March 8: The price of almost all items has been skyrocketing in the market in recent…
March 8: The price of almost all items has been skyrocketing in the market in recent…
March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February…
March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi…
March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door…
March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum…
March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer…
March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower…
March 7: Consumers have been complaining of artificial shortage of cooking oil in the…
March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'.…
March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day.…
March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of…
March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May…
March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent…
March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and…
March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel…
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The price of sunflower oil, which was Rs 230 per liter a month ago, has now reached Rs 280/290. The price of soybean oil has increased by Rs 30 to Rs 260 per liter. The price of rice has also gone up by Rs 200 per bag. Although the seasonal vegetables are affordable, other vegetables are out of financial reach for common people.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Srijana Dahal, a resident of Kirtipur’s Tyanglaphat says that she earlier used to manage food for her family of three with Rs 9000 to Rs 1000 per month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“But now, even Rs 12000/13000 is not enough to cover the expenses,” she said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dahal added that it has become very difficult for her to make ends meet. She says the prices of vegetables, potatoes, onions and fruits have become too expensive. It is not jsut food items but other items including diapers have also become expensive. Dahal, who is dependent on her husband's salary, is now facing a struggle to even fulfill the needs of her kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Madan Dhodari of Chobhar, the prices of almost every food item including legumes, pulses, rice and flour have gone up by 10 to 25 percent in a single month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Although his wife looks after the kitchen, he is the one who goes to buy things for the family. “Compared to the previous month, pulses, rice, flour, chickpeas and oil have become more expensive,” he said. Dhodari, who works for an NGO in Patan, said that he had to cut down not only on kitchen utensils but also on clothes, daily pocket expenses and other monthly expenses just to manage food for the kitchen. Using a motorcycle he owns as well as covering the education expenses of his two children have become a burden for him alongside the monthly rent he has to pay.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The story of Laxmi Sharma of Imadol is also similar. The Sharma couple is having a hard time running a family of seven even though two of them are struggling hard to make ends meet. “Prices of all commodities have gone up in the market. The prices are on the rise since the onset of Covid-19 pandemic,” said Sharma, expressing that the difficulty in making ends meet has not ended ever since. Sharma shared her experience of witnessing the rise in prices by 25 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Covid-19 pandemic has led to a steady rise in prices. In mid-February, the price of milk had also gone up. Since then, the prices of all dairy products have gone up. Even before the Russian invasion of Ukraine, the price of petroleum products had gone up and the traders were increasing the price of the goods as per their will, while making it difficult for common people to even manage goods for their kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Price of oil in the international market has risen sharply after Russia invaded Ukraine. As a result of the war, there has been an instant rise in prices of food which mostly come from Russia and Ukraine. Overall, prices of all commodities have increased also due to supply chain disruptions and rising transportation costs.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">With the Ukrainian crisis showing no signs of abating, prices of crude oil and commodities, including wheat, soybeans, maize and sunflower seeds, are expected to rise further in the coming days. As a result, rising prices have made it more difficult for the general public to afford commodities required for the kitchen.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14637', 'image' => '20220308045737_1646715876.kitchen.jpg', 'article_date' => '2022-03-08 16:56:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14894', 'article_category_id' => '1', 'title' => 'Deposit Collection of Banks Starts Increasing', 'sub_title' => '', 'summary' => 'March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, deposits of commercial banks have increased by Rs 11 billion from February 26 to March 4. On the other hand, the credit flow of banks has increased by only Rs 5 billion during this period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, deposit collection had increased by Rs 2 billion until February 25, while the credit flow had increased by Rs 10 billion. As per the association, the total deposits of commercial banks have reached Rs 4.32 trillion. Similarly, credit flow of banks has also reached Rs 4.17 trillion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While banks have collected Rs 110 billion in deposits till mid-February this year, credit flow during this time has been Rs 434 billion. Compared to the increase in deposits, credit flow has been higher and most of the credit has gone to unproductive sectors including imports, leading to lack of liquidity in banks and financial institutions. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank had tightened imports of luxurious goods as well as gold and silver after excessive imports affected the country’s balance of payments and foreign exchange reserves. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, Nepal Rastra Bank is all set to circulate one-rupee coin from Wednesday. The central bank informed that visually impaired people can recognize this coin by feeling it. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14636', 'image' => '20220308030453_Banks.jpg', 'article_date' => '2022-03-08 15:04:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14889', 'article_category_id' => '1', 'title' => 'NAC Gets Permission to Operate Flights to Saudi Arabia ', 'sub_title' => '', 'summary' => 'March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NAC's Executive Chairman Yubraj Adhikari, the General Authority of Civil Aviation of Saudi Arabia has provided approval to make two-way flights to three cities of Saudi Arabia including Riyadh, Dammam and Jeddah. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Chairman Adhikari and other officials had recently visited Saudi Arabia for the approval of flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NAC said it plans to operate three flights a week from Kathmandu to Riyadh from next month in the first phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Saudi Arabian government had given approval to the NAC for operating flights in 2002 and 2020 as well but it did not happen then due to lack of aircraft and poor management. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14632', 'image' => '20220308081744_NAC.jpg', 'article_date' => '2022-03-08 08:15:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14893', 'article_category_id' => '1', 'title' => 'Industrialists Demand One-Door System for Tax Payment', 'sub_title' => '', 'summary' => 'March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking at a program organized by the Revenue Advisory Committee in Biratnagar on Sunday to collect suggestions from the private sector for the formulation of revenue policy for the fiscal year 2079/2080 BS, the industrialists said that they are having trouble paying taxes to different governments through different systems. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Devaki Nandan Agrawal, coordinator of the revenue committee of the Federation of Nepalese Chambers of Commerce and Industry, Province 1, said that the local government was unnecessarily levying taxes on production and export and urged the concerned body to stop such extortion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the federal government should define the tax rate at all local levels as the industrialists could not bear the hassle of paying taxes at the federal, state and local levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire said that they have been facing procedural hassles from the establishment of the industry to its operation and closure. He suggested that an investment-friendly environment could be created by simplifying the tax policy and ending the administrative hassles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Chamber of Industries Morang, Anil Sharda said that there is a problem in the consumption of Nepali products when goods enter the market from the open border.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Chairman of the Revenue Advisory Committee, Mahesh Prasad Dahal, said that the role of the private sector is crucial to review the overall economy. Stating that the situation of conflict emerging in the world will affect Nepal as well, he said that only with the joint efforts of all can the economy be taken in the right direction. Joint Secretary at the Ministry of Finance Ramesh Kumar BC said that they would address the issues raised by the stakeholders in the upcoming budget.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14631', 'image' => '20220308122837_1646612763.Clipboard03.jpg', 'article_date' => '2022-03-08 12:27:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14888', 'article_category_id' => '1', 'title' => 'Government to Provide NOC with Rs 4.25 Billion to Purchase Fuel', 'sub_title' => '', 'summary' => 'March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products. The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14895', 'article_category_id' => '1', 'title' => 'Prices of Food Items Skyrocketing in the Market', 'sub_title' => '', 'summary' => 'March 8: The price of almost all items has been skyrocketing in the market in recent days.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: The price of almost all items has been skyrocketing in the market in recent days. The price of sunflower oil, which was Rs 230 per liter a month ago, has now reached Rs 280/290. The price of soybean oil has increased by Rs 30 to Rs 260 per liter. The price of rice has also gone up by Rs 200 per bag. Although the seasonal vegetables are affordable, other vegetables are out of financial reach for common people.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Srijana Dahal, a resident of Kirtipur’s Tyanglaphat says that she earlier used to manage food for her family of three with Rs 9000 to Rs 1000 per month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“But now, even Rs 12000/13000 is not enough to cover the expenses,” she said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dahal added that it has become very difficult for her to make ends meet. She says the prices of vegetables, potatoes, onions and fruits have become too expensive. It is not jsut food items but other items including diapers have also become expensive. Dahal, who is dependent on her husband's salary, is now facing a struggle to even fulfill the needs of her kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Madan Dhodari of Chobhar, the prices of almost every food item including legumes, pulses, rice and flour have gone up by 10 to 25 percent in a single month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Although his wife looks after the kitchen, he is the one who goes to buy things for the family. “Compared to the previous month, pulses, rice, flour, chickpeas and oil have become more expensive,” he said. Dhodari, who works for an NGO in Patan, said that he had to cut down not only on kitchen utensils but also on clothes, daily pocket expenses and other monthly expenses just to manage food for the kitchen. Using a motorcycle he owns as well as covering the education expenses of his two children have become a burden for him alongside the monthly rent he has to pay.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The story of Laxmi Sharma of Imadol is also similar. The Sharma couple is having a hard time running a family of seven even though two of them are struggling hard to make ends meet. “Prices of all commodities have gone up in the market. The prices are on the rise since the onset of Covid-19 pandemic,” said Sharma, expressing that the difficulty in making ends meet has not ended ever since. Sharma shared her experience of witnessing the rise in prices by 25 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Covid-19 pandemic has led to a steady rise in prices. In mid-February, the price of milk had also gone up. Since then, the prices of all dairy products have gone up. Even before the Russian invasion of Ukraine, the price of petroleum products had gone up and the traders were increasing the price of the goods as per their will, while making it difficult for common people to even manage goods for their kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Price of oil in the international market has risen sharply after Russia invaded Ukraine. As a result of the war, there has been an instant rise in prices of food which mostly come from Russia and Ukraine. Overall, prices of all commodities have increased also due to supply chain disruptions and rising transportation costs.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">With the Ukrainian crisis showing no signs of abating, prices of crude oil and commodities, including wheat, soybeans, maize and sunflower seeds, are expected to rise further in the coming days. As a result, rising prices have made it more difficult for the general public to afford commodities required for the kitchen.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14637', 'image' => '20220308045737_1646715876.kitchen.jpg', 'article_date' => '2022-03-08 16:56:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14894', 'article_category_id' => '1', 'title' => 'Deposit Collection of Banks Starts Increasing', 'sub_title' => '', 'summary' => 'March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, deposits of commercial banks have increased by Rs 11 billion from February 26 to March 4. On the other hand, the credit flow of banks has increased by only Rs 5 billion during this period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, deposit collection had increased by Rs 2 billion until February 25, while the credit flow had increased by Rs 10 billion. As per the association, the total deposits of commercial banks have reached Rs 4.32 trillion. Similarly, credit flow of banks has also reached Rs 4.17 trillion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While banks have collected Rs 110 billion in deposits till mid-February this year, credit flow during this time has been Rs 434 billion. Compared to the increase in deposits, credit flow has been higher and most of the credit has gone to unproductive sectors including imports, leading to lack of liquidity in banks and financial institutions. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank had tightened imports of luxurious goods as well as gold and silver after excessive imports affected the country’s balance of payments and foreign exchange reserves. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, Nepal Rastra Bank is all set to circulate one-rupee coin from Wednesday. The central bank informed that visually impaired people can recognize this coin by feeling it. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14636', 'image' => '20220308030453_Banks.jpg', 'article_date' => '2022-03-08 15:04:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14889', 'article_category_id' => '1', 'title' => 'NAC Gets Permission to Operate Flights to Saudi Arabia ', 'sub_title' => '', 'summary' => 'March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NAC's Executive Chairman Yubraj Adhikari, the General Authority of Civil Aviation of Saudi Arabia has provided approval to make two-way flights to three cities of Saudi Arabia including Riyadh, Dammam and Jeddah. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Chairman Adhikari and other officials had recently visited Saudi Arabia for the approval of flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NAC said it plans to operate three flights a week from Kathmandu to Riyadh from next month in the first phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Saudi Arabian government had given approval to the NAC for operating flights in 2002 and 2020 as well but it did not happen then due to lack of aircraft and poor management. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14632', 'image' => '20220308081744_NAC.jpg', 'article_date' => '2022-03-08 08:15:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14893', 'article_category_id' => '1', 'title' => 'Industrialists Demand One-Door System for Tax Payment', 'sub_title' => '', 'summary' => 'March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking at a program organized by the Revenue Advisory Committee in Biratnagar on Sunday to collect suggestions from the private sector for the formulation of revenue policy for the fiscal year 2079/2080 BS, the industrialists said that they are having trouble paying taxes to different governments through different systems. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Devaki Nandan Agrawal, coordinator of the revenue committee of the Federation of Nepalese Chambers of Commerce and Industry, Province 1, said that the local government was unnecessarily levying taxes on production and export and urged the concerned body to stop such extortion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the federal government should define the tax rate at all local levels as the industrialists could not bear the hassle of paying taxes at the federal, state and local levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire said that they have been facing procedural hassles from the establishment of the industry to its operation and closure. He suggested that an investment-friendly environment could be created by simplifying the tax policy and ending the administrative hassles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Chamber of Industries Morang, Anil Sharda said that there is a problem in the consumption of Nepali products when goods enter the market from the open border.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Chairman of the Revenue Advisory Committee, Mahesh Prasad Dahal, said that the role of the private sector is crucial to review the overall economy. Stating that the situation of conflict emerging in the world will affect Nepal as well, he said that only with the joint efforts of all can the economy be taken in the right direction. Joint Secretary at the Ministry of Finance Ramesh Kumar BC said that they would address the issues raised by the stakeholders in the upcoming budget.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14631', 'image' => '20220308122837_1646612763.Clipboard03.jpg', 'article_date' => '2022-03-08 12:27:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14888', 'article_category_id' => '1', 'title' => 'Government to Provide NOC with Rs 4.25 Billion to Purchase Fuel', 'sub_title' => '', 'summary' => 'March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products. The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14895', 'article_category_id' => '1', 'title' => 'Prices of Food Items Skyrocketing in the Market', 'sub_title' => '', 'summary' => 'March 8: The price of almost all items has been skyrocketing in the market in recent days.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: The price of almost all items has been skyrocketing in the market in recent days. The price of sunflower oil, which was Rs 230 per liter a month ago, has now reached Rs 280/290. The price of soybean oil has increased by Rs 30 to Rs 260 per liter. The price of rice has also gone up by Rs 200 per bag. Although the seasonal vegetables are affordable, other vegetables are out of financial reach for common people.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Srijana Dahal, a resident of Kirtipur’s Tyanglaphat says that she earlier used to manage food for her family of three with Rs 9000 to Rs 1000 per month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“But now, even Rs 12000/13000 is not enough to cover the expenses,” she said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dahal added that it has become very difficult for her to make ends meet. She says the prices of vegetables, potatoes, onions and fruits have become too expensive. It is not jsut food items but other items including diapers have also become expensive. Dahal, who is dependent on her husband's salary, is now facing a struggle to even fulfill the needs of her kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Madan Dhodari of Chobhar, the prices of almost every food item including legumes, pulses, rice and flour have gone up by 10 to 25 percent in a single month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Although his wife looks after the kitchen, he is the one who goes to buy things for the family. “Compared to the previous month, pulses, rice, flour, chickpeas and oil have become more expensive,” he said. Dhodari, who works for an NGO in Patan, said that he had to cut down not only on kitchen utensils but also on clothes, daily pocket expenses and other monthly expenses just to manage food for the kitchen. Using a motorcycle he owns as well as covering the education expenses of his two children have become a burden for him alongside the monthly rent he has to pay.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The story of Laxmi Sharma of Imadol is also similar. The Sharma couple is having a hard time running a family of seven even though two of them are struggling hard to make ends meet. “Prices of all commodities have gone up in the market. The prices are on the rise since the onset of Covid-19 pandemic,” said Sharma, expressing that the difficulty in making ends meet has not ended ever since. Sharma shared her experience of witnessing the rise in prices by 25 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Covid-19 pandemic has led to a steady rise in prices. In mid-February, the price of milk had also gone up. Since then, the prices of all dairy products have gone up. Even before the Russian invasion of Ukraine, the price of petroleum products had gone up and the traders were increasing the price of the goods as per their will, while making it difficult for common people to even manage goods for their kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Price of oil in the international market has risen sharply after Russia invaded Ukraine. As a result of the war, there has been an instant rise in prices of food which mostly come from Russia and Ukraine. Overall, prices of all commodities have increased also due to supply chain disruptions and rising transportation costs.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">With the Ukrainian crisis showing no signs of abating, prices of crude oil and commodities, including wheat, soybeans, maize and sunflower seeds, are expected to rise further in the coming days. As a result, rising prices have made it more difficult for the general public to afford commodities required for the kitchen.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14637', 'image' => '20220308045737_1646715876.kitchen.jpg', 'article_date' => '2022-03-08 16:56:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14894', 'article_category_id' => '1', 'title' => 'Deposit Collection of Banks Starts Increasing', 'sub_title' => '', 'summary' => 'March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, deposits of commercial banks have increased by Rs 11 billion from February 26 to March 4. On the other hand, the credit flow of banks has increased by only Rs 5 billion during this period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, deposit collection had increased by Rs 2 billion until February 25, while the credit flow had increased by Rs 10 billion. As per the association, the total deposits of commercial banks have reached Rs 4.32 trillion. Similarly, credit flow of banks has also reached Rs 4.17 trillion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While banks have collected Rs 110 billion in deposits till mid-February this year, credit flow during this time has been Rs 434 billion. Compared to the increase in deposits, credit flow has been higher and most of the credit has gone to unproductive sectors including imports, leading to lack of liquidity in banks and financial institutions. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank had tightened imports of luxurious goods as well as gold and silver after excessive imports affected the country’s balance of payments and foreign exchange reserves. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, Nepal Rastra Bank is all set to circulate one-rupee coin from Wednesday. The central bank informed that visually impaired people can recognize this coin by feeling it. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14636', 'image' => '20220308030453_Banks.jpg', 'article_date' => '2022-03-08 15:04:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14889', 'article_category_id' => '1', 'title' => 'NAC Gets Permission to Operate Flights to Saudi Arabia ', 'sub_title' => '', 'summary' => 'March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NAC's Executive Chairman Yubraj Adhikari, the General Authority of Civil Aviation of Saudi Arabia has provided approval to make two-way flights to three cities of Saudi Arabia including Riyadh, Dammam and Jeddah. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Chairman Adhikari and other officials had recently visited Saudi Arabia for the approval of flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NAC said it plans to operate three flights a week from Kathmandu to Riyadh from next month in the first phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Saudi Arabian government had given approval to the NAC for operating flights in 2002 and 2020 as well but it did not happen then due to lack of aircraft and poor management. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14632', 'image' => '20220308081744_NAC.jpg', 'article_date' => '2022-03-08 08:15:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14893', 'article_category_id' => '1', 'title' => 'Industrialists Demand One-Door System for Tax Payment', 'sub_title' => '', 'summary' => 'March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking at a program organized by the Revenue Advisory Committee in Biratnagar on Sunday to collect suggestions from the private sector for the formulation of revenue policy for the fiscal year 2079/2080 BS, the industrialists said that they are having trouble paying taxes to different governments through different systems. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Devaki Nandan Agrawal, coordinator of the revenue committee of the Federation of Nepalese Chambers of Commerce and Industry, Province 1, said that the local government was unnecessarily levying taxes on production and export and urged the concerned body to stop such extortion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the federal government should define the tax rate at all local levels as the industrialists could not bear the hassle of paying taxes at the federal, state and local levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire said that they have been facing procedural hassles from the establishment of the industry to its operation and closure. He suggested that an investment-friendly environment could be created by simplifying the tax policy and ending the administrative hassles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Chamber of Industries Morang, Anil Sharda said that there is a problem in the consumption of Nepali products when goods enter the market from the open border.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Chairman of the Revenue Advisory Committee, Mahesh Prasad Dahal, said that the role of the private sector is crucial to review the overall economy. Stating that the situation of conflict emerging in the world will affect Nepal as well, he said that only with the joint efforts of all can the economy be taken in the right direction. Joint Secretary at the Ministry of Finance Ramesh Kumar BC said that they would address the issues raised by the stakeholders in the upcoming budget.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14631', 'image' => '20220308122837_1646612763.Clipboard03.jpg', 'article_date' => '2022-03-08 12:27:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14888', 'article_category_id' => '1', 'title' => 'Government to Provide NOC with Rs 4.25 Billion to Purchase Fuel', 'sub_title' => '', 'summary' => 'March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products. The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14895', 'article_category_id' => '1', 'title' => 'Prices of Food Items Skyrocketing in the Market', 'sub_title' => '', 'summary' => 'March 8: The price of almost all items has been skyrocketing in the market in recent days.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: The price of almost all items has been skyrocketing in the market in recent days. The price of sunflower oil, which was Rs 230 per liter a month ago, has now reached Rs 280/290. The price of soybean oil has increased by Rs 30 to Rs 260 per liter. The price of rice has also gone up by Rs 200 per bag. Although the seasonal vegetables are affordable, other vegetables are out of financial reach for common people.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Srijana Dahal, a resident of Kirtipur’s Tyanglaphat says that she earlier used to manage food for her family of three with Rs 9000 to Rs 1000 per month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“But now, even Rs 12000/13000 is not enough to cover the expenses,” she said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dahal added that it has become very difficult for her to make ends meet. She says the prices of vegetables, potatoes, onions and fruits have become too expensive. It is not jsut food items but other items including diapers have also become expensive. Dahal, who is dependent on her husband's salary, is now facing a struggle to even fulfill the needs of her kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Madan Dhodari of Chobhar, the prices of almost every food item including legumes, pulses, rice and flour have gone up by 10 to 25 percent in a single month. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Although his wife looks after the kitchen, he is the one who goes to buy things for the family. “Compared to the previous month, pulses, rice, flour, chickpeas and oil have become more expensive,” he said. Dhodari, who works for an NGO in Patan, said that he had to cut down not only on kitchen utensils but also on clothes, daily pocket expenses and other monthly expenses just to manage food for the kitchen. Using a motorcycle he owns as well as covering the education expenses of his two children have become a burden for him alongside the monthly rent he has to pay.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The story of Laxmi Sharma of Imadol is also similar. The Sharma couple is having a hard time running a family of seven even though two of them are struggling hard to make ends meet. “Prices of all commodities have gone up in the market. The prices are on the rise since the onset of Covid-19 pandemic,” said Sharma, expressing that the difficulty in making ends meet has not ended ever since. Sharma shared her experience of witnessing the rise in prices by 25 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Covid-19 pandemic has led to a steady rise in prices. In mid-February, the price of milk had also gone up. Since then, the prices of all dairy products have gone up. Even before the Russian invasion of Ukraine, the price of petroleum products had gone up and the traders were increasing the price of the goods as per their will, while making it difficult for common people to even manage goods for their kitchen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Price of oil in the international market has risen sharply after Russia invaded Ukraine. As a result of the war, there has been an instant rise in prices of food which mostly come from Russia and Ukraine. Overall, prices of all commodities have increased also due to supply chain disruptions and rising transportation costs.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">With the Ukrainian crisis showing no signs of abating, prices of crude oil and commodities, including wheat, soybeans, maize and sunflower seeds, are expected to rise further in the coming days. As a result, rising prices have made it more difficult for the general public to afford commodities required for the kitchen.</span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14637', 'image' => '20220308045737_1646715876.kitchen.jpg', 'article_date' => '2022-03-08 16:56:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14894', 'article_category_id' => '1', 'title' => 'Deposit Collection of Banks Starts Increasing', 'sub_title' => '', 'summary' => 'March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Deposit collections of banks have started increasing after they increased the interest rates by 10 percent on February 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Nepal Bankers Association, deposits of commercial banks have increased by Rs 11 billion from February 26 to March 4. On the other hand, the credit flow of banks has increased by only Rs 5 billion during this period. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Earlier, deposit collection had increased by Rs 2 billion until February 25, while the credit flow had increased by Rs 10 billion. As per the association, the total deposits of commercial banks have reached Rs 4.32 trillion. Similarly, credit flow of banks has also reached Rs 4.17 trillion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">While banks have collected Rs 110 billion in deposits till mid-February this year, credit flow during this time has been Rs 434 billion. Compared to the increase in deposits, credit flow has been higher and most of the credit has gone to unproductive sectors including imports, leading to lack of liquidity in banks and financial institutions. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank had tightened imports of luxurious goods as well as gold and silver after excessive imports affected the country’s balance of payments and foreign exchange reserves. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, Nepal Rastra Bank is all set to circulate one-rupee coin from Wednesday. The central bank informed that visually impaired people can recognize this coin by feeling it. </span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14636', 'image' => '20220308030453_Banks.jpg', 'article_date' => '2022-03-08 15:04:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14889', 'article_category_id' => '1', 'title' => 'NAC Gets Permission to Operate Flights to Saudi Arabia ', 'sub_title' => '', 'summary' => 'March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: Nepal Airlines Corporation (NAC), the national flag carrier of Nepal, has received permission to operate flights to Riyadh, Dammam and Jeddah of Saudi Arabia. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NAC's Executive Chairman Yubraj Adhikari, the General Authority of Civil Aviation of Saudi Arabia has provided approval to make two-way flights to three cities of Saudi Arabia including Riyadh, Dammam and Jeddah. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Executive Chairman Adhikari and other officials had recently visited Saudi Arabia for the approval of flights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NAC said it plans to operate three flights a week from Kathmandu to Riyadh from next month in the first phase. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Saudi Arabian government had given approval to the NAC for operating flights in 2002 and 2020 as well but it did not happen then due to lack of aircraft and poor management. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14632', 'image' => '20220308081744_NAC.jpg', 'article_date' => '2022-03-08 08:15:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14893', 'article_category_id' => '1', 'title' => 'Industrialists Demand One-Door System for Tax Payment', 'sub_title' => '', 'summary' => 'March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 8: Industrialists and businessmen of eastern Nepal, who have been paying taxes under different headings in different places, have requested the three-tier government to make all kinds of tax payment possible through a one-door system. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking at a program organized by the Revenue Advisory Committee in Biratnagar on Sunday to collect suggestions from the private sector for the formulation of revenue policy for the fiscal year 2079/2080 BS, the industrialists said that they are having trouble paying taxes to different governments through different systems. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Devaki Nandan Agrawal, coordinator of the revenue committee of the Federation of Nepalese Chambers of Commerce and Industry, Province 1, said that the local government was unnecessarily levying taxes on production and export and urged the concerned body to stop such extortion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the federal government should define the tax rate at all local levels as the industrialists could not bear the hassle of paying taxes at the federal, state and local levels.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of Province 1 chapter of the Confederation of Nepalese Industries Bhim Ghimire said that they have been facing procedural hassles from the establishment of the industry to its operation and closure. He suggested that an investment-friendly environment could be created by simplifying the tax policy and ending the administrative hassles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">General Secretary of the Chamber of Industries Morang, Anil Sharda said that there is a problem in the consumption of Nepali products when goods enter the market from the open border.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Speaking on the occasion, Chairman of the Revenue Advisory Committee, Mahesh Prasad Dahal, said that the role of the private sector is crucial to review the overall economy. Stating that the situation of conflict emerging in the world will affect Nepal as well, he said that only with the joint efforts of all can the economy be taken in the right direction. Joint Secretary at the Ministry of Finance Ramesh Kumar BC said that they would address the issues raised by the stakeholders in the upcoming budget.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14631', 'image' => '20220308122837_1646612763.Clipboard03.jpg', 'article_date' => '2022-03-08 12:27:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14888', 'article_category_id' => '1', 'title' => 'Government to Provide NOC with Rs 4.25 Billion to Purchase Fuel', 'sub_title' => '', 'summary' => 'March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 8: The government has decided to provide financial assistance to the Nepal Oil Corporation (NOC) to purchase petroleum products. The government took such decision after the accumulated savings of the state-owned oil monopoly dropped to sub-zero level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Price Stabilization Fund on Monday decided to provide Rs 4.25 billion to the corporation to pay the first installment it owes to the Indian Oil Corporation (IOC). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Even after the price adjustment of petroleum products last Thursday, the NOC insists it is expecting a loss of around Rs 2.5 billion in the next 15 days. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The purchase price of the NOC has been increasing due to the recent hike in the price of crude oil in the international market. The corporation had sought financial help from the government after the first installment to the IOC due in March was insufficient. The corporation has been paying installments to the IOC on the 8th and 23rd of every month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> Prior to this, the stabilization fund had provided Rs 1.80 billion to the NOC in January. NOC Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide financial assistance to the NOC at such difficult times would help in maintaining smooth supply of petroleum products. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-03-08', 'modified' => '2022-03-08', 'keywords' => '', 'description' => '', 'sortorder' => '14630', 'image' => '20220308081134_Untitled.jpg', 'article_date' => '2022-03-08 08:11:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14887', 'article_category_id' => '1', 'title' => 'Government Responsible for Inflation: Industrialists', 'sub_title' => '', 'summary' => 'March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> “First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Morang Merchants’ Association has urged the government to take responsiblity for inflation and take decisions in the interest of consumers. Naveen Rijal, president of the Morang Merchants’ Association said, “It is the responsibility of the government to control inflation. We have no role in it.” He added that the raw materials of imported goods and finished goods come at an increased rate from third countries itself. The government needs to pay attention in order to control the price of such goods.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the industrialists, the Indian government has reduced tariffs four times after the rise in price of oil in the international market. However, the government of Nepal does not care about reducing customs duty or VAT. Rijal said that the government is looking for an escape from its duties and responsibilities by accusing the traders of increasing the prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Mahesh Jaju, advisor to the Confederation of Nepalese Industries and former president of the Morang Merchants’ Association said that they did not engage in black marketing, hoarding or did not raise market prices and clarified that the increase in prices was solely due to the outbreak of war between Russia and Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Jaju put forth his opinion that the criteria for loans and interest rates should be different for the industries producing luxury goods and daily necessities. He said that the return from industries is not more than 10 percent but interest from bank deposits is 11 percent. In such a situation, he said he doesn’t understand whether the government wants to promote industries or wants people to deposit their money in banks.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prakash Mundada, former president of the Morang Merchants’ Association and senior vice president of the Confederation of Nepalese Industries, accused the Nepal Rastra Bank of pursuing a policy of investing only in areas that increase GDP and has disturbed the market by giving 11 percent interest rate to the institutional depositors and restricting the industrialists from bringing goods on loan. Mundada said that the government has tied the hands of industrialists by restricting the import of goods.</span></span></span></p> <p><br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14629', 'image' => '20220307070714_Inflation.jpg', 'article_date' => '2022-03-07 19:06:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14886', 'article_category_id' => '1', 'title' => 'Foreign Companies Reluctant to Reinsure Hydropower Projects ', 'sub_title' => '', 'summary' => 'March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 7: Foreign reinsurance companies have been reluctant to reinsure hydropower projects due to the rise in incidents of natural disasters such as floods and landslides hitting hydropower projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hydropower projects and road infrastructures have been affected recently due to increasing number of natural calamities. As a result, insurance claims are also increasing.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hence, foreign companies have been reluctant to reinsure hydropower sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chunki Chhetri, president of the Nepal Insurance Association and CEO of Sagarmatha Insurance, said that they are facing mounting challenge to reinsure hydropower projects by foreign companies. He added that large projects are particularly facing more problems.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It has become easier to reinsure small hydropower projects after the Insurance Board fixed the minimum rate of non-life insurance. However, it is difficult to reinsure large projects," he said, adding, "Recently, claims from the hydropower and road projects have increased. As a result, reinsurance of road and hydropower projects has become a challenge." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He says that foreign companies have not been able to meet the criteria for reinsurance set by the government. "They are profit-oriented companies, so it is natural for them to try to do safe business," he said. "This problem arises as the hydropower sector has become risky. We are forced to reinsure at a high rate." </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Sometime ago, Nepali insurance companies used to insure hydropower projects at economical rates. At that time, foreign companies had stopped reinsuring. The Insurance Board then set the minimum rate for such insurance. After that, it was easier to reinsure hydropower projects. However, companies say there are still problems with large projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of the Insurance Board Raju Raman Poudel said that foreign companies have started reinsuring after fixing the minimum rate. However, he said that there could be problems in the case of big projects. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While foreign companies are refusing to reinsure the hydropower projects, power producers of Nepal have been protesting against the minimum insurance rate. Poudel said that the power producers should understand the technical problems of the insurance sector and accept the minimum rate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stakeholders say that if foreign companies refuse to reinsure, the premium may have to be further increased. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14628', 'image' => '20220307051705_hydro.jpg', 'article_date' => '2022-03-07 17:16:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14885', 'article_category_id' => '1', 'title' => 'Artificial Shortage of Cooking Oil in the Market', 'sub_title' => '', 'summary' => 'March 7: Consumers have been complaining of artificial shortage of cooking oil in the market.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 7: Consumers have been complaining of artificial shortage of cooking oil in the market. Due to the rise in stockpiling and black marketing of consumable goods, consumers have been hit hard by the artificial shortage of food, especially edible oil.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ongoing war between Russia and Ukraine has affected the price of food items in Nepal. Consumers complained that there is an artificial shortage of edible oil due to the collusion of traders and industrialists. Rita Basnet, who came to Kalimati in Kathmandu on Sunday to buy food items, said that she had to visit six shops to buy cooking oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"Every shop we go to has no oil," she said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Pabitra Bajracharya, the immediate past president of the Retailers Trade Association, said that wholesalers and industrialists were responsible for the shortage of edible oil in the market. According to the association, some traders may have been hiding cooking oil by spreading rumors that the Russia-Ukrainian war has led to shortages of food (especially cooking oil). The association estimates that there is enough oil in the market for three months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On the one hand, consumers are facing problems due to artificial shortages in the market, while on the other hand, the problem is further aggravated by the wholesalers not providing the right invoices to the retailers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the association, wholesalers sell sunflower oil to the retailers at Rs 268 per liter but the maximum retail price is marked just Rs 240 in the packets.. Bajracharya said that the retailers are facing problems in selling oil because the wholesalers do to provide them the accurate bill.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"We have to sell oil at Rs 298 for a profit of 10 percent of Rs 268," he said. "But we have been selling cooking oil for just Rs 275 per litre because the maximum retail price is marked Rs 240." He said that some retailers have stopped selling oil due to fear of action by the Department of Commerce as the maximum retail price is still less than the selling price of oil. He said that this may have led to a shortage in the market. According to the association, the price of each brand of oil has gone up by Rs 400 per carton. Wholesalers, however, defended themselves, saying that there was a shortage of oil in the market and prices had risen.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">They claimed that the issue of wrong billing is only an allegation. Devendra Bhakta Shrestha, president of the Food Traders Association, an association of wholesalers, said that the issue of wrong invoices was just a rumor, and they were ready to be punished if it was proved that they had given wrong invoices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Department of Commerce, Supplies, and Consumer Protection, a government body working for the benefit of consumers, has said that no complaints have been received despite the scarcity in the market due to rumors. Spokesperson of the Department Hari Pangeni said that it would be easier to monitor and take action if a complaint is lodged with the department about consumer fraud. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14627', 'image' => '20220307043529_oil1501009175_7.jpg', 'article_date' => '2022-03-07 16:34:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14884', 'article_category_id' => '1', 'title' => 'Cooperatives Can Now Issue ATM Cards', 'sub_title' => '', 'summary' => 'March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">March 7: Cooperatives will now be able to issue ATM cards under the 'Coop Brand'. The National Cooperative Bank Limited has collaborated with Smart Choice Technology (SCT), a payment service provider, and Global IME Bank to start debit card service. The National Cooperative Bank signed a tripartite agreement with SCT and Global IME Bank to this effect on Sunday, March 6.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO of the National Cooperative Bank Badri Kumar Guragain informed that the cooperatives will be able to issue ATM cards for their customers within three months.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank has included a provision in the monetary policy of the current fiscal year to allow payment system operators and service providers to provide electronic transaction service to the cooperatives. As per the provision, some big cooperatives have reached an understanding with SCT to issue debit cards to their customers.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Federal Department of Cooperatives had also issued an integrated directive on February 13 allowing cooperatives to collaborate with payment service providers to introduce services such as ATM, QR Code, mobile banking among others.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The cooperatives must mention this in their company statute and inform the governing body within a month after introducing such services.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">CEO Guragain informed that cooperatives with small investment cannot provide ATM service so they too have been allowed to provide debit card service through the National Cooperative Bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Now, the cooperatives can collaborate with banks to issue ATM cards," he said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Such cards can be used free of cost at more than 300 ATM counters of Global IME Bank. They can also be used for payment at PoS terminals and departmental stores.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Until now, some cooperatives had been issuing ATM cards in collaboration with SCT but they had to make the settlement through Himalayan Bank by depositing a certain amount. However, the cooperatives will have to bear less financial burden if they avail this service through the National Cooperative Bank.</span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14626', 'image' => '20220307091434_1646612591.Clipboard04.jpg', 'article_date' => '2022-03-07 09:12:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14883', 'article_category_id' => '1', 'title' => 'Central Bank Limits Import of Gold to 10 kg a Day ', 'sub_title' => '', 'summary' => 'March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 7: Nepal Rastra Bank (NRB) has tightened the import of gold by limiting the daily import to 10 kg a day. Issuing a circular on Sunday (March 6), NRB stated that it has lowered the quota on import of gold by half. Prior to this arrangement, as much as 20 kg of gold could be imported into the country per day.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank amended the work procedure on gold import, sales and distribution, 2068 to restrict the import of gold due to concerns over the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It may be noted that only the commercial banks are allowed to import gold in Nepal upon the recommendation of the Federation of Nepal Gold and Silver Dealers Association. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of gold has increased in Nepal in the wake of Russia's invasion of Ukraine. The NRB had earlier tightened the provision related to import of silver and 47 other items considering the declining foreign exchange reserves. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Besides gold, other items that have been restricted entry include clove, sugary item, drinks and tobaccos, perfume, cosmetic goods, shoes and sandal, shampoo, wigs, artificial bouquets, chips marble, ceramic goods, furniture, milk powder, eggs, dry vegetables, betel nuts, cashew nuts, black peppers, sausage, cocoa powder chocolate, dog foods, tomato ketchup among others, according to the state-owned national news agency RSS. </span></span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14625', 'image' => '20220307083510_20220216015330_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-03-07 08:34:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14882', 'article_category_id' => '1', 'title' => 'Price of Gold Crosses Rs 100,000 Mark', 'sub_title' => '', 'summary' => 'March 7: The price of gold on Sunday increased by Rs 2,000 per tola (11.66 grams) to reach Rs 101,900 in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px">March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.</span></p> <p><span style="font-size:18px">The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.</span></p> <p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.</span></p> <p><span style="font-size:18px">The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.</span></p> <p><span style="font-size:18px">Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.</span></p> <p><span style="font-size:18px">It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.</span></p> ', 'published' => true, 'created' => '2022-03-07', 'modified' => '2022-03-07', 'keywords' => '', 'description' => '', 'sortorder' => '14624', 'image' => '20220307082414_gold1_1631507545558.jpg', 'article_date' => '2022-03-07 08:22:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14881', 'article_category_id' => '1', 'title' => 'MoF Downsizes Election Budget', 'sub_title' => '', 'summary' => 'March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">March 6: The government has downsized the budget demanded by the Election Commission for the upcoming local level election scheduled to be held on May 13. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Finance has assured a budget that is less than the demand put forth by the commission after it was unable to secure financial support from the donor agencies.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">After the Election Commission warned that it would be difficult to hold the election on time if the budget is not released, the Ministry of Finance assured a budget of Rs 8.11 billion against Rs 12 billion demanded by the commission.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The commission sent a revised budget demanding Rs 8.95 billion by reducing expenditures on various headings after the ministry said it could not release the budget demanded by the commission. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Spokesperson for the commission Shaligram Sharma Poudel informed that the budget secure by the ministry will be spent on conducting the election and its management. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He is of the view that it will be difficult for them to manage the budget but they have intensified preparations to hold the election on time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The EC has made preparations to print 20 million ballot papers for the upcoming election. They have already signed agreements with suppliers to buy the papers required for making the ballot papers. EC officials say that they are buying papers for Rs 110 million. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Ministry of Home Affairs has also demanded election expenses from the Ministry of Finance. However, the Ministry of Finance has not yet secured the financial sources. The Home Ministry has demanded Rs 16 billion from the MoF in the initial phase for the election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Police had sent details to the Home Ministry saying that Rs 12 billion is needed for security of the election. Nepal Police had demanded the amount saying that it needs to recruit 118,000 temporary police for the security of 11,000 polling stations as in the previous election. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Likewise, the Armed Police Force also demanded Rs 500 million. According to the Home Ministry, the proposal has been sent to the MoF to ensure the budget, but no response has been received yet. According to Home Ministry spokesperson Phanindra Mani Pokhrel, no decision has been taken on hiring temporary police yet as the budget has not been secured. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14623', 'image' => '20220306063453_EC.jpg', 'article_date' => '2022-03-06 18:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14880', 'article_category_id' => '1', 'title' => 'Jewelry Business up by 10 Percent Annually', 'sub_title' => '', 'summary' => 'March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Nepal Gem and Jewelry Association has stated that the jewelry business in the country has been increasing by 10 percent annually. The association made such statement on the occasion of the 17th Annual General Meeting of the association held in Kathmandu on Saturday, adding that the internal trade as well as exports are increasing. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Those involved in this businessmen also said that they are facing problems due to the lack of raw materials and low investment in technology.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Industry Secretary Arjun Prasad Pokhrel assured that the government will move ahead by cooperating with the businessmen. He said that the government would play a supportive role in promoting the gem and jewelry trade as per the guidelines prepared by the association. On the occasion, the president of the association Jyotsna Shrestha said that the issue of lack of raw material in the jewelry business has been raised time and again but the concerned authorities have turned a deaf ear to it.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Stating that they are facing problems in paying bank's interest, house rent, employees’ salary allowance and also meeting the demands of the consumers due to insufficient raw material, she urged the government to find a solution to the problem through an in-depth study. “The raw material for us is gold and silver. But if quotas are reduced while the country's economy is in trouble, the jewelry business will become unproductive.”</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also emphasized on the need to bring a policy of re-exporting jewelry from Nepal by importing raw gold as per the demand from abroad. She said that it was necessary to train the manpower for exports. She says the lack of liquidity in the banking system has also affected the jewelry business. Moreover, she said that the businessmen have been further affected after the Nepal Rastra Bank set a 100 percent margin on the import of diamonds, precious stones and silver.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The association has said that the provision of keeping 100 percent cash for the import of such items should be revised. The association also said that the suggestions given by a task force formed two years ago has not been implemented yet. Stating that the demand for Nepali jewelry is also increasing among the Nepalese living abroad, the association said that it could not export the products due to lack of raw materials.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the association has demanded the government to operate valuable mines in Nepal. Stating that there is a problem even in the excavation of raw materials, the association said that a large amount of money is sent abroad for processing the materials even after excavation. The association has also demanded investment in technology.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14622', 'image' => '20220306053454_jewellry.jpg', 'article_date' => '2022-03-06 17:34:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14879', 'article_category_id' => '1', 'title' => 'IFC Appoints Martin Holtmann as Country Manager for Nepal, Bangladesh, and Bhutan', 'sub_title' => '', 'summary' => 'March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">March 6: The International Finance Corporation (IFC) has appointed Martin Holtmann as its new country manager for Nepal, Bangladesh, and Bhutan. Based in Dhaka, Holtmann will focus on developing new opportunities for the private sector and increasing IFC’s impact on the development of the three countries as the region continues to recover from the COVID-19 pandemic, the IFC said in a statement on Sunday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann, a German national, joined IFC in 2007. Prior to his appointment, Holtmann was Global Sector</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Manager for Financial Inclusion, helping IFC to reach millions of micro, small and medium-sized enterprises (MSMEs) with traditional and digital financial services and strengthen more than 200 partner institutions through investment and advisory support, the statement added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Martin’s background experience will be invaluable as IFC deepens its work in Nepal, Bangladesh, and Bhutan,” the statement quoted Hector Gomez Ang, IFC’s Regional Director for South Asia, as saying. “This is a time of new challenges and opportunities and I am confident Martin will be successful in leading IFC’s efforts to strengthen and diversify its work in the three countries in support of a green and resilient recovery.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, Holtmann will notably work to promote IFC’s impact on climate, gender, and green growth, while expanding and diversifying the investment and advisory portfolios. Some key sectors for future growth opportunities in the region include transport and logistics, clean energy, financial services, tourism, agribusiness, healthcare, housing, and the digital economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Holtmann is a graduate of the Lester B Pearson United World College of the Pacific, Canada and holds two master’s degrees in Economics from Trier University, Germany and in Public Administration from Harvard University, United States. He succeeds Wendy Werner, who has taken on a new role as IFC’s Country Head in India, after successfully serving as the country manager for Bangladesh, Bhutan and Nepal for six years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Before joining IFC, Holtmann worked as Lead Financial Specialist at the Consultative Group to Assist the Poor (CGAP) in the World Bank, and as managing director of a consulting firm in the private sector. He is also one of the core authors of the 2022 World Development Report, “Financing for an Equitable Recovery”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IFC said it has invested nearly $8 billion to help private sector growth in Nepal Bangladesh, and Bhutan since 2000. IFC has also provided a total of $270 million in working capital solutions to banks and liquidity support to companies since the beginning of the COVID-19 pandemic in 2020, the statement said adding, “These investments are helping keep businesses afloat, resume exports, and preserve jobs, and which are critical to sustaining national economies.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14621', 'image' => '20220306051942_Martin Holtmann_IFC_photo_W - Copy.jpg', 'article_date' => '2022-03-06 15:47:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14878', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Demand Increase in Fare of Public Vehicles', 'sub_title' => '', 'summary' => 'March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">March 6: Transport entrepreneurs have demanded a hike in fares of public transport, citing the rise in fuel prices.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government had increased the fare of passenger vehicles by 28 percent, freight charge on hill roads by 20 percent and freight charge on Terai roads by 26 percent last year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ever since announcing the hike in transportation fare, the government has repeatedly increased the prices of fuel with the price of diesel going up by Rs 28 per liter and petrol by Rs 38 per liter during this period. With the rise in fuel prices, transport entrepreneurs have been demanding an increase in fares for public transport.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Transport entrepreneurs have been demanding an increase in fares by knocking on the doors of various authorities saying that the fares of vehicles have not increased even though the price of fuel has gone up several times since the increase in fares in June. Representatives of the Central Federation of Public Transport Nepal met with Director General of the Department of Transport Management Namaraj Ghimire on Friday demanding an increase in fares. The federation is scheduled to submit a memorandum to Minister for Physical Infrastructure and Transport Renu Kumari Yadav on Sunday (March 6). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">President of the Federation, Bharat Nepal said that they have demanded an increase in the fare of vehicles in proportion to the increase in fuel prices. According to him, the fare adjusted earlier in June has not yet been implemented in other provinces except Bagmati and Gandaki provinces.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">If the fare is increased, general public will suffer more</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the current fare is increased, the ordinary citizens who have to travel daily by vehicles will be hit the hardest. Concerned authorities say that the trend of increasing the price of fuel by the government and the demand of transport entrepreneurs to increase the fares should be halted. Stakeholders suggest that if the government reduces the tax on petroleum products, fuel can be made available at reasonable rates.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“The price of fuel has gone up time and time again and the fare has gone up as well. But it is not appropriate to increase the fare furthermore as the income of the general public has not gone up,” said Madhav Timilsina, chairman of the Consumer Rights Forum. He said that the commuters are facing problems as the government is not showing any responsibility towards the rights of the people. He expressed his opinion that both the government and the business community should take decisions while being considerate about the purchasing ability of the people.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-03-06', 'modified' => '2022-03-06', 'keywords' => '', 'description' => '', 'sortorder' => '14620', 'image' => '20220306031226_public transport.jpg', 'article_date' => '2022-03-06 15:11:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
