></p> <p><span style="font-size:18px">Similarly, Vice President of The Federation of Nepalese Chamber of Commerce and Industries(FNCCI) Dinesh Shrestha, said that that liquidity crisis seen in the banking system was causing concern to the industries and entrepreneurship. </span></p> <p><span style="font-size:18px">"Government must pay heed to the liquidity problem," he stressed, arguing that policy level instability was eroding investment climate in Nepal. </span></p> <p><span style="font-size:18px">The Festival will run till January 18, according to Chairman of FNCCI Chitwan chapter, Chun Narayan Shrestha. <br /> The Festival has several stalls including the agricultural products, autos, 'made in Nepal', electronics and IT. </span></p> <p><span style="font-size:18px">The festival is focused to promote indigenous products of Chitwan such as mustard oil and apiary for socioeconomic and cultural transformation of the district this time around. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16446', 'image' => '20230110052046_collage (43).jpg', 'article_date' => '2023-01-10 17:17:30', '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 interest rate remained unchanged in the following months of Kartik (mid-October to mid-November), Mangsir (mid-November to mid-December) and Poush (mid-December to mid-January).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Special AGM of NBA unanimously elected CEO of NMB Bank Sunil KC as the new president of NBA. KC, who was the acting president, was elected to lead the association by the Special AGM.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">KC was appointed the acting president of NBA after the then President Anil Kumar Upadhyay’s term as the CEO of Agriculture Development Bank came to an end. The Special AGM was called to fill the vacant position of NBA president.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16462', 'image' => '20230112103737_Banks.jpg', 'article_date' => '2023-01-12 10:36:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16720', 'article_category_id' => '1', 'title' => ' 40,000 kg Red Sandalwood Confiscated By Police About To Decay ', 'sub_title' => '', 'summary' => 'More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. ', 'content' => '<p> </p> <p><span style="font-size:20px">January 12: More than 40,000 kilograms of red sandalwood confiscated by police in various places over different periods of time have been left abandoned in Sindhupalchowk. </span></p> <p><span style="font-size:20px">Stranded red sandalwoods are going to decay as they have neither been returned to rightful owners nor auctioned. </span></p> <p><span style="font-size:20px">Logs of the valuable red sandalwood were seized by police while the smugglers were trying to smuggle them to China and left stranded for decades in absence of clear laws about what to do with such confiscated logs. </span></p> <p><span style="font-size:20px">Although the District Forest Office ought to conserve the seized red sandalwood, a huge chunk of the valuable wood have been lying in sorry state in the premises of District Administration Office in Sindupalchowk. </span></p> <p><span style="font-size:20px">According to Assistant District Forest Officer Krishna Bahadur Thapa, they had handed over the precious woods to the police due to lack of space to park them at the forest office and having no one to guard the seized logs. </span></p> <p><span style="font-size:20px">Confiscated red sandalwoods are in sorry state as the concerned authority is yet to decide on what to do with them</span></p> <p><span style="font-size:20px">"The Forest Department or Ministry should decide in this regard. We are not authorized to take decision on it," said Thapa, adding that since they were told to conserve the seized red sandalwood from the higher up, they were keeping them safe till date. </span></p> <p><span style="font-size:20px">"After the Forest Department wrote to the District Forest Office, we have appraised them about the condition of these seized red sandalwood," Thapa said.</span></p> <p><span style="font-size:20px">It is learnt that seized sandalwoods from the district are smuggled to India and then taken to China from there. </span></p> <p><span style="font-size:20px">DSP Shiv Kumar Budhathoki said police personnel are guarding the red sandalwoods parked in the premises of DAO. The DAO premise has red sandalwoods confiscated since 2062.</span><br /> </p> ', 'published' => true, 'created' => '2023-01-12', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16461', 'image' => '20230112060045_collage (30).jpg', 'article_date' => '2023-01-12 05:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '16719', 'article_category_id' => '1', 'title' => 'World Bank Estimates 5.1 Percent Economic Growth Rate of Nepal this Year', 'sub_title' => '', 'summary' => 'January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Nepal’s economic growth rate would remain at 5.1 percent in the current fiscal year and 4.9 percent in FY 2023/24, according to the latest report published by the World Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ‘Global Economic Prospect Report’ unveiled by the World Bank (WB) on Tuesday came up with the forecast just days after the newly formed government unveiled its common minimum programme with tall promises of achieving economic growth in double digits.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the WB’s estimation, economic growth rate would be slashed not only in Nepal but also across the globe. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global growth is projected to slow to its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Investment growth in emerging market and developing economies is predicted to remain below its average rate of the past two decades. Any additional adverse shocks could push the global economy into recession,” said the report, adding, “Small states are especially vulnerable to such shocks because of their reliance on external trade and financing, limited diversification, elevated debt, and susceptibility to natural disasters.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report suggested that immediate policy action is needed to bolster growth and investment, including redirecting existing spending, such as agricultural and fuel subsidies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percentage points lower than the earlier estimate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">World Bank President David Malpass emphasized that the crisis facing developments is intensifying. He noted that the latest growth forecasts indicate a sharp, long-lasting slowdown, with global growth declining to 1.7 percent in 2023 – roughly half the rate expected just six months ago.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The deterioration is broad-based: in virtually all regions of the world, per-capita income growth will be slower than it was during the decade before COVID-19, he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Six months ago, the WB had made a public estimation of global economic growth rate of 3.0 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The ongoing war between Russia and Ukraine and COVID-19 pandemic have been considered the main causes behind the lower economic growth rate, the economic prospect report noted. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">High price hike, high interest rate and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The WB report further stated that, “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, India would see the economic growth rate of 6.6 percent in the fiscal 2023 and 6.1 in the fiscal 2024. Likewise, Pakistan would witness the economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have the economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-12', 'keywords' => '', 'description' => '', 'sortorder' => '16460', 'image' => '20230111074428_20200703013607_World Bank.jpg', 'article_date' => '2023-01-11 19:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16718', 'article_category_id' => '1', 'title' => 'Fourth Gem and Jewellery Expo To Be Held in Kathmandu.', 'sub_title' => '', 'summary' => 'Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.', 'content' => '<p><span style="font-size:20px">January 11: Nepal Gem and Jewellery Association is all set to host the Fourth Gem and Jewellery Expo in Kathmandu.</span></p> <p><span style="font-size:20px">The expo will run from January 13 to 15. The association will organize a jewellery fashion show on January 12. </span></p> <p><span style="font-size:20px">Jyotsana Shrestha, Chairperson of Nepal Gem and Jewellery Association, said the association is preparing to host the expo with slogan “Taking Nepalese Jewellery to Global”. </span></p> <p><span style="font-size:20px">The expo is aimed at promoting the export of Nepali jewelleries to contribute to the country’s economy. </span></p> <p><span style="font-size:20px">Indian actress and model Malaika Arora will walk in the ramp donning Nepali attire and jewelleries, the association informed in the press conference. The entry to the expo is free. </span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16459', 'image' => '20230111063313_collage (45).jpg', 'article_date' => '2023-01-11 18:30:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '16717', 'article_category_id' => '1', 'title' => 'Hotels in Birgunj to Open Till Midnight', 'sub_title' => '', 'summary' => 'January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: Hotels in Birgunj will open till midnight after ensuring safety measures. In order to revive the hotel business, which is in crisis after the Covid-19 pandemic, the district administration has agreed in principle to extend the opening hours of hotels in Birganj area. Hari Panta, president of Birgunj Hotel and Tourism Association, informed that initiative is being taken to operate hotels till midnight.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the local administration had banned the opening of hotels and restaurants after 10 pm citing security reasons. Panta said that hotels now will be operated till midnight after fufilling certain safety standards.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Hoteliers of Birgunj, including Pant, met Umesh Kumar Dhakal, chief district officer of Parsa, and demanded to increase the hotel's operating hours. The administration agreed to open the hotel till midnight after safety standards are met. For its preparation, it has been agreed to form a task force under the coordination of the Assistant Chief District Officer of Parsa. Panta said that hoteliers, district police office, armed police and other security agencies will be included in the task force. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16458', 'image' => '20230111054903_Hotel.jpg', 'article_date' => '2023-01-11 17:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16716', 'article_category_id' => '1', 'title' => 'Fifteen-member CBFIN Executive Committee Selected', 'sub_title' => '', 'summary' => 'Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan.', 'content' => '<p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">January 11: Third Annual General Assembly of Confederation of Banks and Financial Institutions Nepal (CBFIN) has unanimously selected a 15-member new executive committee led by NMB Bank’s chairman Pawan Kumar Golyan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The executive committee formed from the third annual general assembly held on Sunday has selected Bhoj Bahadur Shah as Senior Vice-chairman, Rajesh Upadhyay as Vice-chairman and Rajan Singh Bhandari as General Secretary. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, Tulsiram Agrawal, Kush Prasad Malli and Prachanda Bahadur Shrestha have been unanimously selected as Treasurer, Secretary and Co-Treasurer respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Other members of the new committee include Upendra Keshari Neupane, Upendra Prasad Poudel, Lila Prasad Sitaula, Motilal Dugad, Radhes Pant, Mahendra Kumar Goyal, Bharat Raj Dhakal and Hirendraman Pradhan. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Newly-elected Chairman Pawan Golyan pledged to take the CBFIN to a new height. “We will develop and promote CBFIN as a common institution of banks and financial institutions,” Golyan assured. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Golyan reiterated that the new executive committee would work to expand and reform the banking sector. </span></span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16457', 'image' => '20230111044742_collage (44).jpg', 'article_date' => '2023-01-11 16:45:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '16714', 'article_category_id' => '1', 'title' => 'NIBL, Mega Bank Start Integrated Transactions after Merger', 'sub_title' => '', 'summary' => 'January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: Nepal Investment Bank Limited (NIBL) and Mega Bank Limited have launched integrated transactions from Wednesday following a merger. The two banks merged to form ‘Nepal Investment Mega Bank (NIMB) Limited’ and announced the commencement of joint operations amidst a programme on January 11. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to the merger, NIBL had a paid-up capital of Rs 18.31 billion while that of Mega Bank was Rs 16.2 billion. Following the merger, the total paid-up capital of the banks has reached over Rs 34 billion while the total assets is worth Rs 471 billion and the total capital is calculated at Rs 580 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the total deposits of the new entity is Rs 360 billion and the credit portfolio is Rs 329 billion. The merged entity has 296 branches, 59 extension counters, 279 ATM booths and over three million customers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The banks merged at swap ratio of 100: 90. It means that one unit of share of the NIBL will be equivalent to 0.90 unit of Mega Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman of Nepal Investment Bank Limited, Prithvi Bahadur Pande, is now the chairman of NIMB and Jyoti Prakash Pandey is the CEO. The new Board of Directors has the representations of both banks. Prajanya Rajbhandari and Kabi Kumar Tibrewala represent the NIBL while Gopal Khanal, Madan Kumar Acharya and Mukti Ram Pandey represent Mega Bank. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two banks merged in line with the ‘big merger’ policy of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has adopted a policy of reducing the number of banks and financial institutions to strengthen the banking system. The study report titled 'Optimum Number of Banks and Financial Intuition in Nepal' published by NRB in April 2022 showed that 11 to 15 commercial banks are suitable for Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are three main objectives behind NRB’s policy of merging banks and financial institutions, said the spokesperson of NRB, Dr Gunakar Bhatta. First, by increasing the capital, the organization will be strengthened, secondly, the operating expenses will be reduced and thirdly, unhealthy competition will be reduced. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“By increasing the bank's paid-up capital and making it a strong institution, they can invest in big projects, instead of having separate board of directors or management in many banks. When there is a single bank, the number of such banks will decrease and the operating expenses will be reduced, the unhealthy competition will be reduced and the quality of the financial situation will improve,” Bhatta told New Business Age in a recent interview.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16454', 'image' => '20230111041407_NP_KTM_20230111123440_0D3A3832.jpg', 'article_date' => '2023-01-11 16:13:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16712', 'article_category_id' => '1', 'title' => 'Import of 50,000 Tons of Wheat from India Delayed', 'sub_title' => '', 'summary' => 'January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: A shipment of 50,000 metric tons of wheat, that should have arrived from India four months ago, has been delayed due to the sluggish approach of the Ministry of Industry, Commerce and Supplies and the faulty data provided by the Ministry of Agriculture and Livestock Development. Due to this reason, the production of 40 flour mills in operation across the country has stopped resulting in a decline in production other industries that rely on flour and wheat.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Narayan Regmi, joint secretary of the Ministry of Industry, Commerce and Supplies, said that the process will not move forward until a new minister arrives. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the Government of India had approved the export of 50,000 tons of wheat to Nepal 12 days ago, the shipment has not moved forward as the Ministry of Industry has not been able to send a letter to India quoting the specific requirement for specific purpose. As a result, even the approved quota of wheat could not be imported.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Secretary Madhu Kumar Marasini, who was recently transferred to the Ministry of Industry, Commerce and Supplies, said that he cannot comment on the issue because he was just transferred to the ministry and is studding the process of wheat import.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">President of Nepal Flour Mills Association Kumud Dugad mentioned that if the government had sent the quota four months ago, Nepal would have already received the second consignment of wheat from India by now.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> “It is unfortunate that our government could not send a letter to bring the approved quota of 50,000 tons of wheat,” said Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif""> He claimed that due to the shortage of wheat, the production of 40 large flour mills across the country has dropped to almost zero. He said that they supply flour to the noodles and biscuit factories for a few more days with the stock of wheat they have but those factories will also have to shut down soon, warned Dugad.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Our country has an amazing bureaucracy that requires a minister even to send a letter that is ready to be sent while the citizens are losing their purchase power for flour,” he said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Informing that the association has already submitted a letter to the ministry to distribute 50,000 tons of wheat to all the mills, Dugad said that this amount will last for only one week. He said that by the time domestically produced wheat comes to the market in April, all the mills in Nepal will require 300,000 tons of wheat.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16453', 'image' => '20230111022424_wheatttttt.jpg', 'article_date' => '2023-01-11 14:23:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16711', 'article_category_id' => '1', 'title' => 'Cement Producers not Happy with the Threshold set for Subsidy on Export of Cement ', 'sub_title' => '', 'summary' => 'January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 11: While announcing the budget of the current fiscal year, the government had pledged to provide cash subsidy up to 8 per cent on cement exports. However, cement producers are uneasy with the procedure that enables cement exporters to receive cash subsidy of 8 percent only if the exports exceed Rs 500 million.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The budget announcement had excited the cement producers. After the government's announcement, the industrialists started the process of acquiring the Indian quality mark to export cement to India, which is a big market in proximity of Nepal. Palpa Cement and Arghakhanchi Cement are exporting their product with Indian quality mark. Other cement manufacturers are also in the process of acquiring the Ind ian quality mark for export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shivam Cement has not started exporting despite getting the quality mark. Raghunandan Maru, the director of the company, said that there is a problem with the export subsidy procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The government introduced a procedure to give 8 percent subsidy only if the export is worth more than Rs 500 million. It is not possible to export that much in the beginning," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that Nepali exporters cannot compete with the Indian cement if the subsidy is less than 8 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The cement producers also complained that they had to face various kinds of hassles when the government introduced strict provisions in the same year they started exporting. They have also asked the government to reconsider the subsidy procedure as they cannot export in large quantities in the initial phase without brand promotion and market expansion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Small cement producers in the Terai region of Nepal, which shares border with India, have complained that they will be the most affected by this procedure. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Businessmen said that due to the close proximity to the Indian market from Terai, the transportation costs would be lower, but the conditions set for the 8 percent subsidy have ended the possibility of export.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The export subsidy procedure of the government states that subsidy of 4 percent of the total value of export will be given to the cement exporters. If the producer exports goods with at least 70 per cent value addition, they will get an additional subsidy of 1 percentage point. It is mentioned that if the export volume increases by 20 per cent in the corresponding year, the subsidy will increase by 1 per cent.</span> <span style="font-family:"Arial","sans-serif"">To get an 8 percent subsidy, there is a provision that the company must have exported products worth more than Rs 500 million in a year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Ministry of Industry, Commerce and Supply insists that it is necessary to bring this kind of procedure to promote exports although the cement producers are not happy with it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry, Govind Karki, shared that the procedure was introduced to encourage businessmen to export more.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"An 8 per cent subsidy is arranged for exports of above Rs 500 million because it will meet the export promotion objective of the government," he said.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts call the subsidy a short-term arrangement to promote exports. Economist Paras Kharel said that the company should increase its competitiveness in the long term.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"To increase exports, quality goods should be produced at low cost. The product will take the market only if it has better qualities than the competitors," he told New Business Age.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Kharel said that since the government cannot subsidize all products, there must be some kind of threshold. He thinks that a grant with a threshold cannot be given for a long period.</span></span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16452', 'image' => '20230111125257_cementtttt.jpg', 'article_date' => '2023-01-11 12:52:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16710', 'article_category_id' => '1', 'title' => 'KMC Bans Selling Goods on Bicycles and Carts', 'sub_title' => '', 'summary' => 'January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 11: The Kathmandu Metropolitan City (KMC) has banned selling goods on bicycles and hand carts along the roadsides of the metropolis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Tuesday, the KMC said such activities have been banned with immediate effect.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The notice states that the unauthorized business on the roads have caused traffic disruption and therefore the KMC decided to act against the roadside vendors who use bicycles and hand carts to sell goods.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis made it clear that using public roads for business and selling goods on bicycles or carts is against the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The KMC has warned that people involved in such activities will face action if they do not abide by the law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If any business is conducted on the road or other public place within the Kathmandu Metropolitan City, or if the sidewalks are used or occupied without authorization, such goods and other materials used to keep the goods for business purposes will be confiscated," reads the notice.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The metropolis has stepped up its efforts to crackdown on illegal street-side business ever since Balendra Shah was elected as the new mayor of KMC last year. While a section of society has praised Shah for his efforts to clean up the city and make it more organized, others have cried foul saying that their livelihood has been threatened by the actions of the KMC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The street vendors recently organized a mass protest against the highhandedness of the KMC.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16451', 'image' => '20230111115513_ibr-2034868-transformed.jpeg', 'article_date' => '2023-01-11 11:54:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16709', 'article_category_id' => '1', 'title' => 'PM Dahal Gets Overwhelming Support from 268 Lawmakers ', 'sub_title' => '', 'summary' => 'January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 11: Prime Minister Pushpa Kamal Dahal has secured the vote of confidence in parliament with support from more than two thirds of the total 275 lawmakers in the House of Representatives (HoR). </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"">Dahal, who was elected the new prime minister on December 25 under Article 76 (2) of the constitution, secured the vote of confidence as per Article 76 (4) on Tuesday within the 30-day deadline.</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"">Nepali Congress, the largest party in parliament, also voted in favour of Dahal although the NC is not among the reliance alliance anymore. NC parliamentary party leader Sher Bahadur Deuba had issued a whip to vote in favour of Dahal.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the voting that took place in the lower house of parliament on Tuesday, PM Dahal received support from an overwhelming 268 lawmakers to cement his position as the new prime minister. Only two lawmakers – Prem Suwal of Nepal Workers and Peasants Party (NWPP) and Chitra Bahadur KC of People’s Front – voted against Dahal’s bid for premiership, the eldest Member of Parliament (MP) Pashupati Shumsher JBR informed the HoR while announcing the result. </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"">Out of 275 MPs in the HoR, one is suspended due to an ongoing court case. Out of the remaining MPs, 270 took part in the voting while four lawmakers abstained from voting.</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"">Among those who did not vote include RPP leader Pashupati SJB Rana, who is currently assuming the role of the house speaker until the election of a new speaker on January 19.</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"">Other three MPs who abstained from voting are from the NC, who decided to go against the party’s whip.</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"">Besides the four MPs, all other lawmakers from all the political parties as well as independent lawmakers voted in favour of PM Dahal.</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"">The Nepali Congress which has 89 lawmakers in the HoR followed CPN (UML) with 79 MPs, CPN (Maoist Centre) with 32 MPs, Rastriya Swatantra Party (20 MPs), Rastriya Prajatantra Party (14 MPs), Janata Samajwadi Party Nepal (12 MPs), CPN Unified Socialist (10 MPs), Janamat Party (6 MPs), Loktantrik Samajwadi Party (4 MPs), Nagarik Unmukti Party (4 MPs), and independent lawmakers all voted in favour of PM Dahal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had appointed CPN (Maoist Centre) Chairman Dahal to the post of the PM on December 25, 2022. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The CPN (Maoist Centre) is the third largest political force in the HoR with 32 seats from the recently held elections to the HoR. </span><br /> </span></span></p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16450', 'image' => '20230111105516_Pro-KTM-PrachandaBadaidd.jpg', 'article_date' => '2023-01-11 10:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16708', 'article_category_id' => '1', 'title' => 'Biting Cold Throws Life Out of Gear in Tarai ', 'sub_title' => '', 'summary' => ' Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. ', 'content' => '<p> </p> <p><br /> <span style="font-size:18px">January 11: Extreme cold triggered by the cold wave for the past one week has thrown normal life out of gear in some districts of Tarai. </span></p> <p><span style="font-size:18px">Freezing cold has hit normal life very hard in Siraha, Saptari, Rautahat. The maximum cold was felt of this year in Saptari on Tuesday. Thick fog and cold breeze have made everyday life hard. </span></p> <p><span style="font-size:18px">Streets wear deserted looks as people hardly venture out of their homes throughout the day. <br /> Meanwhile, patients of asthma, diarrhoea, and common cold have increased at hospitals and health centers in the district. </span></p> <p><span style="font-size:18px">With the falling mercury, locals can be spotted burning firewood to keep themselves warms in the public places., such as streets. </span></p> <p><span style="font-size:18px">Biting cold has hit people from impoverished families such as Dom and Musahar and daily wage earners the most.<br /> Freezing cold has stopped daily wage earners from going to work. This has made them difficult to make their ends meet, according to Biraju Sada of Tilathi Koiladi Rural Municipality-4.</span></p> <p><span style="font-size:18px">Satya Narayan Mukhiya of Chhinnamasta Rural Municipality-3, Saptari complained that unbearable cold had hit normal life very hard. </span></p> <p><span style="font-size:18px">“We don’t have warm clothes to wear. On the other hand, extreme cold has made it tough to make ends meet”, bemoaned Mukhiya.</span></p> <p><span style="font-size:18px">Poor and marginalized people from backward communities are relying on firewood collected from the village to avoid coldness. </span></p> <p><span style="font-size:18px">“We make fire with firewood and keep ourselves warm,” said Hari Narayan Sada from Saptari headquarters Rajbiraj. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2023-01-11', 'modified' => '2023-01-11', 'keywords' => '', 'description' => '', 'sortorder' => '16449', 'image' => '20230111062034_Cold-wave 11.jpg', 'article_date' => '2023-01-11 06:10:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16707', 'article_category_id' => '1', 'title' => 'Stock Market Shows Signs of Bullish Trend', 'sub_title' => '', 'summary' => 'January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The stock market, which was in a continuous decline, rose above 2200 points with the formation of a new government. Many have assessed that the market, which has increased with the policy changes from the government, has now returned to a bullish trend despite closing below 2200 points on Tuesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In recent days, the market has been increasing by an average of 50/60 points daily although it fell by 21 points on Tuesday. The daily turnover has also reached Rs 4/5 billion. In the last 12 days, the stock market index NEPSE has increased by 345 points. It is an increase by 18.45 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The morale of investors was boosted after Bishnu Paudel got the responsibility of the Finance Ministry in the new government led by CPN (Maoist Center) Chairman Pushpa Kamal Dahal. The policy changes made by the Nepal Rastra Bank are also supporting the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nayan Bastola, secretary general of the Share Investors Pressure Group, said that there is a possibility that the market will break the record of 3200. He said that if you look at the current market trend, there are signs that it has returned to a bullish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Sabir Bade Shrestha, Chief Executive Officer (CEO) of CBIL Capital, shared that the current stock market is progressing according to policy developments. Shrestha said that the formation of the new government has created a positive atmosphere due to the policies of the NRB and the Ministry of Finance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha believes that the prime minister taking the vote of confidence in the Parliament on Tuesday will further increase the morale in the market. In addition, he claimed that the market will boost further after banks and financial institutions reduce interest rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Shrestha said that there is less possibility of daily trading of 20/22 billion shares as in the past because the NRB has made it difficult for banks to invest in the stock market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The share market climbed to 2211 points on Monday with an increase of about 400 points (396 points) before falling marginally to 2190 points on Monday. It is an increase of about 22 per cent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">When the market increases by 20 per cent, it is taken as a bullish trend, and when it decreases by 20 per cent, it is considered as a bearish trend.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Some analysts interpret it as a bullish trend if the stock market goes up for many days and falls only for a few days. That is, even if there is a bullish trend in the market for 3/4 days and a bearish trend for 1/2 days, the overall market is rising during this time. The market decreased only 3 out of 11 days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, the continuous increase in share prices of companies whose financial conditions are weak is interpreted as the market moving into a bullish trend. Recently, the increase in group indicators, including finance and hydropower, also confirms it.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16448', 'image' => '20230110055823_20221227112853_20160613011604_20160613100022_fdsk;slk.jpg', 'article_date' => '2023-01-10 17:57:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16706', 'article_category_id' => '1', 'title' => 'Interest Rate of Treasury Bills Lowest in a Year', 'sub_title' => '', 'summary' => 'January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: After the situation of investable capital in banks and financial institutions has eased, the interest rate of the government's short-term treasury bills has come down to its lowest point in the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">On Monday, Nepal Rastra Bank (NRB) called for bids to renew treasury bills of Rs 16 billion including T-bills of Rs 2 billion for 28 days, Rs 8 billion for 91 days and Rs 6 billion for 364 days. During the auction, the central bank received applications more than the total worth of T-bills while the interest rate dropped to the lowest point.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For the 28-day treasury bills worth Rs 2 billion auctioned on Monday, the bid was Rs 10.59 billion more than the T-bills auctioned. The interest rate of the treasury bills remained at 7.93 percent. Last week, the interest on the 28-day treasury bills was maintained at 9.16 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank received bids for the 91-day treasury that exceeded the quotation of Rs 8 billion by Rs 5.52 billion. NRB said that the interest rate of the treasury bills also decreased by about 1 percentage point compared to the previous week and stood at 10.6 percent. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">NRB had issued a repo for a period of 45 days on December 29. The average interest rate was maintained at 5.099 percent in the repo. As the liquidity in the market eased due to repo, the banks auctioned for more T-bills than the quotation of the central bank.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the government has extended the period for commercial banks to calculate 80 percent of the local level's amount as deposits till mid-July. By Sunday, deposits in banks and financial institutions have reached Rs 5300 billion. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The disbursement of loans also increased by Rs 3 billion to Rs 4700 billion. Along with the increase in deposits, the CD ratio of banks also decreased from 86.44 to 86.40 percent. NRB informed that the inter-bank interest rate also decreased to 6.26 percent.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16447', 'image' => '20230110053333_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-01-10 17:32:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16705', 'article_category_id' => '1', 'title' => 'Chitwan Festival Kicks Off ', 'sub_title' => '', 'summary' => 'Chitwan Festival kicked off on the banks of Narayani River on Monday.', 'content' => '<p><span style="font-size:18px">January 9: Chitwan Festival kicked off on the banks of Narayani River on Monday.</span></p> <p><span style="font-size:18px">Outgoing Minister for Industry, Commerce and Supplies of Bagmati Province, Milan Babu Shrestha, inaugurated the Festival amidst a programme. </span></p> <p><span style="font-size:18px">On the occasion, Mayor of Bharatpur Metropolitan City, Renu Dahal, said the Festival would contribute to the overall development of the district.</span></p> <p><span style="font-size:18px">“The festival will help foster economic activities,” she hoped.</span></p> <p><span style="font-size:18px">Similarly, Vice President of The Federation of Nepalese Chamber of Commerce and Industries(FNCCI) Dinesh Shrestha, said that that liquidity crisis seen in the banking system was causing concern to the industries and entrepreneurship. </span></p> <p><span style="font-size:18px">"Government must pay heed to the liquidity problem," he stressed, arguing that policy level instability was eroding investment climate in Nepal. </span></p> <p><span style="font-size:18px">The Festival will run till January 18, according to Chairman of FNCCI Chitwan chapter, Chun Narayan Shrestha. <br /> The Festival has several stalls including the agricultural products, autos, 'made in Nepal', electronics and IT. </span></p> <p><span style="font-size:18px">The festival is focused to promote indigenous products of Chitwan such as mustard oil and apiary for socioeconomic and cultural transformation of the district this time around. </span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16446', 'image' => '20230110052046_collage (43).jpg', 'article_date' => '2023-01-10 17:17:30', '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
