November 11: Contributors of Social Security Fund have had to suffer from a wrong message circulated on its…
November 11: Contributors of Social Security Fund have had to suffer from a wrong message circulated on its…
November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves.…
November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are…
November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its…
November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9.…
November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology…
November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10…
November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest…
November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still…
November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their…
November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in…
November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia…
November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries.…
November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal…
November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by…
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The fund has mentioned on its website that it will bear the cost of treatment under the drug treatment scheme if the contributor receives treatment from the National Trauma Center in Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, it has been found that SSF has not signed any agreement with the Trauma Centre to provide treatment to the contributors. Because of this glitch, the contributors visiting the Trauma Center for treatment have had to suffer unnecessary hassles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The SSF has signed agreements with 17 hospitals across the country so far. As per the agreement, the contributors of SSF can get up to an 80 per cent discount for treatment cost up to Rs 25,000 a year from those hospital for OPD services.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A contributor who has been continuously contributing to the Social Security Fund for the past three years went to the Trauma Centre for treatment on Monday. He reached the Trauma Centre based on the information provided by the fund on its website. When he asked about the facilities available for treatment at the Trauma Centre, the hospital staff said they were unaware of it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Then he met the Information Officer of the hospital Arjun Prasad Bhetwal. According to the contributor, Bhetwal also said that since the Trauma Center did not have such an agreement with the SSF, the facility could not be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Though we have signed such agreements with other agencies and have been providing treatment facilities, we have not reached an agreement with the Social Security Fund. However, the contributors of the fund keep coming to seek services,” said Bhetwal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund also admitted that it did not formally sign a contract with the Trauma Centre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SSF spokesperson Vivek Panthi said if any patient receives treatment from the Trauma Centre, he should come to the SSF office along with the hospital bill to claim the payment because the fund has not reached an agreement with the Trauma Centre. The patients complain that such process is complicated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund has mentioned that 80 per cent of the annual treatment costs of up to Rs 25,000 in OPD and Rs 100000 for admission charge of the hospital under drug treatment and maternity protection services will be paid directly to the hospital where the patient is admitted and the remaining 20 per cent should be borne by the individual. There are currently 371,000 contributors and 17,400 employers registered with the SSF.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16028', 'image' => '20221111012354_SSF (1).jpg', 'article_date' => '2022-11-11 13:23:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16286', 'article_category_id' => '1', 'title' => 'Import Ban Results in Closure of 58 Vehicle Dealers across the Country ', 'sub_title' => '', 'summary' => 'November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. However, the imports of electric vehicles are allowed. Imports of light vehicles like cars, vans and jeeps for personal use have been banned. But, the ban has resulted in the closure of many dealers across the country, adding financial burdens to the businesspersons, according to the NADA Automobiles Association of Nepal. </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"">Similarly, hike in interest on loans by banks and financial institutions has also added to their problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY 2021/22), banks and financial institutions invested around Rs 95 billion in this sector. According to the latest data of NADA, at least 58 vehicle dealers across the country have shut down as a result of the ban imposed by the government.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 100 others are on the verge of closure. The vehicle dealers that have shut down include nine in Province 1, 11 in Madhes Province, 18 in Bagmati Province, seven in Gandaki Province, three in Lumbini Province, seven in Karnali Province and three in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total 1,025 vehicle dealers are in operating across the country, said the NADA. Out of them, 145 are in Province 1, 95 in Madhes Province, 378 in Bagmati Province, 182 in Gandaki Province, 105 in Lumbini Province, 62 in Karnali Province and 58 in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NADA General-Secretary, Surendra Kumar Upreti, said that the government has extended the ban which has further put this struggling business in trouble. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been frequently urging the government to remove the ban. We have only got assurance from the government," he shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Upreti further said all dealers operating in the Kathmandu Valley would be closed if the ban continues even after mid-November. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been running office and providing salaries to staff by taking loan from banks as the business is considerably down. Vehicle dealers have been closed after they could not afford the expenses. Dealers of heavy vehicles will be closed if such situation persists," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the closure of vehicle dealers, more than 1,000 staff across the country have become jobless, according to NADA. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice in the Nepal Gazette on April 26, the Ministry of Industry, Commerce and Supplies had banned the imports of 10 different types of items citing a decline in foreign exchange reserves of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the ban on six of those items have been lifted, the government has extended the ban on the imports of smart phones priced over USD 300, jeeps, cars, vans and motorcycles with capacity of more than 150 cc till December. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16027', 'image' => '20221111121005_nada.jpg', 'article_date' => '2022-11-11 12:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16285', 'article_category_id' => '1', 'title' => 'NCC Urges its District Chapters to Defer Protest until the Elections ', 'sub_title' => '', 'summary' => 'November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The district and municipality level chapters of NCC have been asked to put off the agitation considering the elections, according to a statement issued by NCC on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NCC has launched an agitation against the hike in interest rate by banks and financial institutions and against the short-term loan guidelines of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The statement reads, "The country is in the midst of the elections to the House of Representatives and the Provincial Assembly. The NCC will take initiatives to resolve the problems through discussions with the government while continuing the protest peacefully after the polls. The district and municipality-level chapters of NCC have been urged to postpone all the protest programmes." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NCC President Rajendra Malla argued that continuing the agitation would cause more problems amidst the elections although industrialists have faced a setback due to an extreme increase in the interest rate by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Even though there are many options to decrease the interest rate, the government has not listened to the demands of the industrialists. There is no alternative than to launch a protest soon after the elections," he shared. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16026', 'image' => '20221111111056_NCCC.jpg', 'article_date' => '2022-11-11 11:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16283', 'article_category_id' => '1', 'title' => 'Government Recommended to Develop Separate Mechanism for Arrears Settlement ', 'sub_title' => '', 'summary' => 'November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement. It has also suggested the government to improve the public finance management system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> According to a study report prepared by the National Planning Commission, the government requires a separate body to address overdue issues. The report entitled ‘Study Report on the Situation of Public Auditing and Settlement of Arrears in Nepal, 2079 BS' has proposed the government to have a separate body for looking after the issues of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 59th annual report of the Auditor General, 2079 BS puts the arrears till the fiscal 2020-21 at over Rs 829 billion. The report says that the overdue amount in the review year increased by Rs over 115 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NPC report mentions about the lack of enough discussions on the report of the Auditor General in parliamentary committee, indicating the need for making the account officer more responsible for arrears management and increasing the effectiveness of monitoring and supervision in the relevant sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NPC Spokesperson Rajendra Kumar Poudel, the size of arrears is increasing in recent years and its impacts are visible in the public finance management, prompting the urgent need to control it in time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report points out the need for identification and pre-preparations before incorporating plans and policies in the budget, stating that coordination among the periodic plans, government policies and programmes and the budget were missing and it caused challenges to the management of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The lack of fiscal discipline, the agreement for multi-year projects without permission, and the lack of effective monitoring and supervision are among other factors fueling the problem, it has been stated in the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16025', 'image' => '20221110053145_new_logo.jpg', 'article_date' => '2022-11-10 17:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16282', 'article_category_id' => '1', 'title' => 'Swiss Businessmen Exploring Business Opportunities in Nepal', 'sub_title' => '', 'summary' => 'November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. The goal of this mission was to introduce Swiss companies to potential market entry and commercial opportunities in the fast-growing Nepali market, reads a statement issued by the Swiss embassy. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement, fifteen delegates from 10 Swiss companies - Ferring Pharmaceuticals, Roche Diagnostics, Zürcher Kantonalbank, Lufthansa Group, Hilti, PINI, Lombardi, Gherzi, Victorinox, and 2000 Watt Smart Cities participated in the mission. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The delegates were exposed to public sector stakeholders, market experts, and private sector practitioners, development finance institutions, covering a range of topics including macroeconomic trends, enabling business environment, policy landscape and targeted opportunities,” the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The delegation held high-level meetings with Health Minister Bhawani Prasad Khapung, as well as officials of the Ministry of Finance; Ministry of Culture, Tourism and Civil Aviation; Ministry of Industry, Commerce, and Supplies; Nepal Electricity Authority; Department of Roads and the Investment Board of Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swiss Ambassador to Nepal Elisabeth von Capeller, said that there is a real opportunity for Swiss companies to enter the Nepali marke as the country shifts gear from political transition to economic transformation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Deepening trade relations with Switzerland can reap benefits in the form of knowledge transfer of Swiss technologies and expertise, and access to a range of choices on products and services for the Nepali people,” the statement quoted Swiss Capeller as saying.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement further said that the longstanding friendship that Switzerland and Nepal share was on full display during the delegation’s visit. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The discussions, perspectives and exposure to the Nepali market were well-received by the delegation, shaping their understanding of the Nepali market and its tremendous potential.”</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16024', 'image' => '20221110041015_0S3A6045.jpg', 'article_date' => '2022-11-10 16:09:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16284', 'article_category_id' => '1', 'title' => 'Industrialists of Nepal and Singapore agree for Joint Investment', 'sub_title' => '', 'summary' => 'November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, president of the Birgunj Chamber of Commerce and Industry, who is currently in a visit to Singapore, informed that the chamber reached such understanding with their counterparts of Singapore during the official visit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The team of industrialists led by President Gupta reached an agreement with the local entrepreneurs to promote mutual business activities and facilitate business promotion. A memorandum of understanding was signed by president Gupta from Nepal and president Chiu Boon Thong from Singapore Chamber of Commerce and Industry in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta informed that they have agreed to exchange information related to business, give priority to joint investment and partnership business, arrange technical experts, and promote business visits between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta claims that the visit of industrialists from Birgunj to Singapore and Vietnam will be effective in terms of how Nepal can benefit from the development strategy adopted by those countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16023', 'image' => '20221110061520_1667973397.bcci.jpg', 'article_date' => '2022-11-10 18:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16281', 'article_category_id' => '1', 'title' => 'Security Surveillance Stepped up for Elections ', 'sub_title' => '', 'summary' => 'November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days. The voting for the elections to the House of Representatives and Provincial Assembly is scheduled for November 20. The elections will be held in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 300,000 security personnel of three security agencies have been deployed for the twin elections. Among them 71,693 personnel are from Nepal Police and 115,000 are temporary policepersons. Similarly, a total of 75,000 personnel of the Nepalese Army (NA) and 35,000 of Armed Police Force (APF) are being deployed to ensure the elections are held in a free, impartial and peaceful manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Home Affairs, this time a huge number of security personnel have been mobilized for election security on the need basis. Spokesperson at the Ministry Phadindramani Pokharel shared that the election security was tightened evaluating the challenges in the polling stations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An integrated security plan has been implemented according to which security agencies will provide security in three different layers. In the first ring, Nepal Police will provide security while Armed Police Force and Nepalese Army will provide security in the second and third layers respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Police Spokesperson and Deputy Inspector General (DIG) Tek Prasad Rai shared that election security plan is good and reliable. "Voters can cast their vote without any fear," he said. According to him, some 28 small groups have announced to boycott the election. The security agencies are closely monitoring them, shared spokesperson Rai. </span><br /> L<span style="font-family:"Arial Unicode MS","sans-serif"">earning from the past experience, police have also devised security plans for contingencies, added Rai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Armed Police Force (APF) that is deployed in the second layer for election security, has already mobilized required number of personnel while some are in stand-by position to be deployed on need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF will mainly provide security to the election offices, election officers and chief election officers among others. Spokesperson of the APF and Senior Superintendent of Police Purushottam Thapa shared that election security bases were set up in various locations and security personnel were mobilized in plain clothes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, mobile patrolling is also being carried out by the APF security personnel while surveillance has been stepped up in border areas as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepalese Army has already started monitoring in all districts as per the mandate given to it by the integrated security plan, said NA Spokesperson Brigadier General Narayan Silwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prisons, airports and other important infrastructures, guarded by APF and Nepal Police during the previous elections, are being guarded by the Nepalese Army this time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, NA has been entrusted with the responsibility to guard the printing of ballot papers and its transportation. Spokesperson Silwal shared that the army has already made preparations for aerial surveillance, disposal of bombs or neutralizing suspicious objects and explosives during the election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, the army has set up separate bases/units in those places uncovered by the already set bases/units, he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16022', 'image' => '20221110035253_RajendraPaneru_Kanchanpur_RSS_23.jpg', 'article_date' => '2022-11-10 15:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16280', 'article_category_id' => '1', 'title' => 'FNCCI Expresses Solidarity with Protests of Industrialists', 'sub_title' => '', 'summary' => 'November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates and the Working Capital Loan Guidelines implemented by the Nepal Rastra Bank. The federation has expressed its solidarity with the demands put forward by the district chapters of FNCCI and the associate members of the federation who have been opposing the policy of the central bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A meeting of FNCCI held on Wednesday expressed its solidarity with the agitating business community and has requested the central bank to manage liquidity crisis and stabilize interest rate and also to postpone the Working Capital Loan Guidelines. FNCCI has also requested all provincial chapters and member organizations to suspend the ongoing protest program. Likewise, the federation has also requested to provide support from their respective areas to make the elections successful.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the period leading up to the election, the federation leadership will continue to be in dialogue with the government and Nepal Rastra Bank, and the federation has expressed its belief that the problems faced by the private sector will be resolved through dialogue. Even after the election, if the demands of the private sector are not addressed by the concerned bodies, the federation has said that it will announce more protest programmess in favour of economic stability and to establish the rights of the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen have been holding protest programmes across the country after Dashain stating that the government has introduced policies including a hike in interest rates that have affected the business. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI unveiled the "Perceptions of FNCCI for Economic Stability '' on Wednesday and expressed the demands would be addressed in the meantime. It is mentioned in the statement that if the demand is not addressed even before the election, FNNCI will introduce other programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that lack of demand in the market has been affecting business, and the private sector is suffering due to the increase in interest rates and the guidelines implemented by the central bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The federation is in solidarity with the demands put forward by the district unions," the federation said in a statement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"However, the election of the members of the House of Representatives and the State Assembly is going to be held on November 20, and the election is important for the democratic system and open market economy," the statement added. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16021', 'image' => '20221110121248_Protest.jpg', 'article_date' => '2022-11-10 12:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16279', 'article_category_id' => '1', 'title' => 'IMF Warns Global Economy Still Remains Uncertain', 'sub_title' => '', 'summary' => 'November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists. It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', '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' => '16287', 'article_category_id' => '1', 'title' => 'Wrong Message on SSF Website Troubles Contributors ', 'sub_title' => '', 'summary' => 'November 11: Contributors of Social Security Fund have had to suffer from a wrong message circulated on its website.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">November 11: Contributors of Social Security Fund have had to suffer from a wrong message circulated on its website. The fund has mentioned on its website that it will bear the cost of treatment under the drug treatment scheme if the contributor receives treatment from the National Trauma Center in Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, it has been found that SSF has not signed any agreement with the Trauma Centre to provide treatment to the contributors. Because of this glitch, the contributors visiting the Trauma Center for treatment have had to suffer unnecessary hassles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The SSF has signed agreements with 17 hospitals across the country so far. As per the agreement, the contributors of SSF can get up to an 80 per cent discount for treatment cost up to Rs 25,000 a year from those hospital for OPD services.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A contributor who has been continuously contributing to the Social Security Fund for the past three years went to the Trauma Centre for treatment on Monday. He reached the Trauma Centre based on the information provided by the fund on its website. When he asked about the facilities available for treatment at the Trauma Centre, the hospital staff said they were unaware of it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Then he met the Information Officer of the hospital Arjun Prasad Bhetwal. According to the contributor, Bhetwal also said that since the Trauma Center did not have such an agreement with the SSF, the facility could not be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Though we have signed such agreements with other agencies and have been providing treatment facilities, we have not reached an agreement with the Social Security Fund. However, the contributors of the fund keep coming to seek services,” said Bhetwal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund also admitted that it did not formally sign a contract with the Trauma Centre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SSF spokesperson Vivek Panthi said if any patient receives treatment from the Trauma Centre, he should come to the SSF office along with the hospital bill to claim the payment because the fund has not reached an agreement with the Trauma Centre. The patients complain that such process is complicated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund has mentioned that 80 per cent of the annual treatment costs of up to Rs 25,000 in OPD and Rs 100000 for admission charge of the hospital under drug treatment and maternity protection services will be paid directly to the hospital where the patient is admitted and the remaining 20 per cent should be borne by the individual. There are currently 371,000 contributors and 17,400 employers registered with the SSF.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16028', 'image' => '20221111012354_SSF (1).jpg', 'article_date' => '2022-11-11 13:23:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16286', 'article_category_id' => '1', 'title' => 'Import Ban Results in Closure of 58 Vehicle Dealers across the Country ', 'sub_title' => '', 'summary' => 'November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. However, the imports of electric vehicles are allowed. Imports of light vehicles like cars, vans and jeeps for personal use have been banned. But, the ban has resulted in the closure of many dealers across the country, adding financial burdens to the businesspersons, according to the NADA Automobiles Association of Nepal. </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"">Similarly, hike in interest on loans by banks and financial institutions has also added to their problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY 2021/22), banks and financial institutions invested around Rs 95 billion in this sector. According to the latest data of NADA, at least 58 vehicle dealers across the country have shut down as a result of the ban imposed by the government.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 100 others are on the verge of closure. The vehicle dealers that have shut down include nine in Province 1, 11 in Madhes Province, 18 in Bagmati Province, seven in Gandaki Province, three in Lumbini Province, seven in Karnali Province and three in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total 1,025 vehicle dealers are in operating across the country, said the NADA. Out of them, 145 are in Province 1, 95 in Madhes Province, 378 in Bagmati Province, 182 in Gandaki Province, 105 in Lumbini Province, 62 in Karnali Province and 58 in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NADA General-Secretary, Surendra Kumar Upreti, said that the government has extended the ban which has further put this struggling business in trouble. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been frequently urging the government to remove the ban. We have only got assurance from the government," he shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Upreti further said all dealers operating in the Kathmandu Valley would be closed if the ban continues even after mid-November. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been running office and providing salaries to staff by taking loan from banks as the business is considerably down. Vehicle dealers have been closed after they could not afford the expenses. Dealers of heavy vehicles will be closed if such situation persists," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the closure of vehicle dealers, more than 1,000 staff across the country have become jobless, according to NADA. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice in the Nepal Gazette on April 26, the Ministry of Industry, Commerce and Supplies had banned the imports of 10 different types of items citing a decline in foreign exchange reserves of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the ban on six of those items have been lifted, the government has extended the ban on the imports of smart phones priced over USD 300, jeeps, cars, vans and motorcycles with capacity of more than 150 cc till December. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16027', 'image' => '20221111121005_nada.jpg', 'article_date' => '2022-11-11 12:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16285', 'article_category_id' => '1', 'title' => 'NCC Urges its District Chapters to Defer Protest until the Elections ', 'sub_title' => '', 'summary' => 'November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The district and municipality level chapters of NCC have been asked to put off the agitation considering the elections, according to a statement issued by NCC on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NCC has launched an agitation against the hike in interest rate by banks and financial institutions and against the short-term loan guidelines of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The statement reads, "The country is in the midst of the elections to the House of Representatives and the Provincial Assembly. The NCC will take initiatives to resolve the problems through discussions with the government while continuing the protest peacefully after the polls. The district and municipality-level chapters of NCC have been urged to postpone all the protest programmes." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NCC President Rajendra Malla argued that continuing the agitation would cause more problems amidst the elections although industrialists have faced a setback due to an extreme increase in the interest rate by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Even though there are many options to decrease the interest rate, the government has not listened to the demands of the industrialists. There is no alternative than to launch a protest soon after the elections," he shared. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16026', 'image' => '20221111111056_NCCC.jpg', 'article_date' => '2022-11-11 11:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16283', 'article_category_id' => '1', 'title' => 'Government Recommended to Develop Separate Mechanism for Arrears Settlement ', 'sub_title' => '', 'summary' => 'November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement. It has also suggested the government to improve the public finance management system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> According to a study report prepared by the National Planning Commission, the government requires a separate body to address overdue issues. The report entitled ‘Study Report on the Situation of Public Auditing and Settlement of Arrears in Nepal, 2079 BS' has proposed the government to have a separate body for looking after the issues of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 59th annual report of the Auditor General, 2079 BS puts the arrears till the fiscal 2020-21 at over Rs 829 billion. The report says that the overdue amount in the review year increased by Rs over 115 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NPC report mentions about the lack of enough discussions on the report of the Auditor General in parliamentary committee, indicating the need for making the account officer more responsible for arrears management and increasing the effectiveness of monitoring and supervision in the relevant sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NPC Spokesperson Rajendra Kumar Poudel, the size of arrears is increasing in recent years and its impacts are visible in the public finance management, prompting the urgent need to control it in time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report points out the need for identification and pre-preparations before incorporating plans and policies in the budget, stating that coordination among the periodic plans, government policies and programmes and the budget were missing and it caused challenges to the management of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The lack of fiscal discipline, the agreement for multi-year projects without permission, and the lack of effective monitoring and supervision are among other factors fueling the problem, it has been stated in the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16025', 'image' => '20221110053145_new_logo.jpg', 'article_date' => '2022-11-10 17:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16282', 'article_category_id' => '1', 'title' => 'Swiss Businessmen Exploring Business Opportunities in Nepal', 'sub_title' => '', 'summary' => 'November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. The goal of this mission was to introduce Swiss companies to potential market entry and commercial opportunities in the fast-growing Nepali market, reads a statement issued by the Swiss embassy. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement, fifteen delegates from 10 Swiss companies - Ferring Pharmaceuticals, Roche Diagnostics, Zürcher Kantonalbank, Lufthansa Group, Hilti, PINI, Lombardi, Gherzi, Victorinox, and 2000 Watt Smart Cities participated in the mission. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The delegates were exposed to public sector stakeholders, market experts, and private sector practitioners, development finance institutions, covering a range of topics including macroeconomic trends, enabling business environment, policy landscape and targeted opportunities,” the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The delegation held high-level meetings with Health Minister Bhawani Prasad Khapung, as well as officials of the Ministry of Finance; Ministry of Culture, Tourism and Civil Aviation; Ministry of Industry, Commerce, and Supplies; Nepal Electricity Authority; Department of Roads and the Investment Board of Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swiss Ambassador to Nepal Elisabeth von Capeller, said that there is a real opportunity for Swiss companies to enter the Nepali marke as the country shifts gear from political transition to economic transformation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Deepening trade relations with Switzerland can reap benefits in the form of knowledge transfer of Swiss technologies and expertise, and access to a range of choices on products and services for the Nepali people,” the statement quoted Swiss Capeller as saying.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement further said that the longstanding friendship that Switzerland and Nepal share was on full display during the delegation’s visit. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The discussions, perspectives and exposure to the Nepali market were well-received by the delegation, shaping their understanding of the Nepali market and its tremendous potential.”</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16024', 'image' => '20221110041015_0S3A6045.jpg', 'article_date' => '2022-11-10 16:09:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16284', 'article_category_id' => '1', 'title' => 'Industrialists of Nepal and Singapore agree for Joint Investment', 'sub_title' => '', 'summary' => 'November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, president of the Birgunj Chamber of Commerce and Industry, who is currently in a visit to Singapore, informed that the chamber reached such understanding with their counterparts of Singapore during the official visit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The team of industrialists led by President Gupta reached an agreement with the local entrepreneurs to promote mutual business activities and facilitate business promotion. A memorandum of understanding was signed by president Gupta from Nepal and president Chiu Boon Thong from Singapore Chamber of Commerce and Industry in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta informed that they have agreed to exchange information related to business, give priority to joint investment and partnership business, arrange technical experts, and promote business visits between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta claims that the visit of industrialists from Birgunj to Singapore and Vietnam will be effective in terms of how Nepal can benefit from the development strategy adopted by those countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16023', 'image' => '20221110061520_1667973397.bcci.jpg', 'article_date' => '2022-11-10 18:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16281', 'article_category_id' => '1', 'title' => 'Security Surveillance Stepped up for Elections ', 'sub_title' => '', 'summary' => 'November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days. The voting for the elections to the House of Representatives and Provincial Assembly is scheduled for November 20. The elections will be held in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 300,000 security personnel of three security agencies have been deployed for the twin elections. Among them 71,693 personnel are from Nepal Police and 115,000 are temporary policepersons. Similarly, a total of 75,000 personnel of the Nepalese Army (NA) and 35,000 of Armed Police Force (APF) are being deployed to ensure the elections are held in a free, impartial and peaceful manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Home Affairs, this time a huge number of security personnel have been mobilized for election security on the need basis. Spokesperson at the Ministry Phadindramani Pokharel shared that the election security was tightened evaluating the challenges in the polling stations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An integrated security plan has been implemented according to which security agencies will provide security in three different layers. In the first ring, Nepal Police will provide security while Armed Police Force and Nepalese Army will provide security in the second and third layers respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Police Spokesperson and Deputy Inspector General (DIG) Tek Prasad Rai shared that election security plan is good and reliable. "Voters can cast their vote without any fear," he said. According to him, some 28 small groups have announced to boycott the election. The security agencies are closely monitoring them, shared spokesperson Rai. </span><br /> L<span style="font-family:"Arial Unicode MS","sans-serif"">earning from the past experience, police have also devised security plans for contingencies, added Rai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Armed Police Force (APF) that is deployed in the second layer for election security, has already mobilized required number of personnel while some are in stand-by position to be deployed on need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF will mainly provide security to the election offices, election officers and chief election officers among others. Spokesperson of the APF and Senior Superintendent of Police Purushottam Thapa shared that election security bases were set up in various locations and security personnel were mobilized in plain clothes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, mobile patrolling is also being carried out by the APF security personnel while surveillance has been stepped up in border areas as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepalese Army has already started monitoring in all districts as per the mandate given to it by the integrated security plan, said NA Spokesperson Brigadier General Narayan Silwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prisons, airports and other important infrastructures, guarded by APF and Nepal Police during the previous elections, are being guarded by the Nepalese Army this time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, NA has been entrusted with the responsibility to guard the printing of ballot papers and its transportation. Spokesperson Silwal shared that the army has already made preparations for aerial surveillance, disposal of bombs or neutralizing suspicious objects and explosives during the election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, the army has set up separate bases/units in those places uncovered by the already set bases/units, he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16022', 'image' => '20221110035253_RajendraPaneru_Kanchanpur_RSS_23.jpg', 'article_date' => '2022-11-10 15:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16280', 'article_category_id' => '1', 'title' => 'FNCCI Expresses Solidarity with Protests of Industrialists', 'sub_title' => '', 'summary' => 'November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates and the Working Capital Loan Guidelines implemented by the Nepal Rastra Bank. The federation has expressed its solidarity with the demands put forward by the district chapters of FNCCI and the associate members of the federation who have been opposing the policy of the central bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A meeting of FNCCI held on Wednesday expressed its solidarity with the agitating business community and has requested the central bank to manage liquidity crisis and stabilize interest rate and also to postpone the Working Capital Loan Guidelines. FNCCI has also requested all provincial chapters and member organizations to suspend the ongoing protest program. Likewise, the federation has also requested to provide support from their respective areas to make the elections successful.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the period leading up to the election, the federation leadership will continue to be in dialogue with the government and Nepal Rastra Bank, and the federation has expressed its belief that the problems faced by the private sector will be resolved through dialogue. Even after the election, if the demands of the private sector are not addressed by the concerned bodies, the federation has said that it will announce more protest programmess in favour of economic stability and to establish the rights of the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen have been holding protest programmes across the country after Dashain stating that the government has introduced policies including a hike in interest rates that have affected the business. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI unveiled the "Perceptions of FNCCI for Economic Stability '' on Wednesday and expressed the demands would be addressed in the meantime. It is mentioned in the statement that if the demand is not addressed even before the election, FNNCI will introduce other programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that lack of demand in the market has been affecting business, and the private sector is suffering due to the increase in interest rates and the guidelines implemented by the central bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The federation is in solidarity with the demands put forward by the district unions," the federation said in a statement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"However, the election of the members of the House of Representatives and the State Assembly is going to be held on November 20, and the election is important for the democratic system and open market economy," the statement added. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16021', 'image' => '20221110121248_Protest.jpg', 'article_date' => '2022-11-10 12:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16279', 'article_category_id' => '1', 'title' => 'IMF Warns Global Economy Still Remains Uncertain', 'sub_title' => '', 'summary' => 'November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists. It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', '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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The fund has mentioned on its website that it will bear the cost of treatment under the drug treatment scheme if the contributor receives treatment from the National Trauma Center in Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, it has been found that SSF has not signed any agreement with the Trauma Centre to provide treatment to the contributors. Because of this glitch, the contributors visiting the Trauma Center for treatment have had to suffer unnecessary hassles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The SSF has signed agreements with 17 hospitals across the country so far. As per the agreement, the contributors of SSF can get up to an 80 per cent discount for treatment cost up to Rs 25,000 a year from those hospital for OPD services.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A contributor who has been continuously contributing to the Social Security Fund for the past three years went to the Trauma Centre for treatment on Monday. He reached the Trauma Centre based on the information provided by the fund on its website. When he asked about the facilities available for treatment at the Trauma Centre, the hospital staff said they were unaware of it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Then he met the Information Officer of the hospital Arjun Prasad Bhetwal. According to the contributor, Bhetwal also said that since the Trauma Center did not have such an agreement with the SSF, the facility could not be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Though we have signed such agreements with other agencies and have been providing treatment facilities, we have not reached an agreement with the Social Security Fund. However, the contributors of the fund keep coming to seek services,” said Bhetwal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund also admitted that it did not formally sign a contract with the Trauma Centre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SSF spokesperson Vivek Panthi said if any patient receives treatment from the Trauma Centre, he should come to the SSF office along with the hospital bill to claim the payment because the fund has not reached an agreement with the Trauma Centre. The patients complain that such process is complicated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund has mentioned that 80 per cent of the annual treatment costs of up to Rs 25,000 in OPD and Rs 100000 for admission charge of the hospital under drug treatment and maternity protection services will be paid directly to the hospital where the patient is admitted and the remaining 20 per cent should be borne by the individual. There are currently 371,000 contributors and 17,400 employers registered with the SSF.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16028', 'image' => '20221111012354_SSF (1).jpg', 'article_date' => '2022-11-11 13:23:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16286', 'article_category_id' => '1', 'title' => 'Import Ban Results in Closure of 58 Vehicle Dealers across the Country ', 'sub_title' => '', 'summary' => 'November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. However, the imports of electric vehicles are allowed. Imports of light vehicles like cars, vans and jeeps for personal use have been banned. But, the ban has resulted in the closure of many dealers across the country, adding financial burdens to the businesspersons, according to the NADA Automobiles Association of Nepal. </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"">Similarly, hike in interest on loans by banks and financial institutions has also added to their problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY 2021/22), banks and financial institutions invested around Rs 95 billion in this sector. According to the latest data of NADA, at least 58 vehicle dealers across the country have shut down as a result of the ban imposed by the government.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 100 others are on the verge of closure. The vehicle dealers that have shut down include nine in Province 1, 11 in Madhes Province, 18 in Bagmati Province, seven in Gandaki Province, three in Lumbini Province, seven in Karnali Province and three in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total 1,025 vehicle dealers are in operating across the country, said the NADA. Out of them, 145 are in Province 1, 95 in Madhes Province, 378 in Bagmati Province, 182 in Gandaki Province, 105 in Lumbini Province, 62 in Karnali Province and 58 in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NADA General-Secretary, Surendra Kumar Upreti, said that the government has extended the ban which has further put this struggling business in trouble. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been frequently urging the government to remove the ban. We have only got assurance from the government," he shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Upreti further said all dealers operating in the Kathmandu Valley would be closed if the ban continues even after mid-November. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been running office and providing salaries to staff by taking loan from banks as the business is considerably down. Vehicle dealers have been closed after they could not afford the expenses. Dealers of heavy vehicles will be closed if such situation persists," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the closure of vehicle dealers, more than 1,000 staff across the country have become jobless, according to NADA. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice in the Nepal Gazette on April 26, the Ministry of Industry, Commerce and Supplies had banned the imports of 10 different types of items citing a decline in foreign exchange reserves of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the ban on six of those items have been lifted, the government has extended the ban on the imports of smart phones priced over USD 300, jeeps, cars, vans and motorcycles with capacity of more than 150 cc till December. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16027', 'image' => '20221111121005_nada.jpg', 'article_date' => '2022-11-11 12:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16285', 'article_category_id' => '1', 'title' => 'NCC Urges its District Chapters to Defer Protest until the Elections ', 'sub_title' => '', 'summary' => 'November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The district and municipality level chapters of NCC have been asked to put off the agitation considering the elections, according to a statement issued by NCC on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NCC has launched an agitation against the hike in interest rate by banks and financial institutions and against the short-term loan guidelines of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The statement reads, "The country is in the midst of the elections to the House of Representatives and the Provincial Assembly. The NCC will take initiatives to resolve the problems through discussions with the government while continuing the protest peacefully after the polls. The district and municipality-level chapters of NCC have been urged to postpone all the protest programmes." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NCC President Rajendra Malla argued that continuing the agitation would cause more problems amidst the elections although industrialists have faced a setback due to an extreme increase in the interest rate by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Even though there are many options to decrease the interest rate, the government has not listened to the demands of the industrialists. There is no alternative than to launch a protest soon after the elections," he shared. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16026', 'image' => '20221111111056_NCCC.jpg', 'article_date' => '2022-11-11 11:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16283', 'article_category_id' => '1', 'title' => 'Government Recommended to Develop Separate Mechanism for Arrears Settlement ', 'sub_title' => '', 'summary' => 'November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement. It has also suggested the government to improve the public finance management system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> According to a study report prepared by the National Planning Commission, the government requires a separate body to address overdue issues. The report entitled ‘Study Report on the Situation of Public Auditing and Settlement of Arrears in Nepal, 2079 BS' has proposed the government to have a separate body for looking after the issues of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 59th annual report of the Auditor General, 2079 BS puts the arrears till the fiscal 2020-21 at over Rs 829 billion. The report says that the overdue amount in the review year increased by Rs over 115 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NPC report mentions about the lack of enough discussions on the report of the Auditor General in parliamentary committee, indicating the need for making the account officer more responsible for arrears management and increasing the effectiveness of monitoring and supervision in the relevant sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NPC Spokesperson Rajendra Kumar Poudel, the size of arrears is increasing in recent years and its impacts are visible in the public finance management, prompting the urgent need to control it in time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report points out the need for identification and pre-preparations before incorporating plans and policies in the budget, stating that coordination among the periodic plans, government policies and programmes and the budget were missing and it caused challenges to the management of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The lack of fiscal discipline, the agreement for multi-year projects without permission, and the lack of effective monitoring and supervision are among other factors fueling the problem, it has been stated in the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16025', 'image' => '20221110053145_new_logo.jpg', 'article_date' => '2022-11-10 17:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16282', 'article_category_id' => '1', 'title' => 'Swiss Businessmen Exploring Business Opportunities in Nepal', 'sub_title' => '', 'summary' => 'November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. The goal of this mission was to introduce Swiss companies to potential market entry and commercial opportunities in the fast-growing Nepali market, reads a statement issued by the Swiss embassy. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement, fifteen delegates from 10 Swiss companies - Ferring Pharmaceuticals, Roche Diagnostics, Zürcher Kantonalbank, Lufthansa Group, Hilti, PINI, Lombardi, Gherzi, Victorinox, and 2000 Watt Smart Cities participated in the mission. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The delegates were exposed to public sector stakeholders, market experts, and private sector practitioners, development finance institutions, covering a range of topics including macroeconomic trends, enabling business environment, policy landscape and targeted opportunities,” the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The delegation held high-level meetings with Health Minister Bhawani Prasad Khapung, as well as officials of the Ministry of Finance; Ministry of Culture, Tourism and Civil Aviation; Ministry of Industry, Commerce, and Supplies; Nepal Electricity Authority; Department of Roads and the Investment Board of Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swiss Ambassador to Nepal Elisabeth von Capeller, said that there is a real opportunity for Swiss companies to enter the Nepali marke as the country shifts gear from political transition to economic transformation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Deepening trade relations with Switzerland can reap benefits in the form of knowledge transfer of Swiss technologies and expertise, and access to a range of choices on products and services for the Nepali people,” the statement quoted Swiss Capeller as saying.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement further said that the longstanding friendship that Switzerland and Nepal share was on full display during the delegation’s visit. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The discussions, perspectives and exposure to the Nepali market were well-received by the delegation, shaping their understanding of the Nepali market and its tremendous potential.”</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16024', 'image' => '20221110041015_0S3A6045.jpg', 'article_date' => '2022-11-10 16:09:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16284', 'article_category_id' => '1', 'title' => 'Industrialists of Nepal and Singapore agree for Joint Investment', 'sub_title' => '', 'summary' => 'November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, president of the Birgunj Chamber of Commerce and Industry, who is currently in a visit to Singapore, informed that the chamber reached such understanding with their counterparts of Singapore during the official visit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The team of industrialists led by President Gupta reached an agreement with the local entrepreneurs to promote mutual business activities and facilitate business promotion. A memorandum of understanding was signed by president Gupta from Nepal and president Chiu Boon Thong from Singapore Chamber of Commerce and Industry in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta informed that they have agreed to exchange information related to business, give priority to joint investment and partnership business, arrange technical experts, and promote business visits between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta claims that the visit of industrialists from Birgunj to Singapore and Vietnam will be effective in terms of how Nepal can benefit from the development strategy adopted by those countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16023', 'image' => '20221110061520_1667973397.bcci.jpg', 'article_date' => '2022-11-10 18:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16281', 'article_category_id' => '1', 'title' => 'Security Surveillance Stepped up for Elections ', 'sub_title' => '', 'summary' => 'November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days. The voting for the elections to the House of Representatives and Provincial Assembly is scheduled for November 20. The elections will be held in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 300,000 security personnel of three security agencies have been deployed for the twin elections. Among them 71,693 personnel are from Nepal Police and 115,000 are temporary policepersons. Similarly, a total of 75,000 personnel of the Nepalese Army (NA) and 35,000 of Armed Police Force (APF) are being deployed to ensure the elections are held in a free, impartial and peaceful manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Home Affairs, this time a huge number of security personnel have been mobilized for election security on the need basis. Spokesperson at the Ministry Phadindramani Pokharel shared that the election security was tightened evaluating the challenges in the polling stations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An integrated security plan has been implemented according to which security agencies will provide security in three different layers. In the first ring, Nepal Police will provide security while Armed Police Force and Nepalese Army will provide security in the second and third layers respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Police Spokesperson and Deputy Inspector General (DIG) Tek Prasad Rai shared that election security plan is good and reliable. "Voters can cast their vote without any fear," he said. According to him, some 28 small groups have announced to boycott the election. The security agencies are closely monitoring them, shared spokesperson Rai. </span><br /> L<span style="font-family:"Arial Unicode MS","sans-serif"">earning from the past experience, police have also devised security plans for contingencies, added Rai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Armed Police Force (APF) that is deployed in the second layer for election security, has already mobilized required number of personnel while some are in stand-by position to be deployed on need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF will mainly provide security to the election offices, election officers and chief election officers among others. Spokesperson of the APF and Senior Superintendent of Police Purushottam Thapa shared that election security bases were set up in various locations and security personnel were mobilized in plain clothes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, mobile patrolling is also being carried out by the APF security personnel while surveillance has been stepped up in border areas as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepalese Army has already started monitoring in all districts as per the mandate given to it by the integrated security plan, said NA Spokesperson Brigadier General Narayan Silwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prisons, airports and other important infrastructures, guarded by APF and Nepal Police during the previous elections, are being guarded by the Nepalese Army this time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, NA has been entrusted with the responsibility to guard the printing of ballot papers and its transportation. Spokesperson Silwal shared that the army has already made preparations for aerial surveillance, disposal of bombs or neutralizing suspicious objects and explosives during the election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, the army has set up separate bases/units in those places uncovered by the already set bases/units, he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16022', 'image' => '20221110035253_RajendraPaneru_Kanchanpur_RSS_23.jpg', 'article_date' => '2022-11-10 15:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16280', 'article_category_id' => '1', 'title' => 'FNCCI Expresses Solidarity with Protests of Industrialists', 'sub_title' => '', 'summary' => 'November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates and the Working Capital Loan Guidelines implemented by the Nepal Rastra Bank. The federation has expressed its solidarity with the demands put forward by the district chapters of FNCCI and the associate members of the federation who have been opposing the policy of the central bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A meeting of FNCCI held on Wednesday expressed its solidarity with the agitating business community and has requested the central bank to manage liquidity crisis and stabilize interest rate and also to postpone the Working Capital Loan Guidelines. FNCCI has also requested all provincial chapters and member organizations to suspend the ongoing protest program. Likewise, the federation has also requested to provide support from their respective areas to make the elections successful.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the period leading up to the election, the federation leadership will continue to be in dialogue with the government and Nepal Rastra Bank, and the federation has expressed its belief that the problems faced by the private sector will be resolved through dialogue. Even after the election, if the demands of the private sector are not addressed by the concerned bodies, the federation has said that it will announce more protest programmess in favour of economic stability and to establish the rights of the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen have been holding protest programmes across the country after Dashain stating that the government has introduced policies including a hike in interest rates that have affected the business. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI unveiled the "Perceptions of FNCCI for Economic Stability '' on Wednesday and expressed the demands would be addressed in the meantime. It is mentioned in the statement that if the demand is not addressed even before the election, FNNCI will introduce other programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that lack of demand in the market has been affecting business, and the private sector is suffering due to the increase in interest rates and the guidelines implemented by the central bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The federation is in solidarity with the demands put forward by the district unions," the federation said in a statement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"However, the election of the members of the House of Representatives and the State Assembly is going to be held on November 20, and the election is important for the democratic system and open market economy," the statement added. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16021', 'image' => '20221110121248_Protest.jpg', 'article_date' => '2022-11-10 12:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16279', 'article_category_id' => '1', 'title' => 'IMF Warns Global Economy Still Remains Uncertain', 'sub_title' => '', 'summary' => 'November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists. It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The fund has mentioned on its website that it will bear the cost of treatment under the drug treatment scheme if the contributor receives treatment from the National Trauma Center in Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, it has been found that SSF has not signed any agreement with the Trauma Centre to provide treatment to the contributors. Because of this glitch, the contributors visiting the Trauma Center for treatment have had to suffer unnecessary hassles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The SSF has signed agreements with 17 hospitals across the country so far. As per the agreement, the contributors of SSF can get up to an 80 per cent discount for treatment cost up to Rs 25,000 a year from those hospital for OPD services.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A contributor who has been continuously contributing to the Social Security Fund for the past three years went to the Trauma Centre for treatment on Monday. He reached the Trauma Centre based on the information provided by the fund on its website. When he asked about the facilities available for treatment at the Trauma Centre, the hospital staff said they were unaware of it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Then he met the Information Officer of the hospital Arjun Prasad Bhetwal. According to the contributor, Bhetwal also said that since the Trauma Center did not have such an agreement with the SSF, the facility could not be provided.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Though we have signed such agreements with other agencies and have been providing treatment facilities, we have not reached an agreement with the Social Security Fund. However, the contributors of the fund keep coming to seek services,” said Bhetwal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund also admitted that it did not formally sign a contract with the Trauma Centre. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">SSF spokesperson Vivek Panthi said if any patient receives treatment from the Trauma Centre, he should come to the SSF office along with the hospital bill to claim the payment because the fund has not reached an agreement with the Trauma Centre. The patients complain that such process is complicated.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Social Security Fund has mentioned that 80 per cent of the annual treatment costs of up to Rs 25,000 in OPD and Rs 100000 for admission charge of the hospital under drug treatment and maternity protection services will be paid directly to the hospital where the patient is admitted and the remaining 20 per cent should be borne by the individual. There are currently 371,000 contributors and 17,400 employers registered with the SSF.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16028', 'image' => '20221111012354_SSF (1).jpg', 'article_date' => '2022-11-11 13:23:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16286', 'article_category_id' => '1', 'title' => 'Import Ban Results in Closure of 58 Vehicle Dealers across the Country ', 'sub_title' => '', 'summary' => 'November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: The government has banned the imports of vehicles in a bid to save foreign exchange reserves. However, the imports of electric vehicles are allowed. Imports of light vehicles like cars, vans and jeeps for personal use have been banned. But, the ban has resulted in the closure of many dealers across the country, adding financial burdens to the businesspersons, according to the NADA Automobiles Association of Nepal. </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"">Similarly, hike in interest on loans by banks and financial institutions has also added to their problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY 2021/22), banks and financial institutions invested around Rs 95 billion in this sector. According to the latest data of NADA, at least 58 vehicle dealers across the country have shut down as a result of the ban imposed by the government.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 100 others are on the verge of closure. The vehicle dealers that have shut down include nine in Province 1, 11 in Madhes Province, 18 in Bagmati Province, seven in Gandaki Province, three in Lumbini Province, seven in Karnali Province and three in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total 1,025 vehicle dealers are in operating across the country, said the NADA. Out of them, 145 are in Province 1, 95 in Madhes Province, 378 in Bagmati Province, 182 in Gandaki Province, 105 in Lumbini Province, 62 in Karnali Province and 58 in Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NADA General-Secretary, Surendra Kumar Upreti, said that the government has extended the ban which has further put this struggling business in trouble. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been frequently urging the government to remove the ban. We have only got assurance from the government," he shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Upreti further said all dealers operating in the Kathmandu Valley would be closed if the ban continues even after mid-November. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have been running office and providing salaries to staff by taking loan from banks as the business is considerably down. Vehicle dealers have been closed after they could not afford the expenses. Dealers of heavy vehicles will be closed if such situation persists," he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the closure of vehicle dealers, more than 1,000 staff across the country have become jobless, according to NADA. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a notice in the Nepal Gazette on April 26, the Ministry of Industry, Commerce and Supplies had banned the imports of 10 different types of items citing a decline in foreign exchange reserves of the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the ban on six of those items have been lifted, the government has extended the ban on the imports of smart phones priced over USD 300, jeeps, cars, vans and motorcycles with capacity of more than 150 cc till December. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16027', 'image' => '20221111121005_nada.jpg', 'article_date' => '2022-11-11 12:09:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16285', 'article_category_id' => '1', 'title' => 'NCC Urges its District Chapters to Defer Protest until the Elections ', 'sub_title' => '', 'summary' => 'November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 11: Nepal Chamber of Commerce (NCC) has urged its district and municipal chapters to postpone their ongoing agitation against the interest rate increased by banks and financial institutions until the November 20 elections are over. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The district and municipality level chapters of NCC have been asked to put off the agitation considering the elections, according to a statement issued by NCC on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NCC has launched an agitation against the hike in interest rate by banks and financial institutions and against the short-term loan guidelines of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The statement reads, "The country is in the midst of the elections to the House of Representatives and the Provincial Assembly. The NCC will take initiatives to resolve the problems through discussions with the government while continuing the protest peacefully after the polls. The district and municipality-level chapters of NCC have been urged to postpone all the protest programmes." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NCC President Rajendra Malla argued that continuing the agitation would cause more problems amidst the elections although industrialists have faced a setback due to an extreme increase in the interest rate by banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Even though there are many options to decrease the interest rate, the government has not listened to the demands of the industrialists. There is no alternative than to launch a protest soon after the elections," he shared. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-11', 'modified' => '2022-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '16026', 'image' => '20221111111056_NCCC.jpg', 'article_date' => '2022-11-11 11:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16283', 'article_category_id' => '1', 'title' => 'Government Recommended to Develop Separate Mechanism for Arrears Settlement ', 'sub_title' => '', 'summary' => 'November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: The National Planning Commission (NPC) has advised the government to develop a separate committee to deal with the issues related to arrears and find an effective way for its settlement. It has also suggested the government to improve the public finance management system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> According to a study report prepared by the National Planning Commission, the government requires a separate body to address overdue issues. The report entitled ‘Study Report on the Situation of Public Auditing and Settlement of Arrears in Nepal, 2079 BS' has proposed the government to have a separate body for looking after the issues of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 59th annual report of the Auditor General, 2079 BS puts the arrears till the fiscal 2020-21 at over Rs 829 billion. The report says that the overdue amount in the review year increased by Rs over 115 billion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NPC report mentions about the lack of enough discussions on the report of the Auditor General in parliamentary committee, indicating the need for making the account officer more responsible for arrears management and increasing the effectiveness of monitoring and supervision in the relevant sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NPC Spokesperson Rajendra Kumar Poudel, the size of arrears is increasing in recent years and its impacts are visible in the public finance management, prompting the urgent need to control it in time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The report points out the need for identification and pre-preparations before incorporating plans and policies in the budget, stating that coordination among the periodic plans, government policies and programmes and the budget were missing and it caused challenges to the management of arrears. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> The lack of fiscal discipline, the agreement for multi-year projects without permission, and the lack of effective monitoring and supervision are among other factors fueling the problem, it has been stated in the report. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16025', 'image' => '20221110053145_new_logo.jpg', 'article_date' => '2022-11-10 17:31:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16282', 'article_category_id' => '1', 'title' => 'Swiss Businessmen Exploring Business Opportunities in Nepal', 'sub_title' => '', 'summary' => 'November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: The Embassy of Switzerland in Kathmandu together with Switzerland Global Enterprise (S-GE) and Nepal Swiss Chamber of Commerce and Industries (NSCCI) successfully concluded a first of its kind Swiss business delegation trip to Nepal from November 7 to 9. The goal of this mission was to introduce Swiss companies to potential market entry and commercial opportunities in the fast-growing Nepali market, reads a statement issued by the Swiss embassy. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement, fifteen delegates from 10 Swiss companies - Ferring Pharmaceuticals, Roche Diagnostics, Zürcher Kantonalbank, Lufthansa Group, Hilti, PINI, Lombardi, Gherzi, Victorinox, and 2000 Watt Smart Cities participated in the mission. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The delegates were exposed to public sector stakeholders, market experts, and private sector practitioners, development finance institutions, covering a range of topics including macroeconomic trends, enabling business environment, policy landscape and targeted opportunities,” the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The delegation held high-level meetings with Health Minister Bhawani Prasad Khapung, as well as officials of the Ministry of Finance; Ministry of Culture, Tourism and Civil Aviation; Ministry of Industry, Commerce, and Supplies; Nepal Electricity Authority; Department of Roads and the Investment Board of Nepal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swiss Ambassador to Nepal Elisabeth von Capeller, said that there is a real opportunity for Swiss companies to enter the Nepali marke as the country shifts gear from political transition to economic transformation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Deepening trade relations with Switzerland can reap benefits in the form of knowledge transfer of Swiss technologies and expertise, and access to a range of choices on products and services for the Nepali people,” the statement quoted Swiss Capeller as saying.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement further said that the longstanding friendship that Switzerland and Nepal share was on full display during the delegation’s visit. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The discussions, perspectives and exposure to the Nepali market were well-received by the delegation, shaping their understanding of the Nepali market and its tremendous potential.”</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16024', 'image' => '20221110041015_0S3A6045.jpg', 'article_date' => '2022-11-10 16:09:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16284', 'article_category_id' => '1', 'title' => 'Industrialists of Nepal and Singapore agree for Joint Investment', 'sub_title' => '', 'summary' => 'November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 10: Industrialists of Nepal and Singapore have reached an understanding to cooperate with each other for joint investment and technology promotion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Subodh Kumar Gupta, president of the Birgunj Chamber of Commerce and Industry, who is currently in a visit to Singapore, informed that the chamber reached such understanding with their counterparts of Singapore during the official visit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The team of industrialists led by President Gupta reached an agreement with the local entrepreneurs to promote mutual business activities and facilitate business promotion. A memorandum of understanding was signed by president Gupta from Nepal and president Chiu Boon Thong from Singapore Chamber of Commerce and Industry in this regard.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta informed that they have agreed to exchange information related to business, give priority to joint investment and partnership business, arrange technical experts, and promote business visits between the two countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Gupta claims that the visit of industrialists from Birgunj to Singapore and Vietnam will be effective in terms of how Nepal can benefit from the development strategy adopted by those countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16023', 'image' => '20221110061520_1667973397.bcci.jpg', 'article_date' => '2022-11-10 18:14:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16281', 'article_category_id' => '1', 'title' => 'Security Surveillance Stepped up for Elections ', 'sub_title' => '', 'summary' => 'November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 10: Security agencies have stepped up surveillance in view of the parliamentary elections due in 10 days. The voting for the elections to the House of Representatives and Provincial Assembly is scheduled for November 20. The elections will be held in a single phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 300,000 security personnel of three security agencies have been deployed for the twin elections. Among them 71,693 personnel are from Nepal Police and 115,000 are temporary policepersons. Similarly, a total of 75,000 personnel of the Nepalese Army (NA) and 35,000 of Armed Police Force (APF) are being deployed to ensure the elections are held in a free, impartial and peaceful manner. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Ministry of Home Affairs, this time a huge number of security personnel have been mobilized for election security on the need basis. Spokesperson at the Ministry Phadindramani Pokharel shared that the election security was tightened evaluating the challenges in the polling stations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An integrated security plan has been implemented according to which security agencies will provide security in three different layers. In the first ring, Nepal Police will provide security while Armed Police Force and Nepalese Army will provide security in the second and third layers respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Police Spokesperson and Deputy Inspector General (DIG) Tek Prasad Rai shared that election security plan is good and reliable. "Voters can cast their vote without any fear," he said. According to him, some 28 small groups have announced to boycott the election. The security agencies are closely monitoring them, shared spokesperson Rai. </span><br /> L<span style="font-family:"Arial Unicode MS","sans-serif"">earning from the past experience, police have also devised security plans for contingencies, added Rai. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Armed Police Force (APF) that is deployed in the second layer for election security, has already mobilized required number of personnel while some are in stand-by position to be deployed on need basis. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF will mainly provide security to the election offices, election officers and chief election officers among others. Spokesperson of the APF and Senior Superintendent of Police Purushottam Thapa shared that election security bases were set up in various locations and security personnel were mobilized in plain clothes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Furthermore, mobile patrolling is also being carried out by the APF security personnel while surveillance has been stepped up in border areas as well. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Nepalese Army has already started monitoring in all districts as per the mandate given to it by the integrated security plan, said NA Spokesperson Brigadier General Narayan Silwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prisons, airports and other important infrastructures, guarded by APF and Nepal Police during the previous elections, are being guarded by the Nepalese Army this time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, NA has been entrusted with the responsibility to guard the printing of ballot papers and its transportation. Spokesperson Silwal shared that the army has already made preparations for aerial surveillance, disposal of bombs or neutralizing suspicious objects and explosives during the election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also, the army has set up separate bases/units in those places uncovered by the already set bases/units, he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16022', 'image' => '20221110035253_RajendraPaneru_Kanchanpur_RSS_23.jpg', 'article_date' => '2022-11-10 15:52:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16280', 'article_category_id' => '1', 'title' => 'FNCCI Expresses Solidarity with Protests of Industrialists', 'sub_title' => '', 'summary' => 'November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates and the Working Capital Loan Guidelines implemented by the Nepal Rastra Bank. The federation has expressed its solidarity with the demands put forward by the district chapters of FNCCI and the associate members of the federation who have been opposing the policy of the central bank.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A meeting of FNCCI held on Wednesday expressed its solidarity with the agitating business community and has requested the central bank to manage liquidity crisis and stabilize interest rate and also to postpone the Working Capital Loan Guidelines. FNCCI has also requested all provincial chapters and member organizations to suspend the ongoing protest program. Likewise, the federation has also requested to provide support from their respective areas to make the elections successful.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During the period leading up to the election, the federation leadership will continue to be in dialogue with the government and Nepal Rastra Bank, and the federation has expressed its belief that the problems faced by the private sector will be resolved through dialogue. Even after the election, if the demands of the private sector are not addressed by the concerned bodies, the federation has said that it will announce more protest programmess in favour of economic stability and to establish the rights of the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Businessmen have been holding protest programmes across the country after Dashain stating that the government has introduced policies including a hike in interest rates that have affected the business. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI unveiled the "Perceptions of FNCCI for Economic Stability '' on Wednesday and expressed the demands would be addressed in the meantime. It is mentioned in the statement that if the demand is not addressed even before the election, FNNCI will introduce other programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The federation said that lack of demand in the market has been affecting business, and the private sector is suffering due to the increase in interest rates and the guidelines implemented by the central bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The federation is in solidarity with the demands put forward by the district unions," the federation said in a statement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"However, the election of the members of the House of Representatives and the State Assembly is going to be held on November 20, and the election is important for the democratic system and open market economy," the statement added. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16021', 'image' => '20221110121248_Protest.jpg', 'article_date' => '2022-11-10 12:12:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16279', 'article_category_id' => '1', 'title' => 'IMF Warns Global Economy Still Remains Uncertain', 'sub_title' => '', 'summary' => 'November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 10: The International Monetary Fund (IMF) has concluded that the uncertainty faced by world economy still persists. It says that due to prolonged uncertainty, interest rates have increased worldwide and inflationary pressure remains intact.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In an event held in Kathmandu, Teresa Daban Sanchez, the resident representative of the IMF for Nepal said that the rising prices have become a matter of concern for all countries.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a report published by IMF, it is estimated that inflation in countries including the US is aggressively rising and may continue to rise. The report warns that most of the countries will be hit by higher prices due to the sluggish recovery after COVID-19. Sánchez said the world economy has been pushed towards uncertainty due to the tightening of the global financial situation, the negative impact of the Russia-Ukraine war and the rising prices of commodities.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Amid uncertainty, IMF has projected that Nepal's economy to grow by 5 percent in the fiscal year (FY) 2022/23. This year, Nepal's current account deficit is expected to be 6.3 percent of the GDP. Meanwhile, the government's economic growth target for the current fiscal year is 8 percent. The government assured that inflation will not go above 7 percent this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, the economic growth rate of the world in 2022 will be 3.2 percent. During this period, India, China, and Japan will make economic progress at the rates of 6.8 percent, 3.2 percent, and 1.7 percent, respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in 2023, the growth of global economy will be 2.7 percent. In 2023, while the economic growth rate in Asia will be 4.3 percent, India will progress by 6.1 percent, China by 4.4 percent and Japan by 1.5 percent.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The report concludes that prices are increasing more in low-income countries and that the rate of price hike may increase further.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the IMF, there is a need for major reforms in the economic policy to remove the uncertainty in the economy. It also pointed out that risks may arise due to export restrictions imposed by China and trading partners and natural and climate-related disasters. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16020', 'image' => '20221110115903_iiii.jpg', 'article_date' => '2022-11-10 11:58:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16278', 'article_category_id' => '1', 'title' => 'Government Fixes Minimum Support Price of Paddy after Farmers Sell their Produce', 'sub_title' => '', 'summary' => 'November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">November 10: There is legal provision for the government to fix the minimum support price of paddy before plantation. However, the government has been fixing such price only after the farmers sell their produce.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers have been bearing financial loss due to the delay on part of the government in implementing the minimum support price. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers who are financially weak often sell their paddy soon after harvesting because they need money to purchase seeds and fertilizer for the winter crop. By the time the government implements the minimum support price, many farmers would already have sold their produce at throw-away prices to middlemen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the decision taken by the Council of Ministers on November 2, the government has fixed the minimum support price of thick-sized paddy at Rs 2,967 per quintal and the minimum support price of medium-sized paddy at Rs 3,128 per quintal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The price of thick-sized paddy is Rs 215 more than the price per quintal fixed last year. Likewise, the price of medium-sized paddy is Rs 226 more than last year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has been increasing the support price of paddy every year but the farmers have been at the receiving end due to the delay in announcing the support price. This only helps the businessmen. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Farmers of the terai districts, which produces most of the paddy in Nepal, have already sold off the thick-sized paddy this year. They are in the process of harvesting middle-sized paddy.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Bhuvaneshwar Yadav, a farmer of Siraha, cultivates paddy in eight bighas (1 bigha is equal to 0.61 acre) of land. He planted thick-sized paddy in three bighas of land. He said that he has already sold 15 quintals of rice at Rs 2,200 per quintal because he needs money to purchase fertilizer for the winter crop.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Now I have some paddy left. We keep small and medium-sized paddy for consumption while sell the thick-sized paddy,” says Yadav, adding, “Had the government fixed the support price of paddy only a month ago, thousands of farmers like him would have benefitted a lot.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Yadav added that they had to sell the paddy at a loss because they were in urgent need of money.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The farmers of Bardiya also sold paddy at Rs 2,100 per quintal to the businessmen, according to Agni Aryal, coordinator of the Rajapur Paddy Super Zone. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The farmers are not in a situation to hold off the sale until the government fixes the support price,” Aryal told New Business Age in a telephone conversation. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The festivals have just ended and the farmers have spent whatever money they had. Now they are tensed to manage money for the winter crop. In such a situation, they are compelled to sell their produce at scrap value,” he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Aryal further says that some farmers urgently need money to pay off the debt taken during the festivals.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Prakash Kumar Sanjel, spokesperson of the Ministry of Agriculture and Livestock Development, says that there was a delay in fixing the minimum support price because the ministry had to take permission from the finance ministry. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We also had to take permission from the Election Commission this time because of the Election Code of Conduct,” said Sanjel.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has made arrangements to purchase the paddy produced by farmers through the Food Management and Trading Company Limited. The ministry informed that arrangements have been made to purchase 300,000 tons of paddy through agriculture cooperatives for which the government has allocated a budget of Rs 330 million. Last year, the government purchased 900,000 tons of paddy under this programme.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-10', 'modified' => '2022-11-10', 'keywords' => '', 'description' => '', 'sortorder' => '16019', 'image' => '20221110111457_paddyyyy.jpg', 'article_date' => '2022-11-10 11:14:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16277', 'article_category_id' => '1', 'title' => 'World Bank Organises Conference on Migration in South Asia', 'sub_title' => '', 'summary' => 'November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: The World Bank and the Institute for Integrated Development Studies (IIDS) jointly organized the 10th South Asia Economic Policy Network Conference on Migration in South Asia on November 7-8 in Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank, the conference brought together insightful discussions on the status, challenges and advancements of migration in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The conference noted that internal and international economic migration, largely temporary in nature, is a major factor in the lives of the poor in South Asia. According to the World Bank, it helps millions of households improve their lives by enabling large remittance inflows and insurance from local shocks, and through the contribution of migrants to local economies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The act of migration entails potentially high returns but also considerable risks and costs. The COVID crisis has also brought to the fore several long-standing policy concerns related to economic migration in South Asia,” the World Bank wrote on its website.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two days of hybrid sessions featured paper presentations, a keynote lecture, policy and expert panel discussions, and a short presentation on the main findings of the World Bank’s South Asia Economic Focus Fall 2022 Coping with Shocks: Migration in South Asia, added the World Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16018', 'image' => '20221109062801_SAEPN-Web-postcard.jpg', 'article_date' => '2022-11-09 18:27:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16276', 'article_category_id' => '1', 'title' => 'Aspiring Migrant Workers Hardly Interested in Upcoming Elections', 'sub_title' => '', 'summary' => 'November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">November 9: Twenty two-year-old Keshav Bhandari of Ghodaghodi Municipality-5, Deukalia, in Kailali district is heading towards Malaysia today. He is heading towards Malaysia for a house-keeping job.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari is just a representative case. Scores of others like him are traveling abroad on a daily basis for foreign employment. According to government data, around two thousand aspiring migrant workers from Nepal visit Malaysia on a daily basis. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just around the corner but this has not stopped people heading for greener pastures abroad.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The elections to the House of Representatives and Provincial Assemblies will be held on November 20 later this month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The election is just two weeks away but the youths are not bothered about it at all. Twenty eight-year-old Jeevan Mahata, another young man from Naugad Rural Municipality-4, Hopari in Daarchula district is also preparing to go abroad for foreign employment. He is also heading towards Malaysia for house-keeping job. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Those who are heading abroad for foreign employment say that they are compelled to go abroad to make their ends meet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We cannot stay back for the election,” says Mahata, adding, “The election will hardly provide us two square a meal. We have to manage our expenses ourselves.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bhandari also expressed similar views. The youths have been compelled to go abroad for jobs because the government has failed to create employment opportunities in the country itself.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In an average, 2246 people are leaving the country for foreign employment on a daily basis. This data is based on the labour permits acquired by aspiring workers in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the Department of Foreign Employment, a total of 202,148 people have acquired work permits for foreign employment in the first quarter of the current fiscal year. The figure is 49 percent more compared to the number of people acquiring work permits during the corresponding period of last fiscal year, when a total of 101,139 people had acquired such permits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the department, most of the people have acquired labour permits to work in Malaysia this year. A total of 86,918 Nepalis were granted permission to work in Malaysia in the first three months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After Malaysia, most of the workers are heading towards Qatar (34,188) followed by Saudi Arabia (24,350) and the UAE (21,460).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign employment expert Som Luitel says that the youths of Nepal are forced to go abroad for employment because the government has not made necessary arrangements for their employment within the country. He says that the government hasn’t introduced any effective plans to stop the brain drain.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, government authorities claim that they have been conducting various programmes to retain the workforce in the country. Critics however believe that most of those programmes are focused on providing employment to the cadres of political parties.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16017', 'image' => '20221109050949_20210428111434_20200922040433_20200310105652_aaa.jpg', 'article_date' => '2022-11-09 17:09:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16274', 'article_category_id' => '1', 'title' => 'Nepal, US to Sign Agreement for Direct Flights', 'sub_title' => '', 'summary' => 'November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The Government of Nepal is preparing to sign a bilateral agreement with the US in December to start direct flights between the two countries. The Nepal Civil Aviation Authority is making necessary preparations for direct flights to the US after receiving approval from the cabinet meeting a few days ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">CAAN Spokesperson Jagannath Niraula informed that a bilateral agreement for direct flights between the two countries will be signed by December. This agreement will pave way for direct flights between Kathmandu and the USA. It will allow airliners from Nepal, the US and other countries to operate direct flights between Kathmandu and the United States.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson Niraula said that direct flights will help the country earn more foreign currency, and bring in more tourists. Also, since the number of Nepalis living in the USA is increasing, the agreement will also ease their movement, the authority said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, passengers travelling to the USA from Nepal have to flying through India, Singapore, Qatar, Dubai, Turkey, Bangkok etc.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Niraula said that the direct flight agreement will strengthen the relationship between the two countries. According to the Nepal Tourism Statistics 2020, Americans are among the key tourists visiting Nepal. According to the statistics, about 100,000 American tourists visit Nepal annually. Likewise, the number of tourists coming from America is gradually increasing, the data show.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the data released by the Ministry of Culture, Tourism and Civil Aviation, 42,875 tourists from America visited Nepal in 2011. This number increased to 93,218 in 2019 before the onset of Covid-19. In the year 2020, during the pandemic, 17,767 American tourists visited Nepal.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Likewise, 63, 018 American tourists visited Nepal in the first ten months of 2022.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Ramesh Thapa, president of the Nepal Association of Tour and Travel Agents (NATTA), said that not only tourists but also Nepalis living in America will benefit from the agreement. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Currently, tourists travelling to Nepal from the US have to pay two-way fares ranging from USD 2,000 to 2,500," Thapa said, adding, “Direct flights between the US and Nepal will likely reduce the fare and also travel time.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16015', 'image' => '20221109024128_Nepal-Airlines.jpg', 'article_date' => '2022-11-09 14:40:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16273', 'article_category_id' => '1', 'title' => 'Business of Non-Life Insurance Companies Shrinks by 13 Percent', 'sub_title' => '', 'summary' => 'November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">November 9: The business of non-life insurance companies declined by 13 percent in mid-September to mid-October of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance company has been affected due to the lack of liquidity in the banking system, which has led to a decline in credit flow from banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Since the beginning of the current fiscal year, the business of insurance companies has been decreasing. According to the Nepal Insurance Authority, the non-life insurance companies collected insurance premiums worth Rs 2.967 billion from mid-September to mid-October of the current year. The insurance premiums collected between mid-July to mid-August was Rs 4.475 billion and the figures in mid-August to mid-September was Rs 3.39 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">There is a mandatory provision for banks to insure the collateral taken while disbursing the loan. Due to the lack of liquidity, credit flow of banks has been limited.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, due to the strict policy adopted by the government for the import of vehicles, the non-life insurance business has also been affected.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the collection of insurance premiums dropped, there has been a general increase in the number of insurance policies issued from mid-September to mid-October compared to the previous months. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The companies issued 221,642 insurance policies from mid-July to mid-August, 223,727 from mid-August to mid-September and 244,097 from mid-September to mid-October.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajuraman Poudel, executive director and spokesperson of the authority, said that along with the decline in economic activities, there has also been a decline in the business of insurance companies. “Due to lack of liquidity, banks have tightened credit flow, impacting the business of non-life insurance companies,” said Poudel.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> According to the regulations of the Nepal Rastra Bank, banks must insure the property they take as mortgage.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The non-life insurance companies operating in the first quarter of the current fiscal year (mid-July-mid-October) did business worth Rs 10.84 billion. Up to this period, the companies issued a total of 689,468 insurance policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Two companies managed to collect more than Rs 1 billion as insurance fees by mid-October. The government-owned National Insurance Company collected the highest insurance premiums of Rs 1.264 billion from the sale of 10,255 insurance policies. Similarly, Shikhar Insurance sold 61,585 insurance policies and collected Rs 1.2 billion as insurance fee.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">General Insurance collected the lowest insurance fee of Rs 251.5 million. By August, Sanima General was among the lowest performing companies. During this period, the company did business worth Rs 283.6 million.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => '', 'description' => '', 'sortorder' => '16014', 'image' => '20221109010330_INSURANCE-COVERAGE.jpg', 'article_date' => '2022-11-09 13:02:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16272', 'article_category_id' => '1', 'title' => 'Agitating Industrialists Submit Memo to Government', 'sub_title' => '', 'summary' => 'November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">November 9: Industrialists of eastern Nepal have submitted a memorandum to the government regarding excessive interest rates charged by banks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the schedule of their protest programme announced earlier, the Province 1 chapter of the Federation of Nepalese Chamber of Commerce and Industries along with all other associations affiliated to the FNCCI in the province as well as 14 other associations submitted memorandum to the government officials in their respective district administration offices on Tuesday protesting against the exorbitant interest rates charged by the banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Province 1 chapter of FNCCI submitted memorandum to the DAO Morang as well as the provincial offices of all the 26 commercial banks. Central member of the FNCCI Avinash Bohora handed over the memo to Assistant CDO of Morang Pradeep Shah. The memorandum signed by Tikaraj Dhakal, president of Province 1 chapter of FNCCI, has also urged the government not to implement the Working Capital Guidelines issued by Nepal Rastra Bank on October 18.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The protesting industrialists argued that the situation at the moment is not favourable to implement the guidelines prepared by the central bank. The memorandum also mentions that the spread rate of banks should be less than 4.4 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Whatever may be the impact of current crisis on other businesses, the profit of the banking sector has been expanding. On top of it, the interest on loans has been increased disproportionately compared to the hike in interest on deposits,” reads the memo. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The memorandum has demanded lower interest rates for loans disbursed to the productive sector and refinancing facility as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector insists that the government should have given concessional loans and other facilities to bail out the industries that are still reeling under the impact of Covid-19, but the government is heading in the opposite direction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The private sector has expressed concerns regarding the policies adopted by the central bank one after another jeopardizing the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the industrialists have also urged the concerned authorities not to extend the ban on certain luxury goods for a long time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The cash reserve ratio (CRR) has been increased from three percent to four percent. This has further deepened the liquidity crisis. The cash reserve ration should be maintained at the previous level for an interim period. It will ease the liquidity crisis to some extent,” states the memo.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The FNCCI has also urged the government to immediately go for the country rating as per the policy adopted by the government. It further suggested policy improvement to bring more investment to the country.</span></span></p> ', 'published' => true, 'created' => '2022-11-09', 'modified' => '2022-11-09', 'keywords' => 'protest, Province one, FNCCI, industrialists, CDO, DAO', 'description' => '', 'sortorder' => '16013', 'image' => '20221109115003_1667966383.Clipboard17.jpg', 'article_date' => '2022-11-09 11:49:04', '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
