July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism.…
July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism.…
July 8: The major markets of Nepal are reeling under shortage of readymade garments of late.…
July 7: The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to…
July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit.…
July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government.…
July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting…
…
July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7).…
July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and…
July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an…
July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling…
July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy.…
July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs.…
July 6: The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for…
July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">At a virtual interaction organized by the Nepal Tourism Board (NTB) on Wednesday, Nepal’s ambassadors to the USA, Canada, Brazil among others univocally spoke of the need for reviving tourism sector by adhering to health safety protocols. </span><br /> <span style="font-family:"Arial Unicode MS"">During the interaction, Nepal’s envoy to the USA Dr Yubaraj Khatiwada said that the Board should devise a special tourism promotion package for foreign tourists beyond India and China. Dr Khatiwada, who is also a former finance minister, suggested the NTB to coordinate efforts among the federal, provincial and local governments to address the budget crisis for tourism promotion related programmes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Tourism activities are almost nil due to COVID-19. At such times, the federal government is bound to experience budget constraint. But the provincial and local governments have budget for tourism. We could carry out tourism promotional programmes utilizing those budget," he suggested. </span><br /> <span style="font-family:"Arial Unicode MS"">According to him, efforts were underway to forge collaboration with Hollywood to promote cine tourism between Nepal and the USA. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Nepali ambassador to Canada Bhrigu Dhungana backed the views of Dr Khatiwada and said that Nepal should be ready to attract foreign tourists adhering to all health safety protocols against COVID-19. Dhungana said that they were collaborating with the Canadian stakeholders to attract Canadian investment to Nepal apart from inviting Canadians to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">Similarly, Deputy Chief of Mission at the Nepalese Embassy in Brazil Bharat Khanal pointed out the need to produce promotional materials in various international languages including Brazilian to lure as many Brazilians and other foreign tourists to Nepal as possible. "The promotional materials should be either digital or traditional," he advised to the Board. </span><br /> <span style="font-family:"Arial Unicode MS"">The executive counselor general at Nepal’s Consulate Office in New York, Bishnu Prasad Gautam, said that the number of people visiting Nepal from New York was on the rise lately. He opined that Nepal should enthusiastically welcome foreign tourists from the USA in the wake of vaccines against COVID-19 working effectively to prevent the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">CEO of NTB Dr Dhananjaya Regmi said that the Board was working towards promoting tourism considering reforms at policy level, bolstering inter-agency coordination and budget limitation. He said that it is imperative to expand tourism destinations in a new and attracting manner to make Nepal a holiday destination for people of all walks of life and for all season. "There is no choice expect for moving ahead with tourism revival programme," he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13394', 'image' => '20210708120341_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-07-08 12:03:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13648', 'article_category_id' => '1', 'title' => 'Market Reeling Under Shortage of Readymade Garments ', 'sub_title' => '', 'summary' => 'July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. The shortage of goods has been attributed to the decline in import due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The local traders have not been able to go to China for business since April 2020, amidst the pandemic, causing shortage of the readymade garments in the market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The traders say that garments required for the summer season such as half pants, t-shirts, trousers, etc are getting out of stock. Rajesh Lama, a garment trader in Bhrikutimandap, said, “Clothing items are insufficient in the market itself. This has caused problem for consumers to find the garments of their choice.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">With the opening of markets, the number of consumers going out has also increased drastically. They are seeking for the essential garments but are compelled to return empty handed because of the shortage of readymade garments.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Ram Chandra Parajuli, treasurer of National Trade Association New Road, who has been importing goods from China since a long time, said that they have been facing problem ever since the Chinese government refused visas for traders to enter China due to the pandemic. According to him, Nepali traders have not been able to go to China to buy goods since more than a year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the beginning, even though they could not go to China, the traders were keeping their business running through online orders. However, he said that the traders stopped placing online orders due to the arrival of counterfeit goods instead of the order placed. Parajuli said that the traders were deceived in online trade as they were delivered low-quality goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, while ordering goods online, traders have also been facing problems in transactions. Earlier, merchants used to send money via informal channels like hundi for ordering goods online. Now, the Chinese government has made the environment uncompromising, causing difficulty in making monetary transactions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On one hand, traders have not been able to go to China to buy goods, while on the other hand, the goods that have been ordered are stuck at the border checkpoints.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even now, food stuffs as well as fruits and other edible items are entering the country through Rasuwagadhi checkpoint in large quantities, while the goods including clothes are arriving in minimum quantities, said Rasuwagadhi Customs Chief Ram Prasad Regmi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to him, only five vehicles other than the ones carrying foods and fruits can enter Nepal in a single day. He added, the problems are so severe that on some days, even one vehicle cannot enter the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13393', 'image' => '20210708112214_20210330030707_1617056840.Clipboard05.jpg', 'article_date' => '2021-07-08 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13647', 'article_category_id' => '1', 'title' => 'Social Security Fund Seeks Rs 1.5 Billion from Finance Ministry ', 'sub_title' => '', 'summary' => 'July 7: The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">While announcing the budget for the upcoming fiscal year, Finance Minister Bishnu Poudel had said that the government would bear the expenses for this period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The SSF has demanded Rs 1.5 billion from the Ministry of Finance after determining the amount that the contributors are liable to deposit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Kapil Mani Gyawali, executive director of the Social Security Fund, said that the employers and contributors do not have to deposit the amount for two months between mid-May to mid-July as announced in the budget statement. According to him, the SSF has already issued a public notice to the employers not to deposit the contribution for the month of mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The companies have been told to deposit the contribution for this period in the workers' accounts as they do not have to deduct the amount for the social security fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that the companies must have contributed to the fund regularly till mid-May in order to be eligible to receive the relief announced by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Responding to the question regarding what happens to those who are late in contributing in the month of Baisakh (mid-April to mid-May), Gyawali said, "There is nothing wrong with the delay. Even if it is late, we take into consideration the regular deposits made to our system till April.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that those who have contributed to the SSF till mid-April should not worry as they have already demanded money from the Ministry of Labor, Employment, and Social Security for the payment of the entire two-month period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Labor, Employment, and Social Security had asked the Ministry of Finance to bring such a relief package through the budget with the conclusion that the steps taken for the prevention and control of the coronavirus pandemic have put private companies and workers in trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Ministry of Labor, the ministry is committed to implementing every programme related to labor in the budget and an action plan has been prepared.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"Even in the past, the government had borne the entire responsibility and the process is still moving forward," said Deepak Kafle, joint secretary of the ministry.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13392', 'image' => '20210707052226_20200401094426_1585693701.jpg', 'article_date' => '2021-07-07 17:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13646', 'article_category_id' => '1', 'title' => 'Insurance Board Instructs Companies not to Sell Policies on Credit', 'sub_title' => '', 'summary' => 'July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. The regulatory body recently issued such directive as the trend of selling insurance policies on credit has been increase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board issued the directive in the name of the CEOs of non-life and life insurance companies. Chairman of the Insurance Board Surya Prasad Silwal confirmed that he has instructed the insurance companies not to sell insurance policies on credit. CEOs of the insurance companies have been asked to be more cautious in this regard.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"It was found that both life and non-life insurance companies were selling insurance policies on credit, which is against the Insurance Act," he said, adding, "We had issued an internal circular two months earlier not to sell insurance policies on credit. Since such practice did not stop, we have issued instructions to the CEOs of the companies to be cautious in this regard."</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">At the end of the fiscal year, during the period between mid-June to mid-July, companies tend to sell insurance policies on credit to meet the annual target. So, the insurance board has issued another directive to prevent such practice, said Silwal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Insurance Act, no company should agree to accept the risk of the assured people until the company receives the premium amount. The individual is considered to be insured only after receiving the premium. However, various inspections and monitoring activities show that companies are selling insurance policies on credit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board claims that the insurance companies have carried out such activities though it is prohibited by the Act. The board has received complaints in this regard as well after which the board took further steps to prevent such practice. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has directed the CEOs of the companies to be more responsible regarding this issues. From now on, companies are instructed to issue policies only after receiving premium amount and clearance of cheques. If they are found to have issued policies on credit, they will be penalized accordingly.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13391', 'image' => '20210707014623_20200417105653_Beema-Samiti.jpg', 'article_date' => '2021-07-07 13:45:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13645', 'article_category_id' => '1', 'title' => 'AAN Opposes Formation of Advertisement Board', 'sub_title' => '', 'summary' => 'July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. AAN accused the government of forming the board against the spirit of the advertising business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN said that the government has introduced controversial clause in an attempt to bring all government advertisements under a one-door system in the name of social welfare advertisements. AAN further said that the government’s act reflects the move taken in the past by the royal regime.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Therefore, AAN has tried to draw the attention of all stakeholders towards the problems that may occur in future if the regulatory body tries to present itself as an ad distributor.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has demanded the government to include the advertisement sector in the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has accused the government of disregarding its suggestions and advice even though it has been cooperating with the ministry since the drafting of the Advertising Regulation Act, 2076 BS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has also drawn the attention of the government and the Advertising Board to resolve the existing problems at the earliest.</span></span> It has also warned of repercussions if the board does not take any initiative to resolve the problem. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13390', 'image' => '20210707013335_AAN.jpg', 'article_date' => '2021-07-07 13:33:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13644', 'article_category_id' => '1', 'title' => 'National Food Bank to Use Rice-Duck Farming System', 'sub_title' => '', 'summary' => 'July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy. The system, which has been used and tested in various parts of Japan, is now being tested in the country. A similar test had been conducted prior to this, but, it wasn’t for commercial farming.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Rice-duck farming is about raising ducks and farming paddy together on the same land. The company stated that paddy is being planted according to this system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Chairman of the bank Shankar Nath Upreti informed that the local basmati rice has been planted under this system in about 5 bighas of land in Jhapa and Bardiya at present. In addition, about 1,000 ducklings have been reared in the paddy fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Since the paddy and the ducklings grow together in the same place, manual weeding is not required as the duck’s claw will dig the ground and they eat the weeds as well. He said that chemical fertiliser is not needed as organic manure can be obtained from the feces of duck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The ducks are separated from the paddy field at the time of harvesting. Stating that the cultivation with this system is done in a small area as a test, Upreti said that they will expand the use of this system if the test is successful.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The bank aims to cultivate paddy in about 1,000 bighas of land this year. The company has planted paddy in 55 bighas of land in Jhapa, 60 bighas in Bardiya and 518 bighas in collaboration with local farmers elsewhere. Local basmati or Jetho Budho rice has been planted in 35 ropanis of land and 313 ropanis of land in Hemja Pokhara in two phases.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Along with paddy, the bank is also planting millet in the Himalayan districts. The work of planting millet in about 500 ropanis of land in districts including Manang, Mustang, Sindhupalchok, Rasuwa nad Nuwakot has been completed. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13389', 'image' => '20210707120033_800px-合鴨農法.jpg', 'article_date' => '2021-07-07 11:59:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13643', 'article_category_id' => '1', 'title' => 'Commercial Banks Raise Funds worth Rs 85 Billion from Debentures', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: A total of 23 commercial banks have raised funds by issuing debentures in line with the Nepal Rastra Bank’s long-term policy. The central bank has made it mandatory for commercial banks to raise funds by issuing debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The commercial banks have issued debentures worth Rs 85.34 billion and secured funds for the next six to 10 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">This amount is 30.64 percent of the combined paid-up capital of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to the central banks data, the total paid-up capital of the 23 commercial banks is Rs 278 billion as of mid-May 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">As per the policy of NRB, commercial banks have to issue debentures of at least 25 percent of their paid-up capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Such directive was issued to ensure that the banks have secured long-term resources to stabilize the interest rate, which is subject to fluctuation due to the short-term nature of deposits prevalent in the country. The banks have been ordered to issue the debentures by the end of next fiscal year. There is still one year left for the banks to fulfill the criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Out of the 27 commercial banks operational in Nepal, four banks – Mega Bank, Century Bank, Civil Bank and Standard Chartered Bank – are yet to issue debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned Nepal Bank Limited had issued debentures worth Rs 3.5 billion at an interest rate of 8.5 percent about two months ago. Likewise, Rastriya Banijya Bank issued debentures worth Rs 2.5 billion about a month ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">So far, 11 commercial banks have already fulfilled the minimum requirement (25 percent of paid-up capital) of issuing debentures. Those banks include NIC Asia Bank, Siddhartha Bank, Agriculture Development Bank, Sanima Bank, Sunrise Bank, Nepal Investment Bank, Nepal SBI Bank, Nepal Credit and Commerce Bank, Prabhu Bank, Nepal Bank and Rastriya Banijya Bank.</span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13388', 'image' => '20210707110604_Debentures-sebi-guidelines.jpg', 'article_date' => '2021-07-07 11:05:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13642', 'article_category_id' => '1', 'title' => 'Nepal Oil Corporation Hikes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned oil monopoly has hiked the price of petrol, diesel, kerosene, aviation turbine fuel (ATF) as well as cooking gas (liquefied petroleum gas LPG). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to NOC, it has increased the prices of petrol, diesel and kerosene by Rs 2 per litre. With the price hike, petrol will now cost Rs 129 per litre in Kathmandu valley while the prices of diesel and kerosene have been fixed at Rs 112 per litre each.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Similarly, NOC has increased the price of ATF for international flights by Rs 2 per litre. The fuel for international flights will now cost Rs 84 per litre. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The price of LPG has been increased by Rs 25 per cylinder. A cooking gas cylinder will now cost Rs 1,425. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, NOC had increased the prices of petroleum products on June 23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13387', 'image' => '20210707102647_20190503125003_Petrol-Price-Increase.jpg', 'article_date' => '2021-07-07 10:26:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13641', 'article_category_id' => '1', 'title' => 'Task Force Formed to Study Damage on Road and Bridges by Recent Floods and Landslides', 'sub_title' => '', 'summary' => 'July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods.', 'content' => '<p><em>A damaged road in Baglung. Photo Courtesy: RSS</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods. The ministry has formed a seven-member task force under the coordination of deputy director-general of the Department of Roads, Deepak Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force will investigate the extent of damage caused to the under-construction and completed roads and bridges in different parts of the country due to continuous rainfall. Similarly, the task force needs to submit its preliminary report with recommendations by July 22 on the measures to be taken to minimise such damages in the coming days. In addition, it will have to submit a report within a month after studying and analyzing the bridges damaged by rains and floods.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force should also mention the precautions to be taken to rebuild the damaged bridges, the foundations to be adopted for bridge construction and the type of superstructure in the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the department, the Liping Bridge on Araniko Highway, Gaude Bridge on Siddhartha Highway and Karnali Bridge (Satighat) on Postal Highway have been damaged.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Likewise, the Kamala Bridge on the Postal Highway, which was completed only a few days ago but was yet to be inaugurated, has been washed away as the water level was high in Kamala River. Similarly, the Phuljor Bridge in Siraha has been washed away due to floods only a few days ago. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13386', 'image' => '20210706024111_KRG_Baglung.jpg', 'article_date' => '2021-07-06 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13639', 'article_category_id' => '1', 'title' => 'Government Steps up Spending as the Fiscal Year Comes to an End', 'sub_title' => '', 'summary' => 'July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Government officials have said that the expenditure has increased to around Rs 10 billion daily from mid-June. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, which keeps records of government income and expenses, the government had spent Rs 1.53 billion on June 15 but the daily expenditure has increased to Rs 9.48 billion from July 4. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has spent 70 percent of the total budget as of July 4, 2021. It has spent 82.98 percent under current expenditure while less than 50 percent has been spent under capital expenditure. Records at the Finance Comptroller General’s Office show that 46.98 percent of the budget has been spent on development projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has been claiming improvement in its spending capacity but the spending data shows otherwise. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, there is not much difference compared to previous years in daily release of fund. Deputy Finance Comptroller General Gyandendra Poudel said the daily limit of fund release is increasing every day. Although the daily limit of spending has increased since mid June, the government is yet to spend Rs 437 billion of the allocated budget. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">In recent years, the government has been stepping up budget spending towards the end of fiscal year. Financial experts have been raising concerns about this trend. According to them, the expenditure happening at the end of the year doesn't give sustainable results. According to Bishwambher Pyakurel, financial expert, the spending nature has not changed at all. It is very clear that the government has not been able to reform the expenditure system.</span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13385', 'image' => '20210706022457_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-07-06 14:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13640', 'article_category_id' => '1', 'title' => 'Sundar Auto to Assemble Electric Vehicles in Nepal', 'sub_title' => '', 'summary' => 'July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Auto Engineering, a subsidiary of Sundar Yatayat Pvt Ltd, is preparing to set up the plant in the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat is also the first company to introduce electric buses for public transportation representing the private sector in Nepal. The company is making arrangements so that they can lay the foundation for the plant before August.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The electric vehicle assembling plant is set to be established in Butwal's Sainamina municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">China's Sichuan Guhang Automobile and UAE's SEC Group are said to make investments in establishing the plant. According to Bhesh Bahadur Thapa, chairman of the company, Sichuan Automobile will invest 47 percent while the share of SEC Group will be 46 percent and Sundar Yatayat’s stake will be 7 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat confirmed that an agreement had been reached with these two companies for setting up an assembly plant during a program in November 2019. Although the company has been preparing to set up the plant since April last year, the work was hindered and could not proceed due to the prohibitory order, said Chairman Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to him, Rs 3.6 billion is being invested as the initial phase for setting up the assembly plant. Investments would be added gradually as the work progresses. He said that preparations have been made to assemble 100 vehicles in the first year, 300 vehicles in the second year and 1000 vehicles annually from the third year onwards. "We plan to lay the foundation stone within 15 days," he said, adding, "We have requested the prime minister to attend the inauguration as the chief guest."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He informed that the foundation stone will be laid within August and the work will commence immediately. Preparations to assemble 100 vehicles within the next fiscal year 2078/79 have already been completed. According to him, Sainamina municipality is going to provide approximately 5.8 acres of land for the establishment of the assembly plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Mayor of Sainamaina municipality, Chitra Bahadur Karki informed that an agreement has been reached to lease the land to the company. According to him, the company has entered into an agreement with the municipality to pay Rs 600,000 annually.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The company has agreed to provide an ambulance to the municipality in the first year, a garbage truck in the second year and a bus to a local community school every year at a 33 percent discount. He also said that the company should deposit 1 percent of their profit in the accumulated fund of the municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The decision to provide land to Sundar Yatayat was reached through an all-party meeting on June 30.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Chairman Thapa mentioned that they are planning to assemble electric jeep, car, van, ambulance and bus as well. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13384', 'image' => '20210706023411_20210303125621_20190530011559_electric bus for short destination_from sajha yatayat.jpg', 'article_date' => '2021-07-06 14:33:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13638', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi: A ‘Game Changer’ Project ', 'sub_title' => '', 'summary' => 'July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel reportedly said that the Upper Tamakoshi project would make one per cent contribution to the economic growth of the country. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">A single unit of electricity would make impact worth around Rs 90-100, the state-owned national news agency (RSS) reported citing a knowledgeable person of the energy sector. Currently, one out of six units of Upper Tamakoshi Hydropower Project has come into operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of Nepal Electricity Authority, Hitendra Dev Shakya, informed that the project is expected to produce 2,280 million units of electricity annually.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The project that was supposed to be completed some six years ago has been delayed due to several reasons. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Policy-makers and investors however have shown their doubt whether or not the project would give anticipated returns owing to the elevated costs and protracted timing of the project, RSS further reported. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Yet the project is taken to be a gamer changer project for its potential benefits to the national economy of Nepal. This is so far the biggest project constructed with domestic financing of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Cambria">It has to be noted that former Executive Director of Nepal Electricity Authority Kulman Ghising took the initiative to bring this project back on track from the verge of failure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The success of this project has also boosted up the country’s confidence that hydropower projects of medium-scale capacity and investment can be undertqaken on our own financing, engineering and management, said NEA’s Executive Director Hitendra Dev Shakya. </span></span><br /> <em><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">(With inputs from RSS) </span></span></em> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13383', 'image' => '20210706020649_1625457331.tamakoshi_dam.jpg', 'article_date' => '2021-07-06 14:05:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13637', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi Hydropower Project Begins Test Production ', 'sub_title' => '', 'summary' => 'July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. The project has started generating electricity from a unit with a capacity of 76 MW from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The construction of the 456 Megawatt project began in 2008. The then Prime Minister Jhala Nath Khanal had laid the foundation stone of the project on June 19, 2008.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On Monday (July 5), Prime Minister KP Sharma Oli inaugurated the project amid a formal function. He inaugurated the Dolakha-based project virtually from Kathmandu. Finance Minister Bishnu Prasad Poudel, representatives of the Nepal Electricity Authority, and project officials were also present at the inauguration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Inaugurating the project, Prime Minister Oli said it's a matter of pride for the country to have such a big project with domestic investment. He said that the project has boosted the confidence of the nation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Minister for Energy Poudel said that the project built with domestic investment would be a great achievement for the country's economy. He said that there will be no recurrence of load shedding in Nepal due to the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Nepal Electricity Authority Executive Director Hitendra Dev Shakya said the project would generate 228 million units of electricity annually. The project, built with domestic investment, was targeted to be operational by 2016. However, the project could not come into operation on time due to disputes, the poor performance of the construction company, and natural calamities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project came into operation almost five years after the deadline. The construction work has been delayed due to the poor performance of the construction company. The 2015 earthquake badly affected the construction of the project. The project was also affected by the Indian blockade after the earthquake.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was delayed due to problems in transportation of fuel and construction materials due to Madhesh movement and blockade, change in the design of the project, delay in work by hydromechanical (Lot 2) contractors under various pretexts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was targeted to be operational within the last fiscal year. However, the construction of the project was again affected by the pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In particular, the Austrian contractor of Electromechanical (Lot 3) under the tripartite agreement (Project, Texmaco, and Andrews) agreed to install penstock pipes in the 373-meter-long vertical tunnel, which was considered difficult after the Indian company Texma's Railway Engineering delayed the work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The work gained momentum after Andrews was given the task of connecting the penstock to the lower vertical tunnel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The cost of the project has skyrocketed as the construction work of the project has been extended. The target was to complete the construction of the project for Rs 35 billion. However, Rs 84 billion has been spent on the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has a net cost of Rs 52 billion and Rs 32 billion for interest. Investment is also said to have increased due to fluctuations in the value of the US dollar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has 6 units of 76 MW capacity each. The first unit of the project has been brought into operation from Monday for test production. The remaining five units will also be brought into operation every two weeks, said Bijan Prasad Shrestha, chief executive officer of the project. He said that all the units will come into operation in August as per the schedule.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13381', 'image' => '20210706114718_1625527854.Clipboard04.jpg', 'article_date' => '2021-07-06 11:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13636', 'article_category_id' => '1', 'title' => 'ADB Appoints New Country Director for Nepal ', 'sub_title' => '', 'summary' => 'July 6: The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.', 'content' => '<p><img alt="" src="/app/webroot/userfiles/images/Arnaud%20Cauchois%20%282%29.JPG" style="height:240px; width:240px" /></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">July 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the ADB, Cauchois will lead ADB operations in the country and policy dialogue with the government of Nepal and other development partners. He will oversee the implementation of ADB’s country partnership strategy for Nepal that focuses on the country’s long-term development needs through improved infrastructure for private sector-led growth, improved access to devolved services, and environmental sustainability and resilience, ADB said in a statement issued on July 6. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">“ADB has been a long-term development partner of Nepal. I look forward to building on the strong partnership and working closely with the government, development partners, and other stakeholders in supporting Nepal’s development agenda and poverty reduction efforts,” the statement quoted Cauchois as saying. “My immediate priority will be to support the Government of Nepal as it addresses both the immediate and longer-term health, economic, and social impacts of the COVID-19 crisis.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">In the medium term, Cauchois indicated the need to support the government with the development of integrated solutions by combining expertise across sectors and mixing public and private sector financing. Expansion of private sector operations, as well as green resilient and inclusive projects, will be pursued in close collaboration with the government and development partners, the statement added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to ADB, Cauchois has almost 3 decades of professional experience, including over 15 years with ADB. Cauchois, a French national, joined ADB in 2005 as a Rural Development Specialist and has since held numerous leading positions. Prior to this appointment, he served as Principal Water Resources Specialist for India, Nepal, and Sri Lanka and was outposted in ADB’s India Resident Mission. He was also assigned in ADB’s Nepal Resident Mission for 6 years and led the improvement of the water management systems in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">He holds a master of science degree in water resource management from the Superior School of Tropical Agronomy in Montpellier, France. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">Since its establishment in 1966, ADB has provided over $7 billion in financial and technical assistance to Nepal. The assistance was provided in energy, transport, water supply and urban infrastructure services, agriculture and irrigation, and education, the statement added.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13380', 'image' => '20210706113824_ADB.jpg', 'article_date' => '2021-07-06 11:37:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13635', 'article_category_id' => '1', 'title' => 'Central Bank to Issue Development Bond Today', 'sub_title' => '', 'summary' => 'July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6). The central bank is issuing the bonds to manage internal loan for the government as per its schedule to collect such loans for the fourth quarter of the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The government has already collected internal loans of Rs 115 billion as of second quarter of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The National Loan Management Department of Nepal Rastra Bank on behalf of the Government of Nepal has issued a five-year Development Bond 2083 ‘E’. Interested banks and financial institutions, non-banking institutions, insurance companies as well as eligible Nepali citizens can apply for the bond within 3 pm today. The interest rate of the bond will be fixed through bidding process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The development bond will be issued on July 7. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, the central bank has issued development bonds of Rs 10 billion on June 22 with a maturity period of six years.</span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13379', 'image' => '20210706112914_1625201068.jpg', 'article_date' => '2021-07-06 11:28:36', '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' => '13649', 'article_category_id' => '1', 'title' => ' Nepal’s Envoys Suggest NTB to get Ready for Influx of Foreign Tourists', 'sub_title' => '', 'summary' => 'July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">At a virtual interaction organized by the Nepal Tourism Board (NTB) on Wednesday, Nepal’s ambassadors to the USA, Canada, Brazil among others univocally spoke of the need for reviving tourism sector by adhering to health safety protocols. </span><br /> <span style="font-family:"Arial Unicode MS"">During the interaction, Nepal’s envoy to the USA Dr Yubaraj Khatiwada said that the Board should devise a special tourism promotion package for foreign tourists beyond India and China. Dr Khatiwada, who is also a former finance minister, suggested the NTB to coordinate efforts among the federal, provincial and local governments to address the budget crisis for tourism promotion related programmes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Tourism activities are almost nil due to COVID-19. At such times, the federal government is bound to experience budget constraint. But the provincial and local governments have budget for tourism. We could carry out tourism promotional programmes utilizing those budget," he suggested. </span><br /> <span style="font-family:"Arial Unicode MS"">According to him, efforts were underway to forge collaboration with Hollywood to promote cine tourism between Nepal and the USA. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Nepali ambassador to Canada Bhrigu Dhungana backed the views of Dr Khatiwada and said that Nepal should be ready to attract foreign tourists adhering to all health safety protocols against COVID-19. Dhungana said that they were collaborating with the Canadian stakeholders to attract Canadian investment to Nepal apart from inviting Canadians to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">Similarly, Deputy Chief of Mission at the Nepalese Embassy in Brazil Bharat Khanal pointed out the need to produce promotional materials in various international languages including Brazilian to lure as many Brazilians and other foreign tourists to Nepal as possible. "The promotional materials should be either digital or traditional," he advised to the Board. </span><br /> <span style="font-family:"Arial Unicode MS"">The executive counselor general at Nepal’s Consulate Office in New York, Bishnu Prasad Gautam, said that the number of people visiting Nepal from New York was on the rise lately. He opined that Nepal should enthusiastically welcome foreign tourists from the USA in the wake of vaccines against COVID-19 working effectively to prevent the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">CEO of NTB Dr Dhananjaya Regmi said that the Board was working towards promoting tourism considering reforms at policy level, bolstering inter-agency coordination and budget limitation. He said that it is imperative to expand tourism destinations in a new and attracting manner to make Nepal a holiday destination for people of all walks of life and for all season. "There is no choice expect for moving ahead with tourism revival programme," he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13394', 'image' => '20210708120341_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-07-08 12:03:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13648', 'article_category_id' => '1', 'title' => 'Market Reeling Under Shortage of Readymade Garments ', 'sub_title' => '', 'summary' => 'July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. The shortage of goods has been attributed to the decline in import due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The local traders have not been able to go to China for business since April 2020, amidst the pandemic, causing shortage of the readymade garments in the market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The traders say that garments required for the summer season such as half pants, t-shirts, trousers, etc are getting out of stock. Rajesh Lama, a garment trader in Bhrikutimandap, said, “Clothing items are insufficient in the market itself. This has caused problem for consumers to find the garments of their choice.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">With the opening of markets, the number of consumers going out has also increased drastically. They are seeking for the essential garments but are compelled to return empty handed because of the shortage of readymade garments.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Ram Chandra Parajuli, treasurer of National Trade Association New Road, who has been importing goods from China since a long time, said that they have been facing problem ever since the Chinese government refused visas for traders to enter China due to the pandemic. According to him, Nepali traders have not been able to go to China to buy goods since more than a year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the beginning, even though they could not go to China, the traders were keeping their business running through online orders. However, he said that the traders stopped placing online orders due to the arrival of counterfeit goods instead of the order placed. Parajuli said that the traders were deceived in online trade as they were delivered low-quality goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, while ordering goods online, traders have also been facing problems in transactions. Earlier, merchants used to send money via informal channels like hundi for ordering goods online. Now, the Chinese government has made the environment uncompromising, causing difficulty in making monetary transactions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On one hand, traders have not been able to go to China to buy goods, while on the other hand, the goods that have been ordered are stuck at the border checkpoints.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even now, food stuffs as well as fruits and other edible items are entering the country through Rasuwagadhi checkpoint in large quantities, while the goods including clothes are arriving in minimum quantities, said Rasuwagadhi Customs Chief Ram Prasad Regmi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to him, only five vehicles other than the ones carrying foods and fruits can enter Nepal in a single day. He added, the problems are so severe that on some days, even one vehicle cannot enter the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13393', 'image' => '20210708112214_20210330030707_1617056840.Clipboard05.jpg', 'article_date' => '2021-07-08 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13647', 'article_category_id' => '1', 'title' => 'Social Security Fund Seeks Rs 1.5 Billion from Finance Ministry ', 'sub_title' => '', 'summary' => 'July 7: The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">While announcing the budget for the upcoming fiscal year, Finance Minister Bishnu Poudel had said that the government would bear the expenses for this period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The SSF has demanded Rs 1.5 billion from the Ministry of Finance after determining the amount that the contributors are liable to deposit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Kapil Mani Gyawali, executive director of the Social Security Fund, said that the employers and contributors do not have to deposit the amount for two months between mid-May to mid-July as announced in the budget statement. According to him, the SSF has already issued a public notice to the employers not to deposit the contribution for the month of mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The companies have been told to deposit the contribution for this period in the workers' accounts as they do not have to deduct the amount for the social security fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that the companies must have contributed to the fund regularly till mid-May in order to be eligible to receive the relief announced by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Responding to the question regarding what happens to those who are late in contributing in the month of Baisakh (mid-April to mid-May), Gyawali said, "There is nothing wrong with the delay. Even if it is late, we take into consideration the regular deposits made to our system till April.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that those who have contributed to the SSF till mid-April should not worry as they have already demanded money from the Ministry of Labor, Employment, and Social Security for the payment of the entire two-month period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Labor, Employment, and Social Security had asked the Ministry of Finance to bring such a relief package through the budget with the conclusion that the steps taken for the prevention and control of the coronavirus pandemic have put private companies and workers in trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Ministry of Labor, the ministry is committed to implementing every programme related to labor in the budget and an action plan has been prepared.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"Even in the past, the government had borne the entire responsibility and the process is still moving forward," said Deepak Kafle, joint secretary of the ministry.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13392', 'image' => '20210707052226_20200401094426_1585693701.jpg', 'article_date' => '2021-07-07 17:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13646', 'article_category_id' => '1', 'title' => 'Insurance Board Instructs Companies not to Sell Policies on Credit', 'sub_title' => '', 'summary' => 'July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. The regulatory body recently issued such directive as the trend of selling insurance policies on credit has been increase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board issued the directive in the name of the CEOs of non-life and life insurance companies. Chairman of the Insurance Board Surya Prasad Silwal confirmed that he has instructed the insurance companies not to sell insurance policies on credit. CEOs of the insurance companies have been asked to be more cautious in this regard.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"It was found that both life and non-life insurance companies were selling insurance policies on credit, which is against the Insurance Act," he said, adding, "We had issued an internal circular two months earlier not to sell insurance policies on credit. Since such practice did not stop, we have issued instructions to the CEOs of the companies to be cautious in this regard."</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">At the end of the fiscal year, during the period between mid-June to mid-July, companies tend to sell insurance policies on credit to meet the annual target. So, the insurance board has issued another directive to prevent such practice, said Silwal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Insurance Act, no company should agree to accept the risk of the assured people until the company receives the premium amount. The individual is considered to be insured only after receiving the premium. However, various inspections and monitoring activities show that companies are selling insurance policies on credit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board claims that the insurance companies have carried out such activities though it is prohibited by the Act. The board has received complaints in this regard as well after which the board took further steps to prevent such practice. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has directed the CEOs of the companies to be more responsible regarding this issues. From now on, companies are instructed to issue policies only after receiving premium amount and clearance of cheques. If they are found to have issued policies on credit, they will be penalized accordingly.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13391', 'image' => '20210707014623_20200417105653_Beema-Samiti.jpg', 'article_date' => '2021-07-07 13:45:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13645', 'article_category_id' => '1', 'title' => 'AAN Opposes Formation of Advertisement Board', 'sub_title' => '', 'summary' => 'July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. AAN accused the government of forming the board against the spirit of the advertising business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN said that the government has introduced controversial clause in an attempt to bring all government advertisements under a one-door system in the name of social welfare advertisements. AAN further said that the government’s act reflects the move taken in the past by the royal regime.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Therefore, AAN has tried to draw the attention of all stakeholders towards the problems that may occur in future if the regulatory body tries to present itself as an ad distributor.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has demanded the government to include the advertisement sector in the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has accused the government of disregarding its suggestions and advice even though it has been cooperating with the ministry since the drafting of the Advertising Regulation Act, 2076 BS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has also drawn the attention of the government and the Advertising Board to resolve the existing problems at the earliest.</span></span> It has also warned of repercussions if the board does not take any initiative to resolve the problem. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13390', 'image' => '20210707013335_AAN.jpg', 'article_date' => '2021-07-07 13:33:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13644', 'article_category_id' => '1', 'title' => 'National Food Bank to Use Rice-Duck Farming System', 'sub_title' => '', 'summary' => 'July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy. The system, which has been used and tested in various parts of Japan, is now being tested in the country. A similar test had been conducted prior to this, but, it wasn’t for commercial farming.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Rice-duck farming is about raising ducks and farming paddy together on the same land. The company stated that paddy is being planted according to this system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Chairman of the bank Shankar Nath Upreti informed that the local basmati rice has been planted under this system in about 5 bighas of land in Jhapa and Bardiya at present. In addition, about 1,000 ducklings have been reared in the paddy fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Since the paddy and the ducklings grow together in the same place, manual weeding is not required as the duck’s claw will dig the ground and they eat the weeds as well. He said that chemical fertiliser is not needed as organic manure can be obtained from the feces of duck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The ducks are separated from the paddy field at the time of harvesting. Stating that the cultivation with this system is done in a small area as a test, Upreti said that they will expand the use of this system if the test is successful.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The bank aims to cultivate paddy in about 1,000 bighas of land this year. The company has planted paddy in 55 bighas of land in Jhapa, 60 bighas in Bardiya and 518 bighas in collaboration with local farmers elsewhere. Local basmati or Jetho Budho rice has been planted in 35 ropanis of land and 313 ropanis of land in Hemja Pokhara in two phases.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Along with paddy, the bank is also planting millet in the Himalayan districts. The work of planting millet in about 500 ropanis of land in districts including Manang, Mustang, Sindhupalchok, Rasuwa nad Nuwakot has been completed. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13389', 'image' => '20210707120033_800px-合鴨農法.jpg', 'article_date' => '2021-07-07 11:59:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13643', 'article_category_id' => '1', 'title' => 'Commercial Banks Raise Funds worth Rs 85 Billion from Debentures', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: A total of 23 commercial banks have raised funds by issuing debentures in line with the Nepal Rastra Bank’s long-term policy. The central bank has made it mandatory for commercial banks to raise funds by issuing debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The commercial banks have issued debentures worth Rs 85.34 billion and secured funds for the next six to 10 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">This amount is 30.64 percent of the combined paid-up capital of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to the central banks data, the total paid-up capital of the 23 commercial banks is Rs 278 billion as of mid-May 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">As per the policy of NRB, commercial banks have to issue debentures of at least 25 percent of their paid-up capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Such directive was issued to ensure that the banks have secured long-term resources to stabilize the interest rate, which is subject to fluctuation due to the short-term nature of deposits prevalent in the country. The banks have been ordered to issue the debentures by the end of next fiscal year. There is still one year left for the banks to fulfill the criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Out of the 27 commercial banks operational in Nepal, four banks – Mega Bank, Century Bank, Civil Bank and Standard Chartered Bank – are yet to issue debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned Nepal Bank Limited had issued debentures worth Rs 3.5 billion at an interest rate of 8.5 percent about two months ago. Likewise, Rastriya Banijya Bank issued debentures worth Rs 2.5 billion about a month ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">So far, 11 commercial banks have already fulfilled the minimum requirement (25 percent of paid-up capital) of issuing debentures. Those banks include NIC Asia Bank, Siddhartha Bank, Agriculture Development Bank, Sanima Bank, Sunrise Bank, Nepal Investment Bank, Nepal SBI Bank, Nepal Credit and Commerce Bank, Prabhu Bank, Nepal Bank and Rastriya Banijya Bank.</span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13388', 'image' => '20210707110604_Debentures-sebi-guidelines.jpg', 'article_date' => '2021-07-07 11:05:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13642', 'article_category_id' => '1', 'title' => 'Nepal Oil Corporation Hikes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned oil monopoly has hiked the price of petrol, diesel, kerosene, aviation turbine fuel (ATF) as well as cooking gas (liquefied petroleum gas LPG). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to NOC, it has increased the prices of petrol, diesel and kerosene by Rs 2 per litre. With the price hike, petrol will now cost Rs 129 per litre in Kathmandu valley while the prices of diesel and kerosene have been fixed at Rs 112 per litre each.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Similarly, NOC has increased the price of ATF for international flights by Rs 2 per litre. The fuel for international flights will now cost Rs 84 per litre. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The price of LPG has been increased by Rs 25 per cylinder. A cooking gas cylinder will now cost Rs 1,425. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, NOC had increased the prices of petroleum products on June 23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13387', 'image' => '20210707102647_20190503125003_Petrol-Price-Increase.jpg', 'article_date' => '2021-07-07 10:26:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13641', 'article_category_id' => '1', 'title' => 'Task Force Formed to Study Damage on Road and Bridges by Recent Floods and Landslides', 'sub_title' => '', 'summary' => 'July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods.', 'content' => '<p><em>A damaged road in Baglung. Photo Courtesy: RSS</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods. The ministry has formed a seven-member task force under the coordination of deputy director-general of the Department of Roads, Deepak Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force will investigate the extent of damage caused to the under-construction and completed roads and bridges in different parts of the country due to continuous rainfall. Similarly, the task force needs to submit its preliminary report with recommendations by July 22 on the measures to be taken to minimise such damages in the coming days. In addition, it will have to submit a report within a month after studying and analyzing the bridges damaged by rains and floods.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force should also mention the precautions to be taken to rebuild the damaged bridges, the foundations to be adopted for bridge construction and the type of superstructure in the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the department, the Liping Bridge on Araniko Highway, Gaude Bridge on Siddhartha Highway and Karnali Bridge (Satighat) on Postal Highway have been damaged.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Likewise, the Kamala Bridge on the Postal Highway, which was completed only a few days ago but was yet to be inaugurated, has been washed away as the water level was high in Kamala River. Similarly, the Phuljor Bridge in Siraha has been washed away due to floods only a few days ago. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13386', 'image' => '20210706024111_KRG_Baglung.jpg', 'article_date' => '2021-07-06 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13639', 'article_category_id' => '1', 'title' => 'Government Steps up Spending as the Fiscal Year Comes to an End', 'sub_title' => '', 'summary' => 'July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Government officials have said that the expenditure has increased to around Rs 10 billion daily from mid-June. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, which keeps records of government income and expenses, the government had spent Rs 1.53 billion on June 15 but the daily expenditure has increased to Rs 9.48 billion from July 4. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has spent 70 percent of the total budget as of July 4, 2021. It has spent 82.98 percent under current expenditure while less than 50 percent has been spent under capital expenditure. Records at the Finance Comptroller General’s Office show that 46.98 percent of the budget has been spent on development projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has been claiming improvement in its spending capacity but the spending data shows otherwise. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, there is not much difference compared to previous years in daily release of fund. Deputy Finance Comptroller General Gyandendra Poudel said the daily limit of fund release is increasing every day. Although the daily limit of spending has increased since mid June, the government is yet to spend Rs 437 billion of the allocated budget. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">In recent years, the government has been stepping up budget spending towards the end of fiscal year. Financial experts have been raising concerns about this trend. According to them, the expenditure happening at the end of the year doesn't give sustainable results. According to Bishwambher Pyakurel, financial expert, the spending nature has not changed at all. It is very clear that the government has not been able to reform the expenditure system.</span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13385', 'image' => '20210706022457_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-07-06 14:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13640', 'article_category_id' => '1', 'title' => 'Sundar Auto to Assemble Electric Vehicles in Nepal', 'sub_title' => '', 'summary' => 'July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Auto Engineering, a subsidiary of Sundar Yatayat Pvt Ltd, is preparing to set up the plant in the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat is also the first company to introduce electric buses for public transportation representing the private sector in Nepal. The company is making arrangements so that they can lay the foundation for the plant before August.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The electric vehicle assembling plant is set to be established in Butwal's Sainamina municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">China's Sichuan Guhang Automobile and UAE's SEC Group are said to make investments in establishing the plant. According to Bhesh Bahadur Thapa, chairman of the company, Sichuan Automobile will invest 47 percent while the share of SEC Group will be 46 percent and Sundar Yatayat’s stake will be 7 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat confirmed that an agreement had been reached with these two companies for setting up an assembly plant during a program in November 2019. Although the company has been preparing to set up the plant since April last year, the work was hindered and could not proceed due to the prohibitory order, said Chairman Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to him, Rs 3.6 billion is being invested as the initial phase for setting up the assembly plant. Investments would be added gradually as the work progresses. He said that preparations have been made to assemble 100 vehicles in the first year, 300 vehicles in the second year and 1000 vehicles annually from the third year onwards. "We plan to lay the foundation stone within 15 days," he said, adding, "We have requested the prime minister to attend the inauguration as the chief guest."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He informed that the foundation stone will be laid within August and the work will commence immediately. Preparations to assemble 100 vehicles within the next fiscal year 2078/79 have already been completed. According to him, Sainamina municipality is going to provide approximately 5.8 acres of land for the establishment of the assembly plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Mayor of Sainamaina municipality, Chitra Bahadur Karki informed that an agreement has been reached to lease the land to the company. According to him, the company has entered into an agreement with the municipality to pay Rs 600,000 annually.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The company has agreed to provide an ambulance to the municipality in the first year, a garbage truck in the second year and a bus to a local community school every year at a 33 percent discount. He also said that the company should deposit 1 percent of their profit in the accumulated fund of the municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The decision to provide land to Sundar Yatayat was reached through an all-party meeting on June 30.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Chairman Thapa mentioned that they are planning to assemble electric jeep, car, van, ambulance and bus as well. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13384', 'image' => '20210706023411_20210303125621_20190530011559_electric bus for short destination_from sajha yatayat.jpg', 'article_date' => '2021-07-06 14:33:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13638', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi: A ‘Game Changer’ Project ', 'sub_title' => '', 'summary' => 'July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel reportedly said that the Upper Tamakoshi project would make one per cent contribution to the economic growth of the country. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">A single unit of electricity would make impact worth around Rs 90-100, the state-owned national news agency (RSS) reported citing a knowledgeable person of the energy sector. Currently, one out of six units of Upper Tamakoshi Hydropower Project has come into operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of Nepal Electricity Authority, Hitendra Dev Shakya, informed that the project is expected to produce 2,280 million units of electricity annually.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The project that was supposed to be completed some six years ago has been delayed due to several reasons. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Policy-makers and investors however have shown their doubt whether or not the project would give anticipated returns owing to the elevated costs and protracted timing of the project, RSS further reported. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Yet the project is taken to be a gamer changer project for its potential benefits to the national economy of Nepal. This is so far the biggest project constructed with domestic financing of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Cambria">It has to be noted that former Executive Director of Nepal Electricity Authority Kulman Ghising took the initiative to bring this project back on track from the verge of failure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The success of this project has also boosted up the country’s confidence that hydropower projects of medium-scale capacity and investment can be undertqaken on our own financing, engineering and management, said NEA’s Executive Director Hitendra Dev Shakya. </span></span><br /> <em><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">(With inputs from RSS) </span></span></em> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13383', 'image' => '20210706020649_1625457331.tamakoshi_dam.jpg', 'article_date' => '2021-07-06 14:05:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13637', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi Hydropower Project Begins Test Production ', 'sub_title' => '', 'summary' => 'July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. The project has started generating electricity from a unit with a capacity of 76 MW from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The construction of the 456 Megawatt project began in 2008. The then Prime Minister Jhala Nath Khanal had laid the foundation stone of the project on June 19, 2008.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On Monday (July 5), Prime Minister KP Sharma Oli inaugurated the project amid a formal function. He inaugurated the Dolakha-based project virtually from Kathmandu. Finance Minister Bishnu Prasad Poudel, representatives of the Nepal Electricity Authority, and project officials were also present at the inauguration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Inaugurating the project, Prime Minister Oli said it's a matter of pride for the country to have such a big project with domestic investment. He said that the project has boosted the confidence of the nation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Minister for Energy Poudel said that the project built with domestic investment would be a great achievement for the country's economy. He said that there will be no recurrence of load shedding in Nepal due to the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Nepal Electricity Authority Executive Director Hitendra Dev Shakya said the project would generate 228 million units of electricity annually. The project, built with domestic investment, was targeted to be operational by 2016. However, the project could not come into operation on time due to disputes, the poor performance of the construction company, and natural calamities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project came into operation almost five years after the deadline. The construction work has been delayed due to the poor performance of the construction company. The 2015 earthquake badly affected the construction of the project. The project was also affected by the Indian blockade after the earthquake.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was delayed due to problems in transportation of fuel and construction materials due to Madhesh movement and blockade, change in the design of the project, delay in work by hydromechanical (Lot 2) contractors under various pretexts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was targeted to be operational within the last fiscal year. However, the construction of the project was again affected by the pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In particular, the Austrian contractor of Electromechanical (Lot 3) under the tripartite agreement (Project, Texmaco, and Andrews) agreed to install penstock pipes in the 373-meter-long vertical tunnel, which was considered difficult after the Indian company Texma's Railway Engineering delayed the work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The work gained momentum after Andrews was given the task of connecting the penstock to the lower vertical tunnel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The cost of the project has skyrocketed as the construction work of the project has been extended. The target was to complete the construction of the project for Rs 35 billion. However, Rs 84 billion has been spent on the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has a net cost of Rs 52 billion and Rs 32 billion for interest. Investment is also said to have increased due to fluctuations in the value of the US dollar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has 6 units of 76 MW capacity each. The first unit of the project has been brought into operation from Monday for test production. The remaining five units will also be brought into operation every two weeks, said Bijan Prasad Shrestha, chief executive officer of the project. He said that all the units will come into operation in August as per the schedule.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13381', 'image' => '20210706114718_1625527854.Clipboard04.jpg', 'article_date' => '2021-07-06 11:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13636', 'article_category_id' => '1', 'title' => 'ADB Appoints New Country Director for Nepal ', 'sub_title' => '', 'summary' => 'July 6: The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.', 'content' => '<p><img alt="" src="/app/webroot/userfiles/images/Arnaud%20Cauchois%20%282%29.JPG" style="height:240px; width:240px" /></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">July 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the ADB, Cauchois will lead ADB operations in the country and policy dialogue with the government of Nepal and other development partners. He will oversee the implementation of ADB’s country partnership strategy for Nepal that focuses on the country’s long-term development needs through improved infrastructure for private sector-led growth, improved access to devolved services, and environmental sustainability and resilience, ADB said in a statement issued on July 6. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">“ADB has been a long-term development partner of Nepal. I look forward to building on the strong partnership and working closely with the government, development partners, and other stakeholders in supporting Nepal’s development agenda and poverty reduction efforts,” the statement quoted Cauchois as saying. “My immediate priority will be to support the Government of Nepal as it addresses both the immediate and longer-term health, economic, and social impacts of the COVID-19 crisis.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">In the medium term, Cauchois indicated the need to support the government with the development of integrated solutions by combining expertise across sectors and mixing public and private sector financing. Expansion of private sector operations, as well as green resilient and inclusive projects, will be pursued in close collaboration with the government and development partners, the statement added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to ADB, Cauchois has almost 3 decades of professional experience, including over 15 years with ADB. Cauchois, a French national, joined ADB in 2005 as a Rural Development Specialist and has since held numerous leading positions. Prior to this appointment, he served as Principal Water Resources Specialist for India, Nepal, and Sri Lanka and was outposted in ADB’s India Resident Mission. He was also assigned in ADB’s Nepal Resident Mission for 6 years and led the improvement of the water management systems in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">He holds a master of science degree in water resource management from the Superior School of Tropical Agronomy in Montpellier, France. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">Since its establishment in 1966, ADB has provided over $7 billion in financial and technical assistance to Nepal. The assistance was provided in energy, transport, water supply and urban infrastructure services, agriculture and irrigation, and education, the statement added.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13380', 'image' => '20210706113824_ADB.jpg', 'article_date' => '2021-07-06 11:37:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13635', 'article_category_id' => '1', 'title' => 'Central Bank to Issue Development Bond Today', 'sub_title' => '', 'summary' => 'July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6). The central bank is issuing the bonds to manage internal loan for the government as per its schedule to collect such loans for the fourth quarter of the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The government has already collected internal loans of Rs 115 billion as of second quarter of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The National Loan Management Department of Nepal Rastra Bank on behalf of the Government of Nepal has issued a five-year Development Bond 2083 ‘E’. Interested banks and financial institutions, non-banking institutions, insurance companies as well as eligible Nepali citizens can apply for the bond within 3 pm today. The interest rate of the bond will be fixed through bidding process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The development bond will be issued on July 7. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, the central bank has issued development bonds of Rs 10 billion on June 22 with a maturity period of six years.</span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13379', 'image' => '20210706112914_1625201068.jpg', 'article_date' => '2021-07-06 11:28:36', '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' => '13649', 'article_category_id' => '1', 'title' => ' Nepal’s Envoys Suggest NTB to get Ready for Influx of Foreign Tourists', 'sub_title' => '', 'summary' => 'July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">At a virtual interaction organized by the Nepal Tourism Board (NTB) on Wednesday, Nepal’s ambassadors to the USA, Canada, Brazil among others univocally spoke of the need for reviving tourism sector by adhering to health safety protocols. </span><br /> <span style="font-family:"Arial Unicode MS"">During the interaction, Nepal’s envoy to the USA Dr Yubaraj Khatiwada said that the Board should devise a special tourism promotion package for foreign tourists beyond India and China. Dr Khatiwada, who is also a former finance minister, suggested the NTB to coordinate efforts among the federal, provincial and local governments to address the budget crisis for tourism promotion related programmes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Tourism activities are almost nil due to COVID-19. At such times, the federal government is bound to experience budget constraint. But the provincial and local governments have budget for tourism. We could carry out tourism promotional programmes utilizing those budget," he suggested. </span><br /> <span style="font-family:"Arial Unicode MS"">According to him, efforts were underway to forge collaboration with Hollywood to promote cine tourism between Nepal and the USA. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Nepali ambassador to Canada Bhrigu Dhungana backed the views of Dr Khatiwada and said that Nepal should be ready to attract foreign tourists adhering to all health safety protocols against COVID-19. Dhungana said that they were collaborating with the Canadian stakeholders to attract Canadian investment to Nepal apart from inviting Canadians to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">Similarly, Deputy Chief of Mission at the Nepalese Embassy in Brazil Bharat Khanal pointed out the need to produce promotional materials in various international languages including Brazilian to lure as many Brazilians and other foreign tourists to Nepal as possible. "The promotional materials should be either digital or traditional," he advised to the Board. </span><br /> <span style="font-family:"Arial Unicode MS"">The executive counselor general at Nepal’s Consulate Office in New York, Bishnu Prasad Gautam, said that the number of people visiting Nepal from New York was on the rise lately. He opined that Nepal should enthusiastically welcome foreign tourists from the USA in the wake of vaccines against COVID-19 working effectively to prevent the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">CEO of NTB Dr Dhananjaya Regmi said that the Board was working towards promoting tourism considering reforms at policy level, bolstering inter-agency coordination and budget limitation. He said that it is imperative to expand tourism destinations in a new and attracting manner to make Nepal a holiday destination for people of all walks of life and for all season. "There is no choice expect for moving ahead with tourism revival programme," he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13394', 'image' => '20210708120341_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-07-08 12:03:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13648', 'article_category_id' => '1', 'title' => 'Market Reeling Under Shortage of Readymade Garments ', 'sub_title' => '', 'summary' => 'July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. The shortage of goods has been attributed to the decline in import due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The local traders have not been able to go to China for business since April 2020, amidst the pandemic, causing shortage of the readymade garments in the market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The traders say that garments required for the summer season such as half pants, t-shirts, trousers, etc are getting out of stock. Rajesh Lama, a garment trader in Bhrikutimandap, said, “Clothing items are insufficient in the market itself. This has caused problem for consumers to find the garments of their choice.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">With the opening of markets, the number of consumers going out has also increased drastically. They are seeking for the essential garments but are compelled to return empty handed because of the shortage of readymade garments.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Ram Chandra Parajuli, treasurer of National Trade Association New Road, who has been importing goods from China since a long time, said that they have been facing problem ever since the Chinese government refused visas for traders to enter China due to the pandemic. According to him, Nepali traders have not been able to go to China to buy goods since more than a year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the beginning, even though they could not go to China, the traders were keeping their business running through online orders. However, he said that the traders stopped placing online orders due to the arrival of counterfeit goods instead of the order placed. Parajuli said that the traders were deceived in online trade as they were delivered low-quality goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, while ordering goods online, traders have also been facing problems in transactions. Earlier, merchants used to send money via informal channels like hundi for ordering goods online. Now, the Chinese government has made the environment uncompromising, causing difficulty in making monetary transactions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On one hand, traders have not been able to go to China to buy goods, while on the other hand, the goods that have been ordered are stuck at the border checkpoints.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even now, food stuffs as well as fruits and other edible items are entering the country through Rasuwagadhi checkpoint in large quantities, while the goods including clothes are arriving in minimum quantities, said Rasuwagadhi Customs Chief Ram Prasad Regmi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to him, only five vehicles other than the ones carrying foods and fruits can enter Nepal in a single day. He added, the problems are so severe that on some days, even one vehicle cannot enter the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13393', 'image' => '20210708112214_20210330030707_1617056840.Clipboard05.jpg', 'article_date' => '2021-07-08 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13647', 'article_category_id' => '1', 'title' => 'Social Security Fund Seeks Rs 1.5 Billion from Finance Ministry ', 'sub_title' => '', 'summary' => 'July 7: The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">While announcing the budget for the upcoming fiscal year, Finance Minister Bishnu Poudel had said that the government would bear the expenses for this period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The SSF has demanded Rs 1.5 billion from the Ministry of Finance after determining the amount that the contributors are liable to deposit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Kapil Mani Gyawali, executive director of the Social Security Fund, said that the employers and contributors do not have to deposit the amount for two months between mid-May to mid-July as announced in the budget statement. According to him, the SSF has already issued a public notice to the employers not to deposit the contribution for the month of mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The companies have been told to deposit the contribution for this period in the workers' accounts as they do not have to deduct the amount for the social security fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that the companies must have contributed to the fund regularly till mid-May in order to be eligible to receive the relief announced by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Responding to the question regarding what happens to those who are late in contributing in the month of Baisakh (mid-April to mid-May), Gyawali said, "There is nothing wrong with the delay. Even if it is late, we take into consideration the regular deposits made to our system till April.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that those who have contributed to the SSF till mid-April should not worry as they have already demanded money from the Ministry of Labor, Employment, and Social Security for the payment of the entire two-month period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Labor, Employment, and Social Security had asked the Ministry of Finance to bring such a relief package through the budget with the conclusion that the steps taken for the prevention and control of the coronavirus pandemic have put private companies and workers in trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Ministry of Labor, the ministry is committed to implementing every programme related to labor in the budget and an action plan has been prepared.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"Even in the past, the government had borne the entire responsibility and the process is still moving forward," said Deepak Kafle, joint secretary of the ministry.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13392', 'image' => '20210707052226_20200401094426_1585693701.jpg', 'article_date' => '2021-07-07 17:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13646', 'article_category_id' => '1', 'title' => 'Insurance Board Instructs Companies not to Sell Policies on Credit', 'sub_title' => '', 'summary' => 'July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. The regulatory body recently issued such directive as the trend of selling insurance policies on credit has been increase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board issued the directive in the name of the CEOs of non-life and life insurance companies. Chairman of the Insurance Board Surya Prasad Silwal confirmed that he has instructed the insurance companies not to sell insurance policies on credit. CEOs of the insurance companies have been asked to be more cautious in this regard.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"It was found that both life and non-life insurance companies were selling insurance policies on credit, which is against the Insurance Act," he said, adding, "We had issued an internal circular two months earlier not to sell insurance policies on credit. Since such practice did not stop, we have issued instructions to the CEOs of the companies to be cautious in this regard."</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">At the end of the fiscal year, during the period between mid-June to mid-July, companies tend to sell insurance policies on credit to meet the annual target. So, the insurance board has issued another directive to prevent such practice, said Silwal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Insurance Act, no company should agree to accept the risk of the assured people until the company receives the premium amount. The individual is considered to be insured only after receiving the premium. However, various inspections and monitoring activities show that companies are selling insurance policies on credit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board claims that the insurance companies have carried out such activities though it is prohibited by the Act. The board has received complaints in this regard as well after which the board took further steps to prevent such practice. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has directed the CEOs of the companies to be more responsible regarding this issues. From now on, companies are instructed to issue policies only after receiving premium amount and clearance of cheques. If they are found to have issued policies on credit, they will be penalized accordingly.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13391', 'image' => '20210707014623_20200417105653_Beema-Samiti.jpg', 'article_date' => '2021-07-07 13:45:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13645', 'article_category_id' => '1', 'title' => 'AAN Opposes Formation of Advertisement Board', 'sub_title' => '', 'summary' => 'July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. AAN accused the government of forming the board against the spirit of the advertising business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN said that the government has introduced controversial clause in an attempt to bring all government advertisements under a one-door system in the name of social welfare advertisements. AAN further said that the government’s act reflects the move taken in the past by the royal regime.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Therefore, AAN has tried to draw the attention of all stakeholders towards the problems that may occur in future if the regulatory body tries to present itself as an ad distributor.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has demanded the government to include the advertisement sector in the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has accused the government of disregarding its suggestions and advice even though it has been cooperating with the ministry since the drafting of the Advertising Regulation Act, 2076 BS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has also drawn the attention of the government and the Advertising Board to resolve the existing problems at the earliest.</span></span> It has also warned of repercussions if the board does not take any initiative to resolve the problem. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13390', 'image' => '20210707013335_AAN.jpg', 'article_date' => '2021-07-07 13:33:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13644', 'article_category_id' => '1', 'title' => 'National Food Bank to Use Rice-Duck Farming System', 'sub_title' => '', 'summary' => 'July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy. The system, which has been used and tested in various parts of Japan, is now being tested in the country. A similar test had been conducted prior to this, but, it wasn’t for commercial farming.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Rice-duck farming is about raising ducks and farming paddy together on the same land. The company stated that paddy is being planted according to this system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Chairman of the bank Shankar Nath Upreti informed that the local basmati rice has been planted under this system in about 5 bighas of land in Jhapa and Bardiya at present. In addition, about 1,000 ducklings have been reared in the paddy fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Since the paddy and the ducklings grow together in the same place, manual weeding is not required as the duck’s claw will dig the ground and they eat the weeds as well. He said that chemical fertiliser is not needed as organic manure can be obtained from the feces of duck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The ducks are separated from the paddy field at the time of harvesting. Stating that the cultivation with this system is done in a small area as a test, Upreti said that they will expand the use of this system if the test is successful.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The bank aims to cultivate paddy in about 1,000 bighas of land this year. The company has planted paddy in 55 bighas of land in Jhapa, 60 bighas in Bardiya and 518 bighas in collaboration with local farmers elsewhere. Local basmati or Jetho Budho rice has been planted in 35 ropanis of land and 313 ropanis of land in Hemja Pokhara in two phases.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Along with paddy, the bank is also planting millet in the Himalayan districts. The work of planting millet in about 500 ropanis of land in districts including Manang, Mustang, Sindhupalchok, Rasuwa nad Nuwakot has been completed. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13389', 'image' => '20210707120033_800px-合鴨農法.jpg', 'article_date' => '2021-07-07 11:59:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13643', 'article_category_id' => '1', 'title' => 'Commercial Banks Raise Funds worth Rs 85 Billion from Debentures', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: A total of 23 commercial banks have raised funds by issuing debentures in line with the Nepal Rastra Bank’s long-term policy. The central bank has made it mandatory for commercial banks to raise funds by issuing debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The commercial banks have issued debentures worth Rs 85.34 billion and secured funds for the next six to 10 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">This amount is 30.64 percent of the combined paid-up capital of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to the central banks data, the total paid-up capital of the 23 commercial banks is Rs 278 billion as of mid-May 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">As per the policy of NRB, commercial banks have to issue debentures of at least 25 percent of their paid-up capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Such directive was issued to ensure that the banks have secured long-term resources to stabilize the interest rate, which is subject to fluctuation due to the short-term nature of deposits prevalent in the country. The banks have been ordered to issue the debentures by the end of next fiscal year. There is still one year left for the banks to fulfill the criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Out of the 27 commercial banks operational in Nepal, four banks – Mega Bank, Century Bank, Civil Bank and Standard Chartered Bank – are yet to issue debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned Nepal Bank Limited had issued debentures worth Rs 3.5 billion at an interest rate of 8.5 percent about two months ago. Likewise, Rastriya Banijya Bank issued debentures worth Rs 2.5 billion about a month ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">So far, 11 commercial banks have already fulfilled the minimum requirement (25 percent of paid-up capital) of issuing debentures. Those banks include NIC Asia Bank, Siddhartha Bank, Agriculture Development Bank, Sanima Bank, Sunrise Bank, Nepal Investment Bank, Nepal SBI Bank, Nepal Credit and Commerce Bank, Prabhu Bank, Nepal Bank and Rastriya Banijya Bank.</span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13388', 'image' => '20210707110604_Debentures-sebi-guidelines.jpg', 'article_date' => '2021-07-07 11:05:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13642', 'article_category_id' => '1', 'title' => 'Nepal Oil Corporation Hikes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned oil monopoly has hiked the price of petrol, diesel, kerosene, aviation turbine fuel (ATF) as well as cooking gas (liquefied petroleum gas LPG). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to NOC, it has increased the prices of petrol, diesel and kerosene by Rs 2 per litre. With the price hike, petrol will now cost Rs 129 per litre in Kathmandu valley while the prices of diesel and kerosene have been fixed at Rs 112 per litre each.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Similarly, NOC has increased the price of ATF for international flights by Rs 2 per litre. The fuel for international flights will now cost Rs 84 per litre. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The price of LPG has been increased by Rs 25 per cylinder. A cooking gas cylinder will now cost Rs 1,425. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, NOC had increased the prices of petroleum products on June 23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13387', 'image' => '20210707102647_20190503125003_Petrol-Price-Increase.jpg', 'article_date' => '2021-07-07 10:26:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13641', 'article_category_id' => '1', 'title' => 'Task Force Formed to Study Damage on Road and Bridges by Recent Floods and Landslides', 'sub_title' => '', 'summary' => 'July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods.', 'content' => '<p><em>A damaged road in Baglung. Photo Courtesy: RSS</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods. The ministry has formed a seven-member task force under the coordination of deputy director-general of the Department of Roads, Deepak Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force will investigate the extent of damage caused to the under-construction and completed roads and bridges in different parts of the country due to continuous rainfall. Similarly, the task force needs to submit its preliminary report with recommendations by July 22 on the measures to be taken to minimise such damages in the coming days. In addition, it will have to submit a report within a month after studying and analyzing the bridges damaged by rains and floods.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force should also mention the precautions to be taken to rebuild the damaged bridges, the foundations to be adopted for bridge construction and the type of superstructure in the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the department, the Liping Bridge on Araniko Highway, Gaude Bridge on Siddhartha Highway and Karnali Bridge (Satighat) on Postal Highway have been damaged.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Likewise, the Kamala Bridge on the Postal Highway, which was completed only a few days ago but was yet to be inaugurated, has been washed away as the water level was high in Kamala River. Similarly, the Phuljor Bridge in Siraha has been washed away due to floods only a few days ago. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13386', 'image' => '20210706024111_KRG_Baglung.jpg', 'article_date' => '2021-07-06 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13639', 'article_category_id' => '1', 'title' => 'Government Steps up Spending as the Fiscal Year Comes to an End', 'sub_title' => '', 'summary' => 'July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Government officials have said that the expenditure has increased to around Rs 10 billion daily from mid-June. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, which keeps records of government income and expenses, the government had spent Rs 1.53 billion on June 15 but the daily expenditure has increased to Rs 9.48 billion from July 4. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has spent 70 percent of the total budget as of July 4, 2021. It has spent 82.98 percent under current expenditure while less than 50 percent has been spent under capital expenditure. Records at the Finance Comptroller General’s Office show that 46.98 percent of the budget has been spent on development projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has been claiming improvement in its spending capacity but the spending data shows otherwise. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, there is not much difference compared to previous years in daily release of fund. Deputy Finance Comptroller General Gyandendra Poudel said the daily limit of fund release is increasing every day. Although the daily limit of spending has increased since mid June, the government is yet to spend Rs 437 billion of the allocated budget. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">In recent years, the government has been stepping up budget spending towards the end of fiscal year. Financial experts have been raising concerns about this trend. According to them, the expenditure happening at the end of the year doesn't give sustainable results. According to Bishwambher Pyakurel, financial expert, the spending nature has not changed at all. It is very clear that the government has not been able to reform the expenditure system.</span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13385', 'image' => '20210706022457_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-07-06 14:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13640', 'article_category_id' => '1', 'title' => 'Sundar Auto to Assemble Electric Vehicles in Nepal', 'sub_title' => '', 'summary' => 'July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Auto Engineering, a subsidiary of Sundar Yatayat Pvt Ltd, is preparing to set up the plant in the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat is also the first company to introduce electric buses for public transportation representing the private sector in Nepal. The company is making arrangements so that they can lay the foundation for the plant before August.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The electric vehicle assembling plant is set to be established in Butwal's Sainamina municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">China's Sichuan Guhang Automobile and UAE's SEC Group are said to make investments in establishing the plant. According to Bhesh Bahadur Thapa, chairman of the company, Sichuan Automobile will invest 47 percent while the share of SEC Group will be 46 percent and Sundar Yatayat’s stake will be 7 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat confirmed that an agreement had been reached with these two companies for setting up an assembly plant during a program in November 2019. Although the company has been preparing to set up the plant since April last year, the work was hindered and could not proceed due to the prohibitory order, said Chairman Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to him, Rs 3.6 billion is being invested as the initial phase for setting up the assembly plant. Investments would be added gradually as the work progresses. He said that preparations have been made to assemble 100 vehicles in the first year, 300 vehicles in the second year and 1000 vehicles annually from the third year onwards. "We plan to lay the foundation stone within 15 days," he said, adding, "We have requested the prime minister to attend the inauguration as the chief guest."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He informed that the foundation stone will be laid within August and the work will commence immediately. Preparations to assemble 100 vehicles within the next fiscal year 2078/79 have already been completed. According to him, Sainamina municipality is going to provide approximately 5.8 acres of land for the establishment of the assembly plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Mayor of Sainamaina municipality, Chitra Bahadur Karki informed that an agreement has been reached to lease the land to the company. According to him, the company has entered into an agreement with the municipality to pay Rs 600,000 annually.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The company has agreed to provide an ambulance to the municipality in the first year, a garbage truck in the second year and a bus to a local community school every year at a 33 percent discount. He also said that the company should deposit 1 percent of their profit in the accumulated fund of the municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The decision to provide land to Sundar Yatayat was reached through an all-party meeting on June 30.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Chairman Thapa mentioned that they are planning to assemble electric jeep, car, van, ambulance and bus as well. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13384', 'image' => '20210706023411_20210303125621_20190530011559_electric bus for short destination_from sajha yatayat.jpg', 'article_date' => '2021-07-06 14:33:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13638', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi: A ‘Game Changer’ Project ', 'sub_title' => '', 'summary' => 'July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel reportedly said that the Upper Tamakoshi project would make one per cent contribution to the economic growth of the country. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">A single unit of electricity would make impact worth around Rs 90-100, the state-owned national news agency (RSS) reported citing a knowledgeable person of the energy sector. Currently, one out of six units of Upper Tamakoshi Hydropower Project has come into operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of Nepal Electricity Authority, Hitendra Dev Shakya, informed that the project is expected to produce 2,280 million units of electricity annually.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The project that was supposed to be completed some six years ago has been delayed due to several reasons. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Policy-makers and investors however have shown their doubt whether or not the project would give anticipated returns owing to the elevated costs and protracted timing of the project, RSS further reported. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Yet the project is taken to be a gamer changer project for its potential benefits to the national economy of Nepal. This is so far the biggest project constructed with domestic financing of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Cambria">It has to be noted that former Executive Director of Nepal Electricity Authority Kulman Ghising took the initiative to bring this project back on track from the verge of failure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The success of this project has also boosted up the country’s confidence that hydropower projects of medium-scale capacity and investment can be undertqaken on our own financing, engineering and management, said NEA’s Executive Director Hitendra Dev Shakya. </span></span><br /> <em><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">(With inputs from RSS) </span></span></em> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13383', 'image' => '20210706020649_1625457331.tamakoshi_dam.jpg', 'article_date' => '2021-07-06 14:05:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13637', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi Hydropower Project Begins Test Production ', 'sub_title' => '', 'summary' => 'July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. The project has started generating electricity from a unit with a capacity of 76 MW from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The construction of the 456 Megawatt project began in 2008. The then Prime Minister Jhala Nath Khanal had laid the foundation stone of the project on June 19, 2008.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On Monday (July 5), Prime Minister KP Sharma Oli inaugurated the project amid a formal function. He inaugurated the Dolakha-based project virtually from Kathmandu. Finance Minister Bishnu Prasad Poudel, representatives of the Nepal Electricity Authority, and project officials were also present at the inauguration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Inaugurating the project, Prime Minister Oli said it's a matter of pride for the country to have such a big project with domestic investment. He said that the project has boosted the confidence of the nation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Minister for Energy Poudel said that the project built with domestic investment would be a great achievement for the country's economy. He said that there will be no recurrence of load shedding in Nepal due to the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Nepal Electricity Authority Executive Director Hitendra Dev Shakya said the project would generate 228 million units of electricity annually. The project, built with domestic investment, was targeted to be operational by 2016. However, the project could not come into operation on time due to disputes, the poor performance of the construction company, and natural calamities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project came into operation almost five years after the deadline. The construction work has been delayed due to the poor performance of the construction company. The 2015 earthquake badly affected the construction of the project. The project was also affected by the Indian blockade after the earthquake.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was delayed due to problems in transportation of fuel and construction materials due to Madhesh movement and blockade, change in the design of the project, delay in work by hydromechanical (Lot 2) contractors under various pretexts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was targeted to be operational within the last fiscal year. However, the construction of the project was again affected by the pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In particular, the Austrian contractor of Electromechanical (Lot 3) under the tripartite agreement (Project, Texmaco, and Andrews) agreed to install penstock pipes in the 373-meter-long vertical tunnel, which was considered difficult after the Indian company Texma's Railway Engineering delayed the work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The work gained momentum after Andrews was given the task of connecting the penstock to the lower vertical tunnel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The cost of the project has skyrocketed as the construction work of the project has been extended. The target was to complete the construction of the project for Rs 35 billion. However, Rs 84 billion has been spent on the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has a net cost of Rs 52 billion and Rs 32 billion for interest. Investment is also said to have increased due to fluctuations in the value of the US dollar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has 6 units of 76 MW capacity each. The first unit of the project has been brought into operation from Monday for test production. The remaining five units will also be brought into operation every two weeks, said Bijan Prasad Shrestha, chief executive officer of the project. He said that all the units will come into operation in August as per the schedule.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13381', 'image' => '20210706114718_1625527854.Clipboard04.jpg', 'article_date' => '2021-07-06 11:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13636', 'article_category_id' => '1', 'title' => 'ADB Appoints New Country Director for Nepal ', 'sub_title' => '', 'summary' => 'July 6: The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.', 'content' => '<p><img alt="" src="/app/webroot/userfiles/images/Arnaud%20Cauchois%20%282%29.JPG" style="height:240px; width:240px" /></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">July 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the ADB, Cauchois will lead ADB operations in the country and policy dialogue with the government of Nepal and other development partners. He will oversee the implementation of ADB’s country partnership strategy for Nepal that focuses on the country’s long-term development needs through improved infrastructure for private sector-led growth, improved access to devolved services, and environmental sustainability and resilience, ADB said in a statement issued on July 6. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">“ADB has been a long-term development partner of Nepal. I look forward to building on the strong partnership and working closely with the government, development partners, and other stakeholders in supporting Nepal’s development agenda and poverty reduction efforts,” the statement quoted Cauchois as saying. “My immediate priority will be to support the Government of Nepal as it addresses both the immediate and longer-term health, economic, and social impacts of the COVID-19 crisis.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">In the medium term, Cauchois indicated the need to support the government with the development of integrated solutions by combining expertise across sectors and mixing public and private sector financing. Expansion of private sector operations, as well as green resilient and inclusive projects, will be pursued in close collaboration with the government and development partners, the statement added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to ADB, Cauchois has almost 3 decades of professional experience, including over 15 years with ADB. Cauchois, a French national, joined ADB in 2005 as a Rural Development Specialist and has since held numerous leading positions. Prior to this appointment, he served as Principal Water Resources Specialist for India, Nepal, and Sri Lanka and was outposted in ADB’s India Resident Mission. He was also assigned in ADB’s Nepal Resident Mission for 6 years and led the improvement of the water management systems in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">He holds a master of science degree in water resource management from the Superior School of Tropical Agronomy in Montpellier, France. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">Since its establishment in 1966, ADB has provided over $7 billion in financial and technical assistance to Nepal. The assistance was provided in energy, transport, water supply and urban infrastructure services, agriculture and irrigation, and education, the statement added.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13380', 'image' => '20210706113824_ADB.jpg', 'article_date' => '2021-07-06 11:37:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13635', 'article_category_id' => '1', 'title' => 'Central Bank to Issue Development Bond Today', 'sub_title' => '', 'summary' => 'July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6). The central bank is issuing the bonds to manage internal loan for the government as per its schedule to collect such loans for the fourth quarter of the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The government has already collected internal loans of Rs 115 billion as of second quarter of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The National Loan Management Department of Nepal Rastra Bank on behalf of the Government of Nepal has issued a five-year Development Bond 2083 ‘E’. Interested banks and financial institutions, non-banking institutions, insurance companies as well as eligible Nepali citizens can apply for the bond within 3 pm today. The interest rate of the bond will be fixed through bidding process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The development bond will be issued on July 7. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, the central bank has issued development bonds of Rs 10 billion on June 22 with a maturity period of six years.</span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13379', 'image' => '20210706112914_1625201068.jpg', 'article_date' => '2021-07-06 11:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">July 8: Nepal’s ambassadors serving in various countries have recommended the government to considering opening up itself for foreign tourists citing the effectiveness of the COVID-19 vaccines and the gradual revival of international tourism. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">At a virtual interaction organized by the Nepal Tourism Board (NTB) on Wednesday, Nepal’s ambassadors to the USA, Canada, Brazil among others univocally spoke of the need for reviving tourism sector by adhering to health safety protocols. </span><br /> <span style="font-family:"Arial Unicode MS"">During the interaction, Nepal’s envoy to the USA Dr Yubaraj Khatiwada said that the Board should devise a special tourism promotion package for foreign tourists beyond India and China. Dr Khatiwada, who is also a former finance minister, suggested the NTB to coordinate efforts among the federal, provincial and local governments to address the budget crisis for tourism promotion related programmes. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Tourism activities are almost nil due to COVID-19. At such times, the federal government is bound to experience budget constraint. But the provincial and local governments have budget for tourism. We could carry out tourism promotional programmes utilizing those budget," he suggested. </span><br /> <span style="font-family:"Arial Unicode MS"">According to him, efforts were underway to forge collaboration with Hollywood to promote cine tourism between Nepal and the USA. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Nepali ambassador to Canada Bhrigu Dhungana backed the views of Dr Khatiwada and said that Nepal should be ready to attract foreign tourists adhering to all health safety protocols against COVID-19. Dhungana said that they were collaborating with the Canadian stakeholders to attract Canadian investment to Nepal apart from inviting Canadians to Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">Similarly, Deputy Chief of Mission at the Nepalese Embassy in Brazil Bharat Khanal pointed out the need to produce promotional materials in various international languages including Brazilian to lure as many Brazilians and other foreign tourists to Nepal as possible. "The promotional materials should be either digital or traditional," he advised to the Board. </span><br /> <span style="font-family:"Arial Unicode MS"">The executive counselor general at Nepal’s Consulate Office in New York, Bishnu Prasad Gautam, said that the number of people visiting Nepal from New York was on the rise lately. He opined that Nepal should enthusiastically welcome foreign tourists from the USA in the wake of vaccines against COVID-19 working effectively to prevent the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">CEO of NTB Dr Dhananjaya Regmi said that the Board was working towards promoting tourism considering reforms at policy level, bolstering inter-agency coordination and budget limitation. He said that it is imperative to expand tourism destinations in a new and attracting manner to make Nepal a holiday destination for people of all walks of life and for all season. "There is no choice expect for moving ahead with tourism revival programme," he said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13394', 'image' => '20210708120341_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-07-08 12:03:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13648', 'article_category_id' => '1', 'title' => 'Market Reeling Under Shortage of Readymade Garments ', 'sub_title' => '', 'summary' => 'July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 8: The major markets of Nepal are reeling under shortage of readymade garments of late. The shortage of goods has been attributed to the decline in import due to the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The local traders have not been able to go to China for business since April 2020, amidst the pandemic, causing shortage of the readymade garments in the market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The traders say that garments required for the summer season such as half pants, t-shirts, trousers, etc are getting out of stock. Rajesh Lama, a garment trader in Bhrikutimandap, said, “Clothing items are insufficient in the market itself. This has caused problem for consumers to find the garments of their choice.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">With the opening of markets, the number of consumers going out has also increased drastically. They are seeking for the essential garments but are compelled to return empty handed because of the shortage of readymade garments.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Ram Chandra Parajuli, treasurer of National Trade Association New Road, who has been importing goods from China since a long time, said that they have been facing problem ever since the Chinese government refused visas for traders to enter China due to the pandemic. According to him, Nepali traders have not been able to go to China to buy goods since more than a year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In the beginning, even though they could not go to China, the traders were keeping their business running through online orders. However, he said that the traders stopped placing online orders due to the arrival of counterfeit goods instead of the order placed. Parajuli said that the traders were deceived in online trade as they were delivered low-quality goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, while ordering goods online, traders have also been facing problems in transactions. Earlier, merchants used to send money via informal channels like hundi for ordering goods online. Now, the Chinese government has made the environment uncompromising, causing difficulty in making monetary transactions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On one hand, traders have not been able to go to China to buy goods, while on the other hand, the goods that have been ordered are stuck at the border checkpoints.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even now, food stuffs as well as fruits and other edible items are entering the country through Rasuwagadhi checkpoint in large quantities, while the goods including clothes are arriving in minimum quantities, said Rasuwagadhi Customs Chief Ram Prasad Regmi.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to him, only five vehicles other than the ones carrying foods and fruits can enter Nepal in a single day. He added, the problems are so severe that on some days, even one vehicle cannot enter the country.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-08', 'modified' => '2021-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '13393', 'image' => '20210708112214_20210330030707_1617056840.Clipboard05.jpg', 'article_date' => '2021-07-08 11:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13647', 'article_category_id' => '1', 'title' => 'Social Security Fund Seeks Rs 1.5 Billion from Finance Ministry ', 'sub_title' => '', 'summary' => 'July 7: The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: </span></span></strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Social Security Fund (SSF) has requested the Ministry of Finance to deposit Rs 1.5 billion to the fund as per the government's commitment to bear all the expenses on behalf of the contributors for the period between mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">While announcing the budget for the upcoming fiscal year, Finance Minister Bishnu Poudel had said that the government would bear the expenses for this period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The SSF has demanded Rs 1.5 billion from the Ministry of Finance after determining the amount that the contributors are liable to deposit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Kapil Mani Gyawali, executive director of the Social Security Fund, said that the employers and contributors do not have to deposit the amount for two months between mid-May to mid-July as announced in the budget statement. According to him, the SSF has already issued a public notice to the employers not to deposit the contribution for the month of mid-May to mid-July.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The companies have been told to deposit the contribution for this period in the workers' accounts as they do not have to deduct the amount for the social security fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that the companies must have contributed to the fund regularly till mid-May in order to be eligible to receive the relief announced by the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Responding to the question regarding what happens to those who are late in contributing in the month of Baisakh (mid-April to mid-May), Gyawali said, "There is nothing wrong with the delay. Even if it is late, we take into consideration the regular deposits made to our system till April.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Gyawali said that those who have contributed to the SSF till mid-April should not worry as they have already demanded money from the Ministry of Labor, Employment, and Social Security for the payment of the entire two-month period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Ministry of Labor, Employment, and Social Security had asked the Ministry of Finance to bring such a relief package through the budget with the conclusion that the steps taken for the prevention and control of the coronavirus pandemic have put private companies and workers in trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Ministry of Labor, the ministry is committed to implementing every programme related to labor in the budget and an action plan has been prepared.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"Even in the past, the government had borne the entire responsibility and the process is still moving forward," said Deepak Kafle, joint secretary of the ministry.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13392', 'image' => '20210707052226_20200401094426_1585693701.jpg', 'article_date' => '2021-07-07 17:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13646', 'article_category_id' => '1', 'title' => 'Insurance Board Instructs Companies not to Sell Policies on Credit', 'sub_title' => '', 'summary' => 'July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: Insurance Board has instructed insurance companies not to sell insurance policies on credit. The regulatory body recently issued such directive as the trend of selling insurance policies on credit has been increase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board issued the directive in the name of the CEOs of non-life and life insurance companies. Chairman of the Insurance Board Surya Prasad Silwal confirmed that he has instructed the insurance companies not to sell insurance policies on credit. CEOs of the insurance companies have been asked to be more cautious in this regard.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"It was found that both life and non-life insurance companies were selling insurance policies on credit, which is against the Insurance Act," he said, adding, "We had issued an internal circular two months earlier not to sell insurance policies on credit. Since such practice did not stop, we have issued instructions to the CEOs of the companies to be cautious in this regard."</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">At the end of the fiscal year, during the period between mid-June to mid-July, companies tend to sell insurance policies on credit to meet the annual target. So, the insurance board has issued another directive to prevent such practice, said Silwal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to the Insurance Act, no company should agree to accept the risk of the assured people until the company receives the premium amount. The individual is considered to be insured only after receiving the premium. However, various inspections and monitoring activities show that companies are selling insurance policies on credit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board claims that the insurance companies have carried out such activities though it is prohibited by the Act. The board has received complaints in this regard as well after which the board took further steps to prevent such practice. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has directed the CEOs of the companies to be more responsible regarding this issues. From now on, companies are instructed to issue policies only after receiving premium amount and clearance of cheques. If they are found to have issued policies on credit, they will be penalized accordingly.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13391', 'image' => '20210707014623_20200417105653_Beema-Samiti.jpg', 'article_date' => '2021-07-07 13:45:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13645', 'article_category_id' => '1', 'title' => 'AAN Opposes Formation of Advertisement Board', 'sub_title' => '', 'summary' => 'July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The Advertising Association Nepal (AAN) has protested against the formation of the Advertisement Board by the government. AAN accused the government of forming the board against the spirit of the advertising business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN said that the government has introduced controversial clause in an attempt to bring all government advertisements under a one-door system in the name of social welfare advertisements. AAN further said that the government’s act reflects the move taken in the past by the royal regime.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Therefore, AAN has tried to draw the attention of all stakeholders towards the problems that may occur in future if the regulatory body tries to present itself as an ad distributor.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has demanded the government to include the advertisement sector in the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has accused the government of disregarding its suggestions and advice even though it has been cooperating with the ministry since the drafting of the Advertising Regulation Act, 2076 BS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">AAN has also drawn the attention of the government and the Advertising Board to resolve the existing problems at the earliest.</span></span> It has also warned of repercussions if the board does not take any initiative to resolve the problem. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13390', 'image' => '20210707013335_AAN.jpg', 'article_date' => '2021-07-07 13:33:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13644', 'article_category_id' => '1', 'title' => 'National Food Bank to Use Rice-Duck Farming System', 'sub_title' => '', 'summary' => 'July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">July 7: The National Food Bank Limited, which was set up with the plan of industrializing the agriculture sector of Nepal, has decided to opt for the rice-duck farming system while planting paddy. The system, which has been used and tested in various parts of Japan, is now being tested in the country. A similar test had been conducted prior to this, but, it wasn’t for commercial farming.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Rice-duck farming is about raising ducks and farming paddy together on the same land. The company stated that paddy is being planted according to this system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Chairman of the bank Shankar Nath Upreti informed that the local basmati rice has been planted under this system in about 5 bighas of land in Jhapa and Bardiya at present. In addition, about 1,000 ducklings have been reared in the paddy fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Since the paddy and the ducklings grow together in the same place, manual weeding is not required as the duck’s claw will dig the ground and they eat the weeds as well. He said that chemical fertiliser is not needed as organic manure can be obtained from the feces of duck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The ducks are separated from the paddy field at the time of harvesting. Stating that the cultivation with this system is done in a small area as a test, Upreti said that they will expand the use of this system if the test is successful.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The bank aims to cultivate paddy in about 1,000 bighas of land this year. The company has planted paddy in 55 bighas of land in Jhapa, 60 bighas in Bardiya and 518 bighas in collaboration with local farmers elsewhere. Local basmati or Jetho Budho rice has been planted in 35 ropanis of land and 313 ropanis of land in Hemja Pokhara in two phases.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Along with paddy, the bank is also planting millet in the Himalayan districts. The work of planting millet in about 500 ropanis of land in districts including Manang, Mustang, Sindhupalchok, Rasuwa nad Nuwakot has been completed. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13389', 'image' => '20210707120033_800px-合鴨農法.jpg', 'article_date' => '2021-07-07 11:59:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13643', 'article_category_id' => '1', 'title' => 'Commercial Banks Raise Funds worth Rs 85 Billion from Debentures', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: A total of 23 commercial banks have raised funds by issuing debentures in line with the Nepal Rastra Bank’s long-term policy. The central bank has made it mandatory for commercial banks to raise funds by issuing debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The commercial banks have issued debentures worth Rs 85.34 billion and secured funds for the next six to 10 years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">This amount is 30.64 percent of the combined paid-up capital of the banks.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to the central banks data, the total paid-up capital of the 23 commercial banks is Rs 278 billion as of mid-May 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">As per the policy of NRB, commercial banks have to issue debentures of at least 25 percent of their paid-up capital.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Such directive was issued to ensure that the banks have secured long-term resources to stabilize the interest rate, which is subject to fluctuation due to the short-term nature of deposits prevalent in the country. The banks have been ordered to issue the debentures by the end of next fiscal year. There is still one year left for the banks to fulfill the criteria.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Out of the 27 commercial banks operational in Nepal, four banks – Mega Bank, Century Bank, Civil Bank and Standard Chartered Bank – are yet to issue debentures.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned Nepal Bank Limited had issued debentures worth Rs 3.5 billion at an interest rate of 8.5 percent about two months ago. Likewise, Rastriya Banijya Bank issued debentures worth Rs 2.5 billion about a month ago.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">So far, 11 commercial banks have already fulfilled the minimum requirement (25 percent of paid-up capital) of issuing debentures. Those banks include NIC Asia Bank, Siddhartha Bank, Agriculture Development Bank, Sanima Bank, Sunrise Bank, Nepal Investment Bank, Nepal SBI Bank, Nepal Credit and Commerce Bank, Prabhu Bank, Nepal Bank and Rastriya Banijya Bank.</span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13388', 'image' => '20210707110604_Debentures-sebi-guidelines.jpg', 'article_date' => '2021-07-07 11:05:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13642', 'article_category_id' => '1', 'title' => 'Nepal Oil Corporation Hikes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 7: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Tuesday midnight (July 7). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The state-owned oil monopoly has hiked the price of petrol, diesel, kerosene, aviation turbine fuel (ATF) as well as cooking gas (liquefied petroleum gas LPG). </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">According to NOC, it has increased the prices of petrol, diesel and kerosene by Rs 2 per litre. With the price hike, petrol will now cost Rs 129 per litre in Kathmandu valley while the prices of diesel and kerosene have been fixed at Rs 112 per litre each.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Similarly, NOC has increased the price of ATF for international flights by Rs 2 per litre. The fuel for international flights will now cost Rs 84 per litre. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The price of LPG has been increased by Rs 25 per cylinder. A cooking gas cylinder will now cost Rs 1,425. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, NOC had increased the prices of petroleum products on June 23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> ', 'published' => true, 'created' => '2021-07-07', 'modified' => '2021-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '13387', 'image' => '20210707102647_20190503125003_Petrol-Price-Increase.jpg', 'article_date' => '2021-07-07 10:26:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13641', 'article_category_id' => '1', 'title' => 'Task Force Formed to Study Damage on Road and Bridges by Recent Floods and Landslides', 'sub_title' => '', 'summary' => 'July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods.', 'content' => '<p><em>A damaged road in Baglung. Photo Courtesy: RSS</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The Ministry of Physical Infrastructure and Transport has formed a task force to assess the extent of damage on roads and bridges by recent landslides and floods. The ministry has formed a seven-member task force under the coordination of deputy director-general of the Department of Roads, Deepak Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force will investigate the extent of damage caused to the under-construction and completed roads and bridges in different parts of the country due to continuous rainfall. Similarly, the task force needs to submit its preliminary report with recommendations by July 22 on the measures to be taken to minimise such damages in the coming days. In addition, it will have to submit a report within a month after studying and analyzing the bridges damaged by rains and floods.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The task force should also mention the precautions to be taken to rebuild the damaged bridges, the foundations to be adopted for bridge construction and the type of superstructure in the report.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the department, the Liping Bridge on Araniko Highway, Gaude Bridge on Siddhartha Highway and Karnali Bridge (Satighat) on Postal Highway have been damaged.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Likewise, the Kamala Bridge on the Postal Highway, which was completed only a few days ago but was yet to be inaugurated, has been washed away as the water level was high in Kamala River. Similarly, the Phuljor Bridge in Siraha has been washed away due to floods only a few days ago. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13386', 'image' => '20210706024111_KRG_Baglung.jpg', 'article_date' => '2021-07-06 14:40:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13639', 'article_category_id' => '1', 'title' => 'Government Steps up Spending as the Fiscal Year Comes to an End', 'sub_title' => '', 'summary' => 'July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: The government is under pressure to release payments like in the previous years, as the current fiscal year is about to come to an end.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Government officials have said that the expenditure has increased to around Rs 10 billion daily from mid-June. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, which keeps records of government income and expenses, the government had spent Rs 1.53 billion on June 15 but the daily expenditure has increased to Rs 9.48 billion from July 4. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has spent 70 percent of the total budget as of July 4, 2021. It has spent 82.98 percent under current expenditure while less than 50 percent has been spent under capital expenditure. Records at the Finance Comptroller General’s Office show that 46.98 percent of the budget has been spent on development projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The government has been claiming improvement in its spending capacity but the spending data shows otherwise. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Finance Comptroller General’s Office, there is not much difference compared to previous years in daily release of fund. Deputy Finance Comptroller General Gyandendra Poudel said the daily limit of fund release is increasing every day. Although the daily limit of spending has increased since mid June, the government is yet to spend Rs 437 billion of the allocated budget. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">In recent years, the government has been stepping up budget spending towards the end of fiscal year. Financial experts have been raising concerns about this trend. According to them, the expenditure happening at the end of the year doesn't give sustainable results. According to Bishwambher Pyakurel, financial expert, the spending nature has not changed at all. It is very clear that the government has not been able to reform the expenditure system.</span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13385', 'image' => '20210706022457_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-07-06 14:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13640', 'article_category_id' => '1', 'title' => 'Sundar Auto to Assemble Electric Vehicles in Nepal', 'sub_title' => '', 'summary' => 'July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">July 6: For the first time in Nepal, the private sector of Nepal is preparing to establish a vehicle assembling plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Auto Engineering, a subsidiary of Sundar Yatayat Pvt Ltd, is preparing to set up the plant in the country.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat is also the first company to introduce electric buses for public transportation representing the private sector in Nepal. The company is making arrangements so that they can lay the foundation for the plant before August.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The electric vehicle assembling plant is set to be established in Butwal's Sainamina municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">China's Sichuan Guhang Automobile and UAE's SEC Group are said to make investments in establishing the plant. According to Bhesh Bahadur Thapa, chairman of the company, Sichuan Automobile will invest 47 percent while the share of SEC Group will be 46 percent and Sundar Yatayat’s stake will be 7 percent.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Sundar Yatayat confirmed that an agreement had been reached with these two companies for setting up an assembly plant during a program in November 2019. Although the company has been preparing to set up the plant since April last year, the work was hindered and could not proceed due to the prohibitory order, said Chairman Thapa.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to him, Rs 3.6 billion is being invested as the initial phase for setting up the assembly plant. Investments would be added gradually as the work progresses. He said that preparations have been made to assemble 100 vehicles in the first year, 300 vehicles in the second year and 1000 vehicles annually from the third year onwards. "We plan to lay the foundation stone within 15 days," he said, adding, "We have requested the prime minister to attend the inauguration as the chief guest."</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He informed that the foundation stone will be laid within August and the work will commence immediately. Preparations to assemble 100 vehicles within the next fiscal year 2078/79 have already been completed. According to him, Sainamina municipality is going to provide approximately 5.8 acres of land for the establishment of the assembly plant.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Mayor of Sainamaina municipality, Chitra Bahadur Karki informed that an agreement has been reached to lease the land to the company. According to him, the company has entered into an agreement with the municipality to pay Rs 600,000 annually.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The company has agreed to provide an ambulance to the municipality in the first year, a garbage truck in the second year and a bus to a local community school every year at a 33 percent discount. He also said that the company should deposit 1 percent of their profit in the accumulated fund of the municipality.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The decision to provide land to Sundar Yatayat was reached through an all-party meeting on June 30.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Chairman Thapa mentioned that they are planning to assemble electric jeep, car, van, ambulance and bus as well. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13384', 'image' => '20210706023411_20210303125621_20190530011559_electric bus for short destination_from sajha yatayat.jpg', 'article_date' => '2021-07-06 14:33:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13638', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi: A ‘Game Changer’ Project ', 'sub_title' => '', 'summary' => 'July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">July 6: With the partial operation of the 456-MW Upper Tamakoshi Hydropower Project, there emerges public concern regarding what and how the much-awaited national pride project would impact the national economy. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel reportedly said that the Upper Tamakoshi project would make one per cent contribution to the economic growth of the country. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">A single unit of electricity would make impact worth around Rs 90-100, the state-owned national news agency (RSS) reported citing a knowledgeable person of the energy sector. Currently, one out of six units of Upper Tamakoshi Hydropower Project has come into operation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of Nepal Electricity Authority, Hitendra Dev Shakya, informed that the project is expected to produce 2,280 million units of electricity annually.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The project that was supposed to be completed some six years ago has been delayed due to several reasons. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Policy-makers and investors however have shown their doubt whether or not the project would give anticipated returns owing to the elevated costs and protracted timing of the project, RSS further reported. </span></span><br /> <span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Yet the project is taken to be a gamer changer project for its potential benefits to the national economy of Nepal. This is so far the biggest project constructed with domestic financing of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:Cambria">It has to be noted that former Executive Director of Nepal Electricity Authority Kulman Ghising took the initiative to bring this project back on track from the verge of failure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The success of this project has also boosted up the country’s confidence that hydropower projects of medium-scale capacity and investment can be undertqaken on our own financing, engineering and management, said NEA’s Executive Director Hitendra Dev Shakya. </span></span><br /> <em><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">(With inputs from RSS) </span></span></em> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13383', 'image' => '20210706020649_1625457331.tamakoshi_dam.jpg', 'article_date' => '2021-07-06 14:05:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13637', 'article_category_id' => '1', 'title' => 'Upper Tamakoshi Hydropower Project Begins Test Production ', 'sub_title' => '', 'summary' => 'July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">July 6: The Upper Tamakoshi Hydropower Project has finally come into operation from Monday after various ups and downs. The project has started generating electricity from a unit with a capacity of 76 MW from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The construction of the 456 Megawatt project began in 2008. The then Prime Minister Jhala Nath Khanal had laid the foundation stone of the project on June 19, 2008.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On Monday (July 5), Prime Minister KP Sharma Oli inaugurated the project amid a formal function. He inaugurated the Dolakha-based project virtually from Kathmandu. Finance Minister Bishnu Prasad Poudel, representatives of the Nepal Electricity Authority, and project officials were also present at the inauguration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Inaugurating the project, Prime Minister Oli said it's a matter of pride for the country to have such a big project with domestic investment. He said that the project has boosted the confidence of the nation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Minister for Energy Poudel said that the project built with domestic investment would be a great achievement for the country's economy. He said that there will be no recurrence of load shedding in Nepal due to the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Nepal Electricity Authority Executive Director Hitendra Dev Shakya said the project would generate 228 million units of electricity annually. The project, built with domestic investment, was targeted to be operational by 2016. However, the project could not come into operation on time due to disputes, the poor performance of the construction company, and natural calamities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project came into operation almost five years after the deadline. The construction work has been delayed due to the poor performance of the construction company. The 2015 earthquake badly affected the construction of the project. The project was also affected by the Indian blockade after the earthquake.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was delayed due to problems in transportation of fuel and construction materials due to Madhesh movement and blockade, change in the design of the project, delay in work by hydromechanical (Lot 2) contractors under various pretexts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project was targeted to be operational within the last fiscal year. However, the construction of the project was again affected by the pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In particular, the Austrian contractor of Electromechanical (Lot 3) under the tripartite agreement (Project, Texmaco, and Andrews) agreed to install penstock pipes in the 373-meter-long vertical tunnel, which was considered difficult after the Indian company Texma's Railway Engineering delayed the work. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The work gained momentum after Andrews was given the task of connecting the penstock to the lower vertical tunnel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The cost of the project has skyrocketed as the construction work of the project has been extended. The target was to complete the construction of the project for Rs 35 billion. However, Rs 84 billion has been spent on the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has a net cost of Rs 52 billion and Rs 32 billion for interest. Investment is also said to have increased due to fluctuations in the value of the US dollar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project has 6 units of 76 MW capacity each. The first unit of the project has been brought into operation from Monday for test production. The remaining five units will also be brought into operation every two weeks, said Bijan Prasad Shrestha, chief executive officer of the project. He said that all the units will come into operation in August as per the schedule.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13381', 'image' => '20210706114718_1625527854.Clipboard04.jpg', 'article_date' => '2021-07-06 11:46:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13636', 'article_category_id' => '1', 'title' => 'ADB Appoints New Country Director for Nepal ', 'sub_title' => '', 'summary' => 'July 6: The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.', 'content' => '<p><img alt="" src="/app/webroot/userfiles/images/Arnaud%20Cauchois%20%282%29.JPG" style="height:240px; width:240px" /></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">July 6: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Asian Development Bank (ADB) has appointed Arnaud Cauchois as the new country director for Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the ADB, Cauchois will lead ADB operations in the country and policy dialogue with the government of Nepal and other development partners. He will oversee the implementation of ADB’s country partnership strategy for Nepal that focuses on the country’s long-term development needs through improved infrastructure for private sector-led growth, improved access to devolved services, and environmental sustainability and resilience, ADB said in a statement issued on July 6. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">“ADB has been a long-term development partner of Nepal. I look forward to building on the strong partnership and working closely with the government, development partners, and other stakeholders in supporting Nepal’s development agenda and poverty reduction efforts,” the statement quoted Cauchois as saying. “My immediate priority will be to support the Government of Nepal as it addresses both the immediate and longer-term health, economic, and social impacts of the COVID-19 crisis.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">In the medium term, Cauchois indicated the need to support the government with the development of integrated solutions by combining expertise across sectors and mixing public and private sector financing. Expansion of private sector operations, as well as green resilient and inclusive projects, will be pursued in close collaboration with the government and development partners, the statement added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">According to ADB, Cauchois has almost 3 decades of professional experience, including over 15 years with ADB. Cauchois, a French national, joined ADB in 2005 as a Rural Development Specialist and has since held numerous leading positions. Prior to this appointment, he served as Principal Water Resources Specialist for India, Nepal, and Sri Lanka and was outposted in ADB’s India Resident Mission. He was also assigned in ADB’s Nepal Resident Mission for 6 years and led the improvement of the water management systems in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">He holds a master of science degree in water resource management from the Superior School of Tropical Agronomy in Montpellier, France. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:Arial">Since its establishment in 1966, ADB has provided over $7 billion in financial and technical assistance to Nepal. The assistance was provided in energy, transport, water supply and urban infrastructure services, agriculture and irrigation, and education, the statement added.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13380', 'image' => '20210706113824_ADB.jpg', 'article_date' => '2021-07-06 11:37:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13635', 'article_category_id' => '1', 'title' => 'Central Bank to Issue Development Bond Today', 'sub_title' => '', 'summary' => 'July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria">July 6: Nepal Rastra Bank is all set to auction development bonds worth Rs 15 billion today (July 6). The central bank is issuing the bonds to manage internal loan for the government as per its schedule to collect such loans for the fourth quarter of the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The government has already collected internal loans of Rs 115 billion as of second quarter of the current fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The National Loan Management Department of Nepal Rastra Bank on behalf of the Government of Nepal has issued a five-year Development Bond 2083 ‘E’. Interested banks and financial institutions, non-banking institutions, insurance companies as well as eligible Nepali citizens can apply for the bond within 3 pm today. The interest rate of the bond will be fixed through bidding process.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">The development bond will be issued on July 7. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria">Prior to this, the central bank has issued development bonds of Rs 10 billion on June 22 with a maturity period of six years.</span></span></p> ', 'published' => true, 'created' => '2021-07-06', 'modified' => '2021-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '13379', 'image' => '20210706112914_1625201068.jpg', 'article_date' => '2021-07-06 11:28:36', '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
