December 14: The Asian Development Bank (ADB) has trimmed its economic growth forecast for developing Asia on Wednesday, with China's pandemic lockdowns, slowing global demand and the Russian invasion of Ukraine seen as limiting the region's…
December 14: The Asian Development Bank (ADB) has trimmed its economic growth forecast for developing Asia on Wednesday, with China's pandemic lockdowns, slowing global demand and the Russian invasion of Ukraine seen as limiting the region's…
December 14: Cold wave has started in western Terai including Kailali and Kanchanpur…
Bamboos worth millions have gone useless due to lack of access road to the market in…
December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday.…
December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges.…
December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this…
December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund…
December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP)…
December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on…
December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into…
December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw…
Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test…
December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8.…
December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals.…
December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on…
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According to AFP, the Philippines-based lender cut its 2022 forecast to 4.2 percent, down marginally from a 4.3 percent projection made in September.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Prospects for 2023 also grew dimmer, ADB said in a report, which lowered the region's growth forecast to 4.6 percent from 4.9 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Recovery in developing Asia is expected to continue but lose some steam," the ADB said, referring to the 46 developing member economies that as a whole grew 7.0 percent last year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Chinese lockdowns, the Ukraine war and slowing demand from developed economies for manufactured goods were the main causes, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Multiple risks abound as the three main headwinds could worsen, along with geopolitical risks and climate change," AFP said citing the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">With its tough Covid restrictions and unstable property market, China, Asia's largest economy, is now forecast to grow 3.0 percent this year and 4.3 percent in 2023, compared with 3.3 and 4.5 percent, respectively, in the bank's September forecasts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">This assumes a gradual easing of the country's zero-Covid policy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">According to AFP, Beijing announced last week a nationwide loosening of its coronavirus restrictions, allowing home quarantine for confirmed cases and ending large-scale lockdowns.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">On a positive note, developing Asia will grow faster this year and next than the rest of the world, while suffering the least from spiking inflation, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">The bank revised downward its inflation forecast for the region to 4.4 this year from 4.5 percent in its September report but upgraded it for 2023 to 4.2 percent from 4.0 percent.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16268', 'image' => '20221214125754_20181127012248_ADB.jpg', 'article_date' => '2022-12-14 12:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16526', 'article_category_id' => '1', 'title' => 'Cold Wave Hits Western Terai ', 'sub_title' => '', 'summary' => 'December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts. Layers of thick fog have blanketed places like Lamki, Tikapur, Sukhad, Mahendranagar and other areas in the districts from early morning today (Thursday). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The normal life in the communities has been affected due to the thick fog and cold wave and the people have been staying indoors to keep themselves warm.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, a limited number of vehicles are seen on the roads and so is the mobility of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the morning shift classes at schools and campuses have been affected due to the cold wave. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">With the beginning of the cold wave, the elderly citizens are at the receiving end, while the farmers are worried that the bitter cold might have adverse effects on vegetable products, mostly green vegetables and potatoes. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16267', 'image' => '20221214115320_Untitled.jpg', 'article_date' => '2022-12-14 11:52:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16524', 'article_category_id' => '1', 'title' => 'Bamboos Worth Millions Go to Waste in Udayapur ', 'sub_title' => '', 'summary' => 'Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.', 'content' => '<p> </p> <p><span style="font-size:20px">December 14: Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.</span><br /> </p> <p><span style="font-size:20px">Bamboo plants are grown at Udayapur’s Iname, Majhkharka, Nametar, Tatne, Banshbote, Thanaguan, Balamta, and Tamchhina. Bamboo producing farmers say that they have failed to sell their plants worth millions, thus turning them into firewood. </span></p> <p> </p> <p><span style="font-size:20px">Bare’s Dan Bahadur Tamang laments that bamboo plants worth millions are ready in his filed but has to burn them down due to lack of access road to the market. </span></p> <p> </p> <p><span style="font-size:20px">“Farmers in the village connected to the road access sell per plant of bamboo from Rs 150 to Rs 250. “But, lack of access road to our village has hit bamboo sale”, bemoaned Junga Bahadur Tamang of Iname. </span></p> <p> </p> <p><span style="font-size:20px">According to Limchungbung Rural Municipality chairman Major Kumar Rai, bamboo farmers are having a hard time selling their product due to lack of well-managed access road in the village. Rural municipality chair Rai, however, optimistically says that road construction has already started off and farmers can sell their product in one two years. </span></p> <p> </p> <p><span style="font-size:20px">Local bamboo farmers say that large-sized and tall species of the bamboo are grown in the remote hilly areas. If these plants have access to the market, they can fetch a good price. <br /> “Bamboos worth millions from lower hilly areas connected to the road network are selling at a good price”, said a local bamboo farmer. </span><br /> </p> <p><span style="font-size:20px"> Bamboo farmers in the remote hilly parts of the district want the concerned authorities to construct access road to the market at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16265', 'image' => '20221214101702_collage (7).jpg', 'article_date' => '2022-12-14 10:11:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '16523', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Business of Rs 100 Million ', 'sub_title' => '', 'summary' => 'December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. The organizer said that around 50,000 visitors attended the five-day fair which witnessed business worth Rs 100 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Vice-Chairman of the federation Dilli Ratna Tuladhar said that the fair has revitalized the handicraft business that suffered badly due to the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had inaugurated the fair on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the final day of the fair, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu visited the fair and handed over prizes to different individuals for their contribution to the handicraft sector. On the occasion, Minister Badu said the government has launched campaigns for production growth, development and prosperity and handicraft sector is a medium to achieve the goal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister also expressed government’s readiness to address the issues faced by the handicraft sector. </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"">According to the federation, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha, Chief Minister of Bagmati Province Rajendra Pandey and Province Tourism Minister Dipendra Shrestha and other officials visited the stalls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation has stated that exports of handicraft goods has gradually gained momentum while the demand for the handicraft products is increasing in the domestic market with the inflow of tourists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16264', 'image' => '20221214100725_19th-Handicraft-Trade-Fair.jpg', 'article_date' => '2022-12-14 10:06:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16522', 'article_category_id' => '1', 'title' => 'Traffic along Narayangadh-Muglin Road to Halt for Four Hours a Day ', 'sub_title' => '', 'summary' => 'December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. A meeting of the stakeholders on Tuesday decided to halt traffic along the road for one month to build bridges. Vehicular movement will be halted from 11 am to 3 pm each day. However, emergency vehicles like ambulance and fire engines will be allowed to move. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Chitwan Ashman Tamang said that the works of downsizing hills at Simaltal, Kalikhola, Tuine Khola and Chisenji will take place in this period. Passenger buses, mini and microbuses and light vehicles will be barred from plying along the Pandhrakilo Bazaar and Jugedi between 11 am to 3 pm, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, heavy vehicles including lorries, trucks, tipper trucks and tankers will be stopped from Bhateri forest to Ramnagar from 10:50 am. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Passenger buses heading from Kathmandu will be stopped between Muglin Bazaar and Manakamana Gate at 10:55 am, and those heading from Pokhara between Benitar and Powerhouse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, lorries heading from Kathmandu will be halted at Lebatar at 10:45 am, and those heading from Pokhara at Aanbukhaireni. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Repair of roads sections at various other places along the Narayangadh-Muglin road will also take place during this time. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16263', 'image' => '20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2022-12-14 09:47:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16520', 'article_category_id' => '1', 'title' => 'Maximum Temperature during Winter to be Above Average this Year ', 'sub_title' => '', 'summary' => 'December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The average rainfall/average temperature means the rainfall and temperature of a place for a long time (1991 to 2020). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology stated that the Sudurpaschim province and the districts of Lumbini Province, except Rukum West, Rolpa and Pyuthan, the central and eastern districts of Gandaki Province, including Lamjung, Syangja, Tanahun, Gorakha, among others, Dolakha of Bagmati Province and the northern districts of Province No 1, including Taplejung, Sankhuwasabha and Solukhumbu will experience the average minimum temperature whereas the rest of the regions will experience more than the average temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department under the Ministry of Energy, Water Resources and Irrigation has made public the estimation of the rainfall and temperature during the winter (December 1 to March 28), informed Senior Meteorologist at the Department, Indira Kandel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department, most places of the country will likely receive less than the average rainfall in the winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of less than average rainfall is 45 to 55 percent in the eastern and Tarai districts of Province No 1, including Taplejung, Panchthar, Tehrathum, Ilam, Jhapa, Morang and Sunsari, the western parts of the Madhes Province including Parsa, Bara, Rautahat among other districts, and Kathmandu, Bhaktapur, Lalitpur, Nuwakot, Makawanpur, among other districts, the central and southern districts as Kaski, Syangja and Parbat of the Gandaki Province, most of the districts of Lumbini Province and Darchula, Baitadi, Dadeldhura, Doti, Kanchanpur and Kailali in the Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the possibility of less than average rainfall is 35 to 45 percent in rest of the parts of the country except in Bajhang and Bajura districts of Sudurpaschim Province, north-western part of Humla, Mugu and Dolpa in Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the maximum temperature is likely to be more than the average throughout the country this winter, meteorologist Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature being more than the average is from 55 to 65 percent in the western parts of Humla and Mugu of Karnali Province and Bajura district of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The chances of the maximum temperature being over the average temperature is 45 to 55 percent in Solukhumbu and Ilam, Jhapa, Morang and Sunsari of Province No 1, in Kavrepalanchok, Kathmandu, Lalitpur, Bhaktapur, Nuwakot, Makawanpur, Chitwan of Bagmati Province, Parsa and Saptari districts of Madhes Province, most of the districts of Gandaki Province except the north-eastern ones, most parts of Lumbini Province and the eastern and northern parts of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature becoming more than the average is 35 to 45 percent in the rest of the regions of the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16261', 'image' => '20221213060159_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-12-13 18:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16517', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Well Above Pre-Pandemic Levels Despite Steep Drop in 2021', 'sub_title' => '', 'summary' => 'December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF). According to the news agency, the overall debt, however, remained well above pre-pandemic levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In a blog released with its inaugural Global Debt Monitor, the IMF said total public and private debt decreased by 10 percentage points to 247 percent of global gross domestic product (GDP) in 2021 from its peak of 257 percent in 2020. That compares to around 195 percent of GDP in 2007, before the global financial crisis, added Reuters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In dollar terms, global debt continued to rise, although at a much slower rate, reaching a record $235 trillion last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“Debt ratios are expected to drop further in most countries in 2022 given nominal GDP growth, but 2023 would usher in a much flatter profile given forecast economic declines in many economies and the rising costs of servicing debt,” Reuters quoted IMF fiscal affairs director Vitor Gaspar as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The global lender said private debt, which includes non-financial corporate and household obligations, drove the overall reduction, decreasing by 6 percentage points to 153 percent of GDP in 2021, citing data for 190 countries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The drop of 4 percentage points for public debt, to 96 percent of GDP, was the largest such drop in decades, it said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The unusually large swings in debt ratios - or "global debt rollercoaster" - were caused by the economic rebound from COVID-19 and the ensuring swift rise in inflation, the IMF said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Debt dynamics varied widely across country groups. Advanced economies saw the biggest drop in debt, with both public and private debt dropping 5 percent of GDP last year, followed by similar results in emerging markets, excluding China.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">But low-income countries saw their total debt ratios continue to increase in 2021, driven by higher private debt, with total debt reaching 88 percent of GDP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">There are growing concerns about the ability of low- and middle-income countries to repay their debts, with an estimated 25 percent of emerging market countries and over 60 percent of low-income countries either in or near debt distress.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">High inflation levels continued to help reduce debt ratios in 2022, but fiscal spending would likely increase if inflation becomes persistent, which could lead to higher premiums, IMF officials said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">They suggested that the governments should pursue fiscal policies that help reduced inflationary pressures now and debt vulnerabilities over the long term, while continuing to support the most vulnerable. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16258', 'image' => '20221213124024_20181227013520_debt-fiscalriskcartoon-384X265.jpg', 'article_date' => '2022-12-13 12:39:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16515', 'article_category_id' => '1', 'title' => 'More Invalid Votes under PR ', 'sub_title' => '', 'summary' => 'December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 11.04 million votes cast under the FPTP electoral system in the recently held elections to the House of Representatives and the provincial assemblies, 5.06 percent votes were invalid, according to the Election Commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 5.09 percent votes under the PR system were invalid out of the total 11.02 million votes cast. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the EC said it would announce final name list of those picked under the PR on Tuesday (December 13). -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16256', 'image' => '20221213113457_20211124020029_EC.jpg', 'article_date' => '2022-12-13 11:34:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16512', 'article_category_id' => '1', 'title' => 'Himalaya Shumsher Rana Honoured with Lifetime Achievement Award', 'sub_title' => '', 'summary' => 'December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana was felicitated with the lifetime achievement business award for his outstanding contribution to the field of business and entrepreneurship in Nepal, according to the jury of the awards ceremony. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana, the founding governor of the country’s central bank Nepal Rastra Bank, is considered a source of inspiration to the entire business community for the zeal he showed even in the age of 65-75 years by initiating business ventures in different fields, and being still active in work even at the age of 96. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“He commands the respect of the country's entire private sector as well as of the professionals and general people for his pioneering, innovating and visional roles in a number of fields such as central banking, private sector commercial banking, insurance and manufacturing,” reads the award citation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16252', 'image' => '20221212082110_IMG-20221212-WA0030.jpg', 'article_date' => '2022-12-12 19:54:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16508', 'article_category_id' => '1', 'title' => 'Govt Urged to Prioritise Investment Attraction as Country Emerges through Crises ', 'sub_title' => 'Private sector leaders, government officials and economists discuss ways to navigate economic and business challenges in the country', 'summary' => 'December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at a panel discussion “Emerging Through Crises” during the “7th Newbiz Business Conclave and Awards” on Monday, economists, authorities and private sector leaders said that the priority should be on attracting investment as the country emerges through various crises including the Covid-19 pandemic most recently. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“All ministries of the government are working to increase the competitiveness for doing business and to attract private investments in collaboration with the private sector,” said Dr Toya Gyawali, Secretary at the Ministry of Industry and Supplies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking also at the panel discussion, Dr Neelam Dhungana Timsina, Deputy Governor at Nepal Rastra Bank, said that the central bank’s recent decision to raise policy rates and introduce expansionary monetary policy was aimed at addressing the rising inflation and ease the pressure on the external sector stability of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The central bank and the government took expansionary fiscal and monetary policies to stop further deterioration or help revive the economy during the pandemic. These expansionary policies have worked in reviving the businesses shut or hit by the country then,” she said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">She defended the central bank’s move that has prompted the private sector to go into the street. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Now, we see a need to check the high growth in credit expansion fuelled by the expansionary monetary policy. At the same time, there were some external factors including the war in Ukraine that drove the prices in the market,” she added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chandra Dhakal, Vice President of the Federation of Nepalese Chambers of Commerce and Industry(FNCCI), said that businesses and the private sector have helped the government through taxes even during crises like insurgency, earthquakes in 2015. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Even during the crises, troubled time or transition periods, the private sector opened industries and businesses, created jobs and paid taxes to the state even when we were told not to do so by the court,” said FNCCI Senior Vice President Dhakal. “Now, it's the time the government should support or encourage the private sector,” he added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Amid concerns that Nepal’s graduation from the least developed country (LDC) status could have economic repercussions, Dr Posh Raj Pandey, Chair of SAWTEE, said that the LDCs graduation would not have a significant impact on the macroeconomic situation of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The graduation status does mean that it would automatically solve the development challenges that we have been long facing. It would neither take us to a situation full of challenges,” he said. “We need a transition strategy that can maintain the development trajectory.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion organized during the Seventh Edition of NewBiz Business Conclave and Awards also dwelt on the role of MSMEs and startups in diversifying domestic production, policies to support ICT and hydro-electricity sectors and the role of private sector in digitization and technological transformation, among others. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion was moderated by Dr. Kalpana Khanal, Sr. Research Fellow at Policy Research Institute. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Asian Paints is the major sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus EV, NLG Insurance, Dish Home Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">New Business Age has been organizing Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></span></span></p> <p><br /> <br /> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16249', 'image' => '20221212055511_IMG-20221212-WA0009.jpg', 'article_date' => '2022-12-12 17:53:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16504', 'article_category_id' => '1', 'title' => 'Production of Tiles begins in Nepal ', 'sub_title' => '', 'summary' => 'December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials. An industry has been established in Jitpur Simara sub-metropolis-8 for the production of tiles using home-made materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two entrepreneurs had been importing foreign tiles and hardware materials into the country since a long time established a joint venture company in Simara to begin production within Nepal. They came up with the idea to set up the industry in Nepal after carrying out in-depth study on tiles manufactured in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The product has been launched in the market since this year. Nepal Ceramic Industries Pvt Ltd already introduced the Nepaovit brand tiles in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of the industry, Manoj Rauniyar, almost 50 percent of the clay used for the production of the tiles was from Nepal. He shared that the industry has a plan to manufacture the tiles completely based on Nepali clay and sand after some months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Different types of clay have been brought from Bara, Makawanpur and Dolakha districts and used for manufacturing tiles. However, color and glaze used for the tiles have been imported from foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the initial months, clay as a raw material was completely imported from Rajasthan, said Rauniyar, adding that the company started using Nepali clay later on. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairman of the industry Shambhunath Jha shared his plan to diversify the production of tiles that can be used for walls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The industry spread over five bighas and 12 katthas of land was established at the cost of over Rs 1.5 billion. As many as 400 people are getting direct employment in the industry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The industry would help make Nepal self-reliant on tiles ," Chairman Jha added. He urged the government to lend support in managing raw materials and marketing. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16245', 'image' => '20221212111233_made.jpg', 'article_date' => '2022-12-12 11:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16499', 'article_category_id' => '1', 'title' => 'Middle Modi Hydropower Commences Test Production', 'sub_title' => '', 'summary' => 'Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. ', 'content' => '<p> </p> <p><span style="font-size:18px">December 11: Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. </span></p> <p><span style="font-size:18px">The project with installed capacity of 18 megawatt is the first hydro power promoted by Chaudhary Group. <br /> Since the hydro power is already connected to the national transmission line, generated power is evacuated to the national grid. </span></p> <p><span style="font-size:18px">“The hydro power will start producing power regularly after 15 days of test production”, said Chaudhary Group. </span></p> <p><span style="font-size:18px">The project’s power house is located at Kenga of Parbat’s Modi Rural Municipality while its embankment is situated at Birethanti of Annapurna Rural Municipality-3, Kaski. Water from Modi Khola has been flown down through 2,393 meters long tunnel for power generation. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16240', 'image' => '20221211011153_modi 111.jpg', 'article_date' => '2022-12-11 13:05:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16497', 'article_category_id' => '1', 'title' => 'The ‘Curse’ of High Inflation', 'sub_title' => '', 'summary' => 'December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. And though a peak could be in sight, the effects may yet get worse, added the news agency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">How did we get here? In two words: pandemic and war, summed up Reuters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“A long and comfortable period of scant inflation and low interest rates ended abruptly after COVID-19 struck, as governments and central banks kept locked-down businesses and households afloat with trillions of dollars of support. That lifeline kept workers from joining dole queues, businesses from going broke and house prices from crashing. But it also knocked supply and demand out of kilter as never before.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 2021, as lockdowns ended and the global economy grew at its fastest post-recession pace in 80 years, all that stimulus money overwhelmed the world's trading system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, factories that had been idled could not ratchet up fast enough to meet demand, COVID-safe rules caused labour shortages in retail, transport and healthcare, and the recovery boom caused a spike in energy prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If that wasn't enough, Russia invaded Ukraine in February and Western sanctions on the major oil and gas exporter sent fuel prices yet higher.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Known as a "tax on the poor" because it hits those on low incomes the hardest, double-digit inflation has exacerbated inequalities worldwide. While wealthier consumers can rely on savings built up during pandemic lockdowns, others struggle to make ends meet and a growing number rely on food banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With winter setting in across the northern hemisphere, that squeeze on living costs will tighten as fuel bills soar. Workers have taken strike action in sectors from healthcare to aviation to demand that wages keep pace with inflation. In most cases, they are having to settle for less, added Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cost of living concerns dominate the politics of rich nations – in some cases relegating other priorities, such as climate change action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But if things are tough in industrialised economies, rocketing food prices are worsening poverty and suffering in poorer countries, from Haiti to Sudan and Lebanon to Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Programme estimates an extra 70 million people worldwide have been driven closer to starvation since the start of the Ukraine war in what it calls a "tsunami of hunger".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the world's central banks have embarked on steep interest rate hikes to cool demand and tame inflation. By the end of 2023, the International Monetary Fund expects global inflation to have fallen to 4.7% - just less than half its current level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the trouble seems much more as the central bank says the year-on-year inflation hit as high as 8.5 percent in the first quarter of the current fiscal year compared to 4.24 percent a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF's regular October outlook was one of the bleakest for years, stating: "In short, the worst is yet to come and for many people, 2023 will feel like a recession."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, IMF chief Kristalina Georgieva has warned that the chance of global growth dropping below two percent is increasing as major economies slowdown. Such a trend was last seen during the coronavirus outbreak and the global financial crisis of 2009, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the World Trade Organization (WTO) has also warned that several major economies face a real risk of sliding into recession as the war in Ukraine, rising food and fuel costs, and soaring inflation cloud the global outlook.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Geneva-based trade body last month projected global trade to rise just 1.0 percent in 2023, down sharply from an estimated 3.5 percent rise for this year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16238', 'image' => '20221210104716_Inflation.jpg', 'article_date' => '2022-12-10 10:46:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16496', 'article_category_id' => '1', 'title' => 'Croatia Knocks Out Title Favourites Brazil on Penalties to Reach World Cup Semi-Final', 'sub_title' => '', 'summary' => 'December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. Croatia, the beaten finalists four years ago, scored with all four of their spot-kicks as Rodrygo - taking his team's first kick - was denied by the brilliant Dominik Livakovic while the crucial fourth effort of Brazil’s Marquinho struck the post.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the ball hit the foot of the woodwork and bounced away, Croatia's team sprinted to celebrate with their goalkeeper, while the Brazil players hit the turf, knowing their dream of a sixth crown had come to an end, the BBC reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After an engrossing 90 minutes, Tite's men thought they had won it in extra time when Neymar scored a thumping effort to equal Brazil's 'official' men's goalscoring record.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Brazil were punished for letting their guard down, with substitute Bruno Petkovic drilling in an 117th-minute equaliser with their one and only shot on target, breaking Brazilian hearts in the Education City Stadium, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the 2018 runners-up came through their second straight shootout after beating Japan on penalties in the last 16 and will now face Argentina, who defeated the Netherlands in another penalty shootout in another late match of the day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16237', 'image' => '20221210104450_Croatia-3-e1670609429609-1-1024x576.jpg', 'article_date' => '2022-12-10 10:44:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16495', 'article_category_id' => '1', 'title' => 'Argentina Win on Penalties after Dutch Fightback', 'sub_title' => '', 'summary' => 'December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Argentina looked as if they were cruising to victory with a 2-0 lead with only seven minutes of normal time remaining but the Dutch scored twice through substitute Wout Weghorst to send the match into extra time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Emiliano Martinez saved the first two Dutch penalties to give Argentina a huge advantage and Lautaro Martinez sent Andries Noppert the wrong way to set up a date for the South Americans with Croatia in the semi-finals on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">A total of 16 yellow cards were shown throughout the contest by Spanish referee Antonio Mateu and Dutch wingback Denzel Dumfries was sent off after the final whistle for his part in the final brawl.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16236', 'image' => '20221210103454_20221210_afp_world_cup_2022_argentina_netherlands.jpg', 'article_date' => '2022-12-10 10:34:06', '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' => '16527', 'article_category_id' => '1', 'title' => 'ADB Cuts Asia Growth Projection on China Slowdown', 'sub_title' => '', 'summary' => 'December 14: The Asian Development Bank (ADB) has trimmed its economic growth forecast for developing Asia on Wednesday, with China's pandemic lockdowns, slowing global demand and the Russian invasion of Ukraine seen as limiting the region's prospects.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">December 14: The Asian Development Bank (ADB) has trimmed its economic growth forecast for developing Asia on Wednesday, with China's pandemic lockdowns, slowing global demand and the Russian invasion of Ukraine seen as limiting the region's prospects. According to AFP, the Philippines-based lender cut its 2022 forecast to 4.2 percent, down marginally from a 4.3 percent projection made in September.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Prospects for 2023 also grew dimmer, ADB said in a report, which lowered the region's growth forecast to 4.6 percent from 4.9 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Recovery in developing Asia is expected to continue but lose some steam," the ADB said, referring to the 46 developing member economies that as a whole grew 7.0 percent last year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Chinese lockdowns, the Ukraine war and slowing demand from developed economies for manufactured goods were the main causes, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Multiple risks abound as the three main headwinds could worsen, along with geopolitical risks and climate change," AFP said citing the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">With its tough Covid restrictions and unstable property market, China, Asia's largest economy, is now forecast to grow 3.0 percent this year and 4.3 percent in 2023, compared with 3.3 and 4.5 percent, respectively, in the bank's September forecasts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">This assumes a gradual easing of the country's zero-Covid policy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">According to AFP, Beijing announced last week a nationwide loosening of its coronavirus restrictions, allowing home quarantine for confirmed cases and ending large-scale lockdowns.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">On a positive note, developing Asia will grow faster this year and next than the rest of the world, while suffering the least from spiking inflation, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">The bank revised downward its inflation forecast for the region to 4.4 this year from 4.5 percent in its September report but upgraded it for 2023 to 4.2 percent from 4.0 percent.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16268', 'image' => '20221214125754_20181127012248_ADB.jpg', 'article_date' => '2022-12-14 12:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16526', 'article_category_id' => '1', 'title' => 'Cold Wave Hits Western Terai ', 'sub_title' => '', 'summary' => 'December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts. Layers of thick fog have blanketed places like Lamki, Tikapur, Sukhad, Mahendranagar and other areas in the districts from early morning today (Thursday). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The normal life in the communities has been affected due to the thick fog and cold wave and the people have been staying indoors to keep themselves warm.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, a limited number of vehicles are seen on the roads and so is the mobility of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the morning shift classes at schools and campuses have been affected due to the cold wave. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">With the beginning of the cold wave, the elderly citizens are at the receiving end, while the farmers are worried that the bitter cold might have adverse effects on vegetable products, mostly green vegetables and potatoes. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16267', 'image' => '20221214115320_Untitled.jpg', 'article_date' => '2022-12-14 11:52:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16524', 'article_category_id' => '1', 'title' => 'Bamboos Worth Millions Go to Waste in Udayapur ', 'sub_title' => '', 'summary' => 'Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.', 'content' => '<p> </p> <p><span style="font-size:20px">December 14: Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.</span><br /> </p> <p><span style="font-size:20px">Bamboo plants are grown at Udayapur’s Iname, Majhkharka, Nametar, Tatne, Banshbote, Thanaguan, Balamta, and Tamchhina. Bamboo producing farmers say that they have failed to sell their plants worth millions, thus turning them into firewood. </span></p> <p> </p> <p><span style="font-size:20px">Bare’s Dan Bahadur Tamang laments that bamboo plants worth millions are ready in his filed but has to burn them down due to lack of access road to the market. </span></p> <p> </p> <p><span style="font-size:20px">“Farmers in the village connected to the road access sell per plant of bamboo from Rs 150 to Rs 250. “But, lack of access road to our village has hit bamboo sale”, bemoaned Junga Bahadur Tamang of Iname. </span></p> <p> </p> <p><span style="font-size:20px">According to Limchungbung Rural Municipality chairman Major Kumar Rai, bamboo farmers are having a hard time selling their product due to lack of well-managed access road in the village. Rural municipality chair Rai, however, optimistically says that road construction has already started off and farmers can sell their product in one two years. </span></p> <p> </p> <p><span style="font-size:20px">Local bamboo farmers say that large-sized and tall species of the bamboo are grown in the remote hilly areas. If these plants have access to the market, they can fetch a good price. <br /> “Bamboos worth millions from lower hilly areas connected to the road network are selling at a good price”, said a local bamboo farmer. </span><br /> </p> <p><span style="font-size:20px"> Bamboo farmers in the remote hilly parts of the district want the concerned authorities to construct access road to the market at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16265', 'image' => '20221214101702_collage (7).jpg', 'article_date' => '2022-12-14 10:11:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '16523', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Business of Rs 100 Million ', 'sub_title' => '', 'summary' => 'December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. The organizer said that around 50,000 visitors attended the five-day fair which witnessed business worth Rs 100 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Vice-Chairman of the federation Dilli Ratna Tuladhar said that the fair has revitalized the handicraft business that suffered badly due to the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had inaugurated the fair on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the final day of the fair, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu visited the fair and handed over prizes to different individuals for their contribution to the handicraft sector. On the occasion, Minister Badu said the government has launched campaigns for production growth, development and prosperity and handicraft sector is a medium to achieve the goal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister also expressed government’s readiness to address the issues faced by the handicraft sector. </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"">According to the federation, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha, Chief Minister of Bagmati Province Rajendra Pandey and Province Tourism Minister Dipendra Shrestha and other officials visited the stalls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation has stated that exports of handicraft goods has gradually gained momentum while the demand for the handicraft products is increasing in the domestic market with the inflow of tourists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16264', 'image' => '20221214100725_19th-Handicraft-Trade-Fair.jpg', 'article_date' => '2022-12-14 10:06:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16522', 'article_category_id' => '1', 'title' => 'Traffic along Narayangadh-Muglin Road to Halt for Four Hours a Day ', 'sub_title' => '', 'summary' => 'December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. A meeting of the stakeholders on Tuesday decided to halt traffic along the road for one month to build bridges. Vehicular movement will be halted from 11 am to 3 pm each day. However, emergency vehicles like ambulance and fire engines will be allowed to move. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Chitwan Ashman Tamang said that the works of downsizing hills at Simaltal, Kalikhola, Tuine Khola and Chisenji will take place in this period. Passenger buses, mini and microbuses and light vehicles will be barred from plying along the Pandhrakilo Bazaar and Jugedi between 11 am to 3 pm, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, heavy vehicles including lorries, trucks, tipper trucks and tankers will be stopped from Bhateri forest to Ramnagar from 10:50 am. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Passenger buses heading from Kathmandu will be stopped between Muglin Bazaar and Manakamana Gate at 10:55 am, and those heading from Pokhara between Benitar and Powerhouse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, lorries heading from Kathmandu will be halted at Lebatar at 10:45 am, and those heading from Pokhara at Aanbukhaireni. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Repair of roads sections at various other places along the Narayangadh-Muglin road will also take place during this time. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16263', 'image' => '20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2022-12-14 09:47:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16520', 'article_category_id' => '1', 'title' => 'Maximum Temperature during Winter to be Above Average this Year ', 'sub_title' => '', 'summary' => 'December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The average rainfall/average temperature means the rainfall and temperature of a place for a long time (1991 to 2020). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology stated that the Sudurpaschim province and the districts of Lumbini Province, except Rukum West, Rolpa and Pyuthan, the central and eastern districts of Gandaki Province, including Lamjung, Syangja, Tanahun, Gorakha, among others, Dolakha of Bagmati Province and the northern districts of Province No 1, including Taplejung, Sankhuwasabha and Solukhumbu will experience the average minimum temperature whereas the rest of the regions will experience more than the average temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department under the Ministry of Energy, Water Resources and Irrigation has made public the estimation of the rainfall and temperature during the winter (December 1 to March 28), informed Senior Meteorologist at the Department, Indira Kandel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department, most places of the country will likely receive less than the average rainfall in the winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of less than average rainfall is 45 to 55 percent in the eastern and Tarai districts of Province No 1, including Taplejung, Panchthar, Tehrathum, Ilam, Jhapa, Morang and Sunsari, the western parts of the Madhes Province including Parsa, Bara, Rautahat among other districts, and Kathmandu, Bhaktapur, Lalitpur, Nuwakot, Makawanpur, among other districts, the central and southern districts as Kaski, Syangja and Parbat of the Gandaki Province, most of the districts of Lumbini Province and Darchula, Baitadi, Dadeldhura, Doti, Kanchanpur and Kailali in the Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the possibility of less than average rainfall is 35 to 45 percent in rest of the parts of the country except in Bajhang and Bajura districts of Sudurpaschim Province, north-western part of Humla, Mugu and Dolpa in Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the maximum temperature is likely to be more than the average throughout the country this winter, meteorologist Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature being more than the average is from 55 to 65 percent in the western parts of Humla and Mugu of Karnali Province and Bajura district of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The chances of the maximum temperature being over the average temperature is 45 to 55 percent in Solukhumbu and Ilam, Jhapa, Morang and Sunsari of Province No 1, in Kavrepalanchok, Kathmandu, Lalitpur, Bhaktapur, Nuwakot, Makawanpur, Chitwan of Bagmati Province, Parsa and Saptari districts of Madhes Province, most of the districts of Gandaki Province except the north-eastern ones, most parts of Lumbini Province and the eastern and northern parts of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature becoming more than the average is 35 to 45 percent in the rest of the regions of the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16261', 'image' => '20221213060159_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-12-13 18:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16517', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Well Above Pre-Pandemic Levels Despite Steep Drop in 2021', 'sub_title' => '', 'summary' => 'December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF). According to the news agency, the overall debt, however, remained well above pre-pandemic levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In a blog released with its inaugural Global Debt Monitor, the IMF said total public and private debt decreased by 10 percentage points to 247 percent of global gross domestic product (GDP) in 2021 from its peak of 257 percent in 2020. That compares to around 195 percent of GDP in 2007, before the global financial crisis, added Reuters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In dollar terms, global debt continued to rise, although at a much slower rate, reaching a record $235 trillion last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“Debt ratios are expected to drop further in most countries in 2022 given nominal GDP growth, but 2023 would usher in a much flatter profile given forecast economic declines in many economies and the rising costs of servicing debt,” Reuters quoted IMF fiscal affairs director Vitor Gaspar as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The global lender said private debt, which includes non-financial corporate and household obligations, drove the overall reduction, decreasing by 6 percentage points to 153 percent of GDP in 2021, citing data for 190 countries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The drop of 4 percentage points for public debt, to 96 percent of GDP, was the largest such drop in decades, it said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The unusually large swings in debt ratios - or "global debt rollercoaster" - were caused by the economic rebound from COVID-19 and the ensuring swift rise in inflation, the IMF said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Debt dynamics varied widely across country groups. Advanced economies saw the biggest drop in debt, with both public and private debt dropping 5 percent of GDP last year, followed by similar results in emerging markets, excluding China.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">But low-income countries saw their total debt ratios continue to increase in 2021, driven by higher private debt, with total debt reaching 88 percent of GDP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">There are growing concerns about the ability of low- and middle-income countries to repay their debts, with an estimated 25 percent of emerging market countries and over 60 percent of low-income countries either in or near debt distress.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">High inflation levels continued to help reduce debt ratios in 2022, but fiscal spending would likely increase if inflation becomes persistent, which could lead to higher premiums, IMF officials said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">They suggested that the governments should pursue fiscal policies that help reduced inflationary pressures now and debt vulnerabilities over the long term, while continuing to support the most vulnerable. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16258', 'image' => '20221213124024_20181227013520_debt-fiscalriskcartoon-384X265.jpg', 'article_date' => '2022-12-13 12:39:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16515', 'article_category_id' => '1', 'title' => 'More Invalid Votes under PR ', 'sub_title' => '', 'summary' => 'December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 11.04 million votes cast under the FPTP electoral system in the recently held elections to the House of Representatives and the provincial assemblies, 5.06 percent votes were invalid, according to the Election Commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 5.09 percent votes under the PR system were invalid out of the total 11.02 million votes cast. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the EC said it would announce final name list of those picked under the PR on Tuesday (December 13). -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16256', 'image' => '20221213113457_20211124020029_EC.jpg', 'article_date' => '2022-12-13 11:34:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16512', 'article_category_id' => '1', 'title' => 'Himalaya Shumsher Rana Honoured with Lifetime Achievement Award', 'sub_title' => '', 'summary' => 'December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana was felicitated with the lifetime achievement business award for his outstanding contribution to the field of business and entrepreneurship in Nepal, according to the jury of the awards ceremony. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana, the founding governor of the country’s central bank Nepal Rastra Bank, is considered a source of inspiration to the entire business community for the zeal he showed even in the age of 65-75 years by initiating business ventures in different fields, and being still active in work even at the age of 96. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“He commands the respect of the country's entire private sector as well as of the professionals and general people for his pioneering, innovating and visional roles in a number of fields such as central banking, private sector commercial banking, insurance and manufacturing,” reads the award citation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16252', 'image' => '20221212082110_IMG-20221212-WA0030.jpg', 'article_date' => '2022-12-12 19:54:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16508', 'article_category_id' => '1', 'title' => 'Govt Urged to Prioritise Investment Attraction as Country Emerges through Crises ', 'sub_title' => 'Private sector leaders, government officials and economists discuss ways to navigate economic and business challenges in the country', 'summary' => 'December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at a panel discussion “Emerging Through Crises” during the “7th Newbiz Business Conclave and Awards” on Monday, economists, authorities and private sector leaders said that the priority should be on attracting investment as the country emerges through various crises including the Covid-19 pandemic most recently. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“All ministries of the government are working to increase the competitiveness for doing business and to attract private investments in collaboration with the private sector,” said Dr Toya Gyawali, Secretary at the Ministry of Industry and Supplies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking also at the panel discussion, Dr Neelam Dhungana Timsina, Deputy Governor at Nepal Rastra Bank, said that the central bank’s recent decision to raise policy rates and introduce expansionary monetary policy was aimed at addressing the rising inflation and ease the pressure on the external sector stability of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The central bank and the government took expansionary fiscal and monetary policies to stop further deterioration or help revive the economy during the pandemic. These expansionary policies have worked in reviving the businesses shut or hit by the country then,” she said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">She defended the central bank’s move that has prompted the private sector to go into the street. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Now, we see a need to check the high growth in credit expansion fuelled by the expansionary monetary policy. At the same time, there were some external factors including the war in Ukraine that drove the prices in the market,” she added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chandra Dhakal, Vice President of the Federation of Nepalese Chambers of Commerce and Industry(FNCCI), said that businesses and the private sector have helped the government through taxes even during crises like insurgency, earthquakes in 2015. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Even during the crises, troubled time or transition periods, the private sector opened industries and businesses, created jobs and paid taxes to the state even when we were told not to do so by the court,” said FNCCI Senior Vice President Dhakal. “Now, it's the time the government should support or encourage the private sector,” he added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Amid concerns that Nepal’s graduation from the least developed country (LDC) status could have economic repercussions, Dr Posh Raj Pandey, Chair of SAWTEE, said that the LDCs graduation would not have a significant impact on the macroeconomic situation of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The graduation status does mean that it would automatically solve the development challenges that we have been long facing. It would neither take us to a situation full of challenges,” he said. “We need a transition strategy that can maintain the development trajectory.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion organized during the Seventh Edition of NewBiz Business Conclave and Awards also dwelt on the role of MSMEs and startups in diversifying domestic production, policies to support ICT and hydro-electricity sectors and the role of private sector in digitization and technological transformation, among others. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion was moderated by Dr. Kalpana Khanal, Sr. Research Fellow at Policy Research Institute. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Asian Paints is the major sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus EV, NLG Insurance, Dish Home Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">New Business Age has been organizing Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></span></span></p> <p><br /> <br /> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16249', 'image' => '20221212055511_IMG-20221212-WA0009.jpg', 'article_date' => '2022-12-12 17:53:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16504', 'article_category_id' => '1', 'title' => 'Production of Tiles begins in Nepal ', 'sub_title' => '', 'summary' => 'December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials. An industry has been established in Jitpur Simara sub-metropolis-8 for the production of tiles using home-made materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two entrepreneurs had been importing foreign tiles and hardware materials into the country since a long time established a joint venture company in Simara to begin production within Nepal. They came up with the idea to set up the industry in Nepal after carrying out in-depth study on tiles manufactured in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The product has been launched in the market since this year. Nepal Ceramic Industries Pvt Ltd already introduced the Nepaovit brand tiles in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of the industry, Manoj Rauniyar, almost 50 percent of the clay used for the production of the tiles was from Nepal. He shared that the industry has a plan to manufacture the tiles completely based on Nepali clay and sand after some months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Different types of clay have been brought from Bara, Makawanpur and Dolakha districts and used for manufacturing tiles. However, color and glaze used for the tiles have been imported from foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the initial months, clay as a raw material was completely imported from Rajasthan, said Rauniyar, adding that the company started using Nepali clay later on. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairman of the industry Shambhunath Jha shared his plan to diversify the production of tiles that can be used for walls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The industry spread over five bighas and 12 katthas of land was established at the cost of over Rs 1.5 billion. As many as 400 people are getting direct employment in the industry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The industry would help make Nepal self-reliant on tiles ," Chairman Jha added. He urged the government to lend support in managing raw materials and marketing. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16245', 'image' => '20221212111233_made.jpg', 'article_date' => '2022-12-12 11:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16499', 'article_category_id' => '1', 'title' => 'Middle Modi Hydropower Commences Test Production', 'sub_title' => '', 'summary' => 'Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. ', 'content' => '<p> </p> <p><span style="font-size:18px">December 11: Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. </span></p> <p><span style="font-size:18px">The project with installed capacity of 18 megawatt is the first hydro power promoted by Chaudhary Group. <br /> Since the hydro power is already connected to the national transmission line, generated power is evacuated to the national grid. </span></p> <p><span style="font-size:18px">“The hydro power will start producing power regularly after 15 days of test production”, said Chaudhary Group. </span></p> <p><span style="font-size:18px">The project’s power house is located at Kenga of Parbat’s Modi Rural Municipality while its embankment is situated at Birethanti of Annapurna Rural Municipality-3, Kaski. Water from Modi Khola has been flown down through 2,393 meters long tunnel for power generation. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16240', 'image' => '20221211011153_modi 111.jpg', 'article_date' => '2022-12-11 13:05:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16497', 'article_category_id' => '1', 'title' => 'The ‘Curse’ of High Inflation', 'sub_title' => '', 'summary' => 'December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. And though a peak could be in sight, the effects may yet get worse, added the news agency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">How did we get here? In two words: pandemic and war, summed up Reuters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“A long and comfortable period of scant inflation and low interest rates ended abruptly after COVID-19 struck, as governments and central banks kept locked-down businesses and households afloat with trillions of dollars of support. That lifeline kept workers from joining dole queues, businesses from going broke and house prices from crashing. But it also knocked supply and demand out of kilter as never before.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 2021, as lockdowns ended and the global economy grew at its fastest post-recession pace in 80 years, all that stimulus money overwhelmed the world's trading system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, factories that had been idled could not ratchet up fast enough to meet demand, COVID-safe rules caused labour shortages in retail, transport and healthcare, and the recovery boom caused a spike in energy prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If that wasn't enough, Russia invaded Ukraine in February and Western sanctions on the major oil and gas exporter sent fuel prices yet higher.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Known as a "tax on the poor" because it hits those on low incomes the hardest, double-digit inflation has exacerbated inequalities worldwide. While wealthier consumers can rely on savings built up during pandemic lockdowns, others struggle to make ends meet and a growing number rely on food banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With winter setting in across the northern hemisphere, that squeeze on living costs will tighten as fuel bills soar. Workers have taken strike action in sectors from healthcare to aviation to demand that wages keep pace with inflation. In most cases, they are having to settle for less, added Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cost of living concerns dominate the politics of rich nations – in some cases relegating other priorities, such as climate change action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But if things are tough in industrialised economies, rocketing food prices are worsening poverty and suffering in poorer countries, from Haiti to Sudan and Lebanon to Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Programme estimates an extra 70 million people worldwide have been driven closer to starvation since the start of the Ukraine war in what it calls a "tsunami of hunger".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the world's central banks have embarked on steep interest rate hikes to cool demand and tame inflation. By the end of 2023, the International Monetary Fund expects global inflation to have fallen to 4.7% - just less than half its current level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the trouble seems much more as the central bank says the year-on-year inflation hit as high as 8.5 percent in the first quarter of the current fiscal year compared to 4.24 percent a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF's regular October outlook was one of the bleakest for years, stating: "In short, the worst is yet to come and for many people, 2023 will feel like a recession."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, IMF chief Kristalina Georgieva has warned that the chance of global growth dropping below two percent is increasing as major economies slowdown. Such a trend was last seen during the coronavirus outbreak and the global financial crisis of 2009, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the World Trade Organization (WTO) has also warned that several major economies face a real risk of sliding into recession as the war in Ukraine, rising food and fuel costs, and soaring inflation cloud the global outlook.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Geneva-based trade body last month projected global trade to rise just 1.0 percent in 2023, down sharply from an estimated 3.5 percent rise for this year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16238', 'image' => '20221210104716_Inflation.jpg', 'article_date' => '2022-12-10 10:46:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16496', 'article_category_id' => '1', 'title' => 'Croatia Knocks Out Title Favourites Brazil on Penalties to Reach World Cup Semi-Final', 'sub_title' => '', 'summary' => 'December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. Croatia, the beaten finalists four years ago, scored with all four of their spot-kicks as Rodrygo - taking his team's first kick - was denied by the brilliant Dominik Livakovic while the crucial fourth effort of Brazil’s Marquinho struck the post.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the ball hit the foot of the woodwork and bounced away, Croatia's team sprinted to celebrate with their goalkeeper, while the Brazil players hit the turf, knowing their dream of a sixth crown had come to an end, the BBC reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After an engrossing 90 minutes, Tite's men thought they had won it in extra time when Neymar scored a thumping effort to equal Brazil's 'official' men's goalscoring record.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Brazil were punished for letting their guard down, with substitute Bruno Petkovic drilling in an 117th-minute equaliser with their one and only shot on target, breaking Brazilian hearts in the Education City Stadium, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the 2018 runners-up came through their second straight shootout after beating Japan on penalties in the last 16 and will now face Argentina, who defeated the Netherlands in another penalty shootout in another late match of the day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16237', 'image' => '20221210104450_Croatia-3-e1670609429609-1-1024x576.jpg', 'article_date' => '2022-12-10 10:44:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16495', 'article_category_id' => '1', 'title' => 'Argentina Win on Penalties after Dutch Fightback', 'sub_title' => '', 'summary' => 'December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Argentina looked as if they were cruising to victory with a 2-0 lead with only seven minutes of normal time remaining but the Dutch scored twice through substitute Wout Weghorst to send the match into extra time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Emiliano Martinez saved the first two Dutch penalties to give Argentina a huge advantage and Lautaro Martinez sent Andries Noppert the wrong way to set up a date for the South Americans with Croatia in the semi-finals on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">A total of 16 yellow cards were shown throughout the contest by Spanish referee Antonio Mateu and Dutch wingback Denzel Dumfries was sent off after the final whistle for his part in the final brawl.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16236', 'image' => '20221210103454_20221210_afp_world_cup_2022_argentina_netherlands.jpg', 'article_date' => '2022-12-10 10:34:06', '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
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According to AFP, the Philippines-based lender cut its 2022 forecast to 4.2 percent, down marginally from a 4.3 percent projection made in September.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Prospects for 2023 also grew dimmer, ADB said in a report, which lowered the region's growth forecast to 4.6 percent from 4.9 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Recovery in developing Asia is expected to continue but lose some steam," the ADB said, referring to the 46 developing member economies that as a whole grew 7.0 percent last year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Chinese lockdowns, the Ukraine war and slowing demand from developed economies for manufactured goods were the main causes, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Multiple risks abound as the three main headwinds could worsen, along with geopolitical risks and climate change," AFP said citing the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">With its tough Covid restrictions and unstable property market, China, Asia's largest economy, is now forecast to grow 3.0 percent this year and 4.3 percent in 2023, compared with 3.3 and 4.5 percent, respectively, in the bank's September forecasts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">This assumes a gradual easing of the country's zero-Covid policy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">According to AFP, Beijing announced last week a nationwide loosening of its coronavirus restrictions, allowing home quarantine for confirmed cases and ending large-scale lockdowns.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">On a positive note, developing Asia will grow faster this year and next than the rest of the world, while suffering the least from spiking inflation, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">The bank revised downward its inflation forecast for the region to 4.4 this year from 4.5 percent in its September report but upgraded it for 2023 to 4.2 percent from 4.0 percent.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16268', 'image' => '20221214125754_20181127012248_ADB.jpg', 'article_date' => '2022-12-14 12:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16526', 'article_category_id' => '1', 'title' => 'Cold Wave Hits Western Terai ', 'sub_title' => '', 'summary' => 'December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts. Layers of thick fog have blanketed places like Lamki, Tikapur, Sukhad, Mahendranagar and other areas in the districts from early morning today (Thursday). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The normal life in the communities has been affected due to the thick fog and cold wave and the people have been staying indoors to keep themselves warm.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, a limited number of vehicles are seen on the roads and so is the mobility of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the morning shift classes at schools and campuses have been affected due to the cold wave. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">With the beginning of the cold wave, the elderly citizens are at the receiving end, while the farmers are worried that the bitter cold might have adverse effects on vegetable products, mostly green vegetables and potatoes. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16267', 'image' => '20221214115320_Untitled.jpg', 'article_date' => '2022-12-14 11:52:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16524', 'article_category_id' => '1', 'title' => 'Bamboos Worth Millions Go to Waste in Udayapur ', 'sub_title' => '', 'summary' => 'Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.', 'content' => '<p> </p> <p><span style="font-size:20px">December 14: Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.</span><br /> </p> <p><span style="font-size:20px">Bamboo plants are grown at Udayapur’s Iname, Majhkharka, Nametar, Tatne, Banshbote, Thanaguan, Balamta, and Tamchhina. Bamboo producing farmers say that they have failed to sell their plants worth millions, thus turning them into firewood. </span></p> <p> </p> <p><span style="font-size:20px">Bare’s Dan Bahadur Tamang laments that bamboo plants worth millions are ready in his filed but has to burn them down due to lack of access road to the market. </span></p> <p> </p> <p><span style="font-size:20px">“Farmers in the village connected to the road access sell per plant of bamboo from Rs 150 to Rs 250. “But, lack of access road to our village has hit bamboo sale”, bemoaned Junga Bahadur Tamang of Iname. </span></p> <p> </p> <p><span style="font-size:20px">According to Limchungbung Rural Municipality chairman Major Kumar Rai, bamboo farmers are having a hard time selling their product due to lack of well-managed access road in the village. Rural municipality chair Rai, however, optimistically says that road construction has already started off and farmers can sell their product in one two years. </span></p> <p> </p> <p><span style="font-size:20px">Local bamboo farmers say that large-sized and tall species of the bamboo are grown in the remote hilly areas. If these plants have access to the market, they can fetch a good price. <br /> “Bamboos worth millions from lower hilly areas connected to the road network are selling at a good price”, said a local bamboo farmer. </span><br /> </p> <p><span style="font-size:20px"> Bamboo farmers in the remote hilly parts of the district want the concerned authorities to construct access road to the market at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16265', 'image' => '20221214101702_collage (7).jpg', 'article_date' => '2022-12-14 10:11:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '16523', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Business of Rs 100 Million ', 'sub_title' => '', 'summary' => 'December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. The organizer said that around 50,000 visitors attended the five-day fair which witnessed business worth Rs 100 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Vice-Chairman of the federation Dilli Ratna Tuladhar said that the fair has revitalized the handicraft business that suffered badly due to the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had inaugurated the fair on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the final day of the fair, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu visited the fair and handed over prizes to different individuals for their contribution to the handicraft sector. On the occasion, Minister Badu said the government has launched campaigns for production growth, development and prosperity and handicraft sector is a medium to achieve the goal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister also expressed government’s readiness to address the issues faced by the handicraft sector. </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"">According to the federation, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha, Chief Minister of Bagmati Province Rajendra Pandey and Province Tourism Minister Dipendra Shrestha and other officials visited the stalls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation has stated that exports of handicraft goods has gradually gained momentum while the demand for the handicraft products is increasing in the domestic market with the inflow of tourists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16264', 'image' => '20221214100725_19th-Handicraft-Trade-Fair.jpg', 'article_date' => '2022-12-14 10:06:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16522', 'article_category_id' => '1', 'title' => 'Traffic along Narayangadh-Muglin Road to Halt for Four Hours a Day ', 'sub_title' => '', 'summary' => 'December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. A meeting of the stakeholders on Tuesday decided to halt traffic along the road for one month to build bridges. Vehicular movement will be halted from 11 am to 3 pm each day. However, emergency vehicles like ambulance and fire engines will be allowed to move. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Chitwan Ashman Tamang said that the works of downsizing hills at Simaltal, Kalikhola, Tuine Khola and Chisenji will take place in this period. Passenger buses, mini and microbuses and light vehicles will be barred from plying along the Pandhrakilo Bazaar and Jugedi between 11 am to 3 pm, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, heavy vehicles including lorries, trucks, tipper trucks and tankers will be stopped from Bhateri forest to Ramnagar from 10:50 am. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Passenger buses heading from Kathmandu will be stopped between Muglin Bazaar and Manakamana Gate at 10:55 am, and those heading from Pokhara between Benitar and Powerhouse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, lorries heading from Kathmandu will be halted at Lebatar at 10:45 am, and those heading from Pokhara at Aanbukhaireni. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Repair of roads sections at various other places along the Narayangadh-Muglin road will also take place during this time. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16263', 'image' => '20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2022-12-14 09:47:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16520', 'article_category_id' => '1', 'title' => 'Maximum Temperature during Winter to be Above Average this Year ', 'sub_title' => '', 'summary' => 'December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The average rainfall/average temperature means the rainfall and temperature of a place for a long time (1991 to 2020). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology stated that the Sudurpaschim province and the districts of Lumbini Province, except Rukum West, Rolpa and Pyuthan, the central and eastern districts of Gandaki Province, including Lamjung, Syangja, Tanahun, Gorakha, among others, Dolakha of Bagmati Province and the northern districts of Province No 1, including Taplejung, Sankhuwasabha and Solukhumbu will experience the average minimum temperature whereas the rest of the regions will experience more than the average temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department under the Ministry of Energy, Water Resources and Irrigation has made public the estimation of the rainfall and temperature during the winter (December 1 to March 28), informed Senior Meteorologist at the Department, Indira Kandel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department, most places of the country will likely receive less than the average rainfall in the winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of less than average rainfall is 45 to 55 percent in the eastern and Tarai districts of Province No 1, including Taplejung, Panchthar, Tehrathum, Ilam, Jhapa, Morang and Sunsari, the western parts of the Madhes Province including Parsa, Bara, Rautahat among other districts, and Kathmandu, Bhaktapur, Lalitpur, Nuwakot, Makawanpur, among other districts, the central and southern districts as Kaski, Syangja and Parbat of the Gandaki Province, most of the districts of Lumbini Province and Darchula, Baitadi, Dadeldhura, Doti, Kanchanpur and Kailali in the Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the possibility of less than average rainfall is 35 to 45 percent in rest of the parts of the country except in Bajhang and Bajura districts of Sudurpaschim Province, north-western part of Humla, Mugu and Dolpa in Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the maximum temperature is likely to be more than the average throughout the country this winter, meteorologist Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature being more than the average is from 55 to 65 percent in the western parts of Humla and Mugu of Karnali Province and Bajura district of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The chances of the maximum temperature being over the average temperature is 45 to 55 percent in Solukhumbu and Ilam, Jhapa, Morang and Sunsari of Province No 1, in Kavrepalanchok, Kathmandu, Lalitpur, Bhaktapur, Nuwakot, Makawanpur, Chitwan of Bagmati Province, Parsa and Saptari districts of Madhes Province, most of the districts of Gandaki Province except the north-eastern ones, most parts of Lumbini Province and the eastern and northern parts of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature becoming more than the average is 35 to 45 percent in the rest of the regions of the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16261', 'image' => '20221213060159_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-12-13 18:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16517', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Well Above Pre-Pandemic Levels Despite Steep Drop in 2021', 'sub_title' => '', 'summary' => 'December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF). According to the news agency, the overall debt, however, remained well above pre-pandemic levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In a blog released with its inaugural Global Debt Monitor, the IMF said total public and private debt decreased by 10 percentage points to 247 percent of global gross domestic product (GDP) in 2021 from its peak of 257 percent in 2020. That compares to around 195 percent of GDP in 2007, before the global financial crisis, added Reuters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In dollar terms, global debt continued to rise, although at a much slower rate, reaching a record $235 trillion last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“Debt ratios are expected to drop further in most countries in 2022 given nominal GDP growth, but 2023 would usher in a much flatter profile given forecast economic declines in many economies and the rising costs of servicing debt,” Reuters quoted IMF fiscal affairs director Vitor Gaspar as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The global lender said private debt, which includes non-financial corporate and household obligations, drove the overall reduction, decreasing by 6 percentage points to 153 percent of GDP in 2021, citing data for 190 countries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The drop of 4 percentage points for public debt, to 96 percent of GDP, was the largest such drop in decades, it said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The unusually large swings in debt ratios - or "global debt rollercoaster" - were caused by the economic rebound from COVID-19 and the ensuring swift rise in inflation, the IMF said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Debt dynamics varied widely across country groups. Advanced economies saw the biggest drop in debt, with both public and private debt dropping 5 percent of GDP last year, followed by similar results in emerging markets, excluding China.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">But low-income countries saw their total debt ratios continue to increase in 2021, driven by higher private debt, with total debt reaching 88 percent of GDP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">There are growing concerns about the ability of low- and middle-income countries to repay their debts, with an estimated 25 percent of emerging market countries and over 60 percent of low-income countries either in or near debt distress.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">High inflation levels continued to help reduce debt ratios in 2022, but fiscal spending would likely increase if inflation becomes persistent, which could lead to higher premiums, IMF officials said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">They suggested that the governments should pursue fiscal policies that help reduced inflationary pressures now and debt vulnerabilities over the long term, while continuing to support the most vulnerable. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16258', 'image' => '20221213124024_20181227013520_debt-fiscalriskcartoon-384X265.jpg', 'article_date' => '2022-12-13 12:39:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16515', 'article_category_id' => '1', 'title' => 'More Invalid Votes under PR ', 'sub_title' => '', 'summary' => 'December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 11.04 million votes cast under the FPTP electoral system in the recently held elections to the House of Representatives and the provincial assemblies, 5.06 percent votes were invalid, according to the Election Commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 5.09 percent votes under the PR system were invalid out of the total 11.02 million votes cast. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the EC said it would announce final name list of those picked under the PR on Tuesday (December 13). -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16256', 'image' => '20221213113457_20211124020029_EC.jpg', 'article_date' => '2022-12-13 11:34:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16512', 'article_category_id' => '1', 'title' => 'Himalaya Shumsher Rana Honoured with Lifetime Achievement Award', 'sub_title' => '', 'summary' => 'December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana was felicitated with the lifetime achievement business award for his outstanding contribution to the field of business and entrepreneurship in Nepal, according to the jury of the awards ceremony. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana, the founding governor of the country’s central bank Nepal Rastra Bank, is considered a source of inspiration to the entire business community for the zeal he showed even in the age of 65-75 years by initiating business ventures in different fields, and being still active in work even at the age of 96. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“He commands the respect of the country's entire private sector as well as of the professionals and general people for his pioneering, innovating and visional roles in a number of fields such as central banking, private sector commercial banking, insurance and manufacturing,” reads the award citation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16252', 'image' => '20221212082110_IMG-20221212-WA0030.jpg', 'article_date' => '2022-12-12 19:54:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16508', 'article_category_id' => '1', 'title' => 'Govt Urged to Prioritise Investment Attraction as Country Emerges through Crises ', 'sub_title' => 'Private sector leaders, government officials and economists discuss ways to navigate economic and business challenges in the country', 'summary' => 'December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at a panel discussion “Emerging Through Crises” during the “7th Newbiz Business Conclave and Awards” on Monday, economists, authorities and private sector leaders said that the priority should be on attracting investment as the country emerges through various crises including the Covid-19 pandemic most recently. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“All ministries of the government are working to increase the competitiveness for doing business and to attract private investments in collaboration with the private sector,” said Dr Toya Gyawali, Secretary at the Ministry of Industry and Supplies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking also at the panel discussion, Dr Neelam Dhungana Timsina, Deputy Governor at Nepal Rastra Bank, said that the central bank’s recent decision to raise policy rates and introduce expansionary monetary policy was aimed at addressing the rising inflation and ease the pressure on the external sector stability of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The central bank and the government took expansionary fiscal and monetary policies to stop further deterioration or help revive the economy during the pandemic. These expansionary policies have worked in reviving the businesses shut or hit by the country then,” she said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">She defended the central bank’s move that has prompted the private sector to go into the street. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Now, we see a need to check the high growth in credit expansion fuelled by the expansionary monetary policy. At the same time, there were some external factors including the war in Ukraine that drove the prices in the market,” she added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chandra Dhakal, Vice President of the Federation of Nepalese Chambers of Commerce and Industry(FNCCI), said that businesses and the private sector have helped the government through taxes even during crises like insurgency, earthquakes in 2015. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Even during the crises, troubled time or transition periods, the private sector opened industries and businesses, created jobs and paid taxes to the state even when we were told not to do so by the court,” said FNCCI Senior Vice President Dhakal. “Now, it's the time the government should support or encourage the private sector,” he added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Amid concerns that Nepal’s graduation from the least developed country (LDC) status could have economic repercussions, Dr Posh Raj Pandey, Chair of SAWTEE, said that the LDCs graduation would not have a significant impact on the macroeconomic situation of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The graduation status does mean that it would automatically solve the development challenges that we have been long facing. It would neither take us to a situation full of challenges,” he said. “We need a transition strategy that can maintain the development trajectory.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion organized during the Seventh Edition of NewBiz Business Conclave and Awards also dwelt on the role of MSMEs and startups in diversifying domestic production, policies to support ICT and hydro-electricity sectors and the role of private sector in digitization and technological transformation, among others. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion was moderated by Dr. Kalpana Khanal, Sr. Research Fellow at Policy Research Institute. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Asian Paints is the major sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus EV, NLG Insurance, Dish Home Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">New Business Age has been organizing Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></span></span></p> <p><br /> <br /> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16249', 'image' => '20221212055511_IMG-20221212-WA0009.jpg', 'article_date' => '2022-12-12 17:53:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16504', 'article_category_id' => '1', 'title' => 'Production of Tiles begins in Nepal ', 'sub_title' => '', 'summary' => 'December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials. An industry has been established in Jitpur Simara sub-metropolis-8 for the production of tiles using home-made materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two entrepreneurs had been importing foreign tiles and hardware materials into the country since a long time established a joint venture company in Simara to begin production within Nepal. They came up with the idea to set up the industry in Nepal after carrying out in-depth study on tiles manufactured in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The product has been launched in the market since this year. Nepal Ceramic Industries Pvt Ltd already introduced the Nepaovit brand tiles in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of the industry, Manoj Rauniyar, almost 50 percent of the clay used for the production of the tiles was from Nepal. He shared that the industry has a plan to manufacture the tiles completely based on Nepali clay and sand after some months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Different types of clay have been brought from Bara, Makawanpur and Dolakha districts and used for manufacturing tiles. However, color and glaze used for the tiles have been imported from foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the initial months, clay as a raw material was completely imported from Rajasthan, said Rauniyar, adding that the company started using Nepali clay later on. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairman of the industry Shambhunath Jha shared his plan to diversify the production of tiles that can be used for walls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The industry spread over five bighas and 12 katthas of land was established at the cost of over Rs 1.5 billion. As many as 400 people are getting direct employment in the industry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The industry would help make Nepal self-reliant on tiles ," Chairman Jha added. He urged the government to lend support in managing raw materials and marketing. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16245', 'image' => '20221212111233_made.jpg', 'article_date' => '2022-12-12 11:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16499', 'article_category_id' => '1', 'title' => 'Middle Modi Hydropower Commences Test Production', 'sub_title' => '', 'summary' => 'Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. ', 'content' => '<p> </p> <p><span style="font-size:18px">December 11: Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. </span></p> <p><span style="font-size:18px">The project with installed capacity of 18 megawatt is the first hydro power promoted by Chaudhary Group. <br /> Since the hydro power is already connected to the national transmission line, generated power is evacuated to the national grid. </span></p> <p><span style="font-size:18px">“The hydro power will start producing power regularly after 15 days of test production”, said Chaudhary Group. </span></p> <p><span style="font-size:18px">The project’s power house is located at Kenga of Parbat’s Modi Rural Municipality while its embankment is situated at Birethanti of Annapurna Rural Municipality-3, Kaski. Water from Modi Khola has been flown down through 2,393 meters long tunnel for power generation. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16240', 'image' => '20221211011153_modi 111.jpg', 'article_date' => '2022-12-11 13:05:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16497', 'article_category_id' => '1', 'title' => 'The ‘Curse’ of High Inflation', 'sub_title' => '', 'summary' => 'December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. And though a peak could be in sight, the effects may yet get worse, added the news agency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">How did we get here? In two words: pandemic and war, summed up Reuters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“A long and comfortable period of scant inflation and low interest rates ended abruptly after COVID-19 struck, as governments and central banks kept locked-down businesses and households afloat with trillions of dollars of support. That lifeline kept workers from joining dole queues, businesses from going broke and house prices from crashing. But it also knocked supply and demand out of kilter as never before.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 2021, as lockdowns ended and the global economy grew at its fastest post-recession pace in 80 years, all that stimulus money overwhelmed the world's trading system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, factories that had been idled could not ratchet up fast enough to meet demand, COVID-safe rules caused labour shortages in retail, transport and healthcare, and the recovery boom caused a spike in energy prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If that wasn't enough, Russia invaded Ukraine in February and Western sanctions on the major oil and gas exporter sent fuel prices yet higher.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Known as a "tax on the poor" because it hits those on low incomes the hardest, double-digit inflation has exacerbated inequalities worldwide. While wealthier consumers can rely on savings built up during pandemic lockdowns, others struggle to make ends meet and a growing number rely on food banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With winter setting in across the northern hemisphere, that squeeze on living costs will tighten as fuel bills soar. Workers have taken strike action in sectors from healthcare to aviation to demand that wages keep pace with inflation. In most cases, they are having to settle for less, added Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cost of living concerns dominate the politics of rich nations – in some cases relegating other priorities, such as climate change action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But if things are tough in industrialised economies, rocketing food prices are worsening poverty and suffering in poorer countries, from Haiti to Sudan and Lebanon to Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Programme estimates an extra 70 million people worldwide have been driven closer to starvation since the start of the Ukraine war in what it calls a "tsunami of hunger".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the world's central banks have embarked on steep interest rate hikes to cool demand and tame inflation. By the end of 2023, the International Monetary Fund expects global inflation to have fallen to 4.7% - just less than half its current level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the trouble seems much more as the central bank says the year-on-year inflation hit as high as 8.5 percent in the first quarter of the current fiscal year compared to 4.24 percent a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF's regular October outlook was one of the bleakest for years, stating: "In short, the worst is yet to come and for many people, 2023 will feel like a recession."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, IMF chief Kristalina Georgieva has warned that the chance of global growth dropping below two percent is increasing as major economies slowdown. Such a trend was last seen during the coronavirus outbreak and the global financial crisis of 2009, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the World Trade Organization (WTO) has also warned that several major economies face a real risk of sliding into recession as the war in Ukraine, rising food and fuel costs, and soaring inflation cloud the global outlook.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Geneva-based trade body last month projected global trade to rise just 1.0 percent in 2023, down sharply from an estimated 3.5 percent rise for this year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16238', 'image' => '20221210104716_Inflation.jpg', 'article_date' => '2022-12-10 10:46:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16496', 'article_category_id' => '1', 'title' => 'Croatia Knocks Out Title Favourites Brazil on Penalties to Reach World Cup Semi-Final', 'sub_title' => '', 'summary' => 'December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. Croatia, the beaten finalists four years ago, scored with all four of their spot-kicks as Rodrygo - taking his team's first kick - was denied by the brilliant Dominik Livakovic while the crucial fourth effort of Brazil’s Marquinho struck the post.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the ball hit the foot of the woodwork and bounced away, Croatia's team sprinted to celebrate with their goalkeeper, while the Brazil players hit the turf, knowing their dream of a sixth crown had come to an end, the BBC reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After an engrossing 90 minutes, Tite's men thought they had won it in extra time when Neymar scored a thumping effort to equal Brazil's 'official' men's goalscoring record.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Brazil were punished for letting their guard down, with substitute Bruno Petkovic drilling in an 117th-minute equaliser with their one and only shot on target, breaking Brazilian hearts in the Education City Stadium, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the 2018 runners-up came through their second straight shootout after beating Japan on penalties in the last 16 and will now face Argentina, who defeated the Netherlands in another penalty shootout in another late match of the day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16237', 'image' => '20221210104450_Croatia-3-e1670609429609-1-1024x576.jpg', 'article_date' => '2022-12-10 10:44:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16495', 'article_category_id' => '1', 'title' => 'Argentina Win on Penalties after Dutch Fightback', 'sub_title' => '', 'summary' => 'December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Argentina looked as if they were cruising to victory with a 2-0 lead with only seven minutes of normal time remaining but the Dutch scored twice through substitute Wout Weghorst to send the match into extra time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Emiliano Martinez saved the first two Dutch penalties to give Argentina a huge advantage and Lautaro Martinez sent Andries Noppert the wrong way to set up a date for the South Americans with Croatia in the semi-finals on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">A total of 16 yellow cards were shown throughout the contest by Spanish referee Antonio Mateu and Dutch wingback Denzel Dumfries was sent off after the final whistle for his part in the final brawl.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16236', 'image' => '20221210103454_20221210_afp_world_cup_2022_argentina_netherlands.jpg', 'article_date' => '2022-12-10 10:34:06', '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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According to AFP, the Philippines-based lender cut its 2022 forecast to 4.2 percent, down marginally from a 4.3 percent projection made in September.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Prospects for 2023 also grew dimmer, ADB said in a report, which lowered the region's growth forecast to 4.6 percent from 4.9 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Recovery in developing Asia is expected to continue but lose some steam," the ADB said, referring to the 46 developing member economies that as a whole grew 7.0 percent last year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">Chinese lockdowns, the Ukraine war and slowing demand from developed economies for manufactured goods were the main causes, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">"Multiple risks abound as the three main headwinds could worsen, along with geopolitical risks and climate change," AFP said citing the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">With its tough Covid restrictions and unstable property market, China, Asia's largest economy, is now forecast to grow 3.0 percent this year and 4.3 percent in 2023, compared with 3.3 and 4.5 percent, respectively, in the bank's September forecasts.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">This assumes a gradual easing of the country's zero-Covid policy.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">According to AFP, Beijing announced last week a nationwide loosening of its coronavirus restrictions, allowing home quarantine for confirmed cases and ending large-scale lockdowns.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">On a positive note, developing Asia will grow faster this year and next than the rest of the world, while suffering the least from spiking inflation, the report added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Verdana","sans-serif"">The bank revised downward its inflation forecast for the region to 4.4 this year from 4.5 percent in its September report but upgraded it for 2023 to 4.2 percent from 4.0 percent.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16268', 'image' => '20221214125754_20181127012248_ADB.jpg', 'article_date' => '2022-12-14 12:57:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16526', 'article_category_id' => '1', 'title' => 'Cold Wave Hits Western Terai ', 'sub_title' => '', 'summary' => 'December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">December 14: Cold wave has started in western Terai including Kailali and Kanchanpur districts. Layers of thick fog have blanketed places like Lamki, Tikapur, Sukhad, Mahendranagar and other areas in the districts from early morning today (Thursday). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The normal life in the communities has been affected due to the thick fog and cold wave and the people have been staying indoors to keep themselves warm.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, a limited number of vehicles are seen on the roads and so is the mobility of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the morning shift classes at schools and campuses have been affected due to the cold wave. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">With the beginning of the cold wave, the elderly citizens are at the receiving end, while the farmers are worried that the bitter cold might have adverse effects on vegetable products, mostly green vegetables and potatoes. -- RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16267', 'image' => '20221214115320_Untitled.jpg', 'article_date' => '2022-12-14 11:52:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16524', 'article_category_id' => '1', 'title' => 'Bamboos Worth Millions Go to Waste in Udayapur ', 'sub_title' => '', 'summary' => 'Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.', 'content' => '<p> </p> <p><span style="font-size:20px">December 14: Bamboos worth millions have gone useless due to lack of access road to the market in Udayapur.</span><br /> </p> <p><span style="font-size:20px">Bamboo plants are grown at Udayapur’s Iname, Majhkharka, Nametar, Tatne, Banshbote, Thanaguan, Balamta, and Tamchhina. Bamboo producing farmers say that they have failed to sell their plants worth millions, thus turning them into firewood. </span></p> <p> </p> <p><span style="font-size:20px">Bare’s Dan Bahadur Tamang laments that bamboo plants worth millions are ready in his filed but has to burn them down due to lack of access road to the market. </span></p> <p> </p> <p><span style="font-size:20px">“Farmers in the village connected to the road access sell per plant of bamboo from Rs 150 to Rs 250. “But, lack of access road to our village has hit bamboo sale”, bemoaned Junga Bahadur Tamang of Iname. </span></p> <p> </p> <p><span style="font-size:20px">According to Limchungbung Rural Municipality chairman Major Kumar Rai, bamboo farmers are having a hard time selling their product due to lack of well-managed access road in the village. Rural municipality chair Rai, however, optimistically says that road construction has already started off and farmers can sell their product in one two years. </span></p> <p> </p> <p><span style="font-size:20px">Local bamboo farmers say that large-sized and tall species of the bamboo are grown in the remote hilly areas. If these plants have access to the market, they can fetch a good price. <br /> “Bamboos worth millions from lower hilly areas connected to the road network are selling at a good price”, said a local bamboo farmer. </span><br /> </p> <p><span style="font-size:20px"> Bamboo farmers in the remote hilly parts of the district want the concerned authorities to construct access road to the market at the earliest. </span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16265', 'image' => '20221214101702_collage (7).jpg', 'article_date' => '2022-12-14 10:11:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '16523', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Business of Rs 100 Million ', 'sub_title' => '', 'summary' => 'December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: The 19th Handicraft Fair organized by the Federation of Handicraft Associations of Nepal (FHAN) concluded in Kathmandu on Tuesday. The organizer said that around 50,000 visitors attended the five-day fair which witnessed business worth Rs 100 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Vice-Chairman of the federation Dilli Ratna Tuladhar said that the fair has revitalized the handicraft business that suffered badly due to the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Bidya Devi Bhandari had inaugurated the fair on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the final day of the fair, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu visited the fair and handed over prizes to different individuals for their contribution to the handicraft sector. On the occasion, Minister Badu said the government has launched campaigns for production growth, development and prosperity and handicraft sector is a medium to achieve the goal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister also expressed government’s readiness to address the issues faced by the handicraft sector. </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"">According to the federation, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha, Chief Minister of Bagmati Province Rajendra Pandey and Province Tourism Minister Dipendra Shrestha and other officials visited the stalls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation has stated that exports of handicraft goods has gradually gained momentum while the demand for the handicraft products is increasing in the domestic market with the inflow of tourists. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16264', 'image' => '20221214100725_19th-Handicraft-Trade-Fair.jpg', 'article_date' => '2022-12-14 10:06:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16522', 'article_category_id' => '1', 'title' => 'Traffic along Narayangadh-Muglin Road to Halt for Four Hours a Day ', 'sub_title' => '', 'summary' => 'December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 14: Traffic along the Narayangadh-Muglin road will be halted for four hours a day to construct bridges. A meeting of the stakeholders on Tuesday decided to halt traffic along the road for one month to build bridges. Vehicular movement will be halted from 11 am to 3 pm each day. However, emergency vehicles like ambulance and fire engines will be allowed to move. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Chitwan Ashman Tamang said that the works of downsizing hills at Simaltal, Kalikhola, Tuine Khola and Chisenji will take place in this period. Passenger buses, mini and microbuses and light vehicles will be barred from plying along the Pandhrakilo Bazaar and Jugedi between 11 am to 3 pm, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, heavy vehicles including lorries, trucks, tipper trucks and tankers will be stopped from Bhateri forest to Ramnagar from 10:50 am. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Passenger buses heading from Kathmandu will be stopped between Muglin Bazaar and Manakamana Gate at 10:55 am, and those heading from Pokhara between Benitar and Powerhouse. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, lorries heading from Kathmandu will be halted at Lebatar at 10:45 am, and those heading from Pokhara at Aanbukhaireni. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Repair of roads sections at various other places along the Narayangadh-Muglin road will also take place during this time. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-26', 'keywords' => '', 'description' => '', 'sortorder' => '16263', 'image' => '20221214094754_20210307101257_20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2022-12-14 09:47:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16520', 'article_category_id' => '1', 'title' => 'Maximum Temperature during Winter to be Above Average this Year ', 'sub_title' => '', 'summary' => 'December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: The maximum temperature throughout the country is likely to be more than average and the rainfall less than average in most parts of the country during the winter this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The average rainfall/average temperature means the rainfall and temperature of a place for a long time (1991 to 2020). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Department of Hydrology and Meteorology stated that the Sudurpaschim province and the districts of Lumbini Province, except Rukum West, Rolpa and Pyuthan, the central and eastern districts of Gandaki Province, including Lamjung, Syangja, Tanahun, Gorakha, among others, Dolakha of Bagmati Province and the northern districts of Province No 1, including Taplejung, Sankhuwasabha and Solukhumbu will experience the average minimum temperature whereas the rest of the regions will experience more than the average temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Department under the Ministry of Energy, Water Resources and Irrigation has made public the estimation of the rainfall and temperature during the winter (December 1 to March 28), informed Senior Meteorologist at the Department, Indira Kandel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Department, most places of the country will likely receive less than the average rainfall in the winter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of less than average rainfall is 45 to 55 percent in the eastern and Tarai districts of Province No 1, including Taplejung, Panchthar, Tehrathum, Ilam, Jhapa, Morang and Sunsari, the western parts of the Madhes Province including Parsa, Bara, Rautahat among other districts, and Kathmandu, Bhaktapur, Lalitpur, Nuwakot, Makawanpur, among other districts, the central and southern districts as Kaski, Syangja and Parbat of the Gandaki Province, most of the districts of Lumbini Province and Darchula, Baitadi, Dadeldhura, Doti, Kanchanpur and Kailali in the Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the possibility of less than average rainfall is 35 to 45 percent in rest of the parts of the country except in Bajhang and Bajura districts of Sudurpaschim Province, north-western part of Humla, Mugu and Dolpa in Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the maximum temperature is likely to be more than the average throughout the country this winter, meteorologist Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature being more than the average is from 55 to 65 percent in the western parts of Humla and Mugu of Karnali Province and Bajura district of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The chances of the maximum temperature being over the average temperature is 45 to 55 percent in Solukhumbu and Ilam, Jhapa, Morang and Sunsari of Province No 1, in Kavrepalanchok, Kathmandu, Lalitpur, Bhaktapur, Nuwakot, Makawanpur, Chitwan of Bagmati Province, Parsa and Saptari districts of Madhes Province, most of the districts of Gandaki Province except the north-eastern ones, most parts of Lumbini Province and the eastern and northern parts of Karnali Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The possibility of the maximum temperature becoming more than the average is 35 to 45 percent in the rest of the regions of the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16261', 'image' => '20221213060159_DaneBohora_Simkot_RSS_10(2).jpg', 'article_date' => '2022-12-13 18:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16517', 'article_category_id' => '1', 'title' => 'IMF says Global Debt Well Above Pre-Pandemic Levels Despite Steep Drop in 2021', 'sub_title' => '', 'summary' => 'December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 13: Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, Reuters reported citing the International Monetary Fund (IMF). According to the news agency, the overall debt, however, remained well above pre-pandemic levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In a blog released with its inaugural Global Debt Monitor, the IMF said total public and private debt decreased by 10 percentage points to 247 percent of global gross domestic product (GDP) in 2021 from its peak of 257 percent in 2020. That compares to around 195 percent of GDP in 2007, before the global financial crisis, added Reuters.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">In dollar terms, global debt continued to rise, although at a much slower rate, reaching a record $235 trillion last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“Debt ratios are expected to drop further in most countries in 2022 given nominal GDP growth, but 2023 would usher in a much flatter profile given forecast economic declines in many economies and the rising costs of servicing debt,” Reuters quoted IMF fiscal affairs director Vitor Gaspar as saying.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The global lender said private debt, which includes non-financial corporate and household obligations, drove the overall reduction, decreasing by 6 percentage points to 153 percent of GDP in 2021, citing data for 190 countries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The drop of 4 percentage points for public debt, to 96 percent of GDP, was the largest such drop in decades, it said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">The unusually large swings in debt ratios - or "global debt rollercoaster" - were caused by the economic rebound from COVID-19 and the ensuring swift rise in inflation, the IMF said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Debt dynamics varied widely across country groups. Advanced economies saw the biggest drop in debt, with both public and private debt dropping 5 percent of GDP last year, followed by similar results in emerging markets, excluding China.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">But low-income countries saw their total debt ratios continue to increase in 2021, driven by higher private debt, with total debt reaching 88 percent of GDP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">There are growing concerns about the ability of low- and middle-income countries to repay their debts, with an estimated 25 percent of emerging market countries and over 60 percent of low-income countries either in or near debt distress.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">High inflation levels continued to help reduce debt ratios in 2022, but fiscal spending would likely increase if inflation becomes persistent, which could lead to higher premiums, IMF officials said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">They suggested that the governments should pursue fiscal policies that help reduced inflationary pressures now and debt vulnerabilities over the long term, while continuing to support the most vulnerable. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16258', 'image' => '20221213124024_20181227013520_debt-fiscalriskcartoon-384X265.jpg', 'article_date' => '2022-12-13 12:39:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16515', 'article_category_id' => '1', 'title' => 'More Invalid Votes under PR ', 'sub_title' => '', 'summary' => 'December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 13: There were more invalid votes under the proportional representation (PR) than under the first-past-the-post (FPTP) system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 11.04 million votes cast under the FPTP electoral system in the recently held elections to the House of Representatives and the provincial assemblies, 5.06 percent votes were invalid, according to the Election Commission. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, 5.09 percent votes under the PR system were invalid out of the total 11.02 million votes cast. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the EC said it would announce final name list of those picked under the PR on Tuesday (December 13). -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-13', 'modified' => '2022-12-13', 'keywords' => '', 'description' => '', 'sortorder' => '16256', 'image' => '20221213113457_20211124020029_EC.jpg', 'article_date' => '2022-12-13 11:34:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16512', 'article_category_id' => '1', 'title' => 'Himalaya Shumsher Rana Honoured with Lifetime Achievement Award', 'sub_title' => '', 'summary' => 'December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">December 12: Himalaya Shumsher Rana, a noted business leader, has been conferred with the “Lifetime Achievement in Business Leadership Award 2022” during the Seventh NewBiz Business Conclave and Awards on Monday.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana was felicitated with the lifetime achievement business award for his outstanding contribution to the field of business and entrepreneurship in Nepal, according to the jury of the awards ceremony. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">Rana, the founding governor of the country’s central bank Nepal Rastra Bank, is considered a source of inspiration to the entire business community for the zeal he showed even in the age of 65-75 years by initiating business ventures in different fields, and being still active in work even at the age of 96. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial","sans-serif"">“He commands the respect of the country's entire private sector as well as of the professionals and general people for his pioneering, innovating and visional roles in a number of fields such as central banking, private sector commercial banking, insurance and manufacturing,” reads the award citation. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16252', 'image' => '20221212082110_IMG-20221212-WA0030.jpg', 'article_date' => '2022-12-12 19:54:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16508', 'article_category_id' => '1', 'title' => 'Govt Urged to Prioritise Investment Attraction as Country Emerges through Crises ', 'sub_title' => 'Private sector leaders, government officials and economists discuss ways to navigate economic and business challenges in the country', 'summary' => 'December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">December 12: Economists and policymakers have underlined the need to utilize the recent challenges to overhaul the country’s legal and regulatory systems to ease the process of doing business and prevent the economy from plunging into crisis.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at a panel discussion “Emerging Through Crises” during the “7th Newbiz Business Conclave and Awards” on Monday, economists, authorities and private sector leaders said that the priority should be on attracting investment as the country emerges through various crises including the Covid-19 pandemic most recently. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“All ministries of the government are working to increase the competitiveness for doing business and to attract private investments in collaboration with the private sector,” said Dr Toya Gyawali, Secretary at the Ministry of Industry and Supplies. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking also at the panel discussion, Dr Neelam Dhungana Timsina, Deputy Governor at Nepal Rastra Bank, said that the central bank’s recent decision to raise policy rates and introduce expansionary monetary policy was aimed at addressing the rising inflation and ease the pressure on the external sector stability of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The central bank and the government took expansionary fiscal and monetary policies to stop further deterioration or help revive the economy during the pandemic. These expansionary policies have worked in reviving the businesses shut or hit by the country then,” she said.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">She defended the central bank’s move that has prompted the private sector to go into the street. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Now, we see a need to check the high growth in credit expansion fuelled by the expansionary monetary policy. At the same time, there were some external factors including the war in Ukraine that drove the prices in the market,” she added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Chandra Dhakal, Vice President of the Federation of Nepalese Chambers of Commerce and Industry(FNCCI), said that businesses and the private sector have helped the government through taxes even during crises like insurgency, earthquakes in 2015. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“Even during the crises, troubled time or transition periods, the private sector opened industries and businesses, created jobs and paid taxes to the state even when we were told not to do so by the court,” said FNCCI Senior Vice President Dhakal. “Now, it's the time the government should support or encourage the private sector,” he added. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Amid concerns that Nepal’s graduation from the least developed country (LDC) status could have economic repercussions, Dr Posh Raj Pandey, Chair of SAWTEE, said that the LDCs graduation would not have a significant impact on the macroeconomic situation of the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The graduation status does mean that it would automatically solve the development challenges that we have been long facing. It would neither take us to a situation full of challenges,” he said. “We need a transition strategy that can maintain the development trajectory.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion organized during the Seventh Edition of NewBiz Business Conclave and Awards also dwelt on the role of MSMEs and startups in diversifying domestic production, policies to support ICT and hydro-electricity sectors and the role of private sector in digitization and technological transformation, among others. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The panel discussion was moderated by Dr. Kalpana Khanal, Sr. Research Fellow at Policy Research Institute. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Asian Paints is the major sponsor of the programme while Gods of Furniture, Metlife Insurance, Rastriya Banijya Bank, Nexus EV, NLG Insurance, Dish Home Fiber Net, Nepali Patro, President Travels and Tours, have supported the event. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">New Business Age has been organizing Business Conclave & Awards annually since 2013 with an aim to hold discourse on crucial business and economic issues and honour business excellence by recognising quality works done by people and organizations.</span></span></span></p> <p><br /> <br /> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16249', 'image' => '20221212055511_IMG-20221212-WA0009.jpg', 'article_date' => '2022-12-12 17:53:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16504', 'article_category_id' => '1', 'title' => 'Production of Tiles begins in Nepal ', 'sub_title' => '', 'summary' => 'December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 12: Nepali entrepreneurs have started producing tiles in the country using domestic raw materials. An industry has been established in Jitpur Simara sub-metropolis-8 for the production of tiles using home-made materials. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Two entrepreneurs had been importing foreign tiles and hardware materials into the country since a long time established a joint venture company in Simara to begin production within Nepal. They came up with the idea to set up the industry in Nepal after carrying out in-depth study on tiles manufactured in India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The product has been launched in the market since this year. Nepal Ceramic Industries Pvt Ltd already introduced the Nepaovit brand tiles in the market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to managing director of the industry, Manoj Rauniyar, almost 50 percent of the clay used for the production of the tiles was from Nepal. He shared that the industry has a plan to manufacture the tiles completely based on Nepali clay and sand after some months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Different types of clay have been brought from Bara, Makawanpur and Dolakha districts and used for manufacturing tiles. However, color and glaze used for the tiles have been imported from foreign countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the initial months, clay as a raw material was completely imported from Rajasthan, said Rauniyar, adding that the company started using Nepali clay later on. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairman of the industry Shambhunath Jha shared his plan to diversify the production of tiles that can be used for walls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The industry spread over five bighas and 12 katthas of land was established at the cost of over Rs 1.5 billion. As many as 400 people are getting direct employment in the industry. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The industry would help make Nepal self-reliant on tiles ," Chairman Jha added. He urged the government to lend support in managing raw materials and marketing. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-12-12', 'modified' => '2022-12-12', 'keywords' => '', 'description' => '', 'sortorder' => '16245', 'image' => '20221212111233_made.jpg', 'article_date' => '2022-12-12 11:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16499', 'article_category_id' => '1', 'title' => 'Middle Modi Hydropower Commences Test Production', 'sub_title' => '', 'summary' => 'Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. ', 'content' => '<p> </p> <p><span style="font-size:18px">December 11: Middle Modi Hydropower Project in Modi Khola located at the border of Parbat and Kaski districts has started test production. </span></p> <p><span style="font-size:18px">The project with installed capacity of 18 megawatt is the first hydro power promoted by Chaudhary Group. <br /> Since the hydro power is already connected to the national transmission line, generated power is evacuated to the national grid. </span></p> <p><span style="font-size:18px">“The hydro power will start producing power regularly after 15 days of test production”, said Chaudhary Group. </span></p> <p><span style="font-size:18px">The project’s power house is located at Kenga of Parbat’s Modi Rural Municipality while its embankment is situated at Birethanti of Annapurna Rural Municipality-3, Kaski. Water from Modi Khola has been flown down through 2,393 meters long tunnel for power generation. </span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16240', 'image' => '20221211011153_modi 111.jpg', 'article_date' => '2022-12-11 13:05:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '16497', 'article_category_id' => '1', 'title' => 'The ‘Curse’ of High Inflation', 'sub_title' => '', 'summary' => 'December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation, Reuters said in a news report published on December 8. And though a peak could be in sight, the effects may yet get worse, added the news agency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">How did we get here? In two words: pandemic and war, summed up Reuters. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“A long and comfortable period of scant inflation and low interest rates ended abruptly after COVID-19 struck, as governments and central banks kept locked-down businesses and households afloat with trillions of dollars of support. That lifeline kept workers from joining dole queues, businesses from going broke and house prices from crashing. But it also knocked supply and demand out of kilter as never before.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By 2021, as lockdowns ended and the global economy grew at its fastest post-recession pace in 80 years, all that stimulus money overwhelmed the world's trading system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, factories that had been idled could not ratchet up fast enough to meet demand, COVID-safe rules caused labour shortages in retail, transport and healthcare, and the recovery boom caused a spike in energy prices.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If that wasn't enough, Russia invaded Ukraine in February and Western sanctions on the major oil and gas exporter sent fuel prices yet higher.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Known as a "tax on the poor" because it hits those on low incomes the hardest, double-digit inflation has exacerbated inequalities worldwide. While wealthier consumers can rely on savings built up during pandemic lockdowns, others struggle to make ends meet and a growing number rely on food banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With winter setting in across the northern hemisphere, that squeeze on living costs will tighten as fuel bills soar. Workers have taken strike action in sectors from healthcare to aviation to demand that wages keep pace with inflation. In most cases, they are having to settle for less, added Reuters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Cost of living concerns dominate the politics of rich nations – in some cases relegating other priorities, such as climate change action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But if things are tough in industrialised economies, rocketing food prices are worsening poverty and suffering in poorer countries, from Haiti to Sudan and Lebanon to Sri Lanka.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Programme estimates an extra 70 million people worldwide have been driven closer to starvation since the start of the Ukraine war in what it calls a "tsunami of hunger".</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the world's central banks have embarked on steep interest rate hikes to cool demand and tame inflation. By the end of 2023, the International Monetary Fund expects global inflation to have fallen to 4.7% - just less than half its current level.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the context of Nepal, the trouble seems much more as the central bank says the year-on-year inflation hit as high as 8.5 percent in the first quarter of the current fiscal year compared to 4.24 percent a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IMF's regular October outlook was one of the bleakest for years, stating: "In short, the worst is yet to come and for many people, 2023 will feel like a recession."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to AFP, IMF chief Kristalina Georgieva has warned that the chance of global growth dropping below two percent is increasing as major economies slowdown. Such a trend was last seen during the coronavirus outbreak and the global financial crisis of 2009, AFP added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the World Trade Organization (WTO) has also warned that several major economies face a real risk of sliding into recession as the war in Ukraine, rising food and fuel costs, and soaring inflation cloud the global outlook.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Geneva-based trade body last month projected global trade to rise just 1.0 percent in 2023, down sharply from an estimated 3.5 percent rise for this year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16238', 'image' => '20221210104716_Inflation.jpg', 'article_date' => '2022-12-10 10:46:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16496', 'article_category_id' => '1', 'title' => 'Croatia Knocks Out Title Favourites Brazil on Penalties to Reach World Cup Semi-Final', 'sub_title' => '', 'summary' => 'December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 10: Croatia knocked title favourites Brazil out of the World Cup on penalties as they kept their nerve to edge through to the semi-finals. Croatia, the beaten finalists four years ago, scored with all four of their spot-kicks as Rodrygo - taking his team's first kick - was denied by the brilliant Dominik Livakovic while the crucial fourth effort of Brazil’s Marquinho struck the post.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As the ball hit the foot of the woodwork and bounced away, Croatia's team sprinted to celebrate with their goalkeeper, while the Brazil players hit the turf, knowing their dream of a sixth crown had come to an end, the BBC reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After an engrossing 90 minutes, Tite's men thought they had won it in extra time when Neymar scored a thumping effort to equal Brazil's 'official' men's goalscoring record.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Brazil were punished for letting their guard down, with substitute Bruno Petkovic drilling in an 117th-minute equaliser with their one and only shot on target, breaking Brazilian hearts in the Education City Stadium, Reuters reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the news agency, the 2018 runners-up came through their second straight shootout after beating Japan on penalties in the last 16 and will now face Argentina, who defeated the Netherlands in another penalty shootout in another late match of the day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16237', 'image' => '20221210104450_Croatia-3-e1670609429609-1-1024x576.jpg', 'article_date' => '2022-12-10 10:44:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16495', 'article_category_id' => '1', 'title' => 'Argentina Win on Penalties after Dutch Fightback', 'sub_title' => '', 'summary' => 'December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">December 10: Argentina defeated the Netherlands 4-3 on penalties to keep Lionel Messi's World Cup dream alive after the Dutch side snatched a 2-2 draw from the jaws of defeat in an extraordinary quarter-final on Friday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Argentina looked as if they were cruising to victory with a 2-0 lead with only seven minutes of normal time remaining but the Dutch scored twice through substitute Wout Weghorst to send the match into extra time.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Emiliano Martinez saved the first two Dutch penalties to give Argentina a huge advantage and Lautaro Martinez sent Andries Noppert the wrong way to set up a date for the South Americans with Croatia in the semi-finals on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">A total of 16 yellow cards were shown throughout the contest by Spanish referee Antonio Mateu and Dutch wingback Denzel Dumfries was sent off after the final whistle for his part in the final brawl.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-12-10', 'modified' => '2022-12-10', 'keywords' => '', 'description' => '', 'sortorder' => '16236', 'image' => '20221210103454_20221210_afp_world_cup_2022_argentina_netherlands.jpg', 'article_date' => '2022-12-10 10:34:06', '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
