October 12: The weather has started improving gradually with the low pressure system developed near Nepal becoming weaker, according to the Department of Hydrology and Meteorology, Meteorological Forecasting…
October 12: The weather has started improving gradually with the low pressure system developed near Nepal becoming weaker, according to the Department of Hydrology and Meteorology, Meteorological Forecasting…
October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian…
October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational.…
October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the…
October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly…
October 11: Death toll from the outbreak of dengue has reached 44 in Nepal.…
October 10: The number of people receiving microfinance service has crossed the mark of 5.8…
October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative…
October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible…
October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj…
October 10: The value of the US dollar is gradually increasing thus making the Nepali currency…
October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and…
October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC…
October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of…
October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate…
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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">October 12: The weather has started improving gradually with the low pressure system developed near Nepal becoming weaker, according to the Department of Hydrology and Meteorology, Meteorological Forecasting Division. <br /> Meteorologist at the division Heera Bhattarai said that although the monsoon is still active, the low pressure system is weak and there has been a gradual improvement in the weather. She said the weather will fully improve across the country in the next two days. <br /> "Although the monsoon is ongoing, the rain-causing system has become weaker. Rainfall was reported at some places of Karnali and Sudurpaschim and at many places of the eastern and central regions on Tuesday. The weather will start to improve from Wednesday in Sudurpaschim and Karnali provinces while it will be fair across the country beginning from Thursday," said Bhattarai. <br /> Incessant rainfall that started since the past nine days is taking place only partially over the last four days due to the influence of the existing monsoon as well as the low pressure system that has developed around Nepal. The division said that it will take a week more for the monsoon's exit. <br /> The low pressure area near Haryana, India is impacting the weather in Nepal at present.<br /> The minimum temperature in Kathmandu was 18 degrees Celsius and the maximum 26 degrees Celsius on Tuesday, the Division stated. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-12', 'modified' => '2022-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '15873', 'image' => '20221012100214_HemantKC_Jajarkot_RSS_09.jpg', 'article_date' => '2022-10-12 10:01:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16131', 'article_category_id' => '1', 'title' => '‘Police Confiscated Betel Nuts with Mala Fide Intention’', 'sub_title' => '', 'summary' => 'October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs. The consignment of beetle nuts produced in Jhapa was cleared by the Indian customs at Jogbani checkpoint across Biratnagar and was en route to India’s Bhimnagar boarder point near the Koshi barrage via Nepal route due to obstruction in the Indian side. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finally, eight trucks laden with 29,596 kilograms of betel nuts worth Rs 86.38 million were released on September 29 after the Department of Customs instructed the concerned officials to re-route the consignment as per the court order. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Morang police had seized the betel nuts that had re-entered Nepal after customs clearance at Jogbani customs near Biratnagar on July 21 and handed them over to the Revenue Investigation Office in Itahari three days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Tirthraj Khanal, the head of the Revenue Investigation Office, Itahari, eight trucks of betel nuts were released after the department issued a written order to re-route them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Since we did not have the right to open and check the betel nuts sealed by the Indian customs, we only investigated whether there was any error in the process involved, and later we dropped the case after the department ordered us to allow re-routing the consignment,” Khanal said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the basis of the certificate of origin issued by the Jhapa Industry and Commerce Association, betel nuts grown in Jhapa were loaded on Indian trucks and exported from Biratnagar customs and were checked and sealed by the Indian customs office. Due to the collapse of the bridge in Mirganj, India, the betel nuts were re-routed for export to Bhimnagar, India through Bhantabari of Sunsari district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Navin Ghimire, the owner of Mankamana Traders of Biratnagar-9, a betel exporter, had filed a writ petition one week ago seeking a certiorari order. The petitioner had filed the case against the District Police Office Morang, Department of Customs, Biratnagar Customs Office and Revenue Investigation Office Itahari. After he withdrew the writ, the department issued an order to release the consignment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Exporter Ghimire complained that he had to pay more than INR 2.5 million for the rent of the eight trucks that have been on the premises of the Revenue Investigation Office for two months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the collapse of the bridge in Mirgunj, the betel nuts that were inspected by the Indian customs at Jogbani were re-routed and return to Nepal so that they can be sent to Bhimnagar of India through Sunsari's Bhantabari. However, the police seized all the trucks arguing that they did not have customs clearance documents and kept them at the local police office in Rani for three days for investigation. Even after submitting all the documents, the police handed over the betel nut to the revenue investigation office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15872', 'image' => '20221011043816_betel nut.jpg', 'article_date' => '2022-10-11 16:37:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16130', 'article_category_id' => '1', 'title' => 'Seven Airports with Black-topped Runways not in Operation', 'sub_title' => '', 'summary' => 'October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. There are seven airports with blacktopped runways which are not in operation at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Civil Aviation Authority of Nepal’s Spokesperson Jagannath Niraula informed New Business Age that it is possible for airplanes to take off and land at those airports. However, they are not operational because there is no flight schedule to those remote places.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the airports runways that are yet to be blacktopped are also considered, a total of 19 airports are currently not in operation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Out of the 52 airports in Nepal, only 33 are currently in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Niraula says that the country does not have enough aircraft to operate flights to the remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There aren’t any planes to fly to the remote areas. On top of it, new alternatives have emerged to those airports,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There were no roads in the past. People were highly dependent on flights to transport goods and sick patients. But many of those places are now accessible through road,” added Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the airports were established with the motive to transport essential food stuffs and medicines to the remote areas. However, the airports which once served as the fastest alternative of transportation have been gradually replaced by vehicles these days with the expansion of road network.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Air transport is expensive compared to travelling by road and therefore the general public opted for vehicles once the remote areas had access to road. According to the Department of Roads, the road network across Nepal spans over 100,000 kilometers which includes national highways and other roads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the remote places such as Humla and Dolpa now have access to road. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is said that the airports in Baglung, Dolpa and Jiri were built especially to transport goods. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN also insists that such airports are hardly used these days also because there is shortage of aircraft that can fly to remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN however says that the airports with blacktopped runways can be operated anytime. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those airports which are not in operation include the airports of Baglung, Chaurjhari (Rukum), Darchula, Dhorpatan, Palungtar (Gorkha), Resunga (Gulmi), Jiri, Kangeldanda (Solukhumbu), Khiji Chandeshwari (Okhaldhunga), Langtang, Lammidanda (Khotang), Mahendranagar, Manang, Masinechaur (Dolpa), Syangboche (Solukhumbu), Rumjatar (Okhaldhunga) and Tiakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among them, the airports of Rumjatar, Masinechaur, Baglung, Chaurjhari, Resunga, Lamidanda and Manang are blacktopped.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15871', 'image' => '20221011015602_maxresdefault.jpg', 'article_date' => '2022-10-11 13:55:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16129', 'article_category_id' => '1', 'title' => 'Nepal Facing Shortage of Milk', 'sub_title' => '', 'summary' => 'October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After concluding that the domestic market of Nepal lacks the required amount of milk, the Government of Nepal has given permission to import 120,000 litres of milk per day. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Dairy Development Corporation (DDC), Sujal Dairy and Dairy Industries Association of Nepal have been importing milk accordingly.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Even after importing milk from Nepal, it is believed that the country still requires 180,000 litres of milk per day.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The demand for milk in the domestic market is 1,050,000 litres per day but the domestic production is just 750,000, according to Dr Balak Chaudhary, technical director of the state-owned DDC. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The supply of milk reaches 870,000 litres per day by adding the imported milk from India but it still falls short of the market demand by 180,000 litres,” says Chaudhary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Dr Chaudhary says that the production of milk increases from mid-October while its consumption declines. Therefore, the government is making preparations not to allow import of additional milk with the onset of winter season.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The country has been forced to import milk from India just one and a half years after the government announced Nepal as a self-sufficient country in dairy production. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The then Prime Minister KP Sharma Oli and the then Minister for Agriculture Padma Aryal had announced Nepal self-sufficient powder milk and butter in March 2021. But now, Nepal has been importing liquid milk from Patna Dairy of India due to lack of powder milk and butter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government’s decision to ease imports has provided some relief to meet the demand for milk in the country, it is still struggling to meet the demand for powder milk and butter, says Prahlad Dahal, chairman of Nepal Dairy Association.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We know how much milk we need and how much is being supplied. We are afraid that there will be shortage of milk next year as well. Therefore the government must collaborate with the private sector and also allow the state-owned Salt Trading Corporation and Food Management and Trading Company to import powder milk and butter,” says Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government has allowed daily import of 120,000 litres of milk, the bodies responsible for importing such quantity of milk are unable to import milk to that extent. Therefore, the market is still reeling under scarcity of milk.</span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15870', 'image' => '20221011010319_milk.jpg', 'article_date' => '2022-10-11 13:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16128', 'article_category_id' => '1', 'title' => 'Election Commission Seeks Details of Expenditure for Online Advertisement from Poll Candidates', 'sub_title' => '', 'summary' => 'October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC’s appeals has come as the social networking sites are filled with polls-related advertisements after the completion of the candidacy nomination of the candidates for the federal and provincial assembly elections to be held on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made such appeal by issuing the ‘Policy on Use of Social Sites on Election Management’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Monday, EC’s Spokesperson Shaligram Sharma Poudel said that continued monitoring and evaluation of the online advertisement is ongoing by forming a mechanism in the EC’s Secretariat and offices of the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15869', 'image' => '20221011120924_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-11 12:08:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16127', 'article_category_id' => '1', 'title' => 'Dengue Spreads Across Seventy Six Districts of Nepal', 'sub_title' => 'Death Toll from the Viral Infection Climbs to 44 ', 'summary' => 'October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. According to the state-owned national news agency RSS, the mosquito-borne viral disease has spread to 76 out of 77 districts in the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 33,975 people have been infected by dengue since it was first reported in early August, RSS reported citing the Ministry of Health and Population.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Experts believe that this disease, which was only reported in the southern belt of Nepal in the past, is now seen in mountainous districts due to the impact of global warming.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Various studies have indicated that mosquitoes have moved to higher altitude due to warmer temperatures fuelled by climate change.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 27 people tested positive for COVID-19 infection on Monday. The infection rate was confirmed from a total of 1,546 samples tested on the day. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">RSS further reported that President Bidya Devi Bhandari has also been infected with SARS--CoV 2 virus. According to RSS, the Head-of-the-State was hospitalized on October 8 after she complained of fever and flu-like symptoms. She is receiving the treatment at the Annex ward bed number 601 of Tribhuvan University Teaching Hospital. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the hospital’s information officer Ram Bikram Adhikari confirmed that the president’s PCR report tested positive for COVID-19. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The number of active cases of coronavirus is 569. The death toll from COVID-19 stands at 12,018 till date. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15868', 'image' => '20221011112213_dengue-test_650x400_61442241844.jpg', 'article_date' => '2022-10-11 11:21:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16126', 'article_category_id' => '1', 'title' => '5.8 Million People have Access to Microfinance Services', 'sub_title' => '', 'summary' => 'October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million.', '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"">October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million. The customer base of microfinance companies has increase due to expansion of branches resulting in wider access to microfinance services. </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 annual survey report on microfinance sector prepared by Nepal Rastra Bank, the customers of microfinance companies increased by 669,000 in a 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"">The number of customers of microfinance companies was 5,191,000 by the end of Fiscal Year 2020/21, which increased to 5,860,000 by the end of last fiscal year (FY 2021/22), the survey report states.</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"">Although the number of microfinance companies is declining due to merger and acquisition, the general public’s access to finance is increasing due to expansion of branches of such companies. </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"">There were 70 microfinance companies by the end of Fiscal Year 2020/21. The number of microfinance companies stands at 65 as of the end of last 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"">However, the branches of microfinance companies increased by 9.54 percent in the review period and currently stands at 5,062, the NRB report states.</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"">Microfinance companies give priority to ensure access to finance to the people who are unable to get access to banks and financial institutions. Microfinance companies form groups of deprived sector community and provide loans without any collateral. </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"">Microfinance companies can provide loans up to Rs 700,000 to the people of the deprived sector without any collateral on the assurance of the group while such people can avail up to Rs 1.5 million by keeping their property as collateral.</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 number of people taking loans from microfinance companies has increased by 10.4 percent as of mid-July this year compared to the same period last of last fiscal year. The total number of people who have taken loans from microfinance companies stands at 3.3 million.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15867', 'image' => '20221010040059_micro.jpg', 'article_date' => '2022-10-10 16:00:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16125', 'article_category_id' => '1', 'title' => 'President Authenticates Insurance Bill', 'sub_title' => '', 'summary' => 'October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Insurance Bill 2079, which was passed by both the houses of parliament – House of Representatives and the National Assembly – before the Dashain festival, was authenticated by the head of state on Sunday, October 9.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The bill authenticated by the president will become an Act once it is published in the Nepal Gazette.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The new Act will transform the Insurance Board into the Insurance Authority of Nepal. The terms of the chairman of the board and other members will get continuity in the newly-formed authority. There is a provision in the new Act that the chairman and members of the Insurance Board will automatically hold the same posts in the authority until their term expires. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The then Finance Minister Dr Yuvraj Khatiwada had registered the Insurance Bill in parliament four years ago to amend and consolidate the laws related to the insurance sector. However, the discussions on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and board members of the Insurance Board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the original bill, there was a provision that all the responsibilities, including the management of staff of the board, would go to the proposed authority, which would also have a new chairman and director. The then president Chiranjeevi Chapagain opposed this provision. However, the amended bill has a provision to give continuity to the directors including the chairman of the current Insurance Board in the newly formed authority.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the bill also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Surya Prasad Silwal, chairman of the Insurance Board, believes that a new era will begin in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he had said in an earlier interview with New Business Age.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The President’s Office on Sunday issued a statement confirming that the Insurance Bill along with other two bills were certified as per Article 113 (2) of Constitution of Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The other two bills certified by the president include the bill to amend and integrate laws on management of public debt and the bill to manage animal health and livestock service entrepreneurs' council. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '15866', 'image' => '20221010025244_Insurance.jpg', 'article_date' => '2022-10-10 14:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16123', 'article_category_id' => '1', 'title' => 'Production Capacity of Domestic Oil Industries Shrinks to 20 Percent', 'sub_title' => '', 'summary' => 'October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil. According to the industrialists of Nepal, investment worth Rs 15 billion of 30 oil industries is in crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">When India imposed a customs duty of up to 40 percent on the import of semi-refined oil, the industries of Nepal brought such oil from third countries, processed it and exported the processed oil to India. The oil industries of Nepal used to bring semi-refined oil from Ukraine, Indonesia and Malaysia, and made profit by taking advantage of the difference in import duty and export concession between Nepal and India. Such industries have been exporting goods to India under the South Asian Free Trade Area (SAFTA) concessions by paying zero to 5 percent customs duty. After exporting the products, the industrialists used to get refunds up to 10 percent for customs duty and Value Added Tax on raw materials required to prepare refined oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, the owner of Narayani Oil Refinery, said that the export from Nepal has been affected after India took strategic measures while considering the impact of Covid-19 pandemic, Russia-Ukraine war and the possible food crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the industries expanded their capacity when exports to India were easy. In the meantime, some new industries were established to take advantage of the situation. At present, the production capacity of the domestic oil industry is around 2.5 million tons a year. About 500,000 tons of oil is consumed in the country. Now the export is becoming difficult and production has shrunk. Entrepreneurs say that now such industries are running at 15 to 20 percent of their total capacity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">India reduced the import duty to 2.5 percent to reduce the market price of oil. In addition to this, the import and agricultural infrastructure development tax on 2 million metric tons each of semi-refined soybean and sunflower oil for the current fiscal year (FY) 2022/23 and the next fiscal year 2023/24 has been completely removed. In these two fiscal years, 5 million tons of semi-refined oil will be imported into India at zero customs duty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Suresh Rungata, owner of OCB Foods, said that its direct impact is seen in the export of oil from Nepal. According to Birgunj customs office, the export of refined oil decreased significantly in the first two months of the current fiscal year as compared to the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Refined palm oil was exported in July and August last year to the extent of 29.5 million liters. This year only 9.6 million liters have been exported during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first two months of last fiscal year, 4.7 million kilograms of soybean oil was exported, which is only 3.5 million kilograms this year. Similarly, last year 5,796,000 liters of sunflower oil was sold in the Indian market, but only 199,000 liters have been sold during the first two months of this year. Since oil was the main contributor to Nepal's export trade, Rungta claimed that the trade deficit will increase as oil exports have been affected. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15865', 'image' => '20221010013516_shutterstock_1353066692.jpeg', 'article_date' => '2022-10-10 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16122', 'article_category_id' => '1', 'title' => 'Management of Dusty Cargo becoming a Headache for Importers', 'sub_title' => '', 'summary' => 'October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border. Nepali importers are facing further problems after the Indian customs issued a notice stating that all imports and exports through the Raxaul-Birgunj border crossing will be done through the Integrated Checkpoint (ICP) from October 16.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The notice issued by the Patna-based office of Indian customs mentions that there will be no import or export through Raxaul Customs. A notification has been issued to divert all imports and exports of this border check point to the ICP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The public notice issued by the Indian customs on October 7 has urged all concerned bodies not to prepare shipping bills, bills of entry and other documents for Raxaul Customs from this Wednesday itself. The Indian customs issued the notice saying that all the imports and exports of the Birgunj-Raxaul border should be done through the ICP on the pretext that the ICP has come into full operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, Nepali importers are facing additional burden due to the lack of a suitable location for dusty cargo management on the Nepal side. Earlier, the import of dusty cargo faced stiff opposition from the local residents of Raxaul who complained of pollution. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, the loading and unloading of clinker was banned in Raxaul five years ago due to the obstruction of the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At that time, a team led by the then joint secretary of the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, had suggested managing such cargo at three different locations in Birgunj. Since then, the Indian customs has repeatedly given ultimatums to remove the dusty cargo from Raxaul. However, the government has not yet been able to provide an alternative. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With this notification from Indian customs, the issue of dusty cargo management has become challenging again. It has added stress to importers, says Madhav Rajpal, vice president of Birgunj Chamber of Commerce and Industry. .</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last four years since the ICP started operation, most of the imports and exports have been taking place through this integrated infrastructure. However, dusty cargo such as coal, iron ore, slag and some quantity of industrial raw materials including iron blades, iron roll, etc. have been entering Nepal through the Raxaul-Birgunj friendship bridge. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15864', 'image' => '20221010121907_1665358541.Clipboard47.jpg', 'article_date' => '2022-10-10 12:18:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16121', 'article_category_id' => '1', 'title' => 'US Dollar becomes Further Strong ', 'sub_title' => '', 'summary' => 'October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Rastra Bank (NRB)’s foreign exchange rate for today (October 10), the purchasing rate of the US dollar is Rs 131.42 while the selling rate is Rs 132.02 per unit. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">At the start of this year on January 1, the purchasing rate of the US dollar was Rs 118.64 while the selling rate was Rs 119.24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rising value of the US dollar is estimated to hurt the nation's economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the rise in the dollar's value will have a positive impact on remittance inflow, the nation's overall economy subsequently face its consequences. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inflation, additional investment in the payment for foreign consultants and the additional burden in the payment of foreign debt and its interest are some of the major consequences of it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rise in the value of the US dollar has its impact on the Indian currency and this will have its effects on the Nepali currency which is pegged to the Indian currency. (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15863', 'image' => '20221010104119_dolar-americano-monedas.jpg', 'article_date' => '2022-10-10 10:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16120', 'article_category_id' => '1', 'title' => 'Festival of Dashain Draws to a Close after Observing Kojagrat Purnima', 'sub_title' => '', 'summary' => 'October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dashain festival formally ends on the full moon day in the Nepali month of Ashwin with the marking of the Kojagrat Purnima. Devotees offer worship to Goddess Mahalaxmi at their homes in the evening, and keep vigil the whole night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a belief that the goddess Mahalaxmi takes a trip around the world on the night of Kojagrat Purnima 'to check as to who is observing the vigil on this particular night'. As per this belief, the goddess of wealth blesses the people who are found observing the overnight vigil, says Nepal Calendar Determination Committee Chairperson Prof Dr Ramchandra Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the ritual of giving and receiving Tika and Jamara of the Dashain festival also concludes on this day, the Jamara that is sprouted and anointed at the Dashainghar on the day of Ghatasthapana is disposed as per the religious tradition. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also perform worship at the Swoyambhu Chaitya and observe the night vigil by lighting the Mahadeep lamp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15862', 'image' => '20221010102630_dashain image.jpg', 'article_date' => '2022-10-10 10:25:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16124', 'article_category_id' => '1', 'title' => 'NPC Vice Chair Poudel Resigns', 'sub_title' => '', 'summary' => 'October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Poudel resigned from his post after getting a ticket from the ruling Nepali Congress to contest in the upcoming election from Chitwan-1 constituency. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He has already filed his candidacy for the election. Another former vice chair of the NPC, Dr Swarnim Wagle was also aspiring to contest election from the same constituency in Chitwan. However, the NC backed Dr Poudel for the nomination. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, industrialist Binod Chaudhary will be contesting the election representing the NC from Nawalparasi-1.</span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15861', 'image' => '20221010021838_1665303621.jpg', 'article_date' => '2022-10-10 14:18:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16119', 'article_category_id' => '1', 'title' => 'World Central Banks Caught in the Fed's Slipstream', 'sub_title' => '', 'summary' => 'October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news agency, the US central bank has embarked on its most aggressive policy by tightening cycle for four decades and thus raising interest rates by three percentage points since January to slow runaway inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has left policymakers elsewhere with a tough choice: keep up with the Fed at the risk of hurting your own economy or watch your currency and bonds collapse as investors switch to dollars, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There is a growing risk that central banks will err on the side of caution by overtightening," Reuters quoted economist Jennifer McKeown as saying. "The risk is that rate hikes beyond our expectations prompt an even deeper downturn."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Central bankers and finance chiefs, who will meet in Washington this week, are mostly fighting inflation driven by factors including energy prices and trade supply snags. But few economies can stomach the diet of rate hikes the Fed has adopted to cool overheated domestic demand - largely the result of massive pandemic-era US stimulus that the rest of the world couldn't match, added Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the analysis, responses have varied with South Korea pledging to follow the Fed, belated but robust rate hikes in the euro zone despite a looming recession, and market interventions in Japan and Britain to stem bleeding in currencies and bonds. But they all face the same problem: there is less money to go around since the Fed turned off the taps, making investors impatient with profligate governments, stubborn central banks or lacklustre growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Data from the United States, the euro zone, China and Japan shows the amount of money in circulation has fallen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has long been a harbinger of trouble for poorer economies that rely on foreign capital, and central bankers in the Philippines and Mexico have been clear about the impact of the Fed's actions on their own stances.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">What's worse, worldwide rate hikes reinforce each other by depressing trade and markets, raising the risk of a global recession - as the World Bank has warned.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The damage has already become visible in financial markets, where shares and bonds have fallen sharply, leaving investors hoping the Fed will change course.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Only the Fed can print the dollars necessary to fix the problem quickly," Mike Wilson, chief investment officer at Morgan Stanley, said in a podcast.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Fed policymakers have this week restated their focus on taming inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, this happened during the financial crisis, when central banks acted together to stabilise markets, and with 1985's Plaza Accord, agreed by the top five developed economies to depreciate the dollar. But with the Fed happy for a strong dollar to bring down import prices and few signs of a political backlash against the currency's appreciation, the chances of a repeat are low.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The analysis suggests that governments and central banks must bear alone the cost of market interventions to support their currencies and shield their financial systems from instability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Droves of emerging economies, including Chile, the Czech Republic and India, have intervened in the forex market, where volatility soared around 50 percent in two months, according to a widely watched Deutsche Bank index.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But richer countries are stepping in too.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Japan has started buying the yen for the first time since 1998 after the currency was pummelled by the central bank's decision to keep rates at zero. The Bank of England last week bought gilts to help shield pension schemes from market ire at government tax-cutting plans, Reuters further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analysts reportedly said none of these measures was likely to work unless the Fed stops raising rates, however - and for some, such actions are a sign of looming capitulation to market pressures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15860', 'image' => '20221009010829_interest ratee.jpg', 'article_date' => '2022-10-09 13:07:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16118', 'article_category_id' => '1', 'title' => 'World Bank Warns of Severe Impacts of Climate Change on Nepal’s Economy', 'sub_title' => '', 'summary' => 'October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report released on October 6, Nepal is highly vulnerable to climate change and must adapt to global warming, even though it is a negligible contributor to global greenhouse gases. The new analysis of the World Bank presented in the update finds that negative impacts are expected to accelerate sharply in the second half of the century, with GDP contracting 24 percent relative to the baseline projections by 2100. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A list of 32 actionable steps that Nepal can take now to reduce these impacts and reinforce its Green, Resilient, and Inclusive Development (GRID) pathway is provided in the recently released Nepal Country Climate and Development Report, the World Bank said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal’s GDP and other macroeconomic losses in the first three decades of the 21st century are small to begin with, but are expected to accelerate quickly in the second half of the century as temperatures and climate events reach higher levels of intensity,” the statement quoted World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka Faris Hadad-Zervos as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“These findings underscore the urgency of implementing measures aligned with the country’s Green, Resilient, and Inclusive Development (GRID) pathway, to increase Nepal’s adaptive capacity to climate-related shocks.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier in the Country Climate and Development Report, the World Bank had warned that climate change would continue to jeopardize gains in Nepal’s human development and poverty reduction without comprehensive and scaled-up climate action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To respond to this challenge, Nepal is already implementing steps to recalibrate its economy by adopting a Green, Resilient, and Inclusive Development (GRID) approach. In 2021, Nepal adopted the Green, Resilient and Inclusive Development (GRID) approach as a national vision to guide long-term green growth and build resilience to climate and other shocks that are barriers to Nepal’s development ambitions, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Nepal’s federal structure, the local governments are placed at the center of climate resilience and development efforts with extensive implementation responsibilities and play a crucial role in translating the GRID strategy into action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal has pledged to achieve net zero emissions by 2045 and to significantly scale up hydropower investment in the coming decade. Nepal has begun to put in place the necessary policy framework, such as the 2019 National Climate Change Policy, the 2022 Solid Waste Management Policy, the 2022 Forest Regulation and the 2022 Land Use Regulation, the World Bank Report stated. “However, implementation of this reform agenda and prioritization of investments is incipient. Moreover, enhanced prioritization and efficiency of public expenditure are required to maximize climate and development benefits.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15859', 'image' => '20221009010544_SA-Surkhet-DubanChhetraa.jpg', 'article_date' => '2022-10-09 13:04:57', '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' => '16132', 'article_category_id' => '1', 'title' => 'Weather Improving Gradually', 'sub_title' => '', 'summary' => 'October 12: The weather has started improving gradually with the low pressure system developed near Nepal becoming weaker, according to the Department of Hydrology and Meteorology, Meteorological Forecasting Division. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">October 12: The weather has started improving gradually with the low pressure system developed near Nepal becoming weaker, according to the Department of Hydrology and Meteorology, Meteorological Forecasting Division. <br /> Meteorologist at the division Heera Bhattarai said that although the monsoon is still active, the low pressure system is weak and there has been a gradual improvement in the weather. She said the weather will fully improve across the country in the next two days. <br /> "Although the monsoon is ongoing, the rain-causing system has become weaker. Rainfall was reported at some places of Karnali and Sudurpaschim and at many places of the eastern and central regions on Tuesday. The weather will start to improve from Wednesday in Sudurpaschim and Karnali provinces while it will be fair across the country beginning from Thursday," said Bhattarai. <br /> Incessant rainfall that started since the past nine days is taking place only partially over the last four days due to the influence of the existing monsoon as well as the low pressure system that has developed around Nepal. The division said that it will take a week more for the monsoon's exit. <br /> The low pressure area near Haryana, India is impacting the weather in Nepal at present.<br /> The minimum temperature in Kathmandu was 18 degrees Celsius and the maximum 26 degrees Celsius on Tuesday, the Division stated. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-12', 'modified' => '2022-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '15873', 'image' => '20221012100214_HemantKC_Jajarkot_RSS_09.jpg', 'article_date' => '2022-10-12 10:01:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16131', 'article_category_id' => '1', 'title' => '‘Police Confiscated Betel Nuts with Mala Fide Intention’', 'sub_title' => '', 'summary' => 'October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs. The consignment of beetle nuts produced in Jhapa was cleared by the Indian customs at Jogbani checkpoint across Biratnagar and was en route to India’s Bhimnagar boarder point near the Koshi barrage via Nepal route due to obstruction in the Indian side. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finally, eight trucks laden with 29,596 kilograms of betel nuts worth Rs 86.38 million were released on September 29 after the Department of Customs instructed the concerned officials to re-route the consignment as per the court order. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Morang police had seized the betel nuts that had re-entered Nepal after customs clearance at Jogbani customs near Biratnagar on July 21 and handed them over to the Revenue Investigation Office in Itahari three days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Tirthraj Khanal, the head of the Revenue Investigation Office, Itahari, eight trucks of betel nuts were released after the department issued a written order to re-route them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Since we did not have the right to open and check the betel nuts sealed by the Indian customs, we only investigated whether there was any error in the process involved, and later we dropped the case after the department ordered us to allow re-routing the consignment,” Khanal said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the basis of the certificate of origin issued by the Jhapa Industry and Commerce Association, betel nuts grown in Jhapa were loaded on Indian trucks and exported from Biratnagar customs and were checked and sealed by the Indian customs office. Due to the collapse of the bridge in Mirganj, India, the betel nuts were re-routed for export to Bhimnagar, India through Bhantabari of Sunsari district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Navin Ghimire, the owner of Mankamana Traders of Biratnagar-9, a betel exporter, had filed a writ petition one week ago seeking a certiorari order. The petitioner had filed the case against the District Police Office Morang, Department of Customs, Biratnagar Customs Office and Revenue Investigation Office Itahari. After he withdrew the writ, the department issued an order to release the consignment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Exporter Ghimire complained that he had to pay more than INR 2.5 million for the rent of the eight trucks that have been on the premises of the Revenue Investigation Office for two months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the collapse of the bridge in Mirgunj, the betel nuts that were inspected by the Indian customs at Jogbani were re-routed and return to Nepal so that they can be sent to Bhimnagar of India through Sunsari's Bhantabari. However, the police seized all the trucks arguing that they did not have customs clearance documents and kept them at the local police office in Rani for three days for investigation. Even after submitting all the documents, the police handed over the betel nut to the revenue investigation office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15872', 'image' => '20221011043816_betel nut.jpg', 'article_date' => '2022-10-11 16:37:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16130', 'article_category_id' => '1', 'title' => 'Seven Airports with Black-topped Runways not in Operation', 'sub_title' => '', 'summary' => 'October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. There are seven airports with blacktopped runways which are not in operation at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Civil Aviation Authority of Nepal’s Spokesperson Jagannath Niraula informed New Business Age that it is possible for airplanes to take off and land at those airports. However, they are not operational because there is no flight schedule to those remote places.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the airports runways that are yet to be blacktopped are also considered, a total of 19 airports are currently not in operation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Out of the 52 airports in Nepal, only 33 are currently in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Niraula says that the country does not have enough aircraft to operate flights to the remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There aren’t any planes to fly to the remote areas. On top of it, new alternatives have emerged to those airports,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There were no roads in the past. People were highly dependent on flights to transport goods and sick patients. But many of those places are now accessible through road,” added Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the airports were established with the motive to transport essential food stuffs and medicines to the remote areas. However, the airports which once served as the fastest alternative of transportation have been gradually replaced by vehicles these days with the expansion of road network.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Air transport is expensive compared to travelling by road and therefore the general public opted for vehicles once the remote areas had access to road. According to the Department of Roads, the road network across Nepal spans over 100,000 kilometers which includes national highways and other roads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the remote places such as Humla and Dolpa now have access to road. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is said that the airports in Baglung, Dolpa and Jiri were built especially to transport goods. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN also insists that such airports are hardly used these days also because there is shortage of aircraft that can fly to remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN however says that the airports with blacktopped runways can be operated anytime. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those airports which are not in operation include the airports of Baglung, Chaurjhari (Rukum), Darchula, Dhorpatan, Palungtar (Gorkha), Resunga (Gulmi), Jiri, Kangeldanda (Solukhumbu), Khiji Chandeshwari (Okhaldhunga), Langtang, Lammidanda (Khotang), Mahendranagar, Manang, Masinechaur (Dolpa), Syangboche (Solukhumbu), Rumjatar (Okhaldhunga) and Tiakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among them, the airports of Rumjatar, Masinechaur, Baglung, Chaurjhari, Resunga, Lamidanda and Manang are blacktopped.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15871', 'image' => '20221011015602_maxresdefault.jpg', 'article_date' => '2022-10-11 13:55:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16129', 'article_category_id' => '1', 'title' => 'Nepal Facing Shortage of Milk', 'sub_title' => '', 'summary' => 'October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After concluding that the domestic market of Nepal lacks the required amount of milk, the Government of Nepal has given permission to import 120,000 litres of milk per day. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Dairy Development Corporation (DDC), Sujal Dairy and Dairy Industries Association of Nepal have been importing milk accordingly.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Even after importing milk from Nepal, it is believed that the country still requires 180,000 litres of milk per day.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The demand for milk in the domestic market is 1,050,000 litres per day but the domestic production is just 750,000, according to Dr Balak Chaudhary, technical director of the state-owned DDC. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The supply of milk reaches 870,000 litres per day by adding the imported milk from India but it still falls short of the market demand by 180,000 litres,” says Chaudhary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Dr Chaudhary says that the production of milk increases from mid-October while its consumption declines. Therefore, the government is making preparations not to allow import of additional milk with the onset of winter season.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The country has been forced to import milk from India just one and a half years after the government announced Nepal as a self-sufficient country in dairy production. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The then Prime Minister KP Sharma Oli and the then Minister for Agriculture Padma Aryal had announced Nepal self-sufficient powder milk and butter in March 2021. But now, Nepal has been importing liquid milk from Patna Dairy of India due to lack of powder milk and butter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government’s decision to ease imports has provided some relief to meet the demand for milk in the country, it is still struggling to meet the demand for powder milk and butter, says Prahlad Dahal, chairman of Nepal Dairy Association.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We know how much milk we need and how much is being supplied. We are afraid that there will be shortage of milk next year as well. Therefore the government must collaborate with the private sector and also allow the state-owned Salt Trading Corporation and Food Management and Trading Company to import powder milk and butter,” says Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government has allowed daily import of 120,000 litres of milk, the bodies responsible for importing such quantity of milk are unable to import milk to that extent. Therefore, the market is still reeling under scarcity of milk.</span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15870', 'image' => '20221011010319_milk.jpg', 'article_date' => '2022-10-11 13:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16128', 'article_category_id' => '1', 'title' => 'Election Commission Seeks Details of Expenditure for Online Advertisement from Poll Candidates', 'sub_title' => '', 'summary' => 'October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC’s appeals has come as the social networking sites are filled with polls-related advertisements after the completion of the candidacy nomination of the candidates for the federal and provincial assembly elections to be held on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made such appeal by issuing the ‘Policy on Use of Social Sites on Election Management’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Monday, EC’s Spokesperson Shaligram Sharma Poudel said that continued monitoring and evaluation of the online advertisement is ongoing by forming a mechanism in the EC’s Secretariat and offices of the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15869', 'image' => '20221011120924_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-11 12:08:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16127', 'article_category_id' => '1', 'title' => 'Dengue Spreads Across Seventy Six Districts of Nepal', 'sub_title' => 'Death Toll from the Viral Infection Climbs to 44 ', 'summary' => 'October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. According to the state-owned national news agency RSS, the mosquito-borne viral disease has spread to 76 out of 77 districts in the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 33,975 people have been infected by dengue since it was first reported in early August, RSS reported citing the Ministry of Health and Population.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Experts believe that this disease, which was only reported in the southern belt of Nepal in the past, is now seen in mountainous districts due to the impact of global warming.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Various studies have indicated that mosquitoes have moved to higher altitude due to warmer temperatures fuelled by climate change.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 27 people tested positive for COVID-19 infection on Monday. The infection rate was confirmed from a total of 1,546 samples tested on the day. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">RSS further reported that President Bidya Devi Bhandari has also been infected with SARS--CoV 2 virus. According to RSS, the Head-of-the-State was hospitalized on October 8 after she complained of fever and flu-like symptoms. She is receiving the treatment at the Annex ward bed number 601 of Tribhuvan University Teaching Hospital. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the hospital’s information officer Ram Bikram Adhikari confirmed that the president’s PCR report tested positive for COVID-19. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The number of active cases of coronavirus is 569. The death toll from COVID-19 stands at 12,018 till date. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15868', 'image' => '20221011112213_dengue-test_650x400_61442241844.jpg', 'article_date' => '2022-10-11 11:21:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16126', 'article_category_id' => '1', 'title' => '5.8 Million People have Access to Microfinance Services', 'sub_title' => '', 'summary' => 'October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million.', '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"">October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million. The customer base of microfinance companies has increase due to expansion of branches resulting in wider access to microfinance services. </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 annual survey report on microfinance sector prepared by Nepal Rastra Bank, the customers of microfinance companies increased by 669,000 in a 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"">The number of customers of microfinance companies was 5,191,000 by the end of Fiscal Year 2020/21, which increased to 5,860,000 by the end of last fiscal year (FY 2021/22), the survey report states.</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"">Although the number of microfinance companies is declining due to merger and acquisition, the general public’s access to finance is increasing due to expansion of branches of such companies. </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"">There were 70 microfinance companies by the end of Fiscal Year 2020/21. The number of microfinance companies stands at 65 as of the end of last 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"">However, the branches of microfinance companies increased by 9.54 percent in the review period and currently stands at 5,062, the NRB report states.</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"">Microfinance companies give priority to ensure access to finance to the people who are unable to get access to banks and financial institutions. Microfinance companies form groups of deprived sector community and provide loans without any collateral. </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"">Microfinance companies can provide loans up to Rs 700,000 to the people of the deprived sector without any collateral on the assurance of the group while such people can avail up to Rs 1.5 million by keeping their property as collateral.</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 number of people taking loans from microfinance companies has increased by 10.4 percent as of mid-July this year compared to the same period last of last fiscal year. The total number of people who have taken loans from microfinance companies stands at 3.3 million.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15867', 'image' => '20221010040059_micro.jpg', 'article_date' => '2022-10-10 16:00:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16125', 'article_category_id' => '1', 'title' => 'President Authenticates Insurance Bill', 'sub_title' => '', 'summary' => 'October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Insurance Bill 2079, which was passed by both the houses of parliament – House of Representatives and the National Assembly – before the Dashain festival, was authenticated by the head of state on Sunday, October 9.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The bill authenticated by the president will become an Act once it is published in the Nepal Gazette.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The new Act will transform the Insurance Board into the Insurance Authority of Nepal. The terms of the chairman of the board and other members will get continuity in the newly-formed authority. There is a provision in the new Act that the chairman and members of the Insurance Board will automatically hold the same posts in the authority until their term expires. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The then Finance Minister Dr Yuvraj Khatiwada had registered the Insurance Bill in parliament four years ago to amend and consolidate the laws related to the insurance sector. However, the discussions on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and board members of the Insurance Board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the original bill, there was a provision that all the responsibilities, including the management of staff of the board, would go to the proposed authority, which would also have a new chairman and director. The then president Chiranjeevi Chapagain opposed this provision. However, the amended bill has a provision to give continuity to the directors including the chairman of the current Insurance Board in the newly formed authority.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the bill also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Surya Prasad Silwal, chairman of the Insurance Board, believes that a new era will begin in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he had said in an earlier interview with New Business Age.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The President’s Office on Sunday issued a statement confirming that the Insurance Bill along with other two bills were certified as per Article 113 (2) of Constitution of Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The other two bills certified by the president include the bill to amend and integrate laws on management of public debt and the bill to manage animal health and livestock service entrepreneurs' council. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '15866', 'image' => '20221010025244_Insurance.jpg', 'article_date' => '2022-10-10 14:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16123', 'article_category_id' => '1', 'title' => 'Production Capacity of Domestic Oil Industries Shrinks to 20 Percent', 'sub_title' => '', 'summary' => 'October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil. According to the industrialists of Nepal, investment worth Rs 15 billion of 30 oil industries is in crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">When India imposed a customs duty of up to 40 percent on the import of semi-refined oil, the industries of Nepal brought such oil from third countries, processed it and exported the processed oil to India. The oil industries of Nepal used to bring semi-refined oil from Ukraine, Indonesia and Malaysia, and made profit by taking advantage of the difference in import duty and export concession between Nepal and India. Such industries have been exporting goods to India under the South Asian Free Trade Area (SAFTA) concessions by paying zero to 5 percent customs duty. After exporting the products, the industrialists used to get refunds up to 10 percent for customs duty and Value Added Tax on raw materials required to prepare refined oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, the owner of Narayani Oil Refinery, said that the export from Nepal has been affected after India took strategic measures while considering the impact of Covid-19 pandemic, Russia-Ukraine war and the possible food crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the industries expanded their capacity when exports to India were easy. In the meantime, some new industries were established to take advantage of the situation. At present, the production capacity of the domestic oil industry is around 2.5 million tons a year. About 500,000 tons of oil is consumed in the country. Now the export is becoming difficult and production has shrunk. Entrepreneurs say that now such industries are running at 15 to 20 percent of their total capacity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">India reduced the import duty to 2.5 percent to reduce the market price of oil. In addition to this, the import and agricultural infrastructure development tax on 2 million metric tons each of semi-refined soybean and sunflower oil for the current fiscal year (FY) 2022/23 and the next fiscal year 2023/24 has been completely removed. In these two fiscal years, 5 million tons of semi-refined oil will be imported into India at zero customs duty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Suresh Rungata, owner of OCB Foods, said that its direct impact is seen in the export of oil from Nepal. According to Birgunj customs office, the export of refined oil decreased significantly in the first two months of the current fiscal year as compared to the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Refined palm oil was exported in July and August last year to the extent of 29.5 million liters. This year only 9.6 million liters have been exported during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first two months of last fiscal year, 4.7 million kilograms of soybean oil was exported, which is only 3.5 million kilograms this year. Similarly, last year 5,796,000 liters of sunflower oil was sold in the Indian market, but only 199,000 liters have been sold during the first two months of this year. Since oil was the main contributor to Nepal's export trade, Rungta claimed that the trade deficit will increase as oil exports have been affected. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15865', 'image' => '20221010013516_shutterstock_1353066692.jpeg', 'article_date' => '2022-10-10 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16122', 'article_category_id' => '1', 'title' => 'Management of Dusty Cargo becoming a Headache for Importers', 'sub_title' => '', 'summary' => 'October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border. Nepali importers are facing further problems after the Indian customs issued a notice stating that all imports and exports through the Raxaul-Birgunj border crossing will be done through the Integrated Checkpoint (ICP) from October 16.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The notice issued by the Patna-based office of Indian customs mentions that there will be no import or export through Raxaul Customs. A notification has been issued to divert all imports and exports of this border check point to the ICP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The public notice issued by the Indian customs on October 7 has urged all concerned bodies not to prepare shipping bills, bills of entry and other documents for Raxaul Customs from this Wednesday itself. The Indian customs issued the notice saying that all the imports and exports of the Birgunj-Raxaul border should be done through the ICP on the pretext that the ICP has come into full operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, Nepali importers are facing additional burden due to the lack of a suitable location for dusty cargo management on the Nepal side. Earlier, the import of dusty cargo faced stiff opposition from the local residents of Raxaul who complained of pollution. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, the loading and unloading of clinker was banned in Raxaul five years ago due to the obstruction of the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At that time, a team led by the then joint secretary of the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, had suggested managing such cargo at three different locations in Birgunj. Since then, the Indian customs has repeatedly given ultimatums to remove the dusty cargo from Raxaul. However, the government has not yet been able to provide an alternative. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With this notification from Indian customs, the issue of dusty cargo management has become challenging again. It has added stress to importers, says Madhav Rajpal, vice president of Birgunj Chamber of Commerce and Industry. .</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last four years since the ICP started operation, most of the imports and exports have been taking place through this integrated infrastructure. However, dusty cargo such as coal, iron ore, slag and some quantity of industrial raw materials including iron blades, iron roll, etc. have been entering Nepal through the Raxaul-Birgunj friendship bridge. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15864', 'image' => '20221010121907_1665358541.Clipboard47.jpg', 'article_date' => '2022-10-10 12:18:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16121', 'article_category_id' => '1', 'title' => 'US Dollar becomes Further Strong ', 'sub_title' => '', 'summary' => 'October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Rastra Bank (NRB)’s foreign exchange rate for today (October 10), the purchasing rate of the US dollar is Rs 131.42 while the selling rate is Rs 132.02 per unit. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">At the start of this year on January 1, the purchasing rate of the US dollar was Rs 118.64 while the selling rate was Rs 119.24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rising value of the US dollar is estimated to hurt the nation's economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the rise in the dollar's value will have a positive impact on remittance inflow, the nation's overall economy subsequently face its consequences. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inflation, additional investment in the payment for foreign consultants and the additional burden in the payment of foreign debt and its interest are some of the major consequences of it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rise in the value of the US dollar has its impact on the Indian currency and this will have its effects on the Nepali currency which is pegged to the Indian currency. (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15863', 'image' => '20221010104119_dolar-americano-monedas.jpg', 'article_date' => '2022-10-10 10:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16120', 'article_category_id' => '1', 'title' => 'Festival of Dashain Draws to a Close after Observing Kojagrat Purnima', 'sub_title' => '', 'summary' => 'October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dashain festival formally ends on the full moon day in the Nepali month of Ashwin with the marking of the Kojagrat Purnima. Devotees offer worship to Goddess Mahalaxmi at their homes in the evening, and keep vigil the whole night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a belief that the goddess Mahalaxmi takes a trip around the world on the night of Kojagrat Purnima 'to check as to who is observing the vigil on this particular night'. As per this belief, the goddess of wealth blesses the people who are found observing the overnight vigil, says Nepal Calendar Determination Committee Chairperson Prof Dr Ramchandra Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the ritual of giving and receiving Tika and Jamara of the Dashain festival also concludes on this day, the Jamara that is sprouted and anointed at the Dashainghar on the day of Ghatasthapana is disposed as per the religious tradition. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also perform worship at the Swoyambhu Chaitya and observe the night vigil by lighting the Mahadeep lamp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15862', 'image' => '20221010102630_dashain image.jpg', 'article_date' => '2022-10-10 10:25:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16124', 'article_category_id' => '1', 'title' => 'NPC Vice Chair Poudel Resigns', 'sub_title' => '', 'summary' => 'October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Poudel resigned from his post after getting a ticket from the ruling Nepali Congress to contest in the upcoming election from Chitwan-1 constituency. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He has already filed his candidacy for the election. Another former vice chair of the NPC, Dr Swarnim Wagle was also aspiring to contest election from the same constituency in Chitwan. However, the NC backed Dr Poudel for the nomination. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, industrialist Binod Chaudhary will be contesting the election representing the NC from Nawalparasi-1.</span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15861', 'image' => '20221010021838_1665303621.jpg', 'article_date' => '2022-10-10 14:18:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16119', 'article_category_id' => '1', 'title' => 'World Central Banks Caught in the Fed's Slipstream', 'sub_title' => '', 'summary' => 'October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news agency, the US central bank has embarked on its most aggressive policy by tightening cycle for four decades and thus raising interest rates by three percentage points since January to slow runaway inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has left policymakers elsewhere with a tough choice: keep up with the Fed at the risk of hurting your own economy or watch your currency and bonds collapse as investors switch to dollars, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There is a growing risk that central banks will err on the side of caution by overtightening," Reuters quoted economist Jennifer McKeown as saying. "The risk is that rate hikes beyond our expectations prompt an even deeper downturn."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Central bankers and finance chiefs, who will meet in Washington this week, are mostly fighting inflation driven by factors including energy prices and trade supply snags. But few economies can stomach the diet of rate hikes the Fed has adopted to cool overheated domestic demand - largely the result of massive pandemic-era US stimulus that the rest of the world couldn't match, added Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the analysis, responses have varied with South Korea pledging to follow the Fed, belated but robust rate hikes in the euro zone despite a looming recession, and market interventions in Japan and Britain to stem bleeding in currencies and bonds. But they all face the same problem: there is less money to go around since the Fed turned off the taps, making investors impatient with profligate governments, stubborn central banks or lacklustre growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Data from the United States, the euro zone, China and Japan shows the amount of money in circulation has fallen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has long been a harbinger of trouble for poorer economies that rely on foreign capital, and central bankers in the Philippines and Mexico have been clear about the impact of the Fed's actions on their own stances.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">What's worse, worldwide rate hikes reinforce each other by depressing trade and markets, raising the risk of a global recession - as the World Bank has warned.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The damage has already become visible in financial markets, where shares and bonds have fallen sharply, leaving investors hoping the Fed will change course.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Only the Fed can print the dollars necessary to fix the problem quickly," Mike Wilson, chief investment officer at Morgan Stanley, said in a podcast.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Fed policymakers have this week restated their focus on taming inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, this happened during the financial crisis, when central banks acted together to stabilise markets, and with 1985's Plaza Accord, agreed by the top five developed economies to depreciate the dollar. But with the Fed happy for a strong dollar to bring down import prices and few signs of a political backlash against the currency's appreciation, the chances of a repeat are low.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The analysis suggests that governments and central banks must bear alone the cost of market interventions to support their currencies and shield their financial systems from instability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Droves of emerging economies, including Chile, the Czech Republic and India, have intervened in the forex market, where volatility soared around 50 percent in two months, according to a widely watched Deutsche Bank index.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But richer countries are stepping in too.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Japan has started buying the yen for the first time since 1998 after the currency was pummelled by the central bank's decision to keep rates at zero. The Bank of England last week bought gilts to help shield pension schemes from market ire at government tax-cutting plans, Reuters further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analysts reportedly said none of these measures was likely to work unless the Fed stops raising rates, however - and for some, such actions are a sign of looming capitulation to market pressures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15860', 'image' => '20221009010829_interest ratee.jpg', 'article_date' => '2022-10-09 13:07:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16118', 'article_category_id' => '1', 'title' => 'World Bank Warns of Severe Impacts of Climate Change on Nepal’s Economy', 'sub_title' => '', 'summary' => 'October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report released on October 6, Nepal is highly vulnerable to climate change and must adapt to global warming, even though it is a negligible contributor to global greenhouse gases. The new analysis of the World Bank presented in the update finds that negative impacts are expected to accelerate sharply in the second half of the century, with GDP contracting 24 percent relative to the baseline projections by 2100. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A list of 32 actionable steps that Nepal can take now to reduce these impacts and reinforce its Green, Resilient, and Inclusive Development (GRID) pathway is provided in the recently released Nepal Country Climate and Development Report, the World Bank said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal’s GDP and other macroeconomic losses in the first three decades of the 21st century are small to begin with, but are expected to accelerate quickly in the second half of the century as temperatures and climate events reach higher levels of intensity,” the statement quoted World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka Faris Hadad-Zervos as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“These findings underscore the urgency of implementing measures aligned with the country’s Green, Resilient, and Inclusive Development (GRID) pathway, to increase Nepal’s adaptive capacity to climate-related shocks.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier in the Country Climate and Development Report, the World Bank had warned that climate change would continue to jeopardize gains in Nepal’s human development and poverty reduction without comprehensive and scaled-up climate action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To respond to this challenge, Nepal is already implementing steps to recalibrate its economy by adopting a Green, Resilient, and Inclusive Development (GRID) approach. In 2021, Nepal adopted the Green, Resilient and Inclusive Development (GRID) approach as a national vision to guide long-term green growth and build resilience to climate and other shocks that are barriers to Nepal’s development ambitions, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Nepal’s federal structure, the local governments are placed at the center of climate resilience and development efforts with extensive implementation responsibilities and play a crucial role in translating the GRID strategy into action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal has pledged to achieve net zero emissions by 2045 and to significantly scale up hydropower investment in the coming decade. Nepal has begun to put in place the necessary policy framework, such as the 2019 National Climate Change Policy, the 2022 Solid Waste Management Policy, the 2022 Forest Regulation and the 2022 Land Use Regulation, the World Bank Report stated. “However, implementation of this reform agenda and prioritization of investments is incipient. Moreover, enhanced prioritization and efficiency of public expenditure are required to maximize climate and development benefits.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15859', 'image' => '20221009010544_SA-Surkhet-DubanChhetraa.jpg', 'article_date' => '2022-10-09 13:04:57', '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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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">October 12: The weather has started improving gradually with the low pressure system developed near Nepal becoming weaker, according to the Department of Hydrology and Meteorology, Meteorological Forecasting Division. <br /> Meteorologist at the division Heera Bhattarai said that although the monsoon is still active, the low pressure system is weak and there has been a gradual improvement in the weather. She said the weather will fully improve across the country in the next two days. <br /> "Although the monsoon is ongoing, the rain-causing system has become weaker. Rainfall was reported at some places of Karnali and Sudurpaschim and at many places of the eastern and central regions on Tuesday. The weather will start to improve from Wednesday in Sudurpaschim and Karnali provinces while it will be fair across the country beginning from Thursday," said Bhattarai. <br /> Incessant rainfall that started since the past nine days is taking place only partially over the last four days due to the influence of the existing monsoon as well as the low pressure system that has developed around Nepal. The division said that it will take a week more for the monsoon's exit. <br /> The low pressure area near Haryana, India is impacting the weather in Nepal at present.<br /> The minimum temperature in Kathmandu was 18 degrees Celsius and the maximum 26 degrees Celsius on Tuesday, the Division stated. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-12', 'modified' => '2022-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '15873', 'image' => '20221012100214_HemantKC_Jajarkot_RSS_09.jpg', 'article_date' => '2022-10-12 10:01:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16131', 'article_category_id' => '1', 'title' => '‘Police Confiscated Betel Nuts with Mala Fide Intention’', 'sub_title' => '', 'summary' => 'October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs. The consignment of beetle nuts produced in Jhapa was cleared by the Indian customs at Jogbani checkpoint across Biratnagar and was en route to India’s Bhimnagar boarder point near the Koshi barrage via Nepal route due to obstruction in the Indian side. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finally, eight trucks laden with 29,596 kilograms of betel nuts worth Rs 86.38 million were released on September 29 after the Department of Customs instructed the concerned officials to re-route the consignment as per the court order. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Morang police had seized the betel nuts that had re-entered Nepal after customs clearance at Jogbani customs near Biratnagar on July 21 and handed them over to the Revenue Investigation Office in Itahari three days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Tirthraj Khanal, the head of the Revenue Investigation Office, Itahari, eight trucks of betel nuts were released after the department issued a written order to re-route them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Since we did not have the right to open and check the betel nuts sealed by the Indian customs, we only investigated whether there was any error in the process involved, and later we dropped the case after the department ordered us to allow re-routing the consignment,” Khanal said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the basis of the certificate of origin issued by the Jhapa Industry and Commerce Association, betel nuts grown in Jhapa were loaded on Indian trucks and exported from Biratnagar customs and were checked and sealed by the Indian customs office. Due to the collapse of the bridge in Mirganj, India, the betel nuts were re-routed for export to Bhimnagar, India through Bhantabari of Sunsari district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Navin Ghimire, the owner of Mankamana Traders of Biratnagar-9, a betel exporter, had filed a writ petition one week ago seeking a certiorari order. The petitioner had filed the case against the District Police Office Morang, Department of Customs, Biratnagar Customs Office and Revenue Investigation Office Itahari. After he withdrew the writ, the department issued an order to release the consignment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Exporter Ghimire complained that he had to pay more than INR 2.5 million for the rent of the eight trucks that have been on the premises of the Revenue Investigation Office for two months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the collapse of the bridge in Mirgunj, the betel nuts that were inspected by the Indian customs at Jogbani were re-routed and return to Nepal so that they can be sent to Bhimnagar of India through Sunsari's Bhantabari. However, the police seized all the trucks arguing that they did not have customs clearance documents and kept them at the local police office in Rani for three days for investigation. Even after submitting all the documents, the police handed over the betel nut to the revenue investigation office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15872', 'image' => '20221011043816_betel nut.jpg', 'article_date' => '2022-10-11 16:37:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16130', 'article_category_id' => '1', 'title' => 'Seven Airports with Black-topped Runways not in Operation', 'sub_title' => '', 'summary' => 'October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. There are seven airports with blacktopped runways which are not in operation at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Civil Aviation Authority of Nepal’s Spokesperson Jagannath Niraula informed New Business Age that it is possible for airplanes to take off and land at those airports. However, they are not operational because there is no flight schedule to those remote places.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the airports runways that are yet to be blacktopped are also considered, a total of 19 airports are currently not in operation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Out of the 52 airports in Nepal, only 33 are currently in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Niraula says that the country does not have enough aircraft to operate flights to the remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There aren’t any planes to fly to the remote areas. On top of it, new alternatives have emerged to those airports,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There were no roads in the past. People were highly dependent on flights to transport goods and sick patients. But many of those places are now accessible through road,” added Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the airports were established with the motive to transport essential food stuffs and medicines to the remote areas. However, the airports which once served as the fastest alternative of transportation have been gradually replaced by vehicles these days with the expansion of road network.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Air transport is expensive compared to travelling by road and therefore the general public opted for vehicles once the remote areas had access to road. According to the Department of Roads, the road network across Nepal spans over 100,000 kilometers which includes national highways and other roads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the remote places such as Humla and Dolpa now have access to road. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is said that the airports in Baglung, Dolpa and Jiri were built especially to transport goods. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN also insists that such airports are hardly used these days also because there is shortage of aircraft that can fly to remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN however says that the airports with blacktopped runways can be operated anytime. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those airports which are not in operation include the airports of Baglung, Chaurjhari (Rukum), Darchula, Dhorpatan, Palungtar (Gorkha), Resunga (Gulmi), Jiri, Kangeldanda (Solukhumbu), Khiji Chandeshwari (Okhaldhunga), Langtang, Lammidanda (Khotang), Mahendranagar, Manang, Masinechaur (Dolpa), Syangboche (Solukhumbu), Rumjatar (Okhaldhunga) and Tiakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among them, the airports of Rumjatar, Masinechaur, Baglung, Chaurjhari, Resunga, Lamidanda and Manang are blacktopped.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15871', 'image' => '20221011015602_maxresdefault.jpg', 'article_date' => '2022-10-11 13:55:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16129', 'article_category_id' => '1', 'title' => 'Nepal Facing Shortage of Milk', 'sub_title' => '', 'summary' => 'October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After concluding that the domestic market of Nepal lacks the required amount of milk, the Government of Nepal has given permission to import 120,000 litres of milk per day. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Dairy Development Corporation (DDC), Sujal Dairy and Dairy Industries Association of Nepal have been importing milk accordingly.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Even after importing milk from Nepal, it is believed that the country still requires 180,000 litres of milk per day.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The demand for milk in the domestic market is 1,050,000 litres per day but the domestic production is just 750,000, according to Dr Balak Chaudhary, technical director of the state-owned DDC. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The supply of milk reaches 870,000 litres per day by adding the imported milk from India but it still falls short of the market demand by 180,000 litres,” says Chaudhary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Dr Chaudhary says that the production of milk increases from mid-October while its consumption declines. Therefore, the government is making preparations not to allow import of additional milk with the onset of winter season.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The country has been forced to import milk from India just one and a half years after the government announced Nepal as a self-sufficient country in dairy production. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The then Prime Minister KP Sharma Oli and the then Minister for Agriculture Padma Aryal had announced Nepal self-sufficient powder milk and butter in March 2021. But now, Nepal has been importing liquid milk from Patna Dairy of India due to lack of powder milk and butter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government’s decision to ease imports has provided some relief to meet the demand for milk in the country, it is still struggling to meet the demand for powder milk and butter, says Prahlad Dahal, chairman of Nepal Dairy Association.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We know how much milk we need and how much is being supplied. We are afraid that there will be shortage of milk next year as well. Therefore the government must collaborate with the private sector and also allow the state-owned Salt Trading Corporation and Food Management and Trading Company to import powder milk and butter,” says Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government has allowed daily import of 120,000 litres of milk, the bodies responsible for importing such quantity of milk are unable to import milk to that extent. Therefore, the market is still reeling under scarcity of milk.</span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15870', 'image' => '20221011010319_milk.jpg', 'article_date' => '2022-10-11 13:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16128', 'article_category_id' => '1', 'title' => 'Election Commission Seeks Details of Expenditure for Online Advertisement from Poll Candidates', 'sub_title' => '', 'summary' => 'October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC’s appeals has come as the social networking sites are filled with polls-related advertisements after the completion of the candidacy nomination of the candidates for the federal and provincial assembly elections to be held on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made such appeal by issuing the ‘Policy on Use of Social Sites on Election Management’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Monday, EC’s Spokesperson Shaligram Sharma Poudel said that continued monitoring and evaluation of the online advertisement is ongoing by forming a mechanism in the EC’s Secretariat and offices of the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15869', 'image' => '20221011120924_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-11 12:08:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16127', 'article_category_id' => '1', 'title' => 'Dengue Spreads Across Seventy Six Districts of Nepal', 'sub_title' => 'Death Toll from the Viral Infection Climbs to 44 ', 'summary' => 'October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. According to the state-owned national news agency RSS, the mosquito-borne viral disease has spread to 76 out of 77 districts in the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 33,975 people have been infected by dengue since it was first reported in early August, RSS reported citing the Ministry of Health and Population.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Experts believe that this disease, which was only reported in the southern belt of Nepal in the past, is now seen in mountainous districts due to the impact of global warming.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Various studies have indicated that mosquitoes have moved to higher altitude due to warmer temperatures fuelled by climate change.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 27 people tested positive for COVID-19 infection on Monday. The infection rate was confirmed from a total of 1,546 samples tested on the day. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">RSS further reported that President Bidya Devi Bhandari has also been infected with SARS--CoV 2 virus. According to RSS, the Head-of-the-State was hospitalized on October 8 after she complained of fever and flu-like symptoms. She is receiving the treatment at the Annex ward bed number 601 of Tribhuvan University Teaching Hospital. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the hospital’s information officer Ram Bikram Adhikari confirmed that the president’s PCR report tested positive for COVID-19. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The number of active cases of coronavirus is 569. The death toll from COVID-19 stands at 12,018 till date. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15868', 'image' => '20221011112213_dengue-test_650x400_61442241844.jpg', 'article_date' => '2022-10-11 11:21:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16126', 'article_category_id' => '1', 'title' => '5.8 Million People have Access to Microfinance Services', 'sub_title' => '', 'summary' => 'October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million.', '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"">October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million. The customer base of microfinance companies has increase due to expansion of branches resulting in wider access to microfinance services. </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 annual survey report on microfinance sector prepared by Nepal Rastra Bank, the customers of microfinance companies increased by 669,000 in a 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"">The number of customers of microfinance companies was 5,191,000 by the end of Fiscal Year 2020/21, which increased to 5,860,000 by the end of last fiscal year (FY 2021/22), the survey report states.</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"">Although the number of microfinance companies is declining due to merger and acquisition, the general public’s access to finance is increasing due to expansion of branches of such companies. </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"">There were 70 microfinance companies by the end of Fiscal Year 2020/21. The number of microfinance companies stands at 65 as of the end of last 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"">However, the branches of microfinance companies increased by 9.54 percent in the review period and currently stands at 5,062, the NRB report states.</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"">Microfinance companies give priority to ensure access to finance to the people who are unable to get access to banks and financial institutions. Microfinance companies form groups of deprived sector community and provide loans without any collateral. </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"">Microfinance companies can provide loans up to Rs 700,000 to the people of the deprived sector without any collateral on the assurance of the group while such people can avail up to Rs 1.5 million by keeping their property as collateral.</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 number of people taking loans from microfinance companies has increased by 10.4 percent as of mid-July this year compared to the same period last of last fiscal year. The total number of people who have taken loans from microfinance companies stands at 3.3 million.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15867', 'image' => '20221010040059_micro.jpg', 'article_date' => '2022-10-10 16:00:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16125', 'article_category_id' => '1', 'title' => 'President Authenticates Insurance Bill', 'sub_title' => '', 'summary' => 'October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Insurance Bill 2079, which was passed by both the houses of parliament – House of Representatives and the National Assembly – before the Dashain festival, was authenticated by the head of state on Sunday, October 9.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The bill authenticated by the president will become an Act once it is published in the Nepal Gazette.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The new Act will transform the Insurance Board into the Insurance Authority of Nepal. The terms of the chairman of the board and other members will get continuity in the newly-formed authority. There is a provision in the new Act that the chairman and members of the Insurance Board will automatically hold the same posts in the authority until their term expires. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The then Finance Minister Dr Yuvraj Khatiwada had registered the Insurance Bill in parliament four years ago to amend and consolidate the laws related to the insurance sector. However, the discussions on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and board members of the Insurance Board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the original bill, there was a provision that all the responsibilities, including the management of staff of the board, would go to the proposed authority, which would also have a new chairman and director. The then president Chiranjeevi Chapagain opposed this provision. However, the amended bill has a provision to give continuity to the directors including the chairman of the current Insurance Board in the newly formed authority.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the bill also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Surya Prasad Silwal, chairman of the Insurance Board, believes that a new era will begin in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he had said in an earlier interview with New Business Age.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The President’s Office on Sunday issued a statement confirming that the Insurance Bill along with other two bills were certified as per Article 113 (2) of Constitution of Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The other two bills certified by the president include the bill to amend and integrate laws on management of public debt and the bill to manage animal health and livestock service entrepreneurs' council. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '15866', 'image' => '20221010025244_Insurance.jpg', 'article_date' => '2022-10-10 14:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16123', 'article_category_id' => '1', 'title' => 'Production Capacity of Domestic Oil Industries Shrinks to 20 Percent', 'sub_title' => '', 'summary' => 'October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil. According to the industrialists of Nepal, investment worth Rs 15 billion of 30 oil industries is in crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">When India imposed a customs duty of up to 40 percent on the import of semi-refined oil, the industries of Nepal brought such oil from third countries, processed it and exported the processed oil to India. The oil industries of Nepal used to bring semi-refined oil from Ukraine, Indonesia and Malaysia, and made profit by taking advantage of the difference in import duty and export concession between Nepal and India. Such industries have been exporting goods to India under the South Asian Free Trade Area (SAFTA) concessions by paying zero to 5 percent customs duty. After exporting the products, the industrialists used to get refunds up to 10 percent for customs duty and Value Added Tax on raw materials required to prepare refined oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, the owner of Narayani Oil Refinery, said that the export from Nepal has been affected after India took strategic measures while considering the impact of Covid-19 pandemic, Russia-Ukraine war and the possible food crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the industries expanded their capacity when exports to India were easy. In the meantime, some new industries were established to take advantage of the situation. At present, the production capacity of the domestic oil industry is around 2.5 million tons a year. About 500,000 tons of oil is consumed in the country. Now the export is becoming difficult and production has shrunk. Entrepreneurs say that now such industries are running at 15 to 20 percent of their total capacity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">India reduced the import duty to 2.5 percent to reduce the market price of oil. In addition to this, the import and agricultural infrastructure development tax on 2 million metric tons each of semi-refined soybean and sunflower oil for the current fiscal year (FY) 2022/23 and the next fiscal year 2023/24 has been completely removed. In these two fiscal years, 5 million tons of semi-refined oil will be imported into India at zero customs duty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Suresh Rungata, owner of OCB Foods, said that its direct impact is seen in the export of oil from Nepal. According to Birgunj customs office, the export of refined oil decreased significantly in the first two months of the current fiscal year as compared to the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Refined palm oil was exported in July and August last year to the extent of 29.5 million liters. This year only 9.6 million liters have been exported during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first two months of last fiscal year, 4.7 million kilograms of soybean oil was exported, which is only 3.5 million kilograms this year. Similarly, last year 5,796,000 liters of sunflower oil was sold in the Indian market, but only 199,000 liters have been sold during the first two months of this year. Since oil was the main contributor to Nepal's export trade, Rungta claimed that the trade deficit will increase as oil exports have been affected. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15865', 'image' => '20221010013516_shutterstock_1353066692.jpeg', 'article_date' => '2022-10-10 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16122', 'article_category_id' => '1', 'title' => 'Management of Dusty Cargo becoming a Headache for Importers', 'sub_title' => '', 'summary' => 'October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border. Nepali importers are facing further problems after the Indian customs issued a notice stating that all imports and exports through the Raxaul-Birgunj border crossing will be done through the Integrated Checkpoint (ICP) from October 16.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The notice issued by the Patna-based office of Indian customs mentions that there will be no import or export through Raxaul Customs. A notification has been issued to divert all imports and exports of this border check point to the ICP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The public notice issued by the Indian customs on October 7 has urged all concerned bodies not to prepare shipping bills, bills of entry and other documents for Raxaul Customs from this Wednesday itself. The Indian customs issued the notice saying that all the imports and exports of the Birgunj-Raxaul border should be done through the ICP on the pretext that the ICP has come into full operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, Nepali importers are facing additional burden due to the lack of a suitable location for dusty cargo management on the Nepal side. Earlier, the import of dusty cargo faced stiff opposition from the local residents of Raxaul who complained of pollution. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, the loading and unloading of clinker was banned in Raxaul five years ago due to the obstruction of the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At that time, a team led by the then joint secretary of the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, had suggested managing such cargo at three different locations in Birgunj. Since then, the Indian customs has repeatedly given ultimatums to remove the dusty cargo from Raxaul. However, the government has not yet been able to provide an alternative. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With this notification from Indian customs, the issue of dusty cargo management has become challenging again. It has added stress to importers, says Madhav Rajpal, vice president of Birgunj Chamber of Commerce and Industry. .</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last four years since the ICP started operation, most of the imports and exports have been taking place through this integrated infrastructure. However, dusty cargo such as coal, iron ore, slag and some quantity of industrial raw materials including iron blades, iron roll, etc. have been entering Nepal through the Raxaul-Birgunj friendship bridge. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15864', 'image' => '20221010121907_1665358541.Clipboard47.jpg', 'article_date' => '2022-10-10 12:18:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16121', 'article_category_id' => '1', 'title' => 'US Dollar becomes Further Strong ', 'sub_title' => '', 'summary' => 'October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Rastra Bank (NRB)’s foreign exchange rate for today (October 10), the purchasing rate of the US dollar is Rs 131.42 while the selling rate is Rs 132.02 per unit. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">At the start of this year on January 1, the purchasing rate of the US dollar was Rs 118.64 while the selling rate was Rs 119.24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rising value of the US dollar is estimated to hurt the nation's economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the rise in the dollar's value will have a positive impact on remittance inflow, the nation's overall economy subsequently face its consequences. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inflation, additional investment in the payment for foreign consultants and the additional burden in the payment of foreign debt and its interest are some of the major consequences of it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rise in the value of the US dollar has its impact on the Indian currency and this will have its effects on the Nepali currency which is pegged to the Indian currency. (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15863', 'image' => '20221010104119_dolar-americano-monedas.jpg', 'article_date' => '2022-10-10 10:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16120', 'article_category_id' => '1', 'title' => 'Festival of Dashain Draws to a Close after Observing Kojagrat Purnima', 'sub_title' => '', 'summary' => 'October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dashain festival formally ends on the full moon day in the Nepali month of Ashwin with the marking of the Kojagrat Purnima. Devotees offer worship to Goddess Mahalaxmi at their homes in the evening, and keep vigil the whole night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a belief that the goddess Mahalaxmi takes a trip around the world on the night of Kojagrat Purnima 'to check as to who is observing the vigil on this particular night'. As per this belief, the goddess of wealth blesses the people who are found observing the overnight vigil, says Nepal Calendar Determination Committee Chairperson Prof Dr Ramchandra Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the ritual of giving and receiving Tika and Jamara of the Dashain festival also concludes on this day, the Jamara that is sprouted and anointed at the Dashainghar on the day of Ghatasthapana is disposed as per the religious tradition. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also perform worship at the Swoyambhu Chaitya and observe the night vigil by lighting the Mahadeep lamp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15862', 'image' => '20221010102630_dashain image.jpg', 'article_date' => '2022-10-10 10:25:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16124', 'article_category_id' => '1', 'title' => 'NPC Vice Chair Poudel Resigns', 'sub_title' => '', 'summary' => 'October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Poudel resigned from his post after getting a ticket from the ruling Nepali Congress to contest in the upcoming election from Chitwan-1 constituency. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He has already filed his candidacy for the election. Another former vice chair of the NPC, Dr Swarnim Wagle was also aspiring to contest election from the same constituency in Chitwan. However, the NC backed Dr Poudel for the nomination. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, industrialist Binod Chaudhary will be contesting the election representing the NC from Nawalparasi-1.</span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15861', 'image' => '20221010021838_1665303621.jpg', 'article_date' => '2022-10-10 14:18:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16119', 'article_category_id' => '1', 'title' => 'World Central Banks Caught in the Fed's Slipstream', 'sub_title' => '', 'summary' => 'October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news agency, the US central bank has embarked on its most aggressive policy by tightening cycle for four decades and thus raising interest rates by three percentage points since January to slow runaway inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has left policymakers elsewhere with a tough choice: keep up with the Fed at the risk of hurting your own economy or watch your currency and bonds collapse as investors switch to dollars, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There is a growing risk that central banks will err on the side of caution by overtightening," Reuters quoted economist Jennifer McKeown as saying. "The risk is that rate hikes beyond our expectations prompt an even deeper downturn."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Central bankers and finance chiefs, who will meet in Washington this week, are mostly fighting inflation driven by factors including energy prices and trade supply snags. But few economies can stomach the diet of rate hikes the Fed has adopted to cool overheated domestic demand - largely the result of massive pandemic-era US stimulus that the rest of the world couldn't match, added Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the analysis, responses have varied with South Korea pledging to follow the Fed, belated but robust rate hikes in the euro zone despite a looming recession, and market interventions in Japan and Britain to stem bleeding in currencies and bonds. But they all face the same problem: there is less money to go around since the Fed turned off the taps, making investors impatient with profligate governments, stubborn central banks or lacklustre growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Data from the United States, the euro zone, China and Japan shows the amount of money in circulation has fallen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has long been a harbinger of trouble for poorer economies that rely on foreign capital, and central bankers in the Philippines and Mexico have been clear about the impact of the Fed's actions on their own stances.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">What's worse, worldwide rate hikes reinforce each other by depressing trade and markets, raising the risk of a global recession - as the World Bank has warned.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The damage has already become visible in financial markets, where shares and bonds have fallen sharply, leaving investors hoping the Fed will change course.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Only the Fed can print the dollars necessary to fix the problem quickly," Mike Wilson, chief investment officer at Morgan Stanley, said in a podcast.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Fed policymakers have this week restated their focus on taming inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, this happened during the financial crisis, when central banks acted together to stabilise markets, and with 1985's Plaza Accord, agreed by the top five developed economies to depreciate the dollar. But with the Fed happy for a strong dollar to bring down import prices and few signs of a political backlash against the currency's appreciation, the chances of a repeat are low.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The analysis suggests that governments and central banks must bear alone the cost of market interventions to support their currencies and shield their financial systems from instability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Droves of emerging economies, including Chile, the Czech Republic and India, have intervened in the forex market, where volatility soared around 50 percent in two months, according to a widely watched Deutsche Bank index.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But richer countries are stepping in too.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Japan has started buying the yen for the first time since 1998 after the currency was pummelled by the central bank's decision to keep rates at zero. The Bank of England last week bought gilts to help shield pension schemes from market ire at government tax-cutting plans, Reuters further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analysts reportedly said none of these measures was likely to work unless the Fed stops raising rates, however - and for some, such actions are a sign of looming capitulation to market pressures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15860', 'image' => '20221009010829_interest ratee.jpg', 'article_date' => '2022-10-09 13:07:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16118', 'article_category_id' => '1', 'title' => 'World Bank Warns of Severe Impacts of Climate Change on Nepal’s Economy', 'sub_title' => '', 'summary' => 'October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report released on October 6, Nepal is highly vulnerable to climate change and must adapt to global warming, even though it is a negligible contributor to global greenhouse gases. The new analysis of the World Bank presented in the update finds that negative impacts are expected to accelerate sharply in the second half of the century, with GDP contracting 24 percent relative to the baseline projections by 2100. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A list of 32 actionable steps that Nepal can take now to reduce these impacts and reinforce its Green, Resilient, and Inclusive Development (GRID) pathway is provided in the recently released Nepal Country Climate and Development Report, the World Bank said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal’s GDP and other macroeconomic losses in the first three decades of the 21st century are small to begin with, but are expected to accelerate quickly in the second half of the century as temperatures and climate events reach higher levels of intensity,” the statement quoted World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka Faris Hadad-Zervos as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“These findings underscore the urgency of implementing measures aligned with the country’s Green, Resilient, and Inclusive Development (GRID) pathway, to increase Nepal’s adaptive capacity to climate-related shocks.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier in the Country Climate and Development Report, the World Bank had warned that climate change would continue to jeopardize gains in Nepal’s human development and poverty reduction without comprehensive and scaled-up climate action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To respond to this challenge, Nepal is already implementing steps to recalibrate its economy by adopting a Green, Resilient, and Inclusive Development (GRID) approach. In 2021, Nepal adopted the Green, Resilient and Inclusive Development (GRID) approach as a national vision to guide long-term green growth and build resilience to climate and other shocks that are barriers to Nepal’s development ambitions, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Nepal’s federal structure, the local governments are placed at the center of climate resilience and development efforts with extensive implementation responsibilities and play a crucial role in translating the GRID strategy into action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal has pledged to achieve net zero emissions by 2045 and to significantly scale up hydropower investment in the coming decade. Nepal has begun to put in place the necessary policy framework, such as the 2019 National Climate Change Policy, the 2022 Solid Waste Management Policy, the 2022 Forest Regulation and the 2022 Land Use Regulation, the World Bank Report stated. “However, implementation of this reform agenda and prioritization of investments is incipient. Moreover, enhanced prioritization and efficiency of public expenditure are required to maximize climate and development benefits.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15859', 'image' => '20221009010544_SA-Surkhet-DubanChhetraa.jpg', 'article_date' => '2022-10-09 13:04:57', '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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', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">October 12: The weather has started improving gradually with the low pressure system developed near Nepal becoming weaker, according to the Department of Hydrology and Meteorology, Meteorological Forecasting Division. <br /> Meteorologist at the division Heera Bhattarai said that although the monsoon is still active, the low pressure system is weak and there has been a gradual improvement in the weather. She said the weather will fully improve across the country in the next two days. <br /> "Although the monsoon is ongoing, the rain-causing system has become weaker. Rainfall was reported at some places of Karnali and Sudurpaschim and at many places of the eastern and central regions on Tuesday. The weather will start to improve from Wednesday in Sudurpaschim and Karnali provinces while it will be fair across the country beginning from Thursday," said Bhattarai. <br /> Incessant rainfall that started since the past nine days is taking place only partially over the last four days due to the influence of the existing monsoon as well as the low pressure system that has developed around Nepal. The division said that it will take a week more for the monsoon's exit. <br /> The low pressure area near Haryana, India is impacting the weather in Nepal at present.<br /> The minimum temperature in Kathmandu was 18 degrees Celsius and the maximum 26 degrees Celsius on Tuesday, the Division stated. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-12', 'modified' => '2022-10-12', 'keywords' => '', 'description' => '', 'sortorder' => '15873', 'image' => '20221012100214_HemantKC_Jajarkot_RSS_09.jpg', 'article_date' => '2022-10-12 10:01:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16131', 'article_category_id' => '1', 'title' => '‘Police Confiscated Betel Nuts with Mala Fide Intention’', 'sub_title' => '', 'summary' => 'October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 11: It has been confirmed that Nepal Police confiscated the consignment of betel nuts being exported to India with mala fide intention even though it was already cleared by the Indian customs. The consignment of beetle nuts produced in Jhapa was cleared by the Indian customs at Jogbani checkpoint across Biratnagar and was en route to India’s Bhimnagar boarder point near the Koshi barrage via Nepal route due to obstruction in the Indian side. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finally, eight trucks laden with 29,596 kilograms of betel nuts worth Rs 86.38 million were released on September 29 after the Department of Customs instructed the concerned officials to re-route the consignment as per the court order. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Morang police had seized the betel nuts that had re-entered Nepal after customs clearance at Jogbani customs near Biratnagar on July 21 and handed them over to the Revenue Investigation Office in Itahari three days later.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Tirthraj Khanal, the head of the Revenue Investigation Office, Itahari, eight trucks of betel nuts were released after the department issued a written order to re-route them.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“Since we did not have the right to open and check the betel nuts sealed by the Indian customs, we only investigated whether there was any error in the process involved, and later we dropped the case after the department ordered us to allow re-routing the consignment,” Khanal said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">On the basis of the certificate of origin issued by the Jhapa Industry and Commerce Association, betel nuts grown in Jhapa were loaded on Indian trucks and exported from Biratnagar customs and were checked and sealed by the Indian customs office. Due to the collapse of the bridge in Mirganj, India, the betel nuts were re-routed for export to Bhimnagar, India through Bhantabari of Sunsari district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Navin Ghimire, the owner of Mankamana Traders of Biratnagar-9, a betel exporter, had filed a writ petition one week ago seeking a certiorari order. The petitioner had filed the case against the District Police Office Morang, Department of Customs, Biratnagar Customs Office and Revenue Investigation Office Itahari. After he withdrew the writ, the department issued an order to release the consignment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Exporter Ghimire complained that he had to pay more than INR 2.5 million for the rent of the eight trucks that have been on the premises of the Revenue Investigation Office for two months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to the collapse of the bridge in Mirgunj, the betel nuts that were inspected by the Indian customs at Jogbani were re-routed and return to Nepal so that they can be sent to Bhimnagar of India through Sunsari's Bhantabari. However, the police seized all the trucks arguing that they did not have customs clearance documents and kept them at the local police office in Rani for three days for investigation. Even after submitting all the documents, the police handed over the betel nut to the revenue investigation office.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15872', 'image' => '20221011043816_betel nut.jpg', 'article_date' => '2022-10-11 16:37:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16130', 'article_category_id' => '1', 'title' => 'Seven Airports with Black-topped Runways not in Operation', 'sub_title' => '', 'summary' => 'October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 11: There are 52 airports in Nepal, including international airports. However, not all of them are operational. There are seven airports with blacktopped runways which are not in operation at the moment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Civil Aviation Authority of Nepal’s Spokesperson Jagannath Niraula informed New Business Age that it is possible for airplanes to take off and land at those airports. However, they are not operational because there is no flight schedule to those remote places.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the airports runways that are yet to be blacktopped are also considered, a total of 19 airports are currently not in operation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Out of the 52 airports in Nepal, only 33 are currently in operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Spokesperson Niraula says that the country does not have enough aircraft to operate flights to the remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There aren’t any planes to fly to the remote areas. On top of it, new alternatives have emerged to those airports,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“There were no roads in the past. People were highly dependent on flights to transport goods and sick patients. But many of those places are now accessible through road,” added Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Most of the airports were established with the motive to transport essential food stuffs and medicines to the remote areas. However, the airports which once served as the fastest alternative of transportation have been gradually replaced by vehicles these days with the expansion of road network.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Air transport is expensive compared to travelling by road and therefore the general public opted for vehicles once the remote areas had access to road. According to the Department of Roads, the road network across Nepal spans over 100,000 kilometers which includes national highways and other roads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Even the remote places such as Humla and Dolpa now have access to road. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is said that the airports in Baglung, Dolpa and Jiri were built especially to transport goods. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN also insists that such airports are hardly used these days also because there is shortage of aircraft that can fly to remote areas.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CAAN however says that the airports with blacktopped runways can be operated anytime. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Those airports which are not in operation include the airports of Baglung, Chaurjhari (Rukum), Darchula, Dhorpatan, Palungtar (Gorkha), Resunga (Gulmi), Jiri, Kangeldanda (Solukhumbu), Khiji Chandeshwari (Okhaldhunga), Langtang, Lammidanda (Khotang), Mahendranagar, Manang, Masinechaur (Dolpa), Syangboche (Solukhumbu), Rumjatar (Okhaldhunga) and Tiakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Among them, the airports of Rumjatar, Masinechaur, Baglung, Chaurjhari, Resunga, Lamidanda and Manang are blacktopped.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15871', 'image' => '20221011015602_maxresdefault.jpg', 'article_date' => '2022-10-11 13:55:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '16129', 'article_category_id' => '1', 'title' => 'Nepal Facing Shortage of Milk', 'sub_title' => '', 'summary' => 'October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">October 11: Nepal has been importing 120,000 litres of milk per day from India. However, such a huge quantity of import is still not able to meet the internal demand for milk in the country.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">After concluding that the domestic market of Nepal lacks the required amount of milk, the Government of Nepal has given permission to import 120,000 litres of milk per day. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Dairy Development Corporation (DDC), Sujal Dairy and Dairy Industries Association of Nepal have been importing milk accordingly.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Even after importing milk from Nepal, it is believed that the country still requires 180,000 litres of milk per day.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The demand for milk in the domestic market is 1,050,000 litres per day but the domestic production is just 750,000, according to Dr Balak Chaudhary, technical director of the state-owned DDC. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“The supply of milk reaches 870,000 litres per day by adding the imported milk from India but it still falls short of the market demand by 180,000 litres,” says Chaudhary.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Dr Chaudhary says that the production of milk increases from mid-October while its consumption declines. Therefore, the government is making preparations not to allow import of additional milk with the onset of winter season.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The country has been forced to import milk from India just one and a half years after the government announced Nepal as a self-sufficient country in dairy production. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The then Prime Minister KP Sharma Oli and the then Minister for Agriculture Padma Aryal had announced Nepal self-sufficient powder milk and butter in March 2021. But now, Nepal has been importing liquid milk from Patna Dairy of India due to lack of powder milk and butter.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government’s decision to ease imports has provided some relief to meet the demand for milk in the country, it is still struggling to meet the demand for powder milk and butter, says Prahlad Dahal, chairman of Nepal Dairy Association.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“We know how much milk we need and how much is being supplied. We are afraid that there will be shortage of milk next year as well. Therefore the government must collaborate with the private sector and also allow the state-owned Salt Trading Corporation and Food Management and Trading Company to import powder milk and butter,” says Dahal.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Although the government has allowed daily import of 120,000 litres of milk, the bodies responsible for importing such quantity of milk are unable to import milk to that extent. Therefore, the market is still reeling under scarcity of milk.</span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15870', 'image' => '20221011010319_milk.jpg', 'article_date' => '2022-10-11 13:02:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '16128', 'article_category_id' => '1', 'title' => 'Election Commission Seeks Details of Expenditure for Online Advertisement from Poll Candidates', 'sub_title' => '', 'summary' => 'October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: The Election Commission (EC) has urged the political parties and candidates to submit the details of expenditure made for the online advertisement in social networking sites for the federal and provincial assembly elections. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC’s appeals has come as the social networking sites are filled with polls-related advertisements after the completion of the candidacy nomination of the candidates for the federal and provincial assembly elections to be held on November 20. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EC made such appeal by issuing the ‘Policy on Use of Social Sites on Election Management’. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Monday, EC’s Spokesperson Shaligram Sharma Poudel said that continued monitoring and evaluation of the online advertisement is ongoing by forming a mechanism in the EC’s Secretariat and offices of the EC. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15869', 'image' => '20221011120924_Election_Commission.2e16d0ba.fill-650x500.jpg', 'article_date' => '2022-10-11 12:08:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '16127', 'article_category_id' => '1', 'title' => 'Dengue Spreads Across Seventy Six Districts of Nepal', 'sub_title' => 'Death Toll from the Viral Infection Climbs to 44 ', 'summary' => 'October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 11: Death toll from the outbreak of dengue has reached 44 in Nepal. According to the state-owned national news agency RSS, the mosquito-borne viral disease has spread to 76 out of 77 districts in the country. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A total of 33,975 people have been infected by dengue since it was first reported in early August, RSS reported citing the Ministry of Health and Population.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Experts believe that this disease, which was only reported in the southern belt of Nepal in the past, is now seen in mountainous districts due to the impact of global warming.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Various studies have indicated that mosquitoes have moved to higher altitude due to warmer temperatures fuelled by climate change.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, 27 people tested positive for COVID-19 infection on Monday. The infection rate was confirmed from a total of 1,546 samples tested on the day. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">RSS further reported that President Bidya Devi Bhandari has also been infected with SARS--CoV 2 virus. According to RSS, the Head-of-the-State was hospitalized on October 8 after she complained of fever and flu-like symptoms. She is receiving the treatment at the Annex ward bed number 601 of Tribhuvan University Teaching Hospital. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the hospital’s information officer Ram Bikram Adhikari confirmed that the president’s PCR report tested positive for COVID-19. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The number of active cases of coronavirus is 569. The death toll from COVID-19 stands at 12,018 till date. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-11', 'modified' => '2022-10-11', 'keywords' => '', 'description' => '', 'sortorder' => '15868', 'image' => '20221011112213_dengue-test_650x400_61442241844.jpg', 'article_date' => '2022-10-11 11:21:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '16126', 'article_category_id' => '1', 'title' => '5.8 Million People have Access to Microfinance Services', 'sub_title' => '', 'summary' => 'October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million.', '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"">October 10: The number of people receiving microfinance service has crossed the mark of 5.8 million. The customer base of microfinance companies has increase due to expansion of branches resulting in wider access to microfinance services. </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 annual survey report on microfinance sector prepared by Nepal Rastra Bank, the customers of microfinance companies increased by 669,000 in a 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"">The number of customers of microfinance companies was 5,191,000 by the end of Fiscal Year 2020/21, which increased to 5,860,000 by the end of last fiscal year (FY 2021/22), the survey report states.</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"">Although the number of microfinance companies is declining due to merger and acquisition, the general public’s access to finance is increasing due to expansion of branches of such companies. </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"">There were 70 microfinance companies by the end of Fiscal Year 2020/21. The number of microfinance companies stands at 65 as of the end of last 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"">However, the branches of microfinance companies increased by 9.54 percent in the review period and currently stands at 5,062, the NRB report states.</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"">Microfinance companies give priority to ensure access to finance to the people who are unable to get access to banks and financial institutions. Microfinance companies form groups of deprived sector community and provide loans without any collateral. </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"">Microfinance companies can provide loans up to Rs 700,000 to the people of the deprived sector without any collateral on the assurance of the group while such people can avail up to Rs 1.5 million by keeping their property as collateral.</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 number of people taking loans from microfinance companies has increased by 10.4 percent as of mid-July this year compared to the same period last of last fiscal year. The total number of people who have taken loans from microfinance companies stands at 3.3 million.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15867', 'image' => '20221010040059_micro.jpg', 'article_date' => '2022-10-10 16:00:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '16125', 'article_category_id' => '1', 'title' => 'President Authenticates Insurance Bill', 'sub_title' => '', 'summary' => 'October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: President Bidya Devi Bhandari has authenticated the bill related to insurance which was conceptualized by the government to regulate the insurance sector with an innovative approach.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Insurance Bill 2079, which was passed by both the houses of parliament – House of Representatives and the National Assembly – before the Dashain festival, was authenticated by the head of state on Sunday, October 9.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The bill authenticated by the president will become an Act once it is published in the Nepal Gazette.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The new Act will transform the Insurance Board into the Insurance Authority of Nepal. The terms of the chairman of the board and other members will get continuity in the newly-formed authority. There is a provision in the new Act that the chairman and members of the Insurance Board will automatically hold the same posts in the authority until their term expires. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The then Finance Minister Dr Yuvraj Khatiwada had registered the Insurance Bill in parliament four years ago to amend and consolidate the laws related to the insurance sector. However, the discussions on the bill was halted for a long time after a dispute regarding the continuity of the terms of the chairman and board members of the Insurance Board surfaced. The parliamentarians submitted 85 amendments to the original bill while the finance committee amended 124 points and submitted it to the parliament.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the original bill, there was a provision that all the responsibilities, including the management of staff of the board, would go to the proposed authority, which would also have a new chairman and director. The then president Chiranjeevi Chapagain opposed this provision. However, the amended bill has a provision to give continuity to the directors including the chairman of the current Insurance Board in the newly formed authority.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the bill also has a provision to establish an insurance development fund to increase access to insurance in rural areas as well as among the poor and underprivileged.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Surya Prasad Silwal, chairman of the Insurance Board, believes that a new era will begin in the insurance sector of Nepal after the implementation of the new Insurance Act. "The Act of 2049 has not been able to cover the latest developments in the insurance sector," he had said in an earlier interview with New Business Age.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The President’s Office on Sunday issued a statement confirming that the Insurance Bill along with other two bills were certified as per Article 113 (2) of Constitution of Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The other two bills certified by the president include the bill to amend and integrate laws on management of public debt and the bill to manage animal health and livestock service entrepreneurs' council. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-13', 'keywords' => '', 'description' => '', 'sortorder' => '15866', 'image' => '20221010025244_Insurance.jpg', 'article_date' => '2022-10-10 14:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '16123', 'article_category_id' => '1', 'title' => 'Production Capacity of Domestic Oil Industries Shrinks to 20 Percent', 'sub_title' => '', 'summary' => 'October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Export of cooking oil from Nepal took a nosedive after India reduced the customs duty on oil imports to control the market price of edible oil. According to the industrialists of Nepal, investment worth Rs 15 billion of 30 oil industries is in crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">When India imposed a customs duty of up to 40 percent on the import of semi-refined oil, the industries of Nepal brought such oil from third countries, processed it and exported the processed oil to India. The oil industries of Nepal used to bring semi-refined oil from Ukraine, Indonesia and Malaysia, and made profit by taking advantage of the difference in import duty and export concession between Nepal and India. Such industries have been exporting goods to India under the South Asian Free Trade Area (SAFTA) concessions by paying zero to 5 percent customs duty. After exporting the products, the industrialists used to get refunds up to 10 percent for customs duty and Value Added Tax on raw materials required to prepare refined oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, the owner of Narayani Oil Refinery, said that the export from Nepal has been affected after India took strategic measures while considering the impact of Covid-19 pandemic, Russia-Ukraine war and the possible food crisis.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the industries expanded their capacity when exports to India were easy. In the meantime, some new industries were established to take advantage of the situation. At present, the production capacity of the domestic oil industry is around 2.5 million tons a year. About 500,000 tons of oil is consumed in the country. Now the export is becoming difficult and production has shrunk. Entrepreneurs say that now such industries are running at 15 to 20 percent of their total capacity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">India reduced the import duty to 2.5 percent to reduce the market price of oil. In addition to this, the import and agricultural infrastructure development tax on 2 million metric tons each of semi-refined soybean and sunflower oil for the current fiscal year (FY) 2022/23 and the next fiscal year 2023/24 has been completely removed. In these two fiscal years, 5 million tons of semi-refined oil will be imported into India at zero customs duty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Suresh Rungata, owner of OCB Foods, said that its direct impact is seen in the export of oil from Nepal. According to Birgunj customs office, the export of refined oil decreased significantly in the first two months of the current fiscal year as compared to the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Refined palm oil was exported in July and August last year to the extent of 29.5 million liters. This year only 9.6 million liters have been exported during the same period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the first two months of last fiscal year, 4.7 million kilograms of soybean oil was exported, which is only 3.5 million kilograms this year. Similarly, last year 5,796,000 liters of sunflower oil was sold in the Indian market, but only 199,000 liters have been sold during the first two months of this year. Since oil was the main contributor to Nepal's export trade, Rungta claimed that the trade deficit will increase as oil exports have been affected. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15865', 'image' => '20221010013516_shutterstock_1353066692.jpeg', 'article_date' => '2022-10-10 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '16122', 'article_category_id' => '1', 'title' => 'Management of Dusty Cargo becoming a Headache for Importers', 'sub_title' => '', 'summary' => 'October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">October 10: Importers have been facing problems since the past five years due to the government’s failure in managing dusty cargo at the Birgunj border. Nepali importers are facing further problems after the Indian customs issued a notice stating that all imports and exports through the Raxaul-Birgunj border crossing will be done through the Integrated Checkpoint (ICP) from October 16.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The notice issued by the Patna-based office of Indian customs mentions that there will be no import or export through Raxaul Customs. A notification has been issued to divert all imports and exports of this border check point to the ICP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The public notice issued by the Indian customs on October 7 has urged all concerned bodies not to prepare shipping bills, bills of entry and other documents for Raxaul Customs from this Wednesday itself. The Indian customs issued the notice saying that all the imports and exports of the Birgunj-Raxaul border should be done through the ICP on the pretext that the ICP has come into full operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, Nepali importers are facing additional burden due to the lack of a suitable location for dusty cargo management on the Nepal side. Earlier, the import of dusty cargo faced stiff opposition from the local residents of Raxaul who complained of pollution. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, the loading and unloading of clinker was banned in Raxaul five years ago due to the obstruction of the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">At that time, a team led by the then joint secretary of the Ministry of Industry, Commerce and Supplies, Ravi Shankar Sainju, had suggested managing such cargo at three different locations in Birgunj. Since then, the Indian customs has repeatedly given ultimatums to remove the dusty cargo from Raxaul. However, the government has not yet been able to provide an alternative. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With this notification from Indian customs, the issue of dusty cargo management has become challenging again. It has added stress to importers, says Madhav Rajpal, vice president of Birgunj Chamber of Commerce and Industry. .</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the last four years since the ICP started operation, most of the imports and exports have been taking place through this integrated infrastructure. However, dusty cargo such as coal, iron ore, slag and some quantity of industrial raw materials including iron blades, iron roll, etc. have been entering Nepal through the Raxaul-Birgunj friendship bridge. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15864', 'image' => '20221010121907_1665358541.Clipboard47.jpg', 'article_date' => '2022-10-10 12:18:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '16121', 'article_category_id' => '1', 'title' => 'US Dollar becomes Further Strong ', 'sub_title' => '', 'summary' => 'October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Nepal Rastra Bank (NRB)’s foreign exchange rate for today (October 10), the purchasing rate of the US dollar is Rs 131.42 while the selling rate is Rs 132.02 per unit. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">At the start of this year on January 1, the purchasing rate of the US dollar was Rs 118.64 while the selling rate was Rs 119.24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rising value of the US dollar is estimated to hurt the nation's economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Although the rise in the dollar's value will have a positive impact on remittance inflow, the nation's overall economy subsequently face its consequences. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inflation, additional investment in the payment for foreign consultants and the additional burden in the payment of foreign debt and its interest are some of the major consequences of it. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The rise in the value of the US dollar has its impact on the Indian currency and this will have its effects on the Nepali currency which is pegged to the Indian currency. (With inputs from RSS)</span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15863', 'image' => '20221010104119_dolar-americano-monedas.jpg', 'article_date' => '2022-10-10 10:40:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '16120', 'article_category_id' => '1', 'title' => 'Festival of Dashain Draws to a Close after Observing Kojagrat Purnima', 'sub_title' => '', 'summary' => 'October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">October 10: Hindu devotees of Nepal observed the Kojagrat Purnima (full moon day) on Sunday as part of the final day of the 15-day Dashain festival by worshipping and paying homage to Mahalaxmi, the goddess of wealth and prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Dashain festival formally ends on the full moon day in the Nepali month of Ashwin with the marking of the Kojagrat Purnima. Devotees offer worship to Goddess Mahalaxmi at their homes in the evening, and keep vigil the whole night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is a belief that the goddess Mahalaxmi takes a trip around the world on the night of Kojagrat Purnima 'to check as to who is observing the vigil on this particular night'. As per this belief, the goddess of wealth blesses the people who are found observing the overnight vigil, says Nepal Calendar Determination Committee Chairperson Prof Dr Ramchandra Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the ritual of giving and receiving Tika and Jamara of the Dashain festival also concludes on this day, the Jamara that is sprouted and anointed at the Dashainghar on the day of Ghatasthapana is disposed as per the religious tradition. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People also perform worship at the Swoyambhu Chaitya and observe the night vigil by lighting the Mahadeep lamp. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15862', 'image' => '20221010102630_dashain image.jpg', 'article_date' => '2022-10-10 10:25:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '16124', 'article_category_id' => '1', 'title' => 'NPC Vice Chair Poudel Resigns', 'sub_title' => '', 'summary' => 'October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 10: Vice Chairman of the National Planning Commission, Dr Bishwonath Poudel, has resigned from his post effective from October 6, according to NPC Secretariat. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Poudel resigned from his post after getting a ticket from the ruling Nepali Congress to contest in the upcoming election from Chitwan-1 constituency. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He has already filed his candidacy for the election. Another former vice chair of the NPC, Dr Swarnim Wagle was also aspiring to contest election from the same constituency in Chitwan. However, the NC backed Dr Poudel for the nomination. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, industrialist Binod Chaudhary will be contesting the election representing the NC from Nawalparasi-1.</span></span></p> ', 'published' => true, 'created' => '2022-10-10', 'modified' => '2022-10-10', 'keywords' => '', 'description' => '', 'sortorder' => '15861', 'image' => '20221010021838_1665303621.jpg', 'article_date' => '2022-10-10 14:18:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '16119', 'article_category_id' => '1', 'title' => 'World Central Banks Caught in the Fed's Slipstream', 'sub_title' => '', 'summary' => 'October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">October 9: The central banks across the world are caught up in a race to curb inflation that only the Federal Reserve can stop, according to a recent analysis of Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the news agency, the US central bank has embarked on its most aggressive policy by tightening cycle for four decades and thus raising interest rates by three percentage points since January to slow runaway inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has left policymakers elsewhere with a tough choice: keep up with the Fed at the risk of hurting your own economy or watch your currency and bonds collapse as investors switch to dollars, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"There is a growing risk that central banks will err on the side of caution by overtightening," Reuters quoted economist Jennifer McKeown as saying. "The risk is that rate hikes beyond our expectations prompt an even deeper downturn."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Central bankers and finance chiefs, who will meet in Washington this week, are mostly fighting inflation driven by factors including energy prices and trade supply snags. But few economies can stomach the diet of rate hikes the Fed has adopted to cool overheated domestic demand - largely the result of massive pandemic-era US stimulus that the rest of the world couldn't match, added Reuters.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the analysis, responses have varied with South Korea pledging to follow the Fed, belated but robust rate hikes in the euro zone despite a looming recession, and market interventions in Japan and Britain to stem bleeding in currencies and bonds. But they all face the same problem: there is less money to go around since the Fed turned off the taps, making investors impatient with profligate governments, stubborn central banks or lacklustre growth.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Data from the United States, the euro zone, China and Japan shows the amount of money in circulation has fallen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That has long been a harbinger of trouble for poorer economies that rely on foreign capital, and central bankers in the Philippines and Mexico have been clear about the impact of the Fed's actions on their own stances.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">What's worse, worldwide rate hikes reinforce each other by depressing trade and markets, raising the risk of a global recession - as the World Bank has warned.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The damage has already become visible in financial markets, where shares and bonds have fallen sharply, leaving investors hoping the Fed will change course.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"Only the Fed can print the dollars necessary to fix the problem quickly," Mike Wilson, chief investment officer at Morgan Stanley, said in a podcast.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Fed policymakers have this week restated their focus on taming inflation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Reuters, this happened during the financial crisis, when central banks acted together to stabilise markets, and with 1985's Plaza Accord, agreed by the top five developed economies to depreciate the dollar. But with the Fed happy for a strong dollar to bring down import prices and few signs of a political backlash against the currency's appreciation, the chances of a repeat are low.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The analysis suggests that governments and central banks must bear alone the cost of market interventions to support their currencies and shield their financial systems from instability.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Droves of emerging economies, including Chile, the Czech Republic and India, have intervened in the forex market, where volatility soared around 50 percent in two months, according to a widely watched Deutsche Bank index.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But richer countries are stepping in too.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Japan has started buying the yen for the first time since 1998 after the currency was pummelled by the central bank's decision to keep rates at zero. The Bank of England last week bought gilts to help shield pension schemes from market ire at government tax-cutting plans, Reuters further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Analysts reportedly said none of these measures was likely to work unless the Fed stops raising rates, however - and for some, such actions are a sign of looming capitulation to market pressures.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15860', 'image' => '20221009010829_interest ratee.jpg', 'article_date' => '2022-10-09 13:07:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '16118', 'article_category_id' => '1', 'title' => 'World Bank Warns of Severe Impacts of Climate Change on Nepal’s Economy', 'sub_title' => '', 'summary' => 'October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">October 9: The Nepal Development Update published by the World Bank contains a special focus on the Macroeconomic Impacts of Climate Change. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report released on October 6, Nepal is highly vulnerable to climate change and must adapt to global warming, even though it is a negligible contributor to global greenhouse gases. The new analysis of the World Bank presented in the update finds that negative impacts are expected to accelerate sharply in the second half of the century, with GDP contracting 24 percent relative to the baseline projections by 2100. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A list of 32 actionable steps that Nepal can take now to reduce these impacts and reinforce its Green, Resilient, and Inclusive Development (GRID) pathway is provided in the recently released Nepal Country Climate and Development Report, the World Bank said in a statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal’s GDP and other macroeconomic losses in the first three decades of the 21st century are small to begin with, but are expected to accelerate quickly in the second half of the century as temperatures and climate events reach higher levels of intensity,” the statement quoted World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka Faris Hadad-Zervos as saying. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“These findings underscore the urgency of implementing measures aligned with the country’s Green, Resilient, and Inclusive Development (GRID) pathway, to increase Nepal’s adaptive capacity to climate-related shocks.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier in the Country Climate and Development Report, the World Bank had warned that climate change would continue to jeopardize gains in Nepal’s human development and poverty reduction without comprehensive and scaled-up climate action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">To respond to this challenge, Nepal is already implementing steps to recalibrate its economy by adopting a Green, Resilient, and Inclusive Development (GRID) approach. In 2021, Nepal adopted the Green, Resilient and Inclusive Development (GRID) approach as a national vision to guide long-term green growth and build resilience to climate and other shocks that are barriers to Nepal’s development ambitions, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under Nepal’s federal structure, the local governments are placed at the center of climate resilience and development efforts with extensive implementation responsibilities and play a crucial role in translating the GRID strategy into action.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, Nepal has pledged to achieve net zero emissions by 2045 and to significantly scale up hydropower investment in the coming decade. Nepal has begun to put in place the necessary policy framework, such as the 2019 National Climate Change Policy, the 2022 Solid Waste Management Policy, the 2022 Forest Regulation and the 2022 Land Use Regulation, the World Bank Report stated. “However, implementation of this reform agenda and prioritization of investments is incipient. Moreover, enhanced prioritization and efficiency of public expenditure are required to maximize climate and development benefits.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-10-09', 'modified' => '2022-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '15859', 'image' => '20221009010544_SA-Surkhet-DubanChhetraa.jpg', 'article_date' => '2022-10-09 13:04:57', '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
