January 10: Laxmi Bank has reached a preliminary understanding with Sunrise Bank for a…
January 10: Laxmi Bank has reached a preliminary understanding with Sunrise Bank for a…
January 10: The number of commercial banks in Nepal was 32 by mid-June 2012.…
January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state…
January 9: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in…
January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online…
January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans.…
January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products.…
January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up…
January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media…
January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January…
January 8: A technical team from France is arriving to sort out the storage issue seen for the past few days in the electric passport server system of…
Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the…
January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital…
January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their…
January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the…
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The two banks have also formed a joint merger committee to take the merger process forward.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The joint merger committee comprises of directors Dr Manish Thapa and Swati Rungata on behalf of Laxmi Bank and directors Sharda Sharma and Deepak Nepal on behalf of Sunrise Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As per the information shared by the banks, auditors will also be appointed for a detailed 'due diligence audit' of both the banks. The merger process will formally start after receiving the in-principle approval from Nepal Rastra Bank for the merger and will be completed within the current fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16444', 'image' => '20230110024256_merger.jpg', 'article_date' => '2023-01-10 14:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16702', 'article_category_id' => '1', 'title' => 'Number of Commercial Banks Drops by Ten in a Decade', 'sub_title' => '', 'summary' => 'January 10: The number of commercial banks in Nepal was 32 by mid-June 2012. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The number of commercial banks in Nepal was 32 by mid-June 2012</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank (NRB), that number dropped to 22 in the last ten years, ceasing the existence of 10 commercial banks. Two more banks are merging with each other in the February. According to the 'big merger' policy taken by NRB, some other banks are also taking initiatives to merge with each other.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the beginning of the current fiscal year (FY), only eight banks went through the merger/acquisition process resulting in the establishment of four new entities. Kumari Bank and Nepal Credit & Commerce (NCC) Bank have merged with each other and are doing integrated business under the name of 'Kumari Bank Limited' since January 1</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">After the merger of Global IME Bank and Bank of Kathmandu, the integrated business is starting from January 9 under the name of Global IME Bank Limited.</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, Prabhu Bank Limited acquired Century Commercial Bank and started integrated business under the name of 'Prabhu Bank Limited' from January 10. Mega Bank and Nepal Investment Bank have merged and will be doing integrated business under the name of 'Nepal Investment Mega Bank Limited' from January 11. Even though Himalayan Bank agreed to acquire Civil Bank Limited, the integrated business has not yet started. Both the banks have called the annual general meeting on January 12. They are ready to do integrated business within February.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nabil Bank Limited has already started integrated business by acquiring Nepal Bangladesh Bank. Similarly, Global IME Bank merged with Commerce and Test Bank in March 2013 and Janata Bank in December 2019</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">In June 2013, NIC Bank and Bank of Asia merged to become NIC Asia Bank. Prabhu Bank merged with Kist Bank in August 2014 and Grand Bank in February 2015</span><span style="font-family:"Times New Roman","serif"">.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In April 2012, the number of banks and financial institutions in Nepal was as high as 220</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">At that time, 32 commercial banks, 88 development banks, 77 finance companies and 23 microfinance companies were operating. In recent years, NRB has adopted a policy of reducing the number of banks and financial institutions. 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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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,” said Bhatta.</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 has been saying that the capital of banks and financial institutions should be increased to strengthen financial stability. Looking at the situation after the Asian economic crisis of 1997-98 and the global economic recession of 2007-2008, the debate about having a ‘few but strong' banks was started. According to NRB, the number of banks and financial institutions should be reduced by looking at various conditions including the use of technology.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, through the process of merger or acquisition, the capital base of banks and financial institutions will be expanded and the ability to bear risk will increase. The policy of NRB is to create a small number of strong and capable banks instead of a large number of institutions with a small capital base.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former President of Nepal Bankers Association, Bhuwan Dahal says that NRB should focus on the regulatory role rather than providing incentives for mergers and acquisitions of banks and financial institutions. He said that in order to reduce the number of commercial banks in Nepal, their managerial aspects and institutional governance should be focused.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16443', 'image' => '20230110012110_Banks.jpg', 'article_date' => '2023-01-10 13:20:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16701', 'article_category_id' => '1', 'title' => 'Government Announces 21-Point Programme without Securing Source of Funding', 'sub_title' => '', 'summary' => 'January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE<br /> January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has provision such as providing social security allowance to the people at 60 years and to provide monthly allowance of Rs 1500 to menstruating women. However, there isn’t any source of funding for these provisions and will only add extra responsibility to the shoulders of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP prepared by a task force headed by Deputy Prime Minister and Minister for Finance Bishnu Poudel was unveiled amid a programme at the Office of the Prime Minister and Council of Ministers on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While announcing the programme, DPM Poudel said that a total of 6 million people including elderly citizens, Dalits, single women, people with disabilities, indigenous groups that are on the verge of extinction will get social security allowances within the next five years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, all the women of menstruating age will get Rs 1500 annually to purchase sanitary pads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also adopted a policy to investigate cases of corruption irrespective of the statute of limitation. The CPM has stated that the government will investigate cases of corruption and abuse of authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also announced to revive the economy by implementing the industrial, financial and monetary policy in a coordinated way in order to address the problems seen in the decline in industrial productivity, liquidity crisis in the banking system, high interest rate, increasing trade deficit, low capital expenditure, declining revenue collection, pressure on foreign exchange reserves and a drop in the share market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the common minimum programme of the government has also provisions to give to manufacturing industries that produce food, footwear, medicines, cement among other products within Nepal. In order to promote these industries, the government has announced to provide subsidies on tax, electricity tariff and loans to the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government, through the common minimum programme, also plans to reduce trade deficit and discourage imports while there are plans to increase productivity of the goods for domestic consumption and improve the quality and standard of exportable items to promote exports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are also plans to revitalize the state-owned industries that are currently shut through public private partnership. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new government also plans to step up infrastructure development for industries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another provision in the CMP is the concept of ‘time card’ for giving all types of permission to the industries from the starting point during the registration itself.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DPM Poudel also said that all kinds of problems related to the citizenship issue will be sorted out within six months. According to Poudel, the government is planning to reduce the expenses for purchase of vehicles and operating cost of office. He also made it clear that the federal and provincial governments will not open new bodies unless there is an exceptional situation. This is expected to reduce government expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review Commission formed by the government has stated that most of the government spending is incurred in day-to-day operations despite repeated pledges by successive governments to cut the current expenditure. The capital expenditure of the government is still quite high at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The data of the Ministry of Finance shows that the government has failed to manage financial resources to meet the capital expenses of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore the government plans to issue ‘time cards’ to speed up government works.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government said that the use of time card will remove the compulsion for the service seekers to stay in long queue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another priority area of the government will be digitalization of government services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At present, people have to stay in long queues making driving license, passport and citizenship. In this context, the government expects to end such problem through the use of digital technology and time card.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also set an ambitious plan of attaining 100 percent literacy rate in the next two years and to increase the standard of education in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP also has plans to improve the health sector while the the existing laws will be amended to make them labour-friendly, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has also a vision to modernize the agriculture sector while it emphasized to take necessary measures so that no person will be compelled to live on the streets. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The concept of establishing a land bank, facilitating procurement of fertilizers, fixing of support prices, energy development among others will also be prioritized by the government, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16442', 'image' => '20230110114205_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2023-01-10 11:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16700', 'article_category_id' => '1', 'title' => 'Government Unveils Common Minimum Program', 'sub_title' => '', 'summary' => 'January 9: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 10: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The common minimum program was unveiled in the presence of Prime Minister Pushpa Kamal Dahal at a program held at the Office of the Prime Minister and Council of Ministers on Monday. The document brings together the policy priorities and programs of the ruling parties. The CMP was developed by a task force formed by the coalition partners. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Dahal has instructed all the secretaries to devise action plans within a month to implement the common minimum program of the government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Directing the secretaries on Monday, PM Dahal expressed his commitment to firmly enforce the common minimum program once his government obtains the vote of confidence from parliament. PM Dahal is scheduled take a vote of confidence from the parliament on Tuesday. </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"">Stating that the common minimum program is the base for unity among the coalition partners, PM Dahal shared that the programs of the ruling parties contained all issues ranging from socio-economic, education, health, employment and foreign policy among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Dahal viewed that the common minimum program has outlined the tasks and priorities of the government to reflect how the government plans to advance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On a different note, PM Dahal claimed that the national economy and politics were not in a difficult situation in reality as it has been portrayed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal expressed his confidence that massive change could be brought about in the country if all political parties move ahead in unison and with firm determination. </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"">"Political stability and prosperity are only possible by honest efforts from one and all." -- RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16440', 'image' => '20230110103832_PRO_KTM_PRACHANDA_OLI - Copy.jpg', 'article_date' => '2023-01-10 10:37:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16698', 'article_category_id' => '1', 'title' => 'NTA Directs Internet Service Providers to Restrict Crypto-Related Websites, Apps ', 'sub_title' => '', 'summary' => 'January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Existing laws in Nepal regard crypto transaction, networking and online betting as an illegal act. However, such websites and Apps have been running unabated by taking advantages of technological advancement despite government’s ban on such acts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the NTA said it renewed the directive as the internet service providers turned a deaf ear to end the transaction of crypto currency transaction, hyper networking, online betting which are not only illegal acts but also linked to financial crime. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTA’s spokesperson Santosh Poudel shared this was the second time that such a directive was given to the internet service providers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA said that the ISPs failing to abide by the government circulation will face the music. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16439', 'image' => '20230109081135_b.jpg', 'article_date' => '2023-01-09 20:11:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16696', 'article_category_id' => '1', 'title' => 'Focus on Quality of Loan Instead of its Size: Yuba Raj Khatiwada', 'sub_title' => '', 'summary' => 'January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. Addressing the 3rd annual general meeting of Confederation of Banks and Financial Institutions of Nepal on Sunday, former finance minister Khatiwada suggested banks to increase the quality of loans arguing that there may be risks when they increase the size of loans.</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 although the electronic sector has benefited from the capital increase of the banks, the agricultural sector is yet to benefit. Stating that the size of loans issued by banks and financial institutions is equal to the size of the economy, he said that the increase in the size of the loan indicates an economic crisis in the financial system. He also said that the financial system of the country has taken a big leap recently.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former finance minister Khatiwada also remarked that he has an increased confidence that the deposits in banks will not sink. He mentioned that the use of information technology in the entire financial sector, including the banking and capital market, has increased rapidly, and the central bank will also undertake its works electronically.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16437', 'image' => '20230109054849_1673175063.jpg', 'article_date' => '2023-01-09 17:48:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16694', 'article_category_id' => '1', 'title' => 'Nepal Spends Rs 2 Billion Annually on Import of Dairy Products ', 'sub_title' => '', 'summary' => 'January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pratikshya Kandel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. The records of the Department of Customs in the last five years show that Nepal has been spending at least Rs 1.80 billion to 2.60 billion for the import of dairy products each year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government has announced to make the country self-sufficient in dairy products, imports are increasing instead of decreasing. Dairy products worth more than Rs 1 billion have been imported into Nepal in the first five months of the current fiscal year. In these five months, Rs 1.6 billion has gone out for the import of 2.48 million litres of dairy products. This is 18 per cent more than the same period last year. From mid-July to mid-December last year, Rs 90.21 million was spent for the import of 1.92 million litres of dairy products.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Customs, Nepal imported skimmed milk, processed milk, butter, cream, cheese and other milk products during the review period. Out of the imported items, the highest amount of milk products imported was baby milk worth Rs 2888 million, baby food made from milk worth Rs 2111 million, powdered milk worth Rs 1759 million and cheese worth Rs 1241 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal imports dairy products mainly from India, Germany, South Korea, Denmark, the UK, America, Belgium, China, Japan, Qatar and other countries. The data from the Department of Customs show that Nepal has imported dairy products worth more than Rs 11.84 billion in the last five and a half years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Raj Kumar Dahal, president of the Dairy Industry Association, said that the import of dairy products is increasing as domestic production is not sufficient to meet the demand. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"There is still a shortage of 3,000 metric tons of milk in our market. Our domestic production is only 24,000 metric tons,'' he told Ne Business Age, “The amount of milk we need is 27,000 to 28,000 metric tons.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that since it is the milk production season, and should be the time to stock milk, domestic production is not enough to meet the demand.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Now, if 200,000 to 300,000 litres of extra milk were available, converting it would be enough to meet the demand for three to four months," Dahal said, adding, "But now, during the peak season of stocking milk, not even 50 litres are left daily."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that even though domestically produced milk is exported abroad, milk is not available to meet the domestic demand. According to the Department of Customs, Nepal exports food made from milk for dogs and cats, including Churpi (hardened cheese), worth Rs 3 billion annually. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that more than 30 million litres of milk are consumed for preparing hardened cheese. Last year, 1,744,500 kgs of dog and cat food were exported from Nepal fetching Rs 2.92 billion of foreign currency through export. The average price of hardened cheese was Rs 1,670 per kg. Even in the five months of the current fiscal year, a total of 594,000 kilos of dog and cat food worth Rs 1.1 billion has been exported from Nepal. Its average price is around Rs 1,900 per kg.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16435', 'image' => '20230109014440_1673219740.Clipboard11.jpg', 'article_date' => '2023-01-09 13:44:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16693', 'article_category_id' => '1', 'title' => 'Growing Air Pollution in Kathmandu Posing Serious Risk to the Valley Denizens', 'sub_title' => '', 'summary' => 'January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily. Meanwhile, warm air lies above the cold air.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Layers of cold and warm air create a barrier causing pollution within the atmosphere, due to which pollution tends to be more prevalent in the winter season. Air pollution is caused due to smoke emitted from vehicles and industrial areas. It takes rain and strong winds to remove the pollution. However, the chances of rain is very low at the moment. Increasing pollution is having a negative impact on human health as well as plants and animals.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts say that in cold weather, the risk of lung cancer increases even among non-smokers. Due to pollution, people not only suffer from allergies, but also face problems such as heart attacks and uncontrolled diabetes. At this time, people should pay attention to the cleanliness of the environment. Generally, people do not care about it due to which air pollution is becoming a threat in various cities of the country including Kathmandu.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Air pollution in Kathmandu Valley has increased as the rivers, roads and streets have not been cleaned. Because of this, its direct impact is seen on the general public.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As the amount of smoke and dust in the atmosphere is high, the sky itself is covered with fog. It is most likely that air pollution will cross the hazardous level.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Pollution can be reduced to some extent only if the habit of throwing garbage in rivers, public lands and roads can be eliminated. It is also necessary to control the use of old vehicles to prevent air pollution.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16434', 'image' => '20230109104719_20210309011732_1615244101.Clipboard04.jpg', 'article_date' => '2023-01-09 10:43:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16692', 'article_category_id' => '1', 'title' => 'Economic Crisis Looms in Pakistan as Forex Reserves Hit Eight-Year Low', 'sub_title' => '', 'summary' => 'January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pakistan finds itself strapped for cash as money expected to come in under an International Monetary Fund (IMF) programme has been delayed. Its foreign exchange reserves now barely cover a month of imports, most of which are for energy purchases, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The South Asian nation’s foreign currency exchange took a nosedive to $5.6 billion, posing a “serious challenge” for the country in financing imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Coupled with another $5.8 billion held by commercial banks, the nation has $11.4 billion in reserves -- enough to pay for just three weeks of imports, AFP reported citing traders and economists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Pakistan's government has ordered shopping centres and markets to close early every day as the country faces an economic crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defence minister Khawaja Asif reportedly said that the measures will save the South Asian nation around 62 billion Pakistani rupees ($274.3 million).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of Pakistan’s electricity is produced using imported fossil fuels, including liquefied natural gas, prices of which have skyrocketed in recent months, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Global energy prices jumped last year, putting further pressure on the country's already dwindling finances. To pay for those energy imports the country needs foreign currency, especially US dollars,” the BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have piled on further pressure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The latest data from the central bank released overnight -- for the week ending December 30 -- show the country has half the foreign exchange reserves it held a year ago. Servicing foreign debt and paying for crucial commodities such as medicine, food and energy are among the chief concerns.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of shipping containers are held up at a Karachi port because banks have been unable to guarantee foreign exchange payments, the French news agency further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Successive governments have failed to shore up multilateral or bilateral aid to meet foreign payments, although a $6 billion International Monetary Fund deal was restarted after Pakistan finally met conditions such as ending subsidies on fuel, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, the Pakistan government has tried to stabilise the economy by containing imports and decades-high inflation. A quickly depreciating currency has made imports more expensive while consumer prices have risen 25 percent year-on-year in the first half of the fiscal year (July 1 to December 31).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Pakistan is recovering from last year’s catastrophic floods, which submerged more than a third of the country and caused widespread devastation and major financial losses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country is the eighth most vulnerable country to extreme weather caused by climate change, according to the Global Climate Risk Index compiled by the environmental NGO Germanwatch.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another South Asian country Sri Lanka is reeling under its worst financial crisis which started in 2019, resulting in mass protests last April due to which the prime minister had to resign and the president had to flee from the palace in July. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Sri Lanka’s collapse should be a wake-up call to other countries, highlighting the perils of sovereign debt in an era of geopolitical competition,” writes Tamanna Salikuddin in an analysis published by USIP.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16433', 'image' => '20230109103333_maxresdefault.jpg', 'article_date' => '2023-01-09 10:32:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16691', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => '', 'summary' => 'January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The state-owned oil monopoly has slashed the prices of petrol, diesel and kerosene by Rs 3 per litre upon the instruction of newly-formed government led by Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC has also reduced the price of aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Dahal had instructed the NOC board and the Ministry of Industry, Commerce and Supplies on Thursday to lower the prices of petroleum products. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC was adamant that it would not lower the prices of petroleum products arguing that its accumulated losses were in billions. However, it took a U-turn after the directive from the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the reduction in fuel prices, the price of petrol now stands at Rs 175 per litre. Likewise, diesel and kerosene will now cost Rs 172 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of ATF for domestic flights has been reduced by Rs 20 per litre and is fixed at Rs 170 per litre. The NOC said that it has lowered the price of aviation fuel for international flights by Rs 30 per litre. According to the NOC, the price of ATF for international flights has been fixed at US$ 1.420 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas (liquefied petroleum gas) remains unchanged. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Sunday, NOC said it owes a total of Rs 18 billion to the Indian Oil Corporation and the Government of Nepal. </span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16432', 'image' => '20230109093612_petroo - Copy.jpg', 'article_date' => '2023-01-09 09:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16689', 'article_category_id' => '1', 'title' => 'Department of Passports Resumes Distribution of Passports', 'sub_title' => 'French Team Arriving to Troubleshoot Passport Server Issue ', 'summary' => 'January 8: A technical team from France is arriving to sort out the storage issue seen for the past few days in the electric passport server system of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The Department of Passports has started distribution of passports from Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Sunday, the department’s Spokesperson Drupada Sapkota said that the service seekers can visit the department after receiving a text message that their passport is ready.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department had put on hold the distribution of passports since January 1 citing a technical problem. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The announcement comes while a technical team from France is preparing to arrive in Nepal on Monday to sort out the storage issue seen for the past few days in the electric passport server system of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had launched the distribution of e-passport on December 1, 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The distribution of passports was halted after the passport server grappled with the storage issue and took more time to accept photos and finger prints of passport seekers. However, the department sorted out the problem before the arrival of experts from abroad.</span></span></p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16430', 'image' => '20230108074231_20230103063510_20220527120844_Consular-6_consular.jpeg', 'article_date' => '2023-01-08 19:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16688', 'article_category_id' => '1', 'title' => 'Fifteen Illegal Crusher Industries Closed Down in Kapilvastu ', 'sub_title' => '', 'summary' => 'Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.', 'content' => '<p><br /> January 8: Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.</p> <p>Ministry of Home Affairs had sent the circulars to all 77 DAOs to shut down the illegal crusher industries on January 4. <br /> Out of the total 33 crusher industries in the district, fifteen were closed down after the circular while remaining eighteen industries had not been operating for sometimes. </p> <p>Kapilvastu CDO Dharmendra Kumar Mishra said DAO had shut down fifteen illegally operating crusher industries on January 5. <br /> Some crusher industries are operating without renewing their permission. Police personnel will monitor and inspect such industries and close them down, according to CDO Mishra. </p> <p>Eleven crusher industries located in Shivraj Municipality, two at Bijaynagar Rural Municipality and one each at Budhhabhumi Municipality and Krishna Nagar Municipality have been closed down. <br /> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16429', 'image' => '20230108054922_collage (35).jpg', 'article_date' => '2023-01-08 17:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16686', 'article_category_id' => '1', 'title' => 'What Will be the Bonus Rate of Insurance Companies after Merger?', 'sub_title' => '', 'summary' => 'January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Surya Life Insurance and Jyoti Life Insurance have started joint operations of their business for the first week of this month. Gurans Life Insurance, Prime Life Insurance and Union Life Insurance have also agreed to merge with each other. Sanima Life Insurance is merging with Reliance Life Insurance. Prabhu Life Insurance and Mahalaxmi Life Insurance have also agreed to merge with each other.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Insurance companies show their bonus rates to their customers (insured) when selling insurance policies. Insurers decide to purchase insurance policy of a company depending on the bonus rate, after weighing beneficial option.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the process of merger intensifies, insurance companies will now have to compete with each other on bonus rate. At present, the insured are eager to learn about the bonus rate when two or more companies get merged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To determine the bonus rate, an insurance company must first submit the valuation of its asset and liabilities of each fiscal year. However, this seems to be happening very slowly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nirmal Adhikari, information officer of Nepal Insurance Authority, said that the valuation process has been disrupted due to Covid-19. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“It got a little late when Covid got stuck the world for a year and a half. Slowly everything will become normal," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After reviewing the details submitted by the insurance companies, the authority approves the bonus rate. According to the information officer of the authority, after the merger, they have to complete all the procedures as per the previous provisions and the bonus is determined in the same way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When insurance companies merge with each other, they maintain their swap ratio. According to Information Officer Adhikari, the bonus rate before the merger does not make sense for the new merged entity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that the combined bonus rate will be determined only in the next year after the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16427', 'image' => '20230108024951_Insurance.jpg', 'article_date' => '2023-01-08 14:49:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16684', 'article_category_id' => '1', 'title' => 'Street Vendors to Organize Mass Protest against KMC’s Highhandedness', 'sub_title' => '', 'summary' => 'January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal Union of Street Traders (NEST) said they are against Mayor Balendra Shah’s move to remove the street vendors without making an alternative arrangements for them.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Saturday, the union said that the street vendors of Kathmandu will be organizing the mass protest on January 9 seeking access to public space and their right to work.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the statement, it will be mobilizing its members across Kathmandu for a mass protest to push back against the evictions and harassment affecting 34,000 street vendors in the city who have been suffering for months from a “clean-up” operation by Mayor Balendra Shah.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The global alliance of street vendors, StreetNet International, has also supported the move of NEST, urging workers’ organizations across the world to stand in solidarity with NEST and defend their right to work and their right to the city.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">StreetNet International in a statement said that the KMC has adopted discriminatory urban policies against the working poor.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> The international organization noted that street vendors in Kathmandu have been banned from their usual places of business and are unable to work for months. This has resulted in loss of incomes and livelihoods, StreetNet International said.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further said that Human Rights Watch has documented the assault on the rights of the urban poor taking place in Kathmandu, which is threatening up to 34,000 vendors in the city, many of whom are women who have no other alternative source of income or employment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The main objective of the protest is to demand the authorities to respect the right to work freely and to occupy public spaces as citizens.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16425', 'image' => '20230108115430_20151216012947_STRAWBERRY_DSC0544.jpg', 'article_date' => '2023-01-08 11:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16683', 'article_category_id' => '1', 'title' => 'Detail study of Kathmandu-Keung Railway Begins ', 'sub_title' => '', 'summary' => 'January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department or Railways of Nepal confirmed that the study kicked off after the arrival of the Chinese team.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study of the railway that connects Kathmandu with Tibetan Autonomous Region (TAR) of China was conducted in November 2018 and an agreement for carrying out the feasibility study was reached during the visit of Chinese President Xi Jinping to Nepal from October 12 to 13 in 2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement reached in 2019, the Chinese team has arrived in Nepal to conduct the feasibility study, said Rohit Kumar Bisural, director general of the Department of Railways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study is being carried out with the support of the Chinese government as per the agreement reached between Nepal and China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the DoR, it will take three and half years for the study of the Kathmandu-Kerung railway. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study report has incorporated geographical study from Kathmandu-Kerung via Trishuli, topographical features, among others. A detailed study is going to be held based on the preliminary study report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new detailed study will also finalize the issue of investment. As 98 percent of the railway will be based on tunnel system, it will be a uphill battle for Nepal to secure financial resources as the cost will be high for the underground infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, this study is being conducted with the grant assistance of the Chinese government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the pre-feasibility report, the cost of the project was estimated to be around Rs 257 billion. Based on the report, the Department of Railways has estimated that it will be able to complete the project in nine years if the government allocated an annual budget of Rs 28.55 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the preliminary study, the railway will be of 72.25 kilometers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DoR stated that the railway line will originate from Kerung and connect Kathmandu via Rasuwagadhi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The study of the railway will be carried out in such a way that the railway track will bifurcate towards Nepal from the railway track going towards Mansarovar of Tibet from a lake above Kerung," said Director General Bisural. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the railway will be built on high mountainous region, this project will be challenging but not impossible, states the preliminary report.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16424', 'image' => '20230108114328_20181211034350_ac1b5a6d8f54a5755cd2e902d0a3bab7.jpg', 'article_date' => '2023-01-08 11:42:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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' => '16703', 'article_category_id' => '1', 'title' => 'Laxmi Bank and Sunrise Bank sign Preliminary Agreement for Merger', 'sub_title' => '', 'summary' => 'January 10: Laxmi Bank has reached a preliminary understanding with Sunrise Bank for a merger.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: Laxmi Bank has reached a preliminary understanding with Sunrise Bank for a merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Raman Nepal, chairman of Laxmi Bank and Motilal Dugar, chairman of Sunrise Bank, signed the preliminary agreement regarding the merger of the two banks on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Members of the board of directors, shareholders, chief executive officers and other high-ranking officials of both the banks were present during the signing ceremony. The two banks have also formed a joint merger committee to take the merger process forward.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The joint merger committee comprises of directors Dr Manish Thapa and Swati Rungata on behalf of Laxmi Bank and directors Sharda Sharma and Deepak Nepal on behalf of Sunrise Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As per the information shared by the banks, auditors will also be appointed for a detailed 'due diligence audit' of both the banks. The merger process will formally start after receiving the in-principle approval from Nepal Rastra Bank for the merger and will be completed within the current fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16444', 'image' => '20230110024256_merger.jpg', 'article_date' => '2023-01-10 14:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16702', 'article_category_id' => '1', 'title' => 'Number of Commercial Banks Drops by Ten in a Decade', 'sub_title' => '', 'summary' => 'January 10: The number of commercial banks in Nepal was 32 by mid-June 2012. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The number of commercial banks in Nepal was 32 by mid-June 2012</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank (NRB), that number dropped to 22 in the last ten years, ceasing the existence of 10 commercial banks. Two more banks are merging with each other in the February. According to the 'big merger' policy taken by NRB, some other banks are also taking initiatives to merge with each other.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the beginning of the current fiscal year (FY), only eight banks went through the merger/acquisition process resulting in the establishment of four new entities. Kumari Bank and Nepal Credit & Commerce (NCC) Bank have merged with each other and are doing integrated business under the name of 'Kumari Bank Limited' since January 1</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">After the merger of Global IME Bank and Bank of Kathmandu, the integrated business is starting from January 9 under the name of Global IME Bank Limited.</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, Prabhu Bank Limited acquired Century Commercial Bank and started integrated business under the name of 'Prabhu Bank Limited' from January 10. Mega Bank and Nepal Investment Bank have merged and will be doing integrated business under the name of 'Nepal Investment Mega Bank Limited' from January 11. Even though Himalayan Bank agreed to acquire Civil Bank Limited, the integrated business has not yet started. Both the banks have called the annual general meeting on January 12. They are ready to do integrated business within February.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nabil Bank Limited has already started integrated business by acquiring Nepal Bangladesh Bank. Similarly, Global IME Bank merged with Commerce and Test Bank in March 2013 and Janata Bank in December 2019</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">In June 2013, NIC Bank and Bank of Asia merged to become NIC Asia Bank. Prabhu Bank merged with Kist Bank in August 2014 and Grand Bank in February 2015</span><span style="font-family:"Times New Roman","serif"">.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In April 2012, the number of banks and financial institutions in Nepal was as high as 220</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">At that time, 32 commercial banks, 88 development banks, 77 finance companies and 23 microfinance companies were operating. In recent years, NRB has adopted a policy of reducing the number of banks and financial institutions. 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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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,” said Bhatta.</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 has been saying that the capital of banks and financial institutions should be increased to strengthen financial stability. Looking at the situation after the Asian economic crisis of 1997-98 and the global economic recession of 2007-2008, the debate about having a ‘few but strong' banks was started. According to NRB, the number of banks and financial institutions should be reduced by looking at various conditions including the use of technology.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, through the process of merger or acquisition, the capital base of banks and financial institutions will be expanded and the ability to bear risk will increase. The policy of NRB is to create a small number of strong and capable banks instead of a large number of institutions with a small capital base.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former President of Nepal Bankers Association, Bhuwan Dahal says that NRB should focus on the regulatory role rather than providing incentives for mergers and acquisitions of banks and financial institutions. He said that in order to reduce the number of commercial banks in Nepal, their managerial aspects and institutional governance should be focused.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16443', 'image' => '20230110012110_Banks.jpg', 'article_date' => '2023-01-10 13:20:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16701', 'article_category_id' => '1', 'title' => 'Government Announces 21-Point Programme without Securing Source of Funding', 'sub_title' => '', 'summary' => 'January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE<br /> January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has provision such as providing social security allowance to the people at 60 years and to provide monthly allowance of Rs 1500 to menstruating women. However, there isn’t any source of funding for these provisions and will only add extra responsibility to the shoulders of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP prepared by a task force headed by Deputy Prime Minister and Minister for Finance Bishnu Poudel was unveiled amid a programme at the Office of the Prime Minister and Council of Ministers on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While announcing the programme, DPM Poudel said that a total of 6 million people including elderly citizens, Dalits, single women, people with disabilities, indigenous groups that are on the verge of extinction will get social security allowances within the next five years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, all the women of menstruating age will get Rs 1500 annually to purchase sanitary pads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also adopted a policy to investigate cases of corruption irrespective of the statute of limitation. The CPM has stated that the government will investigate cases of corruption and abuse of authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also announced to revive the economy by implementing the industrial, financial and monetary policy in a coordinated way in order to address the problems seen in the decline in industrial productivity, liquidity crisis in the banking system, high interest rate, increasing trade deficit, low capital expenditure, declining revenue collection, pressure on foreign exchange reserves and a drop in the share market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the common minimum programme of the government has also provisions to give to manufacturing industries that produce food, footwear, medicines, cement among other products within Nepal. In order to promote these industries, the government has announced to provide subsidies on tax, electricity tariff and loans to the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government, through the common minimum programme, also plans to reduce trade deficit and discourage imports while there are plans to increase productivity of the goods for domestic consumption and improve the quality and standard of exportable items to promote exports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are also plans to revitalize the state-owned industries that are currently shut through public private partnership. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new government also plans to step up infrastructure development for industries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another provision in the CMP is the concept of ‘time card’ for giving all types of permission to the industries from the starting point during the registration itself.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DPM Poudel also said that all kinds of problems related to the citizenship issue will be sorted out within six months. According to Poudel, the government is planning to reduce the expenses for purchase of vehicles and operating cost of office. He also made it clear that the federal and provincial governments will not open new bodies unless there is an exceptional situation. This is expected to reduce government expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review Commission formed by the government has stated that most of the government spending is incurred in day-to-day operations despite repeated pledges by successive governments to cut the current expenditure. The capital expenditure of the government is still quite high at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The data of the Ministry of Finance shows that the government has failed to manage financial resources to meet the capital expenses of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore the government plans to issue ‘time cards’ to speed up government works.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government said that the use of time card will remove the compulsion for the service seekers to stay in long queue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another priority area of the government will be digitalization of government services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At present, people have to stay in long queues making driving license, passport and citizenship. In this context, the government expects to end such problem through the use of digital technology and time card.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also set an ambitious plan of attaining 100 percent literacy rate in the next two years and to increase the standard of education in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP also has plans to improve the health sector while the the existing laws will be amended to make them labour-friendly, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has also a vision to modernize the agriculture sector while it emphasized to take necessary measures so that no person will be compelled to live on the streets. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The concept of establishing a land bank, facilitating procurement of fertilizers, fixing of support prices, energy development among others will also be prioritized by the government, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16442', 'image' => '20230110114205_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2023-01-10 11:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16700', 'article_category_id' => '1', 'title' => 'Government Unveils Common Minimum Program', 'sub_title' => '', 'summary' => 'January 9: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 10: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The common minimum program was unveiled in the presence of Prime Minister Pushpa Kamal Dahal at a program held at the Office of the Prime Minister and Council of Ministers on Monday. The document brings together the policy priorities and programs of the ruling parties. The CMP was developed by a task force formed by the coalition partners. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Dahal has instructed all the secretaries to devise action plans within a month to implement the common minimum program of the government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Directing the secretaries on Monday, PM Dahal expressed his commitment to firmly enforce the common minimum program once his government obtains the vote of confidence from parliament. PM Dahal is scheduled take a vote of confidence from the parliament on Tuesday. </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"">Stating that the common minimum program is the base for unity among the coalition partners, PM Dahal shared that the programs of the ruling parties contained all issues ranging from socio-economic, education, health, employment and foreign policy among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Dahal viewed that the common minimum program has outlined the tasks and priorities of the government to reflect how the government plans to advance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On a different note, PM Dahal claimed that the national economy and politics were not in a difficult situation in reality as it has been portrayed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal expressed his confidence that massive change could be brought about in the country if all political parties move ahead in unison and with firm determination. </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"">"Political stability and prosperity are only possible by honest efforts from one and all." -- RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16440', 'image' => '20230110103832_PRO_KTM_PRACHANDA_OLI - Copy.jpg', 'article_date' => '2023-01-10 10:37:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16698', 'article_category_id' => '1', 'title' => 'NTA Directs Internet Service Providers to Restrict Crypto-Related Websites, Apps ', 'sub_title' => '', 'summary' => 'January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Existing laws in Nepal regard crypto transaction, networking and online betting as an illegal act. However, such websites and Apps have been running unabated by taking advantages of technological advancement despite government’s ban on such acts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the NTA said it renewed the directive as the internet service providers turned a deaf ear to end the transaction of crypto currency transaction, hyper networking, online betting which are not only illegal acts but also linked to financial crime. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTA’s spokesperson Santosh Poudel shared this was the second time that such a directive was given to the internet service providers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA said that the ISPs failing to abide by the government circulation will face the music. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16439', 'image' => '20230109081135_b.jpg', 'article_date' => '2023-01-09 20:11:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16696', 'article_category_id' => '1', 'title' => 'Focus on Quality of Loan Instead of its Size: Yuba Raj Khatiwada', 'sub_title' => '', 'summary' => 'January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. Addressing the 3rd annual general meeting of Confederation of Banks and Financial Institutions of Nepal on Sunday, former finance minister Khatiwada suggested banks to increase the quality of loans arguing that there may be risks when they increase the size of loans.</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 although the electronic sector has benefited from the capital increase of the banks, the agricultural sector is yet to benefit. Stating that the size of loans issued by banks and financial institutions is equal to the size of the economy, he said that the increase in the size of the loan indicates an economic crisis in the financial system. He also said that the financial system of the country has taken a big leap recently.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former finance minister Khatiwada also remarked that he has an increased confidence that the deposits in banks will not sink. He mentioned that the use of information technology in the entire financial sector, including the banking and capital market, has increased rapidly, and the central bank will also undertake its works electronically.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16437', 'image' => '20230109054849_1673175063.jpg', 'article_date' => '2023-01-09 17:48:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16694', 'article_category_id' => '1', 'title' => 'Nepal Spends Rs 2 Billion Annually on Import of Dairy Products ', 'sub_title' => '', 'summary' => 'January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pratikshya Kandel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. The records of the Department of Customs in the last five years show that Nepal has been spending at least Rs 1.80 billion to 2.60 billion for the import of dairy products each year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government has announced to make the country self-sufficient in dairy products, imports are increasing instead of decreasing. Dairy products worth more than Rs 1 billion have been imported into Nepal in the first five months of the current fiscal year. In these five months, Rs 1.6 billion has gone out for the import of 2.48 million litres of dairy products. This is 18 per cent more than the same period last year. From mid-July to mid-December last year, Rs 90.21 million was spent for the import of 1.92 million litres of dairy products.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Customs, Nepal imported skimmed milk, processed milk, butter, cream, cheese and other milk products during the review period. Out of the imported items, the highest amount of milk products imported was baby milk worth Rs 2888 million, baby food made from milk worth Rs 2111 million, powdered milk worth Rs 1759 million and cheese worth Rs 1241 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal imports dairy products mainly from India, Germany, South Korea, Denmark, the UK, America, Belgium, China, Japan, Qatar and other countries. The data from the Department of Customs show that Nepal has imported dairy products worth more than Rs 11.84 billion in the last five and a half years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Raj Kumar Dahal, president of the Dairy Industry Association, said that the import of dairy products is increasing as domestic production is not sufficient to meet the demand. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"There is still a shortage of 3,000 metric tons of milk in our market. Our domestic production is only 24,000 metric tons,'' he told Ne Business Age, “The amount of milk we need is 27,000 to 28,000 metric tons.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that since it is the milk production season, and should be the time to stock milk, domestic production is not enough to meet the demand.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Now, if 200,000 to 300,000 litres of extra milk were available, converting it would be enough to meet the demand for three to four months," Dahal said, adding, "But now, during the peak season of stocking milk, not even 50 litres are left daily."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that even though domestically produced milk is exported abroad, milk is not available to meet the domestic demand. According to the Department of Customs, Nepal exports food made from milk for dogs and cats, including Churpi (hardened cheese), worth Rs 3 billion annually. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that more than 30 million litres of milk are consumed for preparing hardened cheese. Last year, 1,744,500 kgs of dog and cat food were exported from Nepal fetching Rs 2.92 billion of foreign currency through export. The average price of hardened cheese was Rs 1,670 per kg. Even in the five months of the current fiscal year, a total of 594,000 kilos of dog and cat food worth Rs 1.1 billion has been exported from Nepal. Its average price is around Rs 1,900 per kg.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16435', 'image' => '20230109014440_1673219740.Clipboard11.jpg', 'article_date' => '2023-01-09 13:44:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16693', 'article_category_id' => '1', 'title' => 'Growing Air Pollution in Kathmandu Posing Serious Risk to the Valley Denizens', 'sub_title' => '', 'summary' => 'January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily. Meanwhile, warm air lies above the cold air.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Layers of cold and warm air create a barrier causing pollution within the atmosphere, due to which pollution tends to be more prevalent in the winter season. Air pollution is caused due to smoke emitted from vehicles and industrial areas. It takes rain and strong winds to remove the pollution. However, the chances of rain is very low at the moment. Increasing pollution is having a negative impact on human health as well as plants and animals.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts say that in cold weather, the risk of lung cancer increases even among non-smokers. Due to pollution, people not only suffer from allergies, but also face problems such as heart attacks and uncontrolled diabetes. At this time, people should pay attention to the cleanliness of the environment. Generally, people do not care about it due to which air pollution is becoming a threat in various cities of the country including Kathmandu.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Air pollution in Kathmandu Valley has increased as the rivers, roads and streets have not been cleaned. Because of this, its direct impact is seen on the general public.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As the amount of smoke and dust in the atmosphere is high, the sky itself is covered with fog. It is most likely that air pollution will cross the hazardous level.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Pollution can be reduced to some extent only if the habit of throwing garbage in rivers, public lands and roads can be eliminated. It is also necessary to control the use of old vehicles to prevent air pollution.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16434', 'image' => '20230109104719_20210309011732_1615244101.Clipboard04.jpg', 'article_date' => '2023-01-09 10:43:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16692', 'article_category_id' => '1', 'title' => 'Economic Crisis Looms in Pakistan as Forex Reserves Hit Eight-Year Low', 'sub_title' => '', 'summary' => 'January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pakistan finds itself strapped for cash as money expected to come in under an International Monetary Fund (IMF) programme has been delayed. Its foreign exchange reserves now barely cover a month of imports, most of which are for energy purchases, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The South Asian nation’s foreign currency exchange took a nosedive to $5.6 billion, posing a “serious challenge” for the country in financing imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Coupled with another $5.8 billion held by commercial banks, the nation has $11.4 billion in reserves -- enough to pay for just three weeks of imports, AFP reported citing traders and economists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Pakistan's government has ordered shopping centres and markets to close early every day as the country faces an economic crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defence minister Khawaja Asif reportedly said that the measures will save the South Asian nation around 62 billion Pakistani rupees ($274.3 million).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of Pakistan’s electricity is produced using imported fossil fuels, including liquefied natural gas, prices of which have skyrocketed in recent months, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Global energy prices jumped last year, putting further pressure on the country's already dwindling finances. To pay for those energy imports the country needs foreign currency, especially US dollars,” the BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have piled on further pressure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The latest data from the central bank released overnight -- for the week ending December 30 -- show the country has half the foreign exchange reserves it held a year ago. Servicing foreign debt and paying for crucial commodities such as medicine, food and energy are among the chief concerns.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of shipping containers are held up at a Karachi port because banks have been unable to guarantee foreign exchange payments, the French news agency further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Successive governments have failed to shore up multilateral or bilateral aid to meet foreign payments, although a $6 billion International Monetary Fund deal was restarted after Pakistan finally met conditions such as ending subsidies on fuel, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, the Pakistan government has tried to stabilise the economy by containing imports and decades-high inflation. A quickly depreciating currency has made imports more expensive while consumer prices have risen 25 percent year-on-year in the first half of the fiscal year (July 1 to December 31).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Pakistan is recovering from last year’s catastrophic floods, which submerged more than a third of the country and caused widespread devastation and major financial losses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country is the eighth most vulnerable country to extreme weather caused by climate change, according to the Global Climate Risk Index compiled by the environmental NGO Germanwatch.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another South Asian country Sri Lanka is reeling under its worst financial crisis which started in 2019, resulting in mass protests last April due to which the prime minister had to resign and the president had to flee from the palace in July. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Sri Lanka’s collapse should be a wake-up call to other countries, highlighting the perils of sovereign debt in an era of geopolitical competition,” writes Tamanna Salikuddin in an analysis published by USIP.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16433', 'image' => '20230109103333_maxresdefault.jpg', 'article_date' => '2023-01-09 10:32:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16691', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => '', 'summary' => 'January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The state-owned oil monopoly has slashed the prices of petrol, diesel and kerosene by Rs 3 per litre upon the instruction of newly-formed government led by Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC has also reduced the price of aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Dahal had instructed the NOC board and the Ministry of Industry, Commerce and Supplies on Thursday to lower the prices of petroleum products. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC was adamant that it would not lower the prices of petroleum products arguing that its accumulated losses were in billions. However, it took a U-turn after the directive from the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the reduction in fuel prices, the price of petrol now stands at Rs 175 per litre. Likewise, diesel and kerosene will now cost Rs 172 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of ATF for domestic flights has been reduced by Rs 20 per litre and is fixed at Rs 170 per litre. The NOC said that it has lowered the price of aviation fuel for international flights by Rs 30 per litre. According to the NOC, the price of ATF for international flights has been fixed at US$ 1.420 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas (liquefied petroleum gas) remains unchanged. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Sunday, NOC said it owes a total of Rs 18 billion to the Indian Oil Corporation and the Government of Nepal. </span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16432', 'image' => '20230109093612_petroo - Copy.jpg', 'article_date' => '2023-01-09 09:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16689', 'article_category_id' => '1', 'title' => 'Department of Passports Resumes Distribution of Passports', 'sub_title' => 'French Team Arriving to Troubleshoot Passport Server Issue ', 'summary' => 'January 8: A technical team from France is arriving to sort out the storage issue seen for the past few days in the electric passport server system of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The Department of Passports has started distribution of passports from Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Sunday, the department’s Spokesperson Drupada Sapkota said that the service seekers can visit the department after receiving a text message that their passport is ready.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department had put on hold the distribution of passports since January 1 citing a technical problem. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The announcement comes while a technical team from France is preparing to arrive in Nepal on Monday to sort out the storage issue seen for the past few days in the electric passport server system of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had launched the distribution of e-passport on December 1, 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The distribution of passports was halted after the passport server grappled with the storage issue and took more time to accept photos and finger prints of passport seekers. However, the department sorted out the problem before the arrival of experts from abroad.</span></span></p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16430', 'image' => '20230108074231_20230103063510_20220527120844_Consular-6_consular.jpeg', 'article_date' => '2023-01-08 19:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16688', 'article_category_id' => '1', 'title' => 'Fifteen Illegal Crusher Industries Closed Down in Kapilvastu ', 'sub_title' => '', 'summary' => 'Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.', 'content' => '<p><br /> January 8: Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.</p> <p>Ministry of Home Affairs had sent the circulars to all 77 DAOs to shut down the illegal crusher industries on January 4. <br /> Out of the total 33 crusher industries in the district, fifteen were closed down after the circular while remaining eighteen industries had not been operating for sometimes. </p> <p>Kapilvastu CDO Dharmendra Kumar Mishra said DAO had shut down fifteen illegally operating crusher industries on January 5. <br /> Some crusher industries are operating without renewing their permission. Police personnel will monitor and inspect such industries and close them down, according to CDO Mishra. </p> <p>Eleven crusher industries located in Shivraj Municipality, two at Bijaynagar Rural Municipality and one each at Budhhabhumi Municipality and Krishna Nagar Municipality have been closed down. <br /> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16429', 'image' => '20230108054922_collage (35).jpg', 'article_date' => '2023-01-08 17:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16686', 'article_category_id' => '1', 'title' => 'What Will be the Bonus Rate of Insurance Companies after Merger?', 'sub_title' => '', 'summary' => 'January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Surya Life Insurance and Jyoti Life Insurance have started joint operations of their business for the first week of this month. Gurans Life Insurance, Prime Life Insurance and Union Life Insurance have also agreed to merge with each other. Sanima Life Insurance is merging with Reliance Life Insurance. Prabhu Life Insurance and Mahalaxmi Life Insurance have also agreed to merge with each other.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Insurance companies show their bonus rates to their customers (insured) when selling insurance policies. Insurers decide to purchase insurance policy of a company depending on the bonus rate, after weighing beneficial option.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the process of merger intensifies, insurance companies will now have to compete with each other on bonus rate. At present, the insured are eager to learn about the bonus rate when two or more companies get merged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To determine the bonus rate, an insurance company must first submit the valuation of its asset and liabilities of each fiscal year. However, this seems to be happening very slowly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nirmal Adhikari, information officer of Nepal Insurance Authority, said that the valuation process has been disrupted due to Covid-19. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“It got a little late when Covid got stuck the world for a year and a half. Slowly everything will become normal," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After reviewing the details submitted by the insurance companies, the authority approves the bonus rate. According to the information officer of the authority, after the merger, they have to complete all the procedures as per the previous provisions and the bonus is determined in the same way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When insurance companies merge with each other, they maintain their swap ratio. According to Information Officer Adhikari, the bonus rate before the merger does not make sense for the new merged entity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that the combined bonus rate will be determined only in the next year after the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16427', 'image' => '20230108024951_Insurance.jpg', 'article_date' => '2023-01-08 14:49:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16684', 'article_category_id' => '1', 'title' => 'Street Vendors to Organize Mass Protest against KMC’s Highhandedness', 'sub_title' => '', 'summary' => 'January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal Union of Street Traders (NEST) said they are against Mayor Balendra Shah’s move to remove the street vendors without making an alternative arrangements for them.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Saturday, the union said that the street vendors of Kathmandu will be organizing the mass protest on January 9 seeking access to public space and their right to work.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the statement, it will be mobilizing its members across Kathmandu for a mass protest to push back against the evictions and harassment affecting 34,000 street vendors in the city who have been suffering for months from a “clean-up” operation by Mayor Balendra Shah.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The global alliance of street vendors, StreetNet International, has also supported the move of NEST, urging workers’ organizations across the world to stand in solidarity with NEST and defend their right to work and their right to the city.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">StreetNet International in a statement said that the KMC has adopted discriminatory urban policies against the working poor.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> The international organization noted that street vendors in Kathmandu have been banned from their usual places of business and are unable to work for months. This has resulted in loss of incomes and livelihoods, StreetNet International said.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further said that Human Rights Watch has documented the assault on the rights of the urban poor taking place in Kathmandu, which is threatening up to 34,000 vendors in the city, many of whom are women who have no other alternative source of income or employment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The main objective of the protest is to demand the authorities to respect the right to work freely and to occupy public spaces as citizens.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16425', 'image' => '20230108115430_20151216012947_STRAWBERRY_DSC0544.jpg', 'article_date' => '2023-01-08 11:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16683', 'article_category_id' => '1', 'title' => 'Detail study of Kathmandu-Keung Railway Begins ', 'sub_title' => '', 'summary' => 'January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department or Railways of Nepal confirmed that the study kicked off after the arrival of the Chinese team.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study of the railway that connects Kathmandu with Tibetan Autonomous Region (TAR) of China was conducted in November 2018 and an agreement for carrying out the feasibility study was reached during the visit of Chinese President Xi Jinping to Nepal from October 12 to 13 in 2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement reached in 2019, the Chinese team has arrived in Nepal to conduct the feasibility study, said Rohit Kumar Bisural, director general of the Department of Railways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study is being carried out with the support of the Chinese government as per the agreement reached between Nepal and China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the DoR, it will take three and half years for the study of the Kathmandu-Kerung railway. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study report has incorporated geographical study from Kathmandu-Kerung via Trishuli, topographical features, among others. A detailed study is going to be held based on the preliminary study report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new detailed study will also finalize the issue of investment. As 98 percent of the railway will be based on tunnel system, it will be a uphill battle for Nepal to secure financial resources as the cost will be high for the underground infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, this study is being conducted with the grant assistance of the Chinese government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the pre-feasibility report, the cost of the project was estimated to be around Rs 257 billion. Based on the report, the Department of Railways has estimated that it will be able to complete the project in nine years if the government allocated an annual budget of Rs 28.55 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the preliminary study, the railway will be of 72.25 kilometers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DoR stated that the railway line will originate from Kerung and connect Kathmandu via Rasuwagadhi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The study of the railway will be carried out in such a way that the railway track will bifurcate towards Nepal from the railway track going towards Mansarovar of Tibet from a lake above Kerung," said Director General Bisural. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the railway will be built on high mountainous region, this project will be challenging but not impossible, states the preliminary report.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16424', 'image' => '20230108114328_20181211034350_ac1b5a6d8f54a5755cd2e902d0a3bab7.jpg', 'article_date' => '2023-01-08 11:42:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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' => '16703', 'article_category_id' => '1', 'title' => 'Laxmi Bank and Sunrise Bank sign Preliminary Agreement for Merger', 'sub_title' => '', 'summary' => 'January 10: Laxmi Bank has reached a preliminary understanding with Sunrise Bank for a merger.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: Laxmi Bank has reached a preliminary understanding with Sunrise Bank for a merger.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Raman Nepal, chairman of Laxmi Bank and Motilal Dugar, chairman of Sunrise Bank, signed the preliminary agreement regarding the merger of the two banks on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Members of the board of directors, shareholders, chief executive officers and other high-ranking officials of both the banks were present during the signing ceremony. The two banks have also formed a joint merger committee to take the merger process forward.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The joint merger committee comprises of directors Dr Manish Thapa and Swati Rungata on behalf of Laxmi Bank and directors Sharda Sharma and Deepak Nepal on behalf of Sunrise Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As per the information shared by the banks, auditors will also be appointed for a detailed 'due diligence audit' of both the banks. The merger process will formally start after receiving the in-principle approval from Nepal Rastra Bank for the merger and will be completed within the current fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16444', 'image' => '20230110024256_merger.jpg', 'article_date' => '2023-01-10 14:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16702', 'article_category_id' => '1', 'title' => 'Number of Commercial Banks Drops by Ten in a Decade', 'sub_title' => '', 'summary' => 'January 10: The number of commercial banks in Nepal was 32 by mid-June 2012. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The number of commercial banks in Nepal was 32 by mid-June 2012</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank (NRB), that number dropped to 22 in the last ten years, ceasing the existence of 10 commercial banks. Two more banks are merging with each other in the February. According to the 'big merger' policy taken by NRB, some other banks are also taking initiatives to merge with each other.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the beginning of the current fiscal year (FY), only eight banks went through the merger/acquisition process resulting in the establishment of four new entities. Kumari Bank and Nepal Credit & Commerce (NCC) Bank have merged with each other and are doing integrated business under the name of 'Kumari Bank Limited' since January 1</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">After the merger of Global IME Bank and Bank of Kathmandu, the integrated business is starting from January 9 under the name of Global IME Bank Limited.</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, Prabhu Bank Limited acquired Century Commercial Bank and started integrated business under the name of 'Prabhu Bank Limited' from January 10. Mega Bank and Nepal Investment Bank have merged and will be doing integrated business under the name of 'Nepal Investment Mega Bank Limited' from January 11. Even though Himalayan Bank agreed to acquire Civil Bank Limited, the integrated business has not yet started. Both the banks have called the annual general meeting on January 12. They are ready to do integrated business within February.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nabil Bank Limited has already started integrated business by acquiring Nepal Bangladesh Bank. Similarly, Global IME Bank merged with Commerce and Test Bank in March 2013 and Janata Bank in December 2019</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">In June 2013, NIC Bank and Bank of Asia merged to become NIC Asia Bank. Prabhu Bank merged with Kist Bank in August 2014 and Grand Bank in February 2015</span><span style="font-family:"Times New Roman","serif"">.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In April 2012, the number of banks and financial institutions in Nepal was as high as 220</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">At that time, 32 commercial banks, 88 development banks, 77 finance companies and 23 microfinance companies were operating. In recent years, NRB has adopted a policy of reducing the number of banks and financial institutions. 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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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,” said Bhatta.</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 has been saying that the capital of banks and financial institutions should be increased to strengthen financial stability. Looking at the situation after the Asian economic crisis of 1997-98 and the global economic recession of 2007-2008, the debate about having a ‘few but strong' banks was started. According to NRB, the number of banks and financial institutions should be reduced by looking at various conditions including the use of technology.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, through the process of merger or acquisition, the capital base of banks and financial institutions will be expanded and the ability to bear risk will increase. The policy of NRB is to create a small number of strong and capable banks instead of a large number of institutions with a small capital base.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former President of Nepal Bankers Association, Bhuwan Dahal says that NRB should focus on the regulatory role rather than providing incentives for mergers and acquisitions of banks and financial institutions. He said that in order to reduce the number of commercial banks in Nepal, their managerial aspects and institutional governance should be focused.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16443', 'image' => '20230110012110_Banks.jpg', 'article_date' => '2023-01-10 13:20:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16701', 'article_category_id' => '1', 'title' => 'Government Announces 21-Point Programme without Securing Source of Funding', 'sub_title' => '', 'summary' => 'January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE<br /> January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has provision such as providing social security allowance to the people at 60 years and to provide monthly allowance of Rs 1500 to menstruating women. However, there isn’t any source of funding for these provisions and will only add extra responsibility to the shoulders of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP prepared by a task force headed by Deputy Prime Minister and Minister for Finance Bishnu Poudel was unveiled amid a programme at the Office of the Prime Minister and Council of Ministers on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While announcing the programme, DPM Poudel said that a total of 6 million people including elderly citizens, Dalits, single women, people with disabilities, indigenous groups that are on the verge of extinction will get social security allowances within the next five years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, all the women of menstruating age will get Rs 1500 annually to purchase sanitary pads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also adopted a policy to investigate cases of corruption irrespective of the statute of limitation. The CPM has stated that the government will investigate cases of corruption and abuse of authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also announced to revive the economy by implementing the industrial, financial and monetary policy in a coordinated way in order to address the problems seen in the decline in industrial productivity, liquidity crisis in the banking system, high interest rate, increasing trade deficit, low capital expenditure, declining revenue collection, pressure on foreign exchange reserves and a drop in the share market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the common minimum programme of the government has also provisions to give to manufacturing industries that produce food, footwear, medicines, cement among other products within Nepal. In order to promote these industries, the government has announced to provide subsidies on tax, electricity tariff and loans to the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government, through the common minimum programme, also plans to reduce trade deficit and discourage imports while there are plans to increase productivity of the goods for domestic consumption and improve the quality and standard of exportable items to promote exports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are also plans to revitalize the state-owned industries that are currently shut through public private partnership. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new government also plans to step up infrastructure development for industries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another provision in the CMP is the concept of ‘time card’ for giving all types of permission to the industries from the starting point during the registration itself.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DPM Poudel also said that all kinds of problems related to the citizenship issue will be sorted out within six months. According to Poudel, the government is planning to reduce the expenses for purchase of vehicles and operating cost of office. He also made it clear that the federal and provincial governments will not open new bodies unless there is an exceptional situation. This is expected to reduce government expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review Commission formed by the government has stated that most of the government spending is incurred in day-to-day operations despite repeated pledges by successive governments to cut the current expenditure. The capital expenditure of the government is still quite high at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The data of the Ministry of Finance shows that the government has failed to manage financial resources to meet the capital expenses of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore the government plans to issue ‘time cards’ to speed up government works.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government said that the use of time card will remove the compulsion for the service seekers to stay in long queue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another priority area of the government will be digitalization of government services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At present, people have to stay in long queues making driving license, passport and citizenship. In this context, the government expects to end such problem through the use of digital technology and time card.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also set an ambitious plan of attaining 100 percent literacy rate in the next two years and to increase the standard of education in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP also has plans to improve the health sector while the the existing laws will be amended to make them labour-friendly, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has also a vision to modernize the agriculture sector while it emphasized to take necessary measures so that no person will be compelled to live on the streets. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The concept of establishing a land bank, facilitating procurement of fertilizers, fixing of support prices, energy development among others will also be prioritized by the government, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16442', 'image' => '20230110114205_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2023-01-10 11:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16700', 'article_category_id' => '1', 'title' => 'Government Unveils Common Minimum Program', 'sub_title' => '', 'summary' => 'January 9: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 10: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The common minimum program was unveiled in the presence of Prime Minister Pushpa Kamal Dahal at a program held at the Office of the Prime Minister and Council of Ministers on Monday. The document brings together the policy priorities and programs of the ruling parties. The CMP was developed by a task force formed by the coalition partners. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Dahal has instructed all the secretaries to devise action plans within a month to implement the common minimum program of the government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Directing the secretaries on Monday, PM Dahal expressed his commitment to firmly enforce the common minimum program once his government obtains the vote of confidence from parliament. PM Dahal is scheduled take a vote of confidence from the parliament on Tuesday. </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"">Stating that the common minimum program is the base for unity among the coalition partners, PM Dahal shared that the programs of the ruling parties contained all issues ranging from socio-economic, education, health, employment and foreign policy among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Dahal viewed that the common minimum program has outlined the tasks and priorities of the government to reflect how the government plans to advance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On a different note, PM Dahal claimed that the national economy and politics were not in a difficult situation in reality as it has been portrayed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal expressed his confidence that massive change could be brought about in the country if all political parties move ahead in unison and with firm determination. </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"">"Political stability and prosperity are only possible by honest efforts from one and all." -- RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16440', 'image' => '20230110103832_PRO_KTM_PRACHANDA_OLI - Copy.jpg', 'article_date' => '2023-01-10 10:37:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16698', 'article_category_id' => '1', 'title' => 'NTA Directs Internet Service Providers to Restrict Crypto-Related Websites, Apps ', 'sub_title' => '', 'summary' => 'January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Existing laws in Nepal regard crypto transaction, networking and online betting as an illegal act. However, such websites and Apps have been running unabated by taking advantages of technological advancement despite government’s ban on such acts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the NTA said it renewed the directive as the internet service providers turned a deaf ear to end the transaction of crypto currency transaction, hyper networking, online betting which are not only illegal acts but also linked to financial crime. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTA’s spokesperson Santosh Poudel shared this was the second time that such a directive was given to the internet service providers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA said that the ISPs failing to abide by the government circulation will face the music. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16439', 'image' => '20230109081135_b.jpg', 'article_date' => '2023-01-09 20:11:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16696', 'article_category_id' => '1', 'title' => 'Focus on Quality of Loan Instead of its Size: Yuba Raj Khatiwada', 'sub_title' => '', 'summary' => 'January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. Addressing the 3rd annual general meeting of Confederation of Banks and Financial Institutions of Nepal on Sunday, former finance minister Khatiwada suggested banks to increase the quality of loans arguing that there may be risks when they increase the size of loans.</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 although the electronic sector has benefited from the capital increase of the banks, the agricultural sector is yet to benefit. Stating that the size of loans issued by banks and financial institutions is equal to the size of the economy, he said that the increase in the size of the loan indicates an economic crisis in the financial system. He also said that the financial system of the country has taken a big leap recently.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former finance minister Khatiwada also remarked that he has an increased confidence that the deposits in banks will not sink. He mentioned that the use of information technology in the entire financial sector, including the banking and capital market, has increased rapidly, and the central bank will also undertake its works electronically.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16437', 'image' => '20230109054849_1673175063.jpg', 'article_date' => '2023-01-09 17:48:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16694', 'article_category_id' => '1', 'title' => 'Nepal Spends Rs 2 Billion Annually on Import of Dairy Products ', 'sub_title' => '', 'summary' => 'January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pratikshya Kandel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. The records of the Department of Customs in the last five years show that Nepal has been spending at least Rs 1.80 billion to 2.60 billion for the import of dairy products each year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government has announced to make the country self-sufficient in dairy products, imports are increasing instead of decreasing. Dairy products worth more than Rs 1 billion have been imported into Nepal in the first five months of the current fiscal year. In these five months, Rs 1.6 billion has gone out for the import of 2.48 million litres of dairy products. This is 18 per cent more than the same period last year. From mid-July to mid-December last year, Rs 90.21 million was spent for the import of 1.92 million litres of dairy products.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Customs, Nepal imported skimmed milk, processed milk, butter, cream, cheese and other milk products during the review period. Out of the imported items, the highest amount of milk products imported was baby milk worth Rs 2888 million, baby food made from milk worth Rs 2111 million, powdered milk worth Rs 1759 million and cheese worth Rs 1241 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal imports dairy products mainly from India, Germany, South Korea, Denmark, the UK, America, Belgium, China, Japan, Qatar and other countries. The data from the Department of Customs show that Nepal has imported dairy products worth more than Rs 11.84 billion in the last five and a half years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Raj Kumar Dahal, president of the Dairy Industry Association, said that the import of dairy products is increasing as domestic production is not sufficient to meet the demand. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"There is still a shortage of 3,000 metric tons of milk in our market. Our domestic production is only 24,000 metric tons,'' he told Ne Business Age, “The amount of milk we need is 27,000 to 28,000 metric tons.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that since it is the milk production season, and should be the time to stock milk, domestic production is not enough to meet the demand.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Now, if 200,000 to 300,000 litres of extra milk were available, converting it would be enough to meet the demand for three to four months," Dahal said, adding, "But now, during the peak season of stocking milk, not even 50 litres are left daily."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that even though domestically produced milk is exported abroad, milk is not available to meet the domestic demand. According to the Department of Customs, Nepal exports food made from milk for dogs and cats, including Churpi (hardened cheese), worth Rs 3 billion annually. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that more than 30 million litres of milk are consumed for preparing hardened cheese. Last year, 1,744,500 kgs of dog and cat food were exported from Nepal fetching Rs 2.92 billion of foreign currency through export. The average price of hardened cheese was Rs 1,670 per kg. Even in the five months of the current fiscal year, a total of 594,000 kilos of dog and cat food worth Rs 1.1 billion has been exported from Nepal. Its average price is around Rs 1,900 per kg.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16435', 'image' => '20230109014440_1673219740.Clipboard11.jpg', 'article_date' => '2023-01-09 13:44:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16693', 'article_category_id' => '1', 'title' => 'Growing Air Pollution in Kathmandu Posing Serious Risk to the Valley Denizens', 'sub_title' => '', 'summary' => 'January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily. Meanwhile, warm air lies above the cold air.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Layers of cold and warm air create a barrier causing pollution within the atmosphere, due to which pollution tends to be more prevalent in the winter season. Air pollution is caused due to smoke emitted from vehicles and industrial areas. It takes rain and strong winds to remove the pollution. However, the chances of rain is very low at the moment. Increasing pollution is having a negative impact on human health as well as plants and animals.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts say that in cold weather, the risk of lung cancer increases even among non-smokers. Due to pollution, people not only suffer from allergies, but also face problems such as heart attacks and uncontrolled diabetes. At this time, people should pay attention to the cleanliness of the environment. Generally, people do not care about it due to which air pollution is becoming a threat in various cities of the country including Kathmandu.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Air pollution in Kathmandu Valley has increased as the rivers, roads and streets have not been cleaned. Because of this, its direct impact is seen on the general public.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As the amount of smoke and dust in the atmosphere is high, the sky itself is covered with fog. It is most likely that air pollution will cross the hazardous level.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Pollution can be reduced to some extent only if the habit of throwing garbage in rivers, public lands and roads can be eliminated. It is also necessary to control the use of old vehicles to prevent air pollution.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16434', 'image' => '20230109104719_20210309011732_1615244101.Clipboard04.jpg', 'article_date' => '2023-01-09 10:43:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16692', 'article_category_id' => '1', 'title' => 'Economic Crisis Looms in Pakistan as Forex Reserves Hit Eight-Year Low', 'sub_title' => '', 'summary' => 'January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pakistan finds itself strapped for cash as money expected to come in under an International Monetary Fund (IMF) programme has been delayed. Its foreign exchange reserves now barely cover a month of imports, most of which are for energy purchases, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The South Asian nation’s foreign currency exchange took a nosedive to $5.6 billion, posing a “serious challenge” for the country in financing imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Coupled with another $5.8 billion held by commercial banks, the nation has $11.4 billion in reserves -- enough to pay for just three weeks of imports, AFP reported citing traders and economists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Pakistan's government has ordered shopping centres and markets to close early every day as the country faces an economic crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defence minister Khawaja Asif reportedly said that the measures will save the South Asian nation around 62 billion Pakistani rupees ($274.3 million).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of Pakistan’s electricity is produced using imported fossil fuels, including liquefied natural gas, prices of which have skyrocketed in recent months, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Global energy prices jumped last year, putting further pressure on the country's already dwindling finances. To pay for those energy imports the country needs foreign currency, especially US dollars,” the BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have piled on further pressure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The latest data from the central bank released overnight -- for the week ending December 30 -- show the country has half the foreign exchange reserves it held a year ago. Servicing foreign debt and paying for crucial commodities such as medicine, food and energy are among the chief concerns.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of shipping containers are held up at a Karachi port because banks have been unable to guarantee foreign exchange payments, the French news agency further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Successive governments have failed to shore up multilateral or bilateral aid to meet foreign payments, although a $6 billion International Monetary Fund deal was restarted after Pakistan finally met conditions such as ending subsidies on fuel, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, the Pakistan government has tried to stabilise the economy by containing imports and decades-high inflation. A quickly depreciating currency has made imports more expensive while consumer prices have risen 25 percent year-on-year in the first half of the fiscal year (July 1 to December 31).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Pakistan is recovering from last year’s catastrophic floods, which submerged more than a third of the country and caused widespread devastation and major financial losses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country is the eighth most vulnerable country to extreme weather caused by climate change, according to the Global Climate Risk Index compiled by the environmental NGO Germanwatch.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another South Asian country Sri Lanka is reeling under its worst financial crisis which started in 2019, resulting in mass protests last April due to which the prime minister had to resign and the president had to flee from the palace in July. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Sri Lanka’s collapse should be a wake-up call to other countries, highlighting the perils of sovereign debt in an era of geopolitical competition,” writes Tamanna Salikuddin in an analysis published by USIP.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16433', 'image' => '20230109103333_maxresdefault.jpg', 'article_date' => '2023-01-09 10:32:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16691', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => '', 'summary' => 'January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The state-owned oil monopoly has slashed the prices of petrol, diesel and kerosene by Rs 3 per litre upon the instruction of newly-formed government led by Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC has also reduced the price of aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Dahal had instructed the NOC board and the Ministry of Industry, Commerce and Supplies on Thursday to lower the prices of petroleum products. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC was adamant that it would not lower the prices of petroleum products arguing that its accumulated losses were in billions. However, it took a U-turn after the directive from the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the reduction in fuel prices, the price of petrol now stands at Rs 175 per litre. Likewise, diesel and kerosene will now cost Rs 172 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of ATF for domestic flights has been reduced by Rs 20 per litre and is fixed at Rs 170 per litre. The NOC said that it has lowered the price of aviation fuel for international flights by Rs 30 per litre. According to the NOC, the price of ATF for international flights has been fixed at US$ 1.420 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas (liquefied petroleum gas) remains unchanged. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Sunday, NOC said it owes a total of Rs 18 billion to the Indian Oil Corporation and the Government of Nepal. </span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16432', 'image' => '20230109093612_petroo - Copy.jpg', 'article_date' => '2023-01-09 09:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16689', 'article_category_id' => '1', 'title' => 'Department of Passports Resumes Distribution of Passports', 'sub_title' => 'French Team Arriving to Troubleshoot Passport Server Issue ', 'summary' => 'January 8: A technical team from France is arriving to sort out the storage issue seen for the past few days in the electric passport server system of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The Department of Passports has started distribution of passports from Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Sunday, the department’s Spokesperson Drupada Sapkota said that the service seekers can visit the department after receiving a text message that their passport is ready.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department had put on hold the distribution of passports since January 1 citing a technical problem. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The announcement comes while a technical team from France is preparing to arrive in Nepal on Monday to sort out the storage issue seen for the past few days in the electric passport server system of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had launched the distribution of e-passport on December 1, 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The distribution of passports was halted after the passport server grappled with the storage issue and took more time to accept photos and finger prints of passport seekers. However, the department sorted out the problem before the arrival of experts from abroad.</span></span></p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16430', 'image' => '20230108074231_20230103063510_20220527120844_Consular-6_consular.jpeg', 'article_date' => '2023-01-08 19:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16688', 'article_category_id' => '1', 'title' => 'Fifteen Illegal Crusher Industries Closed Down in Kapilvastu ', 'sub_title' => '', 'summary' => 'Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.', 'content' => '<p><br /> January 8: Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.</p> <p>Ministry of Home Affairs had sent the circulars to all 77 DAOs to shut down the illegal crusher industries on January 4. <br /> Out of the total 33 crusher industries in the district, fifteen were closed down after the circular while remaining eighteen industries had not been operating for sometimes. </p> <p>Kapilvastu CDO Dharmendra Kumar Mishra said DAO had shut down fifteen illegally operating crusher industries on January 5. <br /> Some crusher industries are operating without renewing their permission. Police personnel will monitor and inspect such industries and close them down, according to CDO Mishra. </p> <p>Eleven crusher industries located in Shivraj Municipality, two at Bijaynagar Rural Municipality and one each at Budhhabhumi Municipality and Krishna Nagar Municipality have been closed down. <br /> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16429', 'image' => '20230108054922_collage (35).jpg', 'article_date' => '2023-01-08 17:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16686', 'article_category_id' => '1', 'title' => 'What Will be the Bonus Rate of Insurance Companies after Merger?', 'sub_title' => '', 'summary' => 'January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Surya Life Insurance and Jyoti Life Insurance have started joint operations of their business for the first week of this month. Gurans Life Insurance, Prime Life Insurance and Union Life Insurance have also agreed to merge with each other. Sanima Life Insurance is merging with Reliance Life Insurance. Prabhu Life Insurance and Mahalaxmi Life Insurance have also agreed to merge with each other.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Insurance companies show their bonus rates to their customers (insured) when selling insurance policies. Insurers decide to purchase insurance policy of a company depending on the bonus rate, after weighing beneficial option.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the process of merger intensifies, insurance companies will now have to compete with each other on bonus rate. At present, the insured are eager to learn about the bonus rate when two or more companies get merged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To determine the bonus rate, an insurance company must first submit the valuation of its asset and liabilities of each fiscal year. However, this seems to be happening very slowly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nirmal Adhikari, information officer of Nepal Insurance Authority, said that the valuation process has been disrupted due to Covid-19. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“It got a little late when Covid got stuck the world for a year and a half. Slowly everything will become normal," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After reviewing the details submitted by the insurance companies, the authority approves the bonus rate. According to the information officer of the authority, after the merger, they have to complete all the procedures as per the previous provisions and the bonus is determined in the same way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When insurance companies merge with each other, they maintain their swap ratio. According to Information Officer Adhikari, the bonus rate before the merger does not make sense for the new merged entity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that the combined bonus rate will be determined only in the next year after the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16427', 'image' => '20230108024951_Insurance.jpg', 'article_date' => '2023-01-08 14:49:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16684', 'article_category_id' => '1', 'title' => 'Street Vendors to Organize Mass Protest against KMC’s Highhandedness', 'sub_title' => '', 'summary' => 'January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal Union of Street Traders (NEST) said they are against Mayor Balendra Shah’s move to remove the street vendors without making an alternative arrangements for them.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Saturday, the union said that the street vendors of Kathmandu will be organizing the mass protest on January 9 seeking access to public space and their right to work.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the statement, it will be mobilizing its members across Kathmandu for a mass protest to push back against the evictions and harassment affecting 34,000 street vendors in the city who have been suffering for months from a “clean-up” operation by Mayor Balendra Shah.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The global alliance of street vendors, StreetNet International, has also supported the move of NEST, urging workers’ organizations across the world to stand in solidarity with NEST and defend their right to work and their right to the city.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">StreetNet International in a statement said that the KMC has adopted discriminatory urban policies against the working poor.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> The international organization noted that street vendors in Kathmandu have been banned from their usual places of business and are unable to work for months. This has resulted in loss of incomes and livelihoods, StreetNet International said.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further said that Human Rights Watch has documented the assault on the rights of the urban poor taking place in Kathmandu, which is threatening up to 34,000 vendors in the city, many of whom are women who have no other alternative source of income or employment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The main objective of the protest is to demand the authorities to respect the right to work freely and to occupy public spaces as citizens.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16425', 'image' => '20230108115430_20151216012947_STRAWBERRY_DSC0544.jpg', 'article_date' => '2023-01-08 11:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16683', 'article_category_id' => '1', 'title' => 'Detail study of Kathmandu-Keung Railway Begins ', 'sub_title' => '', 'summary' => 'January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department or Railways of Nepal confirmed that the study kicked off after the arrival of the Chinese team.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study of the railway that connects Kathmandu with Tibetan Autonomous Region (TAR) of China was conducted in November 2018 and an agreement for carrying out the feasibility study was reached during the visit of Chinese President Xi Jinping to Nepal from October 12 to 13 in 2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement reached in 2019, the Chinese team has arrived in Nepal to conduct the feasibility study, said Rohit Kumar Bisural, director general of the Department of Railways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study is being carried out with the support of the Chinese government as per the agreement reached between Nepal and China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the DoR, it will take three and half years for the study of the Kathmandu-Kerung railway. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study report has incorporated geographical study from Kathmandu-Kerung via Trishuli, topographical features, among others. A detailed study is going to be held based on the preliminary study report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new detailed study will also finalize the issue of investment. As 98 percent of the railway will be based on tunnel system, it will be a uphill battle for Nepal to secure financial resources as the cost will be high for the underground infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, this study is being conducted with the grant assistance of the Chinese government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the pre-feasibility report, the cost of the project was estimated to be around Rs 257 billion. Based on the report, the Department of Railways has estimated that it will be able to complete the project in nine years if the government allocated an annual budget of Rs 28.55 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the preliminary study, the railway will be of 72.25 kilometers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DoR stated that the railway line will originate from Kerung and connect Kathmandu via Rasuwagadhi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The study of the railway will be carried out in such a way that the railway track will bifurcate towards Nepal from the railway track going towards Mansarovar of Tibet from a lake above Kerung," said Director General Bisural. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the railway will be built on high mountainous region, this project will be challenging but not impossible, states the preliminary report.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16424', 'image' => '20230108114328_20181211034350_ac1b5a6d8f54a5755cd2e902d0a3bab7.jpg', 'article_date' => '2023-01-08 11:42:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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 two banks have also formed a joint merger committee to take the merger process forward.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The joint merger committee comprises of directors Dr Manish Thapa and Swati Rungata on behalf of Laxmi Bank and directors Sharda Sharma and Deepak Nepal on behalf of Sunrise Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As per the information shared by the banks, auditors will also be appointed for a detailed 'due diligence audit' of both the banks. The merger process will formally start after receiving the in-principle approval from Nepal Rastra Bank for the merger and will be completed within the current fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16444', 'image' => '20230110024256_merger.jpg', 'article_date' => '2023-01-10 14:42:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16702', 'article_category_id' => '1', 'title' => 'Number of Commercial Banks Drops by Ten in a Decade', 'sub_title' => '', 'summary' => 'January 10: The number of commercial banks in Nepal was 32 by mid-June 2012. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 10: The number of commercial banks in Nepal was 32 by mid-June 2012</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">According to Nepal Rastra Bank (NRB), that number dropped to 22 in the last ten years, ceasing the existence of 10 commercial banks. Two more banks are merging with each other in the February. According to the 'big merger' policy taken by NRB, some other banks are also taking initiatives to merge with each other.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In the beginning of the current fiscal year (FY), only eight banks went through the merger/acquisition process resulting in the establishment of four new entities. Kumari Bank and Nepal Credit & Commerce (NCC) Bank have merged with each other and are doing integrated business under the name of 'Kumari Bank Limited' since January 1</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">After the merger of Global IME Bank and Bank of Kathmandu, the integrated business is starting from January 9 under the name of Global IME Bank Limited.</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, Prabhu Bank Limited acquired Century Commercial Bank and started integrated business under the name of 'Prabhu Bank Limited' from January 10. Mega Bank and Nepal Investment Bank have merged and will be doing integrated business under the name of 'Nepal Investment Mega Bank Limited' from January 11. Even though Himalayan Bank agreed to acquire Civil Bank Limited, the integrated business has not yet started. Both the banks have called the annual general meeting on January 12. They are ready to do integrated business within February.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nabil Bank Limited has already started integrated business by acquiring Nepal Bangladesh Bank. Similarly, Global IME Bank merged with Commerce and Test Bank in March 2013 and Janata Bank in December 2019</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">In June 2013, NIC Bank and Bank of Asia merged to become NIC Asia Bank. Prabhu Bank merged with Kist Bank in August 2014 and Grand Bank in February 2015</span><span style="font-family:"Times New Roman","serif"">.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In April 2012, the number of banks and financial institutions in Nepal was as high as 220</span><span style="font-family:"Times New Roman","serif"">. </span><span style="font-family:"Arial","sans-serif"">At that time, 32 commercial banks, 88 development banks, 77 finance companies and 23 microfinance companies were operating. In recent years, NRB has adopted a policy of reducing the number of banks and financial institutions. 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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","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,” said Bhatta.</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 has been saying that the capital of banks and financial institutions should be increased to strengthen financial stability. Looking at the situation after the Asian economic crisis of 1997-98 and the global economic recession of 2007-2008, the debate about having a ‘few but strong' banks was started. According to NRB, the number of banks and financial institutions should be reduced by looking at various conditions including the use of technology.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Similarly, through the process of merger or acquisition, the capital base of banks and financial institutions will be expanded and the ability to bear risk will increase. The policy of NRB is to create a small number of strong and capable banks instead of a large number of institutions with a small capital base.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former President of Nepal Bankers Association, Bhuwan Dahal says that NRB should focus on the regulatory role rather than providing incentives for mergers and acquisitions of banks and financial institutions. He said that in order to reduce the number of commercial banks in Nepal, their managerial aspects and institutional governance should be focused.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16443', 'image' => '20230110012110_Banks.jpg', 'article_date' => '2023-01-10 13:20:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16701', 'article_category_id' => '1', 'title' => 'Government Announces 21-Point Programme without Securing Source of Funding', 'sub_title' => '', 'summary' => 'January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE<br /> January 10: The government has unveiled a 21-point policy priorities and common minimum program (CMP) without securing source of funding. This has added extra burden to the state coffers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has provision such as providing social security allowance to the people at 60 years and to provide monthly allowance of Rs 1500 to menstruating women. However, there isn’t any source of funding for these provisions and will only add extra responsibility to the shoulders of the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP prepared by a task force headed by Deputy Prime Minister and Minister for Finance Bishnu Poudel was unveiled amid a programme at the Office of the Prime Minister and Council of Ministers on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While announcing the programme, DPM Poudel said that a total of 6 million people including elderly citizens, Dalits, single women, people with disabilities, indigenous groups that are on the verge of extinction will get social security allowances within the next five years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, all the women of menstruating age will get Rs 1500 annually to purchase sanitary pads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also adopted a policy to investigate cases of corruption irrespective of the statute of limitation. The CPM has stated that the government will investigate cases of corruption and abuse of authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government also announced to revive the economy by implementing the industrial, financial and monetary policy in a coordinated way in order to address the problems seen in the decline in industrial productivity, liquidity crisis in the banking system, high interest rate, increasing trade deficit, low capital expenditure, declining revenue collection, pressure on foreign exchange reserves and a drop in the share market.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the common minimum programme of the government has also provisions to give to manufacturing industries that produce food, footwear, medicines, cement among other products within Nepal. In order to promote these industries, the government has announced to provide subsidies on tax, electricity tariff and loans to the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government, through the common minimum programme, also plans to reduce trade deficit and discourage imports while there are plans to increase productivity of the goods for domestic consumption and improve the quality and standard of exportable items to promote exports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">There are also plans to revitalize the state-owned industries that are currently shut through public private partnership. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new government also plans to step up infrastructure development for industries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another provision in the CMP is the concept of ‘time card’ for giving all types of permission to the industries from the starting point during the registration itself.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">DPM Poudel also said that all kinds of problems related to the citizenship issue will be sorted out within six months. According to Poudel, the government is planning to reduce the expenses for purchase of vehicles and operating cost of office. He also made it clear that the federal and provincial governments will not open new bodies unless there is an exceptional situation. This is expected to reduce government expenses.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review Commission formed by the government has stated that most of the government spending is incurred in day-to-day operations despite repeated pledges by successive governments to cut the current expenditure. The capital expenditure of the government is still quite high at present. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The data of the Ministry of Finance shows that the government has failed to manage financial resources to meet the capital expenses of late. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Therefore the government plans to issue ‘time cards’ to speed up government works.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government said that the use of time card will remove the compulsion for the service seekers to stay in long queue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another priority area of the government will be digitalization of government services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At present, people have to stay in long queues making driving license, passport and citizenship. In this context, the government expects to end such problem through the use of digital technology and time card.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government has also set an ambitious plan of attaining 100 percent literacy rate in the next two years and to increase the standard of education in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP also has plans to improve the health sector while the the existing laws will be amended to make them labour-friendly, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CMP has also a vision to modernize the agriculture sector while it emphasized to take necessary measures so that no person will be compelled to live on the streets. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The concept of establishing a land bank, facilitating procurement of fertilizers, fixing of support prices, energy development among others will also be prioritized by the government, said DPM Poudel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16442', 'image' => '20230110114205_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2023-01-10 11:41:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16700', 'article_category_id' => '1', 'title' => 'Government Unveils Common Minimum Program', 'sub_title' => '', 'summary' => 'January 9: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 10: The government has made public its common minimum program (CMP) that outlines its priorities as well as the tasks that will be executed during its term in office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The common minimum program was unveiled in the presence of Prime Minister Pushpa Kamal Dahal at a program held at the Office of the Prime Minister and Council of Ministers on Monday. The document brings together the policy priorities and programs of the ruling parties. The CMP was developed by a task force formed by the coalition partners. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prime Minister Dahal has instructed all the secretaries to devise action plans within a month to implement the common minimum program of the government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Directing the secretaries on Monday, PM Dahal expressed his commitment to firmly enforce the common minimum program once his government obtains the vote of confidence from parliament. PM Dahal is scheduled take a vote of confidence from the parliament on Tuesday. </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"">Stating that the common minimum program is the base for unity among the coalition partners, PM Dahal shared that the programs of the ruling parties contained all issues ranging from socio-economic, education, health, employment and foreign policy among others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Dahal viewed that the common minimum program has outlined the tasks and priorities of the government to reflect how the government plans to advance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On a different note, PM Dahal claimed that the national economy and politics were not in a difficult situation in reality as it has been portrayed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dahal expressed his confidence that massive change could be brought about in the country if all political parties move ahead in unison and with firm determination. </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"">"Political stability and prosperity are only possible by honest efforts from one and all." -- RSS</span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-01-10', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16440', 'image' => '20230110103832_PRO_KTM_PRACHANDA_OLI - Copy.jpg', 'article_date' => '2023-01-10 10:37:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16698', 'article_category_id' => '1', 'title' => 'NTA Directs Internet Service Providers to Restrict Crypto-Related Websites, Apps ', 'sub_title' => '', 'summary' => 'January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">January 9: Nepal Telecommunications Authority (NTA) has directed internet service providers (ISPs) to restrict websites and Apps relating to crypto transactions, hyper networking and online betting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Existing laws in Nepal regard crypto transaction, networking and online betting as an illegal act. However, such websites and Apps have been running unabated by taking advantages of technological advancement despite government’s ban on such acts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice on Sunday, the NTA said it renewed the directive as the internet service providers turned a deaf ear to end the transaction of crypto currency transaction, hyper networking, online betting which are not only illegal acts but also linked to financial crime. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTA’s spokesperson Santosh Poudel shared this was the second time that such a directive was given to the internet service providers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA said that the ISPs failing to abide by the government circulation will face the music. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16439', 'image' => '20230109081135_b.jpg', 'article_date' => '2023-01-09 20:11:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16696', 'article_category_id' => '1', 'title' => 'Focus on Quality of Loan Instead of its Size: Yuba Raj Khatiwada', 'sub_title' => '', 'summary' => 'January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Former finance minister and former governor of Nepal Rastra Bank Yuba Raj Khatiwada has said that it is necessary for banks and financial institutions to increase the quality rather than the size of loans. Addressing the 3rd annual general meeting of Confederation of Banks and Financial Institutions of Nepal on Sunday, former finance minister Khatiwada suggested banks to increase the quality of loans arguing that there may be risks when they increase the size of loans.</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 although the electronic sector has benefited from the capital increase of the banks, the agricultural sector is yet to benefit. Stating that the size of loans issued by banks and financial institutions is equal to the size of the economy, he said that the increase in the size of the loan indicates an economic crisis in the financial system. He also said that the financial system of the country has taken a big leap recently.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Former finance minister Khatiwada also remarked that he has an increased confidence that the deposits in banks will not sink. He mentioned that the use of information technology in the entire financial sector, including the banking and capital market, has increased rapidly, and the central bank will also undertake its works electronically.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16437', 'image' => '20230109054849_1673175063.jpg', 'article_date' => '2023-01-09 17:48:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16694', 'article_category_id' => '1', 'title' => 'Nepal Spends Rs 2 Billion Annually on Import of Dairy Products ', 'sub_title' => '', 'summary' => 'January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Pratikshya Kandel</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Data shows that Nepal spends more than Rs 2 billion annually for importing dairy products. The records of the Department of Customs in the last five years show that Nepal has been spending at least Rs 1.80 billion to 2.60 billion for the import of dairy products each year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Although the government has announced to make the country self-sufficient in dairy products, imports are increasing instead of decreasing. Dairy products worth more than Rs 1 billion have been imported into Nepal in the first five months of the current fiscal year. In these five months, Rs 1.6 billion has gone out for the import of 2.48 million litres of dairy products. This is 18 per cent more than the same period last year. From mid-July to mid-December last year, Rs 90.21 million was spent for the import of 1.92 million litres of dairy products.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Customs, Nepal imported skimmed milk, processed milk, butter, cream, cheese and other milk products during the review period. Out of the imported items, the highest amount of milk products imported was baby milk worth Rs 2888 million, baby food made from milk worth Rs 2111 million, powdered milk worth Rs 1759 million and cheese worth Rs 1241 million.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Nepal imports dairy products mainly from India, Germany, South Korea, Denmark, the UK, America, Belgium, China, Japan, Qatar and other countries. The data from the Department of Customs show that Nepal has imported dairy products worth more than Rs 11.84 billion in the last five and a half years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Raj Kumar Dahal, president of the Dairy Industry Association, said that the import of dairy products is increasing as domestic production is not sufficient to meet the demand. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"There is still a shortage of 3,000 metric tons of milk in our market. Our domestic production is only 24,000 metric tons,'' he told Ne Business Age, “The amount of milk we need is 27,000 to 28,000 metric tons.” </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that since it is the milk production season, and should be the time to stock milk, domestic production is not enough to meet the demand.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">"Now, if 200,000 to 300,000 litres of extra milk were available, converting it would be enough to meet the demand for three to four months," Dahal said, adding, "But now, during the peak season of stocking milk, not even 50 litres are left daily."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that even though domestically produced milk is exported abroad, milk is not available to meet the domestic demand. According to the Department of Customs, Nepal exports food made from milk for dogs and cats, including Churpi (hardened cheese), worth Rs 3 billion annually. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Dahal said that more than 30 million litres of milk are consumed for preparing hardened cheese. Last year, 1,744,500 kgs of dog and cat food were exported from Nepal fetching Rs 2.92 billion of foreign currency through export. The average price of hardened cheese was Rs 1,670 per kg. Even in the five months of the current fiscal year, a total of 594,000 kilos of dog and cat food worth Rs 1.1 billion has been exported from Nepal. Its average price is around Rs 1,900 per kg.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16435', 'image' => '20230109014440_1673219740.Clipboard11.jpg', 'article_date' => '2023-01-09 13:44:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16693', 'article_category_id' => '1', 'title' => 'Growing Air Pollution in Kathmandu Posing Serious Risk to the Valley Denizens', 'sub_title' => '', 'summary' => 'January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">January 9: Air pollution is increasing each day like it does every year with the onset of winter. Cold air is denser than warm air and cannot rise up easily. Meanwhile, warm air lies above the cold air.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Layers of cold and warm air create a barrier causing pollution within the atmosphere, due to which pollution tends to be more prevalent in the winter season. Air pollution is caused due to smoke emitted from vehicles and industrial areas. It takes rain and strong winds to remove the pollution. However, the chances of rain is very low at the moment. Increasing pollution is having a negative impact on human health as well as plants and animals.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Experts say that in cold weather, the risk of lung cancer increases even among non-smokers. Due to pollution, people not only suffer from allergies, but also face problems such as heart attacks and uncontrolled diabetes. At this time, people should pay attention to the cleanliness of the environment. Generally, people do not care about it due to which air pollution is becoming a threat in various cities of the country including Kathmandu.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Air pollution in Kathmandu Valley has increased as the rivers, roads and streets have not been cleaned. Because of this, its direct impact is seen on the general public.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">As the amount of smoke and dust in the atmosphere is high, the sky itself is covered with fog. It is most likely that air pollution will cross the hazardous level.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Pollution can be reduced to some extent only if the habit of throwing garbage in rivers, public lands and roads can be eliminated. It is also necessary to control the use of old vehicles to prevent air pollution.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16434', 'image' => '20230109104719_20210309011732_1615244101.Clipboard04.jpg', 'article_date' => '2023-01-09 10:43:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16692', 'article_category_id' => '1', 'title' => 'Economic Crisis Looms in Pakistan as Forex Reserves Hit Eight-Year Low', 'sub_title' => '', 'summary' => 'January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">AGENCIES</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: The foreign exchange reserves of Pakistan's central bank have plunged to an eight-year low as the country grapples with economic crisis, according to media reports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pakistan finds itself strapped for cash as money expected to come in under an International Monetary Fund (IMF) programme has been delayed. Its foreign exchange reserves now barely cover a month of imports, most of which are for energy purchases, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The South Asian nation’s foreign currency exchange took a nosedive to $5.6 billion, posing a “serious challenge” for the country in financing imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Coupled with another $5.8 billion held by commercial banks, the nation has $11.4 billion in reserves -- enough to pay for just three weeks of imports, AFP reported citing traders and economists.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, Pakistan's government has ordered shopping centres and markets to close early every day as the country faces an economic crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Defence minister Khawaja Asif reportedly said that the measures will save the South Asian nation around 62 billion Pakistani rupees ($274.3 million).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of Pakistan’s electricity is produced using imported fossil fuels, including liquefied natural gas, prices of which have skyrocketed in recent months, Al Jazeera reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Global energy prices jumped last year, putting further pressure on the country's already dwindling finances. To pay for those energy imports the country needs foreign currency, especially US dollars,” the BBC added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the AFP, Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have piled on further pressure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The latest data from the central bank released overnight -- for the week ending December 30 -- show the country has half the foreign exchange reserves it held a year ago. Servicing foreign debt and paying for crucial commodities such as medicine, food and energy are among the chief concerns.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of shipping containers are held up at a Karachi port because banks have been unable to guarantee foreign exchange payments, the French news agency further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Successive governments have failed to shore up multilateral or bilateral aid to meet foreign payments, although a $6 billion International Monetary Fund deal was restarted after Pakistan finally met conditions such as ending subsidies on fuel, added AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, the Pakistan government has tried to stabilise the economy by containing imports and decades-high inflation. A quickly depreciating currency has made imports more expensive while consumer prices have risen 25 percent year-on-year in the first half of the fiscal year (July 1 to December 31).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Pakistan is recovering from last year’s catastrophic floods, which submerged more than a third of the country and caused widespread devastation and major financial losses.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The country is the eighth most vulnerable country to extreme weather caused by climate change, according to the Global Climate Risk Index compiled by the environmental NGO Germanwatch.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another South Asian country Sri Lanka is reeling under its worst financial crisis which started in 2019, resulting in mass protests last April due to which the prime minister had to resign and the president had to flee from the palace in July. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Sri Lanka’s collapse should be a wake-up call to other countries, highlighting the perils of sovereign debt in an era of geopolitical competition,” writes Tamanna Salikuddin in an analysis published by USIP.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16433', 'image' => '20230109103333_maxresdefault.jpg', 'article_date' => '2023-01-09 10:32:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16691', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices', 'sub_title' => '', 'summary' => 'January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 9: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products effective from Monday (January 9). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The state-owned oil monopoly has slashed the prices of petrol, diesel and kerosene by Rs 3 per litre upon the instruction of newly-formed government led by Pushpa Kamal Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC has also reduced the price of aviation turbine fuel (ATF). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Dahal had instructed the NOC board and the Ministry of Industry, Commerce and Supplies on Thursday to lower the prices of petroleum products. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC was adamant that it would not lower the prices of petroleum products arguing that its accumulated losses were in billions. However, it took a U-turn after the directive from the government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After the reduction in fuel prices, the price of petrol now stands at Rs 175 per litre. Likewise, diesel and kerosene will now cost Rs 172 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of ATF for domestic flights has been reduced by Rs 20 per litre and is fixed at Rs 170 per litre. The NOC said that it has lowered the price of aviation fuel for international flights by Rs 30 per litre. According to the NOC, the price of ATF for international flights has been fixed at US$ 1.420 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas (liquefied petroleum gas) remains unchanged. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Sunday, NOC said it owes a total of Rs 18 billion to the Indian Oil Corporation and the Government of Nepal. </span></span></p> ', 'published' => true, 'created' => '2023-01-09', 'modified' => '2023-01-09', 'keywords' => '', 'description' => '', 'sortorder' => '16432', 'image' => '20230109093612_petroo - Copy.jpg', 'article_date' => '2023-01-09 09:35:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16689', 'article_category_id' => '1', 'title' => 'Department of Passports Resumes Distribution of Passports', 'sub_title' => 'French Team Arriving to Troubleshoot Passport Server Issue ', 'summary' => 'January 8: A technical team from France is arriving to sort out the storage issue seen for the past few days in the electric passport server system of Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The Department of Passports has started distribution of passports from Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a public notice on Sunday, the department’s Spokesperson Drupada Sapkota said that the service seekers can visit the department after receiving a text message that their passport is ready.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department had put on hold the distribution of passports since January 1 citing a technical problem. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The announcement comes while a technical team from France is preparing to arrive in Nepal on Monday to sort out the storage issue seen for the past few days in the electric passport server system of the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal had launched the distribution of e-passport on December 1, 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The distribution of passports was halted after the passport server grappled with the storage issue and took more time to accept photos and finger prints of passport seekers. However, the department sorted out the problem before the arrival of experts from abroad.</span></span></p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16430', 'image' => '20230108074231_20230103063510_20220527120844_Consular-6_consular.jpeg', 'article_date' => '2023-01-08 19:41:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16688', 'article_category_id' => '1', 'title' => 'Fifteen Illegal Crusher Industries Closed Down in Kapilvastu ', 'sub_title' => '', 'summary' => 'Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.', 'content' => '<p><br /> January 8: Following the directive of the Ministry of Home Affairs, District Administration Office (DAO) Kapilvastu has shut down as many as 15 illegally operating crusher industries in the district.</p> <p>Ministry of Home Affairs had sent the circulars to all 77 DAOs to shut down the illegal crusher industries on January 4. <br /> Out of the total 33 crusher industries in the district, fifteen were closed down after the circular while remaining eighteen industries had not been operating for sometimes. </p> <p>Kapilvastu CDO Dharmendra Kumar Mishra said DAO had shut down fifteen illegally operating crusher industries on January 5. <br /> Some crusher industries are operating without renewing their permission. Police personnel will monitor and inspect such industries and close them down, according to CDO Mishra. </p> <p>Eleven crusher industries located in Shivraj Municipality, two at Bijaynagar Rural Municipality and one each at Budhhabhumi Municipality and Krishna Nagar Municipality have been closed down. <br /> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16429', 'image' => '20230108054922_collage (35).jpg', 'article_date' => '2023-01-08 17:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16686', 'article_category_id' => '1', 'title' => 'What Will be the Bonus Rate of Insurance Companies after Merger?', 'sub_title' => '', 'summary' => 'January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">January 8: After the Nepal Insurance Authority (the then Insurance Board Nepal) instructed insurance companies to increase their paid-up capital, almost all the insurance companies opted for merger with each other to meet the paid-up capital requirement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Surya Life Insurance and Jyoti Life Insurance have started joint operations of their business for the first week of this month. Gurans Life Insurance, Prime Life Insurance and Union Life Insurance have also agreed to merge with each other. Sanima Life Insurance is merging with Reliance Life Insurance. Prabhu Life Insurance and Mahalaxmi Life Insurance have also agreed to merge with each other.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Insurance companies show their bonus rates to their customers (insured) when selling insurance policies. Insurers decide to purchase insurance policy of a company depending on the bonus rate, after weighing beneficial option.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the process of merger intensifies, insurance companies will now have to compete with each other on bonus rate. At present, the insured are eager to learn about the bonus rate when two or more companies get merged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">To determine the bonus rate, an insurance company must first submit the valuation of its asset and liabilities of each fiscal year. However, this seems to be happening very slowly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nirmal Adhikari, information officer of Nepal Insurance Authority, said that the valuation process has been disrupted due to Covid-19. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“It got a little late when Covid got stuck the world for a year and a half. Slowly everything will become normal," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After reviewing the details submitted by the insurance companies, the authority approves the bonus rate. According to the information officer of the authority, after the merger, they have to complete all the procedures as per the previous provisions and the bonus is determined in the same way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">When insurance companies merge with each other, they maintain their swap ratio. According to Information Officer Adhikari, the bonus rate before the merger does not make sense for the new merged entity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that the combined bonus rate will be determined only in the next year after the merger.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-10', 'keywords' => '', 'description' => '', 'sortorder' => '16427', 'image' => '20230108024951_Insurance.jpg', 'article_date' => '2023-01-08 14:49:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16684', 'article_category_id' => '1', 'title' => 'Street Vendors to Organize Mass Protest against KMC’s Highhandedness', 'sub_title' => '', 'summary' => 'January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">January 8: The street vendors of Nepal are preparing to organize a mass protest across Kathmandu on Monday against the Kathmandu Metropolitan City (KMC)’s “clean-up” operation that has threatened their livelihood.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal Union of Street Traders (NEST) said they are against Mayor Balendra Shah’s move to remove the street vendors without making an alternative arrangements for them.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement on Saturday, the union said that the street vendors of Kathmandu will be organizing the mass protest on January 9 seeking access to public space and their right to work.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the statement, it will be mobilizing its members across Kathmandu for a mass protest to push back against the evictions and harassment affecting 34,000 street vendors in the city who have been suffering for months from a “clean-up” operation by Mayor Balendra Shah.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The global alliance of street vendors, StreetNet International, has also supported the move of NEST, urging workers’ organizations across the world to stand in solidarity with NEST and defend their right to work and their right to the city.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">StreetNet International in a statement said that the KMC has adopted discriminatory urban policies against the working poor.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> The international organization noted that street vendors in Kathmandu have been banned from their usual places of business and are unable to work for months. This has resulted in loss of incomes and livelihoods, StreetNet International said.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The statement further said that Human Rights Watch has documented the assault on the rights of the urban poor taking place in Kathmandu, which is threatening up to 34,000 vendors in the city, many of whom are women who have no other alternative source of income or employment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The main objective of the protest is to demand the authorities to respect the right to work freely and to occupy public spaces as citizens.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16425', 'image' => '20230108115430_20151216012947_STRAWBERRY_DSC0544.jpg', 'article_date' => '2023-01-08 11:53:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16683', 'article_category_id' => '1', 'title' => 'Detail study of Kathmandu-Keung Railway Begins ', 'sub_title' => '', 'summary' => 'January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">January 8: The detailed feasibility study of the Kathmandu-Kerung Railway, which was stalled due to the Covid-19 pandemic, has resumed after a six-member team of experts arrived from China two weeks ago to conduct the study.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Department or Railways of Nepal confirmed that the study kicked off after the arrival of the Chinese team.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study of the railway that connects Kathmandu with Tibetan Autonomous Region (TAR) of China was conducted in November 2018 and an agreement for carrying out the feasibility study was reached during the visit of Chinese President Xi Jinping to Nepal from October 12 to 13 in 2019. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement reached in 2019, the Chinese team has arrived in Nepal to conduct the feasibility study, said Rohit Kumar Bisural, director general of the Department of Railways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study is being carried out with the support of the Chinese government as per the agreement reached between Nepal and China. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the DoR, it will take three and half years for the study of the Kathmandu-Kerung railway. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The pre-feasibility study report has incorporated geographical study from Kathmandu-Kerung via Trishuli, topographical features, among others. A detailed study is going to be held based on the preliminary study report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new detailed study will also finalize the issue of investment. As 98 percent of the railway will be based on tunnel system, it will be a uphill battle for Nepal to secure financial resources as the cost will be high for the underground infrastructures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, this study is being conducted with the grant assistance of the Chinese government.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the pre-feasibility report, the cost of the project was estimated to be around Rs 257 billion. Based on the report, the Department of Railways has estimated that it will be able to complete the project in nine years if the government allocated an annual budget of Rs 28.55 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the preliminary study, the railway will be of 72.25 kilometers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The DoR stated that the railway line will originate from Kerung and connect Kathmandu via Rasuwagadhi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The study of the railway will be carried out in such a way that the railway track will bifurcate towards Nepal from the railway track going towards Mansarovar of Tibet from a lake above Kerung," said Director General Bisural. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the railway will be built on high mountainous region, this project will be challenging but not impossible, states the preliminary report.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-01-08', 'modified' => '2023-01-08', 'keywords' => '', 'description' => '', 'sortorder' => '16424', 'image' => '20230108114328_20181211034350_ac1b5a6d8f54a5755cd2e902d0a3bab7.jpg', 'article_date' => '2023-01-08 11:42:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
