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Code Context
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		'Article' => array(
			'id' => '1111',
			'article_category_id' => '34',
			'title' => '‘Private Sector Support A Must For Full Budget For FY 2013/14’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Finance Minister Shankar Prasad Koirala has said that the private sector would have to extend full cooperation to the government to bring a full-fledged budget for fiscal year 2013/14. He, however, said that the government was making preparations for such a budget. Minister Koirala said so while addressing a programme organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Pokhara Chamber of Commerce and Industry.&nbsp;</p>
<p>
	“Learning its lessons from the previous years, the government has concluded that a full-fledged budget for the next fiscal year is a must. The government expects full cooperation from the private sector for such a budget,” said Minister Koirala. &nbsp;</p>
<p>
	“For economic development, we must be able to increase the investment, particularly in the development of infrastructure,” remarked Koirala. He added that as the business community is the one suffering greatly from the current energy crisis, the government would try to reduce load-shedding as well. Koirala, who also holds the industry and supplies portfolio, also stressed on the need for industrial development in the country.&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '0000-00-00',
			'keywords' => 'Private Sector Support a Must for Full Budget for FY 2013/14, Economy, Biz News',
			'description' => 'Finance Minister Shankar Prasad Koirala has said that the private sector would have to extend full cooperation to the government to bring a full-fledged budget for fiscal year 2013/14.',
			'sortorder' => '980',
			'image' => null,
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		'Article' => array(
			'id' => '1109',
			'article_category_id' => '34',
			'title' => '“India’s Leadership Necessary For Regional Economic Integration”',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation. Speaking in a one-day conference on Indo-Nepal trade and investment at Observer Research Foundation (ORF) on 22 April, 2013, Dr Lohani said that the economic cooperation should allow the gravitational force of the large and dynamic Indian economy to act as a lever to pull all other member states in the path of collective prosperity.&nbsp;</p>
<p>
	He further said that India should take the lead in the economic integration of the region and carry the smaller states along with it towards the path of economic prosperity. Viewed from a gravity model perspective developed by economists and geographers, India is the most important country in the region, Dr Lohani said. He further explained that the size of the country, the dynamism of its economy and the distance factor involved imply that smaller South Asian countries will find the gravitational pull of the Indian economy a vital element in their quest for prosperity.</p>
<p>
	The conference was organised as part of the joint study ORF has undertaken along with the South Asian Institute of Management (SAIM), Nepal, on Indo-Nepal trade and investment.&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '2013-06-08',
			'keywords' => 'India’s leadership necessary for regional economic integration, Economy, Biz News',
			'description' => 'If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation.',
			'sortorder' => '978',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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		'Article' => array(
			'id' => '1107',
			'article_category_id' => '34',
			'title' => 'Cable Car In Capital In Four Years!',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	B&amp;S Urban Cable has come up with a cable car solution to the Kathmandu Valley’s traffic congestion. According to the company promoted by FNCCI Vice President, Bhawani Rana in partnership with Shyam Mohan Shrestha, a detailed study is under way for the project.&nbsp;</p>
<p>
	“The project is expected to complete at a cost of Rs 15-20 billion in four years.” Rana told the Corporate. The company has already conducted a preliminary study for operating cable cars from Narayan Gopal Chowk to Lagankhel and from Kuleshwor to Baudha, with stations at different places for passenger embarkation and disembarkation. The project envisages deployment of sufficient number of cable cars to carry 200,000 persons per day. Each car will have a capacity to carry 25 to 30 persons at a time. The fares for the cable car will be similar to other public transport vehicles, according to Rana. According to her the Nepali government people are positive towards the projects. Moreover, 3-4 French companies have shown interest to partner with B&amp;S Urban Cable in this project. Similarly, the firm is also talking with some Australian, American as well as Swiss companies.</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '0000-00-00',
			'keywords' => 'Cable Car in Capital in Four Years!, Travel, Tourism, Technology, Biz news, Infrastructure',
			'description' => 'B&S Urban Cable has come up with a cable car solution to the Kathmandu Valley’s traffic congestion. According to the company promoted by FNCCI Vice President, Bhawani Rana in partnership with Shyam Mohan Shrestha, a detailed study is under way for the project.',
			'sortorder' => '976',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
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	(int) 3 => array(
		'Article' => array(
			'id' => '1103',
			'article_category_id' => '34',
			'title' => 'Banking Service Sans Bank Account Via E-Service Zone',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’. &nbsp;“To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali. Ali said in the launching programme organised recently in Kathmandu, that the e-service zone will make the financial transaction system simpler. According to the company, one who doesn’t have bank account can also use the service.</p>
<p>
	“One doesn’t need to be the member of a bank to use the e-service facility,” said Biswash Dhakal, Chairman of F1Soft. He said, “Anyone around the country can become the member of the service through our agents.” In past, one needed to be the bank member to use the service.&nbsp;</p>
<p>
	Dhakal said that the service will help to make digital financial transaction system a success in Nepal. As an initial step, the company has appointed three super agents in Kathmandu and 100 agents all over Nepal. According to Ali, company has a plan to appoint one thousand agents all over Nepal within next two months. Agents will receive Rs 20 per person for subscribing customers of the service. Similarly, the same agent member will also get the ‘top-up recharge’ facility.&nbsp;</p>
<p>
	“If the service fosters, nobody has to carry cash in their pocket,” said Dhakal. Consumers can enjoy facilities like money transaction, utility bill payment, mobile phone recharge, air ticket purchase, school fee payment etc through the e-service.</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '2013-06-08',
			'keywords' => 'Banking Service sans Bank Account via E-Service Zone, Banking, biz news',
			'description' => 'Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’.  “To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali.',
			'sortorder' => '972',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
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	(int) 4 => array(
		'Article' => array(
			'id' => '1101',
			'article_category_id' => '34',
			'title' => 'Academicians On The BFI’s Board',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution. Issuing a circular, Nepal Rastra Bank (NRB) has stated that there is no prohibition on appointing professors and readers as a director in the governing board of any financial institution.</p>
<p>
	Earlier, in February, the central bank had forbidden former government officials of any level and former full-time employees of public enterprises, government run schools or educational institutions from being appointed as board members of banks and financial institutions, unless they represented government agency in those boards. According to Nepal Rastra Bank those professionals who have obtained at least a master’s degree in management, banking, finance, money, economics, commerce, trade, administration, commercial law or who have an accounting or commercial law or a chartered accountancy degree and have at least five years of experience at the executive level in the banking and finance field can be considered to be appointed as professional directors.</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '0000-00-00',
			'keywords' => 'Biz news, Academicians On The BFI’s Board',
			'description' => 'The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution.',
			'sortorder' => '970',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1048',
			'article_category_id' => '34',
			'title' => 'Civil Group To Invest Rs 1.5 Billion In Housing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a &nbsp;feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley. According to the Chairman of the group, Ichchha Raj Tamang, the study will be completed within the current fiscal year.</p>
<p>
	Tamang said that the group plans to expand real estate market outside the Kathmandu Valley. The feasibility study is being carried out in cities such as Pokhara, Hetauda, Dharan and Itahari. Tamang stated that &nbsp;the construction process will begin within &nbsp;the next fiscal year. He also added, “Lately, people are attracted towards individual houses rather than to apartments. So, we have planned to increase investment in the housing.”</p>
<p>
	As of now, the group has been investing in projects only based in Kathmandu Valley. &nbsp;So far, Rs 7 billion is the amount invested by the group &nbsp;in developing housing, apartments and commercial complexes. The group says that the houses that will be &nbsp;built outside the valley will be comparatively cheaper. Tamang stated &nbsp;that the houses will be built taking into consideration &nbsp;consumer’s demands and buying capacity.&nbsp;</p>
<p>
	The housing sector has been &nbsp;experiencing a slowdown for the last three years but it has been &nbsp;showing &nbsp;signs of improvement lately. Tamang said that the expansion to newer cities is being done to address upcoming demands. Civil Group is planning to expand to more cities in the future.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Civil Group to Invest Rs 1.5 Billion in Housing',
			'description' => 'Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a  feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley.',
			'sortorder' => '923',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '1047',
			'article_category_id' => '34',
			'title' => '400 MW Of Clean Energy To Be Developed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and &nbsp;Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.</p>
<p>
	According to Pradhan, the companies will now jointly work to develop, manage and even acquire clean energy projects in Nepal. HSL and NGP will also form a consortium including two of the latter’s partners -Nepal Infrastructure Consult (NIC) and Moksha Energy &nbsp;International (MEI) – to work together to develop and manage clean energy projects in the country,” Pradhan said.</p>
<p>
	NGP, in association with some of its partners such as &nbsp;Panasonic, Martifer Solar or Toshiba,, has already built renewable energy projects (solar, biomass, wind, hydro, waste to energy, and geo-thermal energy) worth over 200MW in different parts of the world. Other projects, with a total capacity of around 3,000 MW, are still in the pipeline. HSL is a rapidly expanding energy company in Nepal. The company is already operating the 4.2MW Baramachi hydel project in Sindhupalchowk. Similarly, the 3.5 MW Charnawati in Dolakha, 10MW Upper Mai in Ilam, 20MW Lower Modi in Parbat and the 6.1MW Upper Mai ‘C’ in Ilam are in the final stage of construction. Likewise, the 42.9MW Ankhu in Dhading, 280MW Kaligandaki Gorge in Mustang and the 2.4MW Lower Charnawati in Dolakha are in the pre-construction phase, according to HSL’s website.&nbsp;</p>
<p>
	NIC is a New York-based company which represents NGP in Nepal. &nbsp;MEI explores viable and creditable clean energy projects from around the globe on behalf of NGP. “HSL has its own portfolio of projects whose cumulative capacity is more than 400MW. So, finding suitable projects is not going to be a problem. Also, we may acquire other projects as well,” said Pradhan.</p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-07',
			'keywords' => '400 MW Of Clean Energy To Be Developed',
			'description' => 'New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and  Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.',
			'sortorder' => '922',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
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	(int) 7 => array(
		'Article' => array(
			'id' => '1046',
			'article_category_id' => '34',
			'title' => 'Nepal Witnesses A Six-year Low Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS). Delay in bringing the government budget has curtailed public spending in major areas such as health‚ education and social sector and failed to create demand‚ reducing the growth rate, said CBS.</p>
<p>
	The decline in agriculture growth rate has pulled the overall economic growth rate down to a six-year low‚ CBI data reveals. According to the bureau, the agriculture is expected to grow by a mere 1.21 per cent in the current fiscal year against last fiscal year’s 4.94 per cent growth.</p>
<p>
	The low production of key crops like paddy‚ maize and wheat due to delayed monsoon and disruption in supply of fertilizer have hit the agriculture output‚ according to the Bureau. However‚ the non-agriculture sector is expected to record a marginal growth -- 4.98 per cent from 4.15 per cent -- compared to last fiscal year, the CBI adds.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Nepal Witnesses a Six-year Low Growth',
			'description' => 'Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS).',
			'sortorder' => '921',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1045',
			'article_category_id' => '34',
			'title' => 'Commercial Code Of Conduct In The Offing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline. National &nbsp;Business Initiative (NBI), a Nepali private sector NGO, &nbsp;has been working on a project about &nbsp;ethical practices in business. “This project was initiated to develop responsible and conducive business environment,” said Saroj Raj Pandey, Coordinator of the project.</p>
<p>
	Although few business asociations have already developed a code of conduct of their own, it has not been implemented yet. Similarly, ethics developed some years ago have become outdated with the changing business styles and technology. Pandey stated &nbsp;that a project like this was initiated with the purpose of &nbsp;addressing such issues and also to encourage implementation of ethics throughout the country.</p>
<p>
	Some institutions like the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Trekking Agencies’ Association of Nepal (TAN)the Hotel Association of Nepal (HAN) and the Nepal Association of Foreign Employment Agencies (NAFEA) each have a separate code of conduct for their respective sectors already but it is said to be ineffective.</p>
<p>
	The project has &nbsp;four phases. The first one is expected to be &nbsp;completed within two years. This first phase will be a baseline survey. Later phases will be developing the code of conduct based on survey results, announcing the ethical codes and also working for its implementation. &nbsp;NBI representatives said that the project not only will be implementing ethics but also rewarding companies with best corporate practices.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Commercial Code Of Conduct In The Offing',
			'description' => 'With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline.',
			'sortorder' => '920',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1044',
			'article_category_id' => '34',
			'title' => 'SMSI: Employing Women',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector. “The increasing number of women getting employment in these industries is encouraging,” said Chhaya Sharma, President of the WEAN, in a summit organized by Young Women’s Entrepreneurs (YWEs).&nbsp;</p>
<p>
	According to Sharma, there are 14,251 small and medium cottage industries run by women, out of 111,442 the total SMSIs across the country.&nbsp;</p>
<p>
	Ajay Pradhananga, President of Nepalese Young Entrepreneur’s Forum (NYEF), said that women’s participation is increasing because of the ability of SMSIs to generate long term employment. He said, “Though the number of women entering this sector is increasing, the lack of access to banks and financial institutions and expertise in information and communication technology (ICT) have made them less competitive.”&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'SMSI: Employing Women',
			'description' => 'Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector.',
			'sortorder' => '919',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '1043',
			'article_category_id' => '34',
			'title' => 'Standard Of Star Hotels To Be Upgraded To Int’l Levels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Star hotels already established in Nepal and those that will &nbsp;soon &nbsp;be operating will have to meet the international standards. According to the Hotel Association of Nepal (HAN), the process to prepare new standards of all hotels, rated one to five stars, is still in the pipeline. According to HAN representatives, even though Nepali star hotels are said to meet international standards, the reality is different and they do not completely &nbsp;qualify. Prabin Pandey, Coordinator of hotel rating revision committee at HAN, said, “Nepali hotels are being enforced international standards to promote them in the international market.” A six- member committee was formed for this purpose after the Ministry of Culture, Tourism and Civil Aviation directed to revise standards of star hotels on March 21. According to the suggestions given by the committee, member hotels will be directed to follow the standards, said a representative of HAN.</p>
<p>
	The committee will determine the number of rooms as well as the standards of suites, clubs and all kinds of rooms. Similarly, food quality and sanitation, along with the use of latest technology and electric doors will also be set as minimum standards. Currently, there are 10 five star hotels and two four star hotels in Nepal. Three and other star hotels are operating across the country.&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Standard of Star Hotels to be Upgraded to Int’l Levels',
			'description' => 'Star hotels already established in Nepal and those that will  soon  be operating will have to meet the international standards.',
			'sortorder' => '918',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
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	(int) 11 => array(
		'Article' => array(
			'id' => '1042',
			'article_category_id' => '34',
			'title' => 'Yak & Yeti To Spend Rs 800m On Renovation',
			'sub_title' => '',
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<p>
	Five-star Yak &amp; Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel. “We haven’t renovated our standard rooms for the past 32 years. We want to do it in the New Nepali year 2070 BS,” said Joshi, “We will also add new modern amenities.”</p>
<p>
	The hotel plans to spend nearly Rs 500 million for the renovation of the 110 standard rooms it has. “The remaining amount will be spent on the amenities and kitchen and laundry services,” he added. Earlier, Yak &amp; Yeti was planning to add 100 new rooms. But now that plan has been put off. “New rooms will be added when we achieve better occupancy rates,” he said. The hotel had an occupancy rate of 66 per cent in 2012 and plans to raise it to above 68 per cent in 2013.</p>
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			'id' => '1041',
			'article_category_id' => '34',
			'title' => 'Central Bank To Continue Managing NBL',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal Rastra Bank (NRB) has decided to continue supervising the &nbsp;management of the Nepal Bank Limited (NBL) for nine more months. The board meeting of the Central Bank decided recently to extend the time to look after the management of the NBL and complete its recapitalisation within that period. The management of the NBL is led by the NRB’s Director, Maheshwor Lal Shrestha. The earlier tenure expired on mid-April.</p>
<p>
	As the bank’s capital is yet to be improved, the management will be handed over to the NBL after the recapitalisation plan is completed within the extended time period, said the representatives of the Central Bank. As per the recapitalisation plan, the bank will issue 1:9.5 rights shares to its stakeholders to increase paid-up capital to Rs. 4 billion, from the current &nbsp;Rs. 380 million. The country’s oldest bank is also set to sell its fixed assets to increase its capital.</p>
<p>
	The bank has also targeted to increase the public share to 49.94 percent as per the plan. Currently, government holds 41 percent stake in NBL while 50 percent is owned by public shareholders and the remaining belongs to different financial institutions.</p>',
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			'created' => '2013-05-24',
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			'description' => 'Nepal Rastra Bank (NRB) has decided to continue supervising the  management of the Nepal Bank Limited (NBL) for nine more months.',
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			'id' => '1040',
			'article_category_id' => '34',
			'title' => 'BFIs Increases Investment In Health Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year. The investment from BFIs in these sectors was Rs 9.79 billion till mid February 2013, while it was Rs 6.9 billion during the same period last year. &nbsp;</p>
<p>
	According to the canalysts, different factors such as less risks, various facilities from government, discount in buying medical goods or high returns within short period have attracted more investments to the health sector, &nbsp;compared to other investment areas. &nbsp;The higher number of patients and the general increase of &nbsp;population have also attracted investment prospects in health sectors, mainly in medical centers, hospitals and nursing homes.&nbsp;</p>
<p>
	Similarly, the investment by BFIs in the service sector, excluding education, has also increased up to 21 per cent during the same period, with total investment of Rs 66.83 billion. The investment in the same sector was Rs 55.14 billion in the corresponding period of previous year.&nbsp;</p>',
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			'created' => '2013-05-24',
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			'keywords' => 'BFIs Increases Investment in Health Sector',
			'description' => 'Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year.',
			'sortorder' => '915',
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			'id' => '989',
			'article_category_id' => '34',
			'title' => 'Norway: Nepal’s Reliable Development Partner',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana and Sushila Budhathoki</strong></p>
<p>
	Nepal established diplomatic relations with Norway, a constitutional monarchy in Northern Europe on January 26, 1973. Norway, opened a residential embassy in Kathmandu in January 2000. &nbsp;The Nepali Embassy in Copenhagen, Denmark, oversees the diplomatic activities with Norway as well because Nepal does not have a residential embassy there.</p>
<p>
	With a population of five million inhabitants, Norway is one of the five countries comprising the Nordic Region while it remains outside the European Union. An increasing demand for a wide range of quality imported goods and services of all kinds make it the right country for exportable products and quality services. Norway, a modern and highly developed country, has a strong and stable economy. It has achieved enviable progress in human development. According to the UNDP’s Report in 2010, Norway heads the group of 42 very high human development countries being world’s first country in terms of human development. Norway also has the second highest GNP per capita in the world (USD 55,600) in terms of purchasing power parity.&nbsp;</p>
<p>
	Norway’s economy is essentially based on the exploitation of its natural resources, mainly oil, gas, hydroelectric power, forests and minerals. &nbsp;Oil production dominates the economy, accounting for nearly a quarter of the GNP. Norway is also a major producer and exporter of natural gas. &nbsp;The service sector in Norway is also a highly developed one. Norway’s agriculture contributes to about 2% of the GNP and fishery is a major activity, making Norway the biggest exporter of fish in the world.&nbsp;</p>
<p>
	<strong>Visit exchanges</strong></p>
<p>
	The number of visits at different levels from both sides depicts the increasing interests between Norway and Nepal and has helped in strengthening the relationship between the two countries. Prime Minister Jens Stoltenberg paid a one-day visit to Nepal on February 8, 2008. Foreign Minister, &nbsp;Knut Vollebaek, also visited Nepal in January 2000. Similarly, in June 2012, Minister for International Development, Heikki Holmas, visited the country and the Minister for Environment and Development, Erik Solheim, paid a visit &nbsp;in January 2012. Earlier, he had visited Nepal twice in different ministerial capacities. &nbsp;</p>
<p>
	The then Prime Minister, Pushpa Kamal Dahal, paid an official visit to Norway in March 2009 and Upendra Yadav, Minister for Foreign Affairs, participated in the International Conference entitled “Melting Ice – Regional Dramas, Global Wake-up Call” in April in the same year. Earlier, the then Minister for Foreign Affairs, Chakra Prasad Bastola, &nbsp;also travelled to Norway in September 2000 responding to an invitation of &nbsp;the Norwegian Foreign Minister.&nbsp;</p>
<p>
	<strong>Norway’s support</strong></p>
<p>
	Norway has been voluntarily supporting different projects in Nepal through different NGO’s and bilateral organization since 1960s. The country has regularly provided aid to different sectors in Nepal and has supported different development projects. Some of the sectors covered by Norwegian aid are climate, environment and food production, conflict prevention and resolution and peace and security. There are other sectors also subsidized by Norway such as education, energy generation and supply, government and civil society, among others. The aid from Norway to Nepal is consistent since 2009 (See graph).&nbsp;</p>
<p>
	The Government of Norway has provided NOK 30.6 million for Nepal Peace Trust Fund. This country is also taking the initiative on the third country resettlement of Bhutanese refugees. According to the Ministry of Foreign Affairs Nepal, Norwegian firms have invested Rs. 1135 million in 12 various projects in Nepal, which have generated 726 employment opportunities until July 2012. Norway also supports Nepal through UN agencies, good governance and private sector development, focused on hydropower and electrification. It is also supporting Rural Renewable Energy and Development through Energy Sector Assistance Program (ESAP), which has provided significant results in terms of improving cooking stoves and rural electrification (solar home systems and micro hydro). Regarding the academic field, Norway &nbsp; offers NORAD (Norwegian Agency for Development Cooperation) annual fellowships to Nepali students in different fields of studies.&nbsp;</p>
<p>
	<strong><img alt="Aid from the Royal Norwegian Embassy" height="623" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(3).jpg" width="517" /><br />
	</strong></p>
<p>
	<strong>Cooperation</strong></p>
<p>
	The cooperation between the two governments started with the signing of a memorandum of understanding (MoU) in 1996. &nbsp;According to Royal Norwegian Embassy, the cooperation is based on shared dedication to achieve the Millennium Development Goals (MDGs). Norway has been prioritizing key areas of cooperation in four sectors, namely peace building, democracy and inclusive governance, education and energy. There are cross- cutting issues like peace and human rights, environment, gender and equality and anti-corruption for all projects .&nbsp;</p>
<p>
	Norway has been a key partner to Nepal in exploiting hydropower resources. The country has a number of &nbsp;cooperation in the hydro power sector in Nepal. Some of them are Himal Hydro and General Construction Company, Butwal Power Company, Himal Power Ltd, National Hydro Power Co. and Nepal Hydro and Electric Pvt. Ltd. &nbsp;According to the Royal Norwegian Embassy, Norway is currently focusing in three thematic areas, namely accelerated hydro power development, rural renewable energy and development and technical energy research in energy sector. &nbsp;</p>
<p>
	Norway is also interested in supporting Nepal when conducting a feasibility study of different large scale projects. The Royal Norwegian Embassy in Nepal is currently working on developing new plans to support Nepal regarding energy sector; the Norwegian mission in Nepal has posted on its website. &nbsp;Moreover, with the 60 per cent financial contribution from NORAD, Turbine Testing Lab of Kathmandu University is running a three- year project which started in August 2010. &nbsp;According to Kathmandu University, the project would give a platform and foundation for associated professional parties to come together and create a turbine manufacturer in Nepal.&nbsp;</p>
<p>
	<img alt="Trade with Norway" height="221" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(1)(1).jpg" width="446" /></p>
<p>
	<img alt="Tourist arrival in Nepal from Norway" height="248" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" /></p>
<p>
	<strong>Trade and Tourism</strong></p>
<p>
	The agreement on avoidance of double taxation with Norway, signed in 1996, has been regarded as one of the reasons behind the growing trade between both countries. &nbsp;The trade figure of TEPC (Trade and Export Promotion Center) shows the growing trade both in imports and exports &nbsp;between the two countries. &nbsp;Nepal exported goods worth Rs 41.37 billion in 2009. In 2012 it was Rs 52 billion. Similarly, it imported goods worth Rs 22.52 billion and Rs 96 billion in the year 2009 and 2012 respectively. Thus Nepal had a trade surplus in 2009 and 2010, but in the recent years Nepal has a trade deficit.&nbsp;</p>
<p>
	Norway is the first country to register Nepali Pashmina products. Nepal mainly exports products such as paperboard, articles of paper pulp, coffee, tea, essential oils, cosmetics or toilet preparations, ceramic products and carpets among others. The imports from Norway are comprised of products like fish and crustaceans, aluminum, rubber, boilers, machinery or mechanical appliances. The flow of Norwegian tourists visiting Nepal is also rising. According to the data provided by the Ministry of Foreign Affairs, Norwegians are among major tourists visiting Nepal.&nbsp;</p>
<p>
	<img alt="Facts and figures about Norway" height="420" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(2).jpg" width="446" /></p>',
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			'title' => '‘Private Sector Support A Must For Full Budget For FY 2013/14’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Finance Minister Shankar Prasad Koirala has said that the private sector would have to extend full cooperation to the government to bring a full-fledged budget for fiscal year 2013/14. He, however, said that the government was making preparations for such a budget. Minister Koirala said so while addressing a programme organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Pokhara Chamber of Commerce and Industry.&nbsp;</p>
<p>
	“Learning its lessons from the previous years, the government has concluded that a full-fledged budget for the next fiscal year is a must. The government expects full cooperation from the private sector for such a budget,” said Minister Koirala. &nbsp;</p>
<p>
	“For economic development, we must be able to increase the investment, particularly in the development of infrastructure,” remarked Koirala. He added that as the business community is the one suffering greatly from the current energy crisis, the government would try to reduce load-shedding as well. Koirala, who also holds the industry and supplies portfolio, also stressed on the need for industrial development in the country.&nbsp;</p>',
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			'title' => '“India’s Leadership Necessary For Regional Economic Integration”',
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	 </p>
<p>
	If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation. Speaking in a one-day conference on Indo-Nepal trade and investment at Observer Research Foundation (ORF) on 22 April, 2013, Dr Lohani said that the economic cooperation should allow the gravitational force of the large and dynamic Indian economy to act as a lever to pull all other member states in the path of collective prosperity.&nbsp;</p>
<p>
	He further said that India should take the lead in the economic integration of the region and carry the smaller states along with it towards the path of economic prosperity. Viewed from a gravity model perspective developed by economists and geographers, India is the most important country in the region, Dr Lohani said. He further explained that the size of the country, the dynamism of its economy and the distance factor involved imply that smaller South Asian countries will find the gravitational pull of the Indian economy a vital element in their quest for prosperity.</p>
<p>
	The conference was organised as part of the joint study ORF has undertaken along with the South Asian Institute of Management (SAIM), Nepal, on Indo-Nepal trade and investment.&nbsp;</p>',
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			'created' => '2013-06-08',
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			'keywords' => 'India’s leadership necessary for regional economic integration, Economy, Biz News',
			'description' => 'If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation.',
			'sortorder' => '978',
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			'title' => 'Cable Car In Capital In Four Years!',
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			'content' => '<p>
	 </p>
<p>
	B&amp;S Urban Cable has come up with a cable car solution to the Kathmandu Valley’s traffic congestion. According to the company promoted by FNCCI Vice President, Bhawani Rana in partnership with Shyam Mohan Shrestha, a detailed study is under way for the project.&nbsp;</p>
<p>
	“The project is expected to complete at a cost of Rs 15-20 billion in four years.” Rana told the Corporate. The company has already conducted a preliminary study for operating cable cars from Narayan Gopal Chowk to Lagankhel and from Kuleshwor to Baudha, with stations at different places for passenger embarkation and disembarkation. The project envisages deployment of sufficient number of cable cars to carry 200,000 persons per day. Each car will have a capacity to carry 25 to 30 persons at a time. The fares for the cable car will be similar to other public transport vehicles, according to Rana. According to her the Nepali government people are positive towards the projects. Moreover, 3-4 French companies have shown interest to partner with B&amp;S Urban Cable in this project. Similarly, the firm is also talking with some Australian, American as well as Swiss companies.</p>',
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			'description' => 'B&S Urban Cable has come up with a cable car solution to the Kathmandu Valley’s traffic congestion. According to the company promoted by FNCCI Vice President, Bhawani Rana in partnership with Shyam Mohan Shrestha, a detailed study is under way for the project.',
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			'id' => '1103',
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			'title' => 'Banking Service Sans Bank Account Via E-Service Zone',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’. &nbsp;“To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali. Ali said in the launching programme organised recently in Kathmandu, that the e-service zone will make the financial transaction system simpler. According to the company, one who doesn’t have bank account can also use the service.</p>
<p>
	“One doesn’t need to be the member of a bank to use the e-service facility,” said Biswash Dhakal, Chairman of F1Soft. He said, “Anyone around the country can become the member of the service through our agents.” In past, one needed to be the bank member to use the service.&nbsp;</p>
<p>
	Dhakal said that the service will help to make digital financial transaction system a success in Nepal. As an initial step, the company has appointed three super agents in Kathmandu and 100 agents all over Nepal. According to Ali, company has a plan to appoint one thousand agents all over Nepal within next two months. Agents will receive Rs 20 per person for subscribing customers of the service. Similarly, the same agent member will also get the ‘top-up recharge’ facility.&nbsp;</p>
<p>
	“If the service fosters, nobody has to carry cash in their pocket,” said Dhakal. Consumers can enjoy facilities like money transaction, utility bill payment, mobile phone recharge, air ticket purchase, school fee payment etc through the e-service.</p>',
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			'created' => '2013-06-08',
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			'keywords' => 'Banking Service sans Bank Account via E-Service Zone, Banking, biz news',
			'description' => 'Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’.  “To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali.',
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			'title' => 'Academicians On The BFI’s Board',
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			'summary' => null,
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	 </p>
<p>
	The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution. Issuing a circular, Nepal Rastra Bank (NRB) has stated that there is no prohibition on appointing professors and readers as a director in the governing board of any financial institution.</p>
<p>
	Earlier, in February, the central bank had forbidden former government officials of any level and former full-time employees of public enterprises, government run schools or educational institutions from being appointed as board members of banks and financial institutions, unless they represented government agency in those boards. According to Nepal Rastra Bank those professionals who have obtained at least a master’s degree in management, banking, finance, money, economics, commerce, trade, administration, commercial law or who have an accounting or commercial law or a chartered accountancy degree and have at least five years of experience at the executive level in the banking and finance field can be considered to be appointed as professional directors.</p>',
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			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1048',
			'article_category_id' => '34',
			'title' => 'Civil Group To Invest Rs 1.5 Billion In Housing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a &nbsp;feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley. According to the Chairman of the group, Ichchha Raj Tamang, the study will be completed within the current fiscal year.</p>
<p>
	Tamang said that the group plans to expand real estate market outside the Kathmandu Valley. The feasibility study is being carried out in cities such as Pokhara, Hetauda, Dharan and Itahari. Tamang stated that &nbsp;the construction process will begin within &nbsp;the next fiscal year. He also added, “Lately, people are attracted towards individual houses rather than to apartments. So, we have planned to increase investment in the housing.”</p>
<p>
	As of now, the group has been investing in projects only based in Kathmandu Valley. &nbsp;So far, Rs 7 billion is the amount invested by the group &nbsp;in developing housing, apartments and commercial complexes. The group says that the houses that will be &nbsp;built outside the valley will be comparatively cheaper. Tamang stated &nbsp;that the houses will be built taking into consideration &nbsp;consumer’s demands and buying capacity.&nbsp;</p>
<p>
	The housing sector has been &nbsp;experiencing a slowdown for the last three years but it has been &nbsp;showing &nbsp;signs of improvement lately. Tamang said that the expansion to newer cities is being done to address upcoming demands. Civil Group is planning to expand to more cities in the future.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Civil Group to Invest Rs 1.5 Billion in Housing',
			'description' => 'Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a  feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley.',
			'sortorder' => '923',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1047',
			'article_category_id' => '34',
			'title' => '400 MW Of Clean Energy To Be Developed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and &nbsp;Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.</p>
<p>
	According to Pradhan, the companies will now jointly work to develop, manage and even acquire clean energy projects in Nepal. HSL and NGP will also form a consortium including two of the latter’s partners -Nepal Infrastructure Consult (NIC) and Moksha Energy &nbsp;International (MEI) – to work together to develop and manage clean energy projects in the country,” Pradhan said.</p>
<p>
	NGP, in association with some of its partners such as &nbsp;Panasonic, Martifer Solar or Toshiba,, has already built renewable energy projects (solar, biomass, wind, hydro, waste to energy, and geo-thermal energy) worth over 200MW in different parts of the world. Other projects, with a total capacity of around 3,000 MW, are still in the pipeline. HSL is a rapidly expanding energy company in Nepal. The company is already operating the 4.2MW Baramachi hydel project in Sindhupalchowk. Similarly, the 3.5 MW Charnawati in Dolakha, 10MW Upper Mai in Ilam, 20MW Lower Modi in Parbat and the 6.1MW Upper Mai ‘C’ in Ilam are in the final stage of construction. Likewise, the 42.9MW Ankhu in Dhading, 280MW Kaligandaki Gorge in Mustang and the 2.4MW Lower Charnawati in Dolakha are in the pre-construction phase, according to HSL’s website.&nbsp;</p>
<p>
	NIC is a New York-based company which represents NGP in Nepal. &nbsp;MEI explores viable and creditable clean energy projects from around the globe on behalf of NGP. “HSL has its own portfolio of projects whose cumulative capacity is more than 400MW. So, finding suitable projects is not going to be a problem. Also, we may acquire other projects as well,” said Pradhan.</p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-07',
			'keywords' => '400 MW Of Clean Energy To Be Developed',
			'description' => 'New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and  Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.',
			'sortorder' => '922',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1046',
			'article_category_id' => '34',
			'title' => 'Nepal Witnesses A Six-year Low Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS). Delay in bringing the government budget has curtailed public spending in major areas such as health‚ education and social sector and failed to create demand‚ reducing the growth rate, said CBS.</p>
<p>
	The decline in agriculture growth rate has pulled the overall economic growth rate down to a six-year low‚ CBI data reveals. According to the bureau, the agriculture is expected to grow by a mere 1.21 per cent in the current fiscal year against last fiscal year’s 4.94 per cent growth.</p>
<p>
	The low production of key crops like paddy‚ maize and wheat due to delayed monsoon and disruption in supply of fertilizer have hit the agriculture output‚ according to the Bureau. However‚ the non-agriculture sector is expected to record a marginal growth -- 4.98 per cent from 4.15 per cent -- compared to last fiscal year, the CBI adds.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Nepal Witnesses a Six-year Low Growth',
			'description' => 'Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS).',
			'sortorder' => '921',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1045',
			'article_category_id' => '34',
			'title' => 'Commercial Code Of Conduct In The Offing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline. National &nbsp;Business Initiative (NBI), a Nepali private sector NGO, &nbsp;has been working on a project about &nbsp;ethical practices in business. “This project was initiated to develop responsible and conducive business environment,” said Saroj Raj Pandey, Coordinator of the project.</p>
<p>
	Although few business asociations have already developed a code of conduct of their own, it has not been implemented yet. Similarly, ethics developed some years ago have become outdated with the changing business styles and technology. Pandey stated &nbsp;that a project like this was initiated with the purpose of &nbsp;addressing such issues and also to encourage implementation of ethics throughout the country.</p>
<p>
	Some institutions like the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Trekking Agencies’ Association of Nepal (TAN)the Hotel Association of Nepal (HAN) and the Nepal Association of Foreign Employment Agencies (NAFEA) each have a separate code of conduct for their respective sectors already but it is said to be ineffective.</p>
<p>
	The project has &nbsp;four phases. The first one is expected to be &nbsp;completed within two years. This first phase will be a baseline survey. Later phases will be developing the code of conduct based on survey results, announcing the ethical codes and also working for its implementation. &nbsp;NBI representatives said that the project not only will be implementing ethics but also rewarding companies with best corporate practices.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Commercial Code Of Conduct In The Offing',
			'description' => 'With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline.',
			'sortorder' => '920',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1044',
			'article_category_id' => '34',
			'title' => 'SMSI: Employing Women',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector. “The increasing number of women getting employment in these industries is encouraging,” said Chhaya Sharma, President of the WEAN, in a summit organized by Young Women’s Entrepreneurs (YWEs).&nbsp;</p>
<p>
	According to Sharma, there are 14,251 small and medium cottage industries run by women, out of 111,442 the total SMSIs across the country.&nbsp;</p>
<p>
	Ajay Pradhananga, President of Nepalese Young Entrepreneur’s Forum (NYEF), said that women’s participation is increasing because of the ability of SMSIs to generate long term employment. He said, “Though the number of women entering this sector is increasing, the lack of access to banks and financial institutions and expertise in information and communication technology (ICT) have made them less competitive.”&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'SMSI: Employing Women',
			'description' => 'Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector.',
			'sortorder' => '919',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '1043',
			'article_category_id' => '34',
			'title' => 'Standard Of Star Hotels To Be Upgraded To Int’l Levels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Star hotels already established in Nepal and those that will &nbsp;soon &nbsp;be operating will have to meet the international standards. According to the Hotel Association of Nepal (HAN), the process to prepare new standards of all hotels, rated one to five stars, is still in the pipeline. According to HAN representatives, even though Nepali star hotels are said to meet international standards, the reality is different and they do not completely &nbsp;qualify. Prabin Pandey, Coordinator of hotel rating revision committee at HAN, said, “Nepali hotels are being enforced international standards to promote them in the international market.” A six- member committee was formed for this purpose after the Ministry of Culture, Tourism and Civil Aviation directed to revise standards of star hotels on March 21. According to the suggestions given by the committee, member hotels will be directed to follow the standards, said a representative of HAN.</p>
<p>
	The committee will determine the number of rooms as well as the standards of suites, clubs and all kinds of rooms. Similarly, food quality and sanitation, along with the use of latest technology and electric doors will also be set as minimum standards. Currently, there are 10 five star hotels and two four star hotels in Nepal. Three and other star hotels are operating across the country.&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Standard of Star Hotels to be Upgraded to Int’l Levels',
			'description' => 'Star hotels already established in Nepal and those that will  soon  be operating will have to meet the international standards.',
			'sortorder' => '918',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '1042',
			'article_category_id' => '34',
			'title' => 'Yak & Yeti To Spend Rs 800m On Renovation',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Five-star Yak &amp; Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel. “We haven’t renovated our standard rooms for the past 32 years. We want to do it in the New Nepali year 2070 BS,” said Joshi, “We will also add new modern amenities.”</p>
<p>
	The hotel plans to spend nearly Rs 500 million for the renovation of the 110 standard rooms it has. “The remaining amount will be spent on the amenities and kitchen and laundry services,” he added. Earlier, Yak &amp; Yeti was planning to add 100 new rooms. But now that plan has been put off. “New rooms will be added when we achieve better occupancy rates,” he said. The hotel had an occupancy rate of 66 per cent in 2012 and plans to raise it to above 68 per cent in 2013.</p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '0000-00-00',
			'keywords' => 'Yak & Yeti to Spend Rs 800m on Renovation',
			'description' => 'Five-star Yak & Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel.',
			'sortorder' => '917',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '1041',
			'article_category_id' => '34',
			'title' => 'Central Bank To Continue Managing NBL',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal Rastra Bank (NRB) has decided to continue supervising the &nbsp;management of the Nepal Bank Limited (NBL) for nine more months. The board meeting of the Central Bank decided recently to extend the time to look after the management of the NBL and complete its recapitalisation within that period. The management of the NBL is led by the NRB’s Director, Maheshwor Lal Shrestha. The earlier tenure expired on mid-April.</p>
<p>
	As the bank’s capital is yet to be improved, the management will be handed over to the NBL after the recapitalisation plan is completed within the extended time period, said the representatives of the Central Bank. As per the recapitalisation plan, the bank will issue 1:9.5 rights shares to its stakeholders to increase paid-up capital to Rs. 4 billion, from the current &nbsp;Rs. 380 million. The country’s oldest bank is also set to sell its fixed assets to increase its capital.</p>
<p>
	The bank has also targeted to increase the public share to 49.94 percent as per the plan. Currently, government holds 41 percent stake in NBL while 50 percent is owned by public shareholders and the remaining belongs to different financial institutions.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '0000-00-00',
			'keywords' => 'Central Bank to Continue Managing NBL',
			'description' => 'Nepal Rastra Bank (NRB) has decided to continue supervising the  management of the Nepal Bank Limited (NBL) for nine more months.',
			'sortorder' => '916',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '1040',
			'article_category_id' => '34',
			'title' => 'BFIs Increases Investment In Health Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year. The investment from BFIs in these sectors was Rs 9.79 billion till mid February 2013, while it was Rs 6.9 billion during the same period last year. &nbsp;</p>
<p>
	According to the canalysts, different factors such as less risks, various facilities from government, discount in buying medical goods or high returns within short period have attracted more investments to the health sector, &nbsp;compared to other investment areas. &nbsp;The higher number of patients and the general increase of &nbsp;population have also attracted investment prospects in health sectors, mainly in medical centers, hospitals and nursing homes.&nbsp;</p>
<p>
	Similarly, the investment by BFIs in the service sector, excluding education, has also increased up to 21 per cent during the same period, with total investment of Rs 66.83 billion. The investment in the same sector was Rs 55.14 billion in the corresponding period of previous year.&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-05-24',
			'keywords' => 'BFIs Increases Investment in Health Sector',
			'description' => 'Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year.',
			'sortorder' => '915',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '989',
			'article_category_id' => '34',
			'title' => 'Norway: Nepal’s Reliable Development Partner',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana and Sushila Budhathoki</strong></p>
<p>
	Nepal established diplomatic relations with Norway, a constitutional monarchy in Northern Europe on January 26, 1973. Norway, opened a residential embassy in Kathmandu in January 2000. &nbsp;The Nepali Embassy in Copenhagen, Denmark, oversees the diplomatic activities with Norway as well because Nepal does not have a residential embassy there.</p>
<p>
	With a population of five million inhabitants, Norway is one of the five countries comprising the Nordic Region while it remains outside the European Union. An increasing demand for a wide range of quality imported goods and services of all kinds make it the right country for exportable products and quality services. Norway, a modern and highly developed country, has a strong and stable economy. It has achieved enviable progress in human development. According to the UNDP’s Report in 2010, Norway heads the group of 42 very high human development countries being world’s first country in terms of human development. Norway also has the second highest GNP per capita in the world (USD 55,600) in terms of purchasing power parity.&nbsp;</p>
<p>
	Norway’s economy is essentially based on the exploitation of its natural resources, mainly oil, gas, hydroelectric power, forests and minerals. &nbsp;Oil production dominates the economy, accounting for nearly a quarter of the GNP. Norway is also a major producer and exporter of natural gas. &nbsp;The service sector in Norway is also a highly developed one. Norway’s agriculture contributes to about 2% of the GNP and fishery is a major activity, making Norway the biggest exporter of fish in the world.&nbsp;</p>
<p>
	<strong>Visit exchanges</strong></p>
<p>
	The number of visits at different levels from both sides depicts the increasing interests between Norway and Nepal and has helped in strengthening the relationship between the two countries. Prime Minister Jens Stoltenberg paid a one-day visit to Nepal on February 8, 2008. Foreign Minister, &nbsp;Knut Vollebaek, also visited Nepal in January 2000. Similarly, in June 2012, Minister for International Development, Heikki Holmas, visited the country and the Minister for Environment and Development, Erik Solheim, paid a visit &nbsp;in January 2012. Earlier, he had visited Nepal twice in different ministerial capacities. &nbsp;</p>
<p>
	The then Prime Minister, Pushpa Kamal Dahal, paid an official visit to Norway in March 2009 and Upendra Yadav, Minister for Foreign Affairs, participated in the International Conference entitled “Melting Ice – Regional Dramas, Global Wake-up Call” in April in the same year. Earlier, the then Minister for Foreign Affairs, Chakra Prasad Bastola, &nbsp;also travelled to Norway in September 2000 responding to an invitation of &nbsp;the Norwegian Foreign Minister.&nbsp;</p>
<p>
	<strong>Norway’s support</strong></p>
<p>
	Norway has been voluntarily supporting different projects in Nepal through different NGO’s and bilateral organization since 1960s. The country has regularly provided aid to different sectors in Nepal and has supported different development projects. Some of the sectors covered by Norwegian aid are climate, environment and food production, conflict prevention and resolution and peace and security. There are other sectors also subsidized by Norway such as education, energy generation and supply, government and civil society, among others. The aid from Norway to Nepal is consistent since 2009 (See graph).&nbsp;</p>
<p>
	The Government of Norway has provided NOK 30.6 million for Nepal Peace Trust Fund. This country is also taking the initiative on the third country resettlement of Bhutanese refugees. According to the Ministry of Foreign Affairs Nepal, Norwegian firms have invested Rs. 1135 million in 12 various projects in Nepal, which have generated 726 employment opportunities until July 2012. Norway also supports Nepal through UN agencies, good governance and private sector development, focused on hydropower and electrification. It is also supporting Rural Renewable Energy and Development through Energy Sector Assistance Program (ESAP), which has provided significant results in terms of improving cooking stoves and rural electrification (solar home systems and micro hydro). Regarding the academic field, Norway &nbsp; offers NORAD (Norwegian Agency for Development Cooperation) annual fellowships to Nepali students in different fields of studies.&nbsp;</p>
<p>
	<strong><img alt="Aid from the Royal Norwegian Embassy" height="623" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(3).jpg" width="517" /><br />
	</strong></p>
<p>
	<strong>Cooperation</strong></p>
<p>
	The cooperation between the two governments started with the signing of a memorandum of understanding (MoU) in 1996. &nbsp;According to Royal Norwegian Embassy, the cooperation is based on shared dedication to achieve the Millennium Development Goals (MDGs). Norway has been prioritizing key areas of cooperation in four sectors, namely peace building, democracy and inclusive governance, education and energy. There are cross- cutting issues like peace and human rights, environment, gender and equality and anti-corruption for all projects .&nbsp;</p>
<p>
	Norway has been a key partner to Nepal in exploiting hydropower resources. The country has a number of &nbsp;cooperation in the hydro power sector in Nepal. Some of them are Himal Hydro and General Construction Company, Butwal Power Company, Himal Power Ltd, National Hydro Power Co. and Nepal Hydro and Electric Pvt. Ltd. &nbsp;According to the Royal Norwegian Embassy, Norway is currently focusing in three thematic areas, namely accelerated hydro power development, rural renewable energy and development and technical energy research in energy sector. &nbsp;</p>
<p>
	Norway is also interested in supporting Nepal when conducting a feasibility study of different large scale projects. The Royal Norwegian Embassy in Nepal is currently working on developing new plans to support Nepal regarding energy sector; the Norwegian mission in Nepal has posted on its website. &nbsp;Moreover, with the 60 per cent financial contribution from NORAD, Turbine Testing Lab of Kathmandu University is running a three- year project which started in August 2010. &nbsp;According to Kathmandu University, the project would give a platform and foundation for associated professional parties to come together and create a turbine manufacturer in Nepal.&nbsp;</p>
<p>
	<img alt="Trade with Norway" height="221" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(1)(1).jpg" width="446" /></p>
<p>
	<img alt="Tourist arrival in Nepal from Norway" height="248" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" /></p>
<p>
	<strong>Trade and Tourism</strong></p>
<p>
	The agreement on avoidance of double taxation with Norway, signed in 1996, has been regarded as one of the reasons behind the growing trade between both countries. &nbsp;The trade figure of TEPC (Trade and Export Promotion Center) shows the growing trade both in imports and exports &nbsp;between the two countries. &nbsp;Nepal exported goods worth Rs 41.37 billion in 2009. In 2012 it was Rs 52 billion. Similarly, it imported goods worth Rs 22.52 billion and Rs 96 billion in the year 2009 and 2012 respectively. Thus Nepal had a trade surplus in 2009 and 2010, but in the recent years Nepal has a trade deficit.&nbsp;</p>
<p>
	Norway is the first country to register Nepali Pashmina products. Nepal mainly exports products such as paperboard, articles of paper pulp, coffee, tea, essential oils, cosmetics or toilet preparations, ceramic products and carpets among others. The imports from Norway are comprised of products like fish and crustaceans, aluminum, rubber, boilers, machinery or mechanical appliances. The flow of Norwegian tourists visiting Nepal is also rising. According to the data provided by the Ministry of Foreign Affairs, Norwegians are among major tourists visiting Nepal.&nbsp;</p>
<p>
	<img alt="Facts and figures about Norway" height="420" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(2).jpg" width="446" /></p>',
			'published' => true,
			'created' => '2013-05-22',
			'modified' => '2013-06-19',
			'keywords' => 'Norway: Nepal’s Reliable Development Partner, Bilateral Relationship, New Business Age',
			'description' => 'Norway has been supporting different projects in Nepal through different NGOs and bilateral organization since 1960s.',
			'sortorder' => '866',
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Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '1111',
			'article_category_id' => '34',
			'title' => '‘Private Sector Support A Must For Full Budget For FY 2013/14’',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Finance Minister Shankar Prasad Koirala has said that the private sector would have to extend full cooperation to the government to bring a full-fledged budget for fiscal year 2013/14. He, however, said that the government was making preparations for such a budget. Minister Koirala said so while addressing a programme organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Pokhara Chamber of Commerce and Industry.&nbsp;</p>
<p>
	“Learning its lessons from the previous years, the government has concluded that a full-fledged budget for the next fiscal year is a must. The government expects full cooperation from the private sector for such a budget,” said Minister Koirala. &nbsp;</p>
<p>
	“For economic development, we must be able to increase the investment, particularly in the development of infrastructure,” remarked Koirala. He added that as the business community is the one suffering greatly from the current energy crisis, the government would try to reduce load-shedding as well. Koirala, who also holds the industry and supplies portfolio, also stressed on the need for industrial development in the country.&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '0000-00-00',
			'keywords' => 'Private Sector Support a Must for Full Budget for FY 2013/14, Economy, Biz News',
			'description' => 'Finance Minister Shankar Prasad Koirala has said that the private sector would have to extend full cooperation to the government to bring a full-fledged budget for fiscal year 2013/14.',
			'sortorder' => '980',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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		'Article' => array(
			'id' => '1109',
			'article_category_id' => '34',
			'title' => '“India’s Leadership Necessary For Regional Economic Integration”',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation. Speaking in a one-day conference on Indo-Nepal trade and investment at Observer Research Foundation (ORF) on 22 April, 2013, Dr Lohani said that the economic cooperation should allow the gravitational force of the large and dynamic Indian economy to act as a lever to pull all other member states in the path of collective prosperity.&nbsp;</p>
<p>
	He further said that India should take the lead in the economic integration of the region and carry the smaller states along with it towards the path of economic prosperity. Viewed from a gravity model perspective developed by economists and geographers, India is the most important country in the region, Dr Lohani said. He further explained that the size of the country, the dynamism of its economy and the distance factor involved imply that smaller South Asian countries will find the gravitational pull of the Indian economy a vital element in their quest for prosperity.</p>
<p>
	The conference was organised as part of the joint study ORF has undertaken along with the South Asian Institute of Management (SAIM), Nepal, on Indo-Nepal trade and investment.&nbsp;</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '2013-06-08',
			'keywords' => 'India’s leadership necessary for regional economic integration, Economy, Biz News',
			'description' => 'If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation.',
			'sortorder' => '978',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
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		'Article' => array(
			'id' => '1107',
			'article_category_id' => '34',
			'title' => 'Cable Car In Capital In Four Years!',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	B&amp;S Urban Cable has come up with a cable car solution to the Kathmandu Valley’s traffic congestion. According to the company promoted by FNCCI Vice President, Bhawani Rana in partnership with Shyam Mohan Shrestha, a detailed study is under way for the project.&nbsp;</p>
<p>
	“The project is expected to complete at a cost of Rs 15-20 billion in four years.” Rana told the Corporate. The company has already conducted a preliminary study for operating cable cars from Narayan Gopal Chowk to Lagankhel and from Kuleshwor to Baudha, with stations at different places for passenger embarkation and disembarkation. The project envisages deployment of sufficient number of cable cars to carry 200,000 persons per day. Each car will have a capacity to carry 25 to 30 persons at a time. The fares for the cable car will be similar to other public transport vehicles, according to Rana. According to her the Nepali government people are positive towards the projects. Moreover, 3-4 French companies have shown interest to partner with B&amp;S Urban Cable in this project. Similarly, the firm is also talking with some Australian, American as well as Swiss companies.</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '0000-00-00',
			'keywords' => 'Cable Car in Capital in Four Years!, Travel, Tourism, Technology, Biz news, Infrastructure',
			'description' => 'B&S Urban Cable has come up with a cable car solution to the Kathmandu Valley’s traffic congestion. According to the company promoted by FNCCI Vice President, Bhawani Rana in partnership with Shyam Mohan Shrestha, a detailed study is under way for the project.',
			'sortorder' => '976',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
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	(int) 3 => array(
		'Article' => array(
			'id' => '1103',
			'article_category_id' => '34',
			'title' => 'Banking Service Sans Bank Account Via E-Service Zone',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’. &nbsp;“To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali. Ali said in the launching programme organised recently in Kathmandu, that the e-service zone will make the financial transaction system simpler. According to the company, one who doesn’t have bank account can also use the service.</p>
<p>
	“One doesn’t need to be the member of a bank to use the e-service facility,” said Biswash Dhakal, Chairman of F1Soft. He said, “Anyone around the country can become the member of the service through our agents.” In past, one needed to be the bank member to use the service.&nbsp;</p>
<p>
	Dhakal said that the service will help to make digital financial transaction system a success in Nepal. As an initial step, the company has appointed three super agents in Kathmandu and 100 agents all over Nepal. According to Ali, company has a plan to appoint one thousand agents all over Nepal within next two months. Agents will receive Rs 20 per person for subscribing customers of the service. Similarly, the same agent member will also get the ‘top-up recharge’ facility.&nbsp;</p>
<p>
	“If the service fosters, nobody has to carry cash in their pocket,” said Dhakal. Consumers can enjoy facilities like money transaction, utility bill payment, mobile phone recharge, air ticket purchase, school fee payment etc through the e-service.</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '2013-06-08',
			'keywords' => 'Banking Service sans Bank Account via E-Service Zone, Banking, biz news',
			'description' => 'Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’.  “To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali.',
			'sortorder' => '972',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
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	(int) 4 => array(
		'Article' => array(
			'id' => '1101',
			'article_category_id' => '34',
			'title' => 'Academicians On The BFI’s Board',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution. Issuing a circular, Nepal Rastra Bank (NRB) has stated that there is no prohibition on appointing professors and readers as a director in the governing board of any financial institution.</p>
<p>
	Earlier, in February, the central bank had forbidden former government officials of any level and former full-time employees of public enterprises, government run schools or educational institutions from being appointed as board members of banks and financial institutions, unless they represented government agency in those boards. According to Nepal Rastra Bank those professionals who have obtained at least a master’s degree in management, banking, finance, money, economics, commerce, trade, administration, commercial law or who have an accounting or commercial law or a chartered accountancy degree and have at least five years of experience at the executive level in the banking and finance field can be considered to be appointed as professional directors.</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '0000-00-00',
			'keywords' => 'Biz news, Academicians On The BFI’s Board',
			'description' => 'The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution.',
			'sortorder' => '970',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
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	(int) 5 => array(
		'Article' => array(
			'id' => '1048',
			'article_category_id' => '34',
			'title' => 'Civil Group To Invest Rs 1.5 Billion In Housing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a &nbsp;feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley. According to the Chairman of the group, Ichchha Raj Tamang, the study will be completed within the current fiscal year.</p>
<p>
	Tamang said that the group plans to expand real estate market outside the Kathmandu Valley. The feasibility study is being carried out in cities such as Pokhara, Hetauda, Dharan and Itahari. Tamang stated that &nbsp;the construction process will begin within &nbsp;the next fiscal year. He also added, “Lately, people are attracted towards individual houses rather than to apartments. So, we have planned to increase investment in the housing.”</p>
<p>
	As of now, the group has been investing in projects only based in Kathmandu Valley. &nbsp;So far, Rs 7 billion is the amount invested by the group &nbsp;in developing housing, apartments and commercial complexes. The group says that the houses that will be &nbsp;built outside the valley will be comparatively cheaper. Tamang stated &nbsp;that the houses will be built taking into consideration &nbsp;consumer’s demands and buying capacity.&nbsp;</p>
<p>
	The housing sector has been &nbsp;experiencing a slowdown for the last three years but it has been &nbsp;showing &nbsp;signs of improvement lately. Tamang said that the expansion to newer cities is being done to address upcoming demands. Civil Group is planning to expand to more cities in the future.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Civil Group to Invest Rs 1.5 Billion in Housing',
			'description' => 'Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a  feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley.',
			'sortorder' => '923',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '1047',
			'article_category_id' => '34',
			'title' => '400 MW Of Clean Energy To Be Developed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and &nbsp;Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.</p>
<p>
	According to Pradhan, the companies will now jointly work to develop, manage and even acquire clean energy projects in Nepal. HSL and NGP will also form a consortium including two of the latter’s partners -Nepal Infrastructure Consult (NIC) and Moksha Energy &nbsp;International (MEI) – to work together to develop and manage clean energy projects in the country,” Pradhan said.</p>
<p>
	NGP, in association with some of its partners such as &nbsp;Panasonic, Martifer Solar or Toshiba,, has already built renewable energy projects (solar, biomass, wind, hydro, waste to energy, and geo-thermal energy) worth over 200MW in different parts of the world. Other projects, with a total capacity of around 3,000 MW, are still in the pipeline. HSL is a rapidly expanding energy company in Nepal. The company is already operating the 4.2MW Baramachi hydel project in Sindhupalchowk. Similarly, the 3.5 MW Charnawati in Dolakha, 10MW Upper Mai in Ilam, 20MW Lower Modi in Parbat and the 6.1MW Upper Mai ‘C’ in Ilam are in the final stage of construction. Likewise, the 42.9MW Ankhu in Dhading, 280MW Kaligandaki Gorge in Mustang and the 2.4MW Lower Charnawati in Dolakha are in the pre-construction phase, according to HSL’s website.&nbsp;</p>
<p>
	NIC is a New York-based company which represents NGP in Nepal. &nbsp;MEI explores viable and creditable clean energy projects from around the globe on behalf of NGP. “HSL has its own portfolio of projects whose cumulative capacity is more than 400MW. So, finding suitable projects is not going to be a problem. Also, we may acquire other projects as well,” said Pradhan.</p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-07',
			'keywords' => '400 MW Of Clean Energy To Be Developed',
			'description' => 'New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and  Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.',
			'sortorder' => '922',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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			'in_scroller' => false,
			'user_id' => '0'
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	(int) 7 => array(
		'Article' => array(
			'id' => '1046',
			'article_category_id' => '34',
			'title' => 'Nepal Witnesses A Six-year Low Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS). Delay in bringing the government budget has curtailed public spending in major areas such as health‚ education and social sector and failed to create demand‚ reducing the growth rate, said CBS.</p>
<p>
	The decline in agriculture growth rate has pulled the overall economic growth rate down to a six-year low‚ CBI data reveals. According to the bureau, the agriculture is expected to grow by a mere 1.21 per cent in the current fiscal year against last fiscal year’s 4.94 per cent growth.</p>
<p>
	The low production of key crops like paddy‚ maize and wheat due to delayed monsoon and disruption in supply of fertilizer have hit the agriculture output‚ according to the Bureau. However‚ the non-agriculture sector is expected to record a marginal growth -- 4.98 per cent from 4.15 per cent -- compared to last fiscal year, the CBI adds.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Nepal Witnesses a Six-year Low Growth',
			'description' => 'Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS).',
			'sortorder' => '921',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1045',
			'article_category_id' => '34',
			'title' => 'Commercial Code Of Conduct In The Offing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline. National &nbsp;Business Initiative (NBI), a Nepali private sector NGO, &nbsp;has been working on a project about &nbsp;ethical practices in business. “This project was initiated to develop responsible and conducive business environment,” said Saroj Raj Pandey, Coordinator of the project.</p>
<p>
	Although few business asociations have already developed a code of conduct of their own, it has not been implemented yet. Similarly, ethics developed some years ago have become outdated with the changing business styles and technology. Pandey stated &nbsp;that a project like this was initiated with the purpose of &nbsp;addressing such issues and also to encourage implementation of ethics throughout the country.</p>
<p>
	Some institutions like the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Trekking Agencies’ Association of Nepal (TAN)the Hotel Association of Nepal (HAN) and the Nepal Association of Foreign Employment Agencies (NAFEA) each have a separate code of conduct for their respective sectors already but it is said to be ineffective.</p>
<p>
	The project has &nbsp;four phases. The first one is expected to be &nbsp;completed within two years. This first phase will be a baseline survey. Later phases will be developing the code of conduct based on survey results, announcing the ethical codes and also working for its implementation. &nbsp;NBI representatives said that the project not only will be implementing ethics but also rewarding companies with best corporate practices.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Commercial Code Of Conduct In The Offing',
			'description' => 'With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline.',
			'sortorder' => '920',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
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	(int) 9 => array(
		'Article' => array(
			'id' => '1044',
			'article_category_id' => '34',
			'title' => 'SMSI: Employing Women',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector. “The increasing number of women getting employment in these industries is encouraging,” said Chhaya Sharma, President of the WEAN, in a summit organized by Young Women’s Entrepreneurs (YWEs).&nbsp;</p>
<p>
	According to Sharma, there are 14,251 small and medium cottage industries run by women, out of 111,442 the total SMSIs across the country.&nbsp;</p>
<p>
	Ajay Pradhananga, President of Nepalese Young Entrepreneur’s Forum (NYEF), said that women’s participation is increasing because of the ability of SMSIs to generate long term employment. He said, “Though the number of women entering this sector is increasing, the lack of access to banks and financial institutions and expertise in information and communication technology (ICT) have made them less competitive.”&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'SMSI: Employing Women',
			'description' => 'Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector.',
			'sortorder' => '919',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
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	(int) 10 => array(
		'Article' => array(
			'id' => '1043',
			'article_category_id' => '34',
			'title' => 'Standard Of Star Hotels To Be Upgraded To Int’l Levels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Star hotels already established in Nepal and those that will &nbsp;soon &nbsp;be operating will have to meet the international standards. According to the Hotel Association of Nepal (HAN), the process to prepare new standards of all hotels, rated one to five stars, is still in the pipeline. According to HAN representatives, even though Nepali star hotels are said to meet international standards, the reality is different and they do not completely &nbsp;qualify. Prabin Pandey, Coordinator of hotel rating revision committee at HAN, said, “Nepali hotels are being enforced international standards to promote them in the international market.” A six- member committee was formed for this purpose after the Ministry of Culture, Tourism and Civil Aviation directed to revise standards of star hotels on March 21. According to the suggestions given by the committee, member hotels will be directed to follow the standards, said a representative of HAN.</p>
<p>
	The committee will determine the number of rooms as well as the standards of suites, clubs and all kinds of rooms. Similarly, food quality and sanitation, along with the use of latest technology and electric doors will also be set as minimum standards. Currently, there are 10 five star hotels and two four star hotels in Nepal. Three and other star hotels are operating across the country.&nbsp;</p>',
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			'title' => 'Yak & Yeti To Spend Rs 800m On Renovation',
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<p>
	Five-star Yak &amp; Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel. “We haven’t renovated our standard rooms for the past 32 years. We want to do it in the New Nepali year 2070 BS,” said Joshi, “We will also add new modern amenities.”</p>
<p>
	The hotel plans to spend nearly Rs 500 million for the renovation of the 110 standard rooms it has. “The remaining amount will be spent on the amenities and kitchen and laundry services,” he added. Earlier, Yak &amp; Yeti was planning to add 100 new rooms. But now that plan has been put off. “New rooms will be added when we achieve better occupancy rates,” he said. The hotel had an occupancy rate of 66 per cent in 2012 and plans to raise it to above 68 per cent in 2013.</p>
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			'description' => 'Five-star Yak & Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel.',
			'sortorder' => '917',
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			'id' => '1041',
			'article_category_id' => '34',
			'title' => 'Central Bank To Continue Managing NBL',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal Rastra Bank (NRB) has decided to continue supervising the &nbsp;management of the Nepal Bank Limited (NBL) for nine more months. The board meeting of the Central Bank decided recently to extend the time to look after the management of the NBL and complete its recapitalisation within that period. The management of the NBL is led by the NRB’s Director, Maheshwor Lal Shrestha. The earlier tenure expired on mid-April.</p>
<p>
	As the bank’s capital is yet to be improved, the management will be handed over to the NBL after the recapitalisation plan is completed within the extended time period, said the representatives of the Central Bank. As per the recapitalisation plan, the bank will issue 1:9.5 rights shares to its stakeholders to increase paid-up capital to Rs. 4 billion, from the current &nbsp;Rs. 380 million. The country’s oldest bank is also set to sell its fixed assets to increase its capital.</p>
<p>
	The bank has also targeted to increase the public share to 49.94 percent as per the plan. Currently, government holds 41 percent stake in NBL while 50 percent is owned by public shareholders and the remaining belongs to different financial institutions.</p>',
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			'created' => '2013-05-24',
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			'keywords' => 'Central Bank to Continue Managing NBL',
			'description' => 'Nepal Rastra Bank (NRB) has decided to continue supervising the  management of the Nepal Bank Limited (NBL) for nine more months.',
			'sortorder' => '916',
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			'id' => '1040',
			'article_category_id' => '34',
			'title' => 'BFIs Increases Investment In Health Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year. The investment from BFIs in these sectors was Rs 9.79 billion till mid February 2013, while it was Rs 6.9 billion during the same period last year. &nbsp;</p>
<p>
	According to the canalysts, different factors such as less risks, various facilities from government, discount in buying medical goods or high returns within short period have attracted more investments to the health sector, &nbsp;compared to other investment areas. &nbsp;The higher number of patients and the general increase of &nbsp;population have also attracted investment prospects in health sectors, mainly in medical centers, hospitals and nursing homes.&nbsp;</p>
<p>
	Similarly, the investment by BFIs in the service sector, excluding education, has also increased up to 21 per cent during the same period, with total investment of Rs 66.83 billion. The investment in the same sector was Rs 55.14 billion in the corresponding period of previous year.&nbsp;</p>',
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			'created' => '2013-05-24',
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			'description' => 'Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year.',
			'sortorder' => '915',
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			'id' => '989',
			'article_category_id' => '34',
			'title' => 'Norway: Nepal’s Reliable Development Partner',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana and Sushila Budhathoki</strong></p>
<p>
	Nepal established diplomatic relations with Norway, a constitutional monarchy in Northern Europe on January 26, 1973. Norway, opened a residential embassy in Kathmandu in January 2000. &nbsp;The Nepali Embassy in Copenhagen, Denmark, oversees the diplomatic activities with Norway as well because Nepal does not have a residential embassy there.</p>
<p>
	With a population of five million inhabitants, Norway is one of the five countries comprising the Nordic Region while it remains outside the European Union. An increasing demand for a wide range of quality imported goods and services of all kinds make it the right country for exportable products and quality services. Norway, a modern and highly developed country, has a strong and stable economy. It has achieved enviable progress in human development. According to the UNDP’s Report in 2010, Norway heads the group of 42 very high human development countries being world’s first country in terms of human development. Norway also has the second highest GNP per capita in the world (USD 55,600) in terms of purchasing power parity.&nbsp;</p>
<p>
	Norway’s economy is essentially based on the exploitation of its natural resources, mainly oil, gas, hydroelectric power, forests and minerals. &nbsp;Oil production dominates the economy, accounting for nearly a quarter of the GNP. Norway is also a major producer and exporter of natural gas. &nbsp;The service sector in Norway is also a highly developed one. Norway’s agriculture contributes to about 2% of the GNP and fishery is a major activity, making Norway the biggest exporter of fish in the world.&nbsp;</p>
<p>
	<strong>Visit exchanges</strong></p>
<p>
	The number of visits at different levels from both sides depicts the increasing interests between Norway and Nepal and has helped in strengthening the relationship between the two countries. Prime Minister Jens Stoltenberg paid a one-day visit to Nepal on February 8, 2008. Foreign Minister, &nbsp;Knut Vollebaek, also visited Nepal in January 2000. Similarly, in June 2012, Minister for International Development, Heikki Holmas, visited the country and the Minister for Environment and Development, Erik Solheim, paid a visit &nbsp;in January 2012. Earlier, he had visited Nepal twice in different ministerial capacities. &nbsp;</p>
<p>
	The then Prime Minister, Pushpa Kamal Dahal, paid an official visit to Norway in March 2009 and Upendra Yadav, Minister for Foreign Affairs, participated in the International Conference entitled “Melting Ice – Regional Dramas, Global Wake-up Call” in April in the same year. Earlier, the then Minister for Foreign Affairs, Chakra Prasad Bastola, &nbsp;also travelled to Norway in September 2000 responding to an invitation of &nbsp;the Norwegian Foreign Minister.&nbsp;</p>
<p>
	<strong>Norway’s support</strong></p>
<p>
	Norway has been voluntarily supporting different projects in Nepal through different NGO’s and bilateral organization since 1960s. The country has regularly provided aid to different sectors in Nepal and has supported different development projects. Some of the sectors covered by Norwegian aid are climate, environment and food production, conflict prevention and resolution and peace and security. There are other sectors also subsidized by Norway such as education, energy generation and supply, government and civil society, among others. The aid from Norway to Nepal is consistent since 2009 (See graph).&nbsp;</p>
<p>
	The Government of Norway has provided NOK 30.6 million for Nepal Peace Trust Fund. This country is also taking the initiative on the third country resettlement of Bhutanese refugees. According to the Ministry of Foreign Affairs Nepal, Norwegian firms have invested Rs. 1135 million in 12 various projects in Nepal, which have generated 726 employment opportunities until July 2012. Norway also supports Nepal through UN agencies, good governance and private sector development, focused on hydropower and electrification. It is also supporting Rural Renewable Energy and Development through Energy Sector Assistance Program (ESAP), which has provided significant results in terms of improving cooking stoves and rural electrification (solar home systems and micro hydro). Regarding the academic field, Norway &nbsp; offers NORAD (Norwegian Agency for Development Cooperation) annual fellowships to Nepali students in different fields of studies.&nbsp;</p>
<p>
	<strong><img alt="Aid from the Royal Norwegian Embassy" height="623" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(3).jpg" width="517" /><br />
	</strong></p>
<p>
	<strong>Cooperation</strong></p>
<p>
	The cooperation between the two governments started with the signing of a memorandum of understanding (MoU) in 1996. &nbsp;According to Royal Norwegian Embassy, the cooperation is based on shared dedication to achieve the Millennium Development Goals (MDGs). Norway has been prioritizing key areas of cooperation in four sectors, namely peace building, democracy and inclusive governance, education and energy. There are cross- cutting issues like peace and human rights, environment, gender and equality and anti-corruption for all projects .&nbsp;</p>
<p>
	Norway has been a key partner to Nepal in exploiting hydropower resources. The country has a number of &nbsp;cooperation in the hydro power sector in Nepal. Some of them are Himal Hydro and General Construction Company, Butwal Power Company, Himal Power Ltd, National Hydro Power Co. and Nepal Hydro and Electric Pvt. Ltd. &nbsp;According to the Royal Norwegian Embassy, Norway is currently focusing in three thematic areas, namely accelerated hydro power development, rural renewable energy and development and technical energy research in energy sector. &nbsp;</p>
<p>
	Norway is also interested in supporting Nepal when conducting a feasibility study of different large scale projects. The Royal Norwegian Embassy in Nepal is currently working on developing new plans to support Nepal regarding energy sector; the Norwegian mission in Nepal has posted on its website. &nbsp;Moreover, with the 60 per cent financial contribution from NORAD, Turbine Testing Lab of Kathmandu University is running a three- year project which started in August 2010. &nbsp;According to Kathmandu University, the project would give a platform and foundation for associated professional parties to come together and create a turbine manufacturer in Nepal.&nbsp;</p>
<p>
	<img alt="Trade with Norway" height="221" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(1)(1).jpg" width="446" /></p>
<p>
	<img alt="Tourist arrival in Nepal from Norway" height="248" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" /></p>
<p>
	<strong>Trade and Tourism</strong></p>
<p>
	The agreement on avoidance of double taxation with Norway, signed in 1996, has been regarded as one of the reasons behind the growing trade between both countries. &nbsp;The trade figure of TEPC (Trade and Export Promotion Center) shows the growing trade both in imports and exports &nbsp;between the two countries. &nbsp;Nepal exported goods worth Rs 41.37 billion in 2009. In 2012 it was Rs 52 billion. Similarly, it imported goods worth Rs 22.52 billion and Rs 96 billion in the year 2009 and 2012 respectively. Thus Nepal had a trade surplus in 2009 and 2010, but in the recent years Nepal has a trade deficit.&nbsp;</p>
<p>
	Norway is the first country to register Nepali Pashmina products. Nepal mainly exports products such as paperboard, articles of paper pulp, coffee, tea, essential oils, cosmetics or toilet preparations, ceramic products and carpets among others. The imports from Norway are comprised of products like fish and crustaceans, aluminum, rubber, boilers, machinery or mechanical appliances. The flow of Norwegian tourists visiting Nepal is also rising. According to the data provided by the Ministry of Foreign Affairs, Norwegians are among major tourists visiting Nepal.&nbsp;</p>
<p>
	<img alt="Facts and figures about Norway" height="420" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(2).jpg" width="446" /></p>',
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			'title' => '‘Private Sector Support A Must For Full Budget For FY 2013/14’',
			'sub_title' => '',
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<p>
	Finance Minister Shankar Prasad Koirala has said that the private sector would have to extend full cooperation to the government to bring a full-fledged budget for fiscal year 2013/14. He, however, said that the government was making preparations for such a budget. Minister Koirala said so while addressing a programme organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Pokhara Chamber of Commerce and Industry.&nbsp;</p>
<p>
	“Learning its lessons from the previous years, the government has concluded that a full-fledged budget for the next fiscal year is a must. The government expects full cooperation from the private sector for such a budget,” said Minister Koirala. &nbsp;</p>
<p>
	“For economic development, we must be able to increase the investment, particularly in the development of infrastructure,” remarked Koirala. He added that as the business community is the one suffering greatly from the current energy crisis, the government would try to reduce load-shedding as well. Koirala, who also holds the industry and supplies portfolio, also stressed on the need for industrial development in the country.&nbsp;</p>',
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<p>
	If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation. Speaking in a one-day conference on Indo-Nepal trade and investment at Observer Research Foundation (ORF) on 22 April, 2013, Dr Lohani said that the economic cooperation should allow the gravitational force of the large and dynamic Indian economy to act as a lever to pull all other member states in the path of collective prosperity.&nbsp;</p>
<p>
	He further said that India should take the lead in the economic integration of the region and carry the smaller states along with it towards the path of economic prosperity. Viewed from a gravity model perspective developed by economists and geographers, India is the most important country in the region, Dr Lohani said. He further explained that the size of the country, the dynamism of its economy and the distance factor involved imply that smaller South Asian countries will find the gravitational pull of the Indian economy a vital element in their quest for prosperity.</p>
<p>
	The conference was organised as part of the joint study ORF has undertaken along with the South Asian Institute of Management (SAIM), Nepal, on Indo-Nepal trade and investment.&nbsp;</p>',
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			'description' => 'If former Foreign Minister Dr Prakash Chandra Lohani is to be believed, there is unwillingness among the South Asian Countries to form a strategic vision of economic cooperation.',
			'sortorder' => '978',
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			'content' => '<p>
	 </p>
<p>
	B&amp;S Urban Cable has come up with a cable car solution to the Kathmandu Valley’s traffic congestion. According to the company promoted by FNCCI Vice President, Bhawani Rana in partnership with Shyam Mohan Shrestha, a detailed study is under way for the project.&nbsp;</p>
<p>
	“The project is expected to complete at a cost of Rs 15-20 billion in four years.” Rana told the Corporate. The company has already conducted a preliminary study for operating cable cars from Narayan Gopal Chowk to Lagankhel and from Kuleshwor to Baudha, with stations at different places for passenger embarkation and disembarkation. The project envisages deployment of sufficient number of cable cars to carry 200,000 persons per day. Each car will have a capacity to carry 25 to 30 persons at a time. The fares for the cable car will be similar to other public transport vehicles, according to Rana. According to her the Nepali government people are positive towards the projects. Moreover, 3-4 French companies have shown interest to partner with B&amp;S Urban Cable in this project. Similarly, the firm is also talking with some Australian, American as well as Swiss companies.</p>',
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			'title' => 'Banking Service Sans Bank Account Via E-Service Zone',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’. &nbsp;“To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali. Ali said in the launching programme organised recently in Kathmandu, that the e-service zone will make the financial transaction system simpler. According to the company, one who doesn’t have bank account can also use the service.</p>
<p>
	“One doesn’t need to be the member of a bank to use the e-service facility,” said Biswash Dhakal, Chairman of F1Soft. He said, “Anyone around the country can become the member of the service through our agents.” In past, one needed to be the bank member to use the service.&nbsp;</p>
<p>
	Dhakal said that the service will help to make digital financial transaction system a success in Nepal. As an initial step, the company has appointed three super agents in Kathmandu and 100 agents all over Nepal. According to Ali, company has a plan to appoint one thousand agents all over Nepal within next two months. Agents will receive Rs 20 per person for subscribing customers of the service. Similarly, the same agent member will also get the ‘top-up recharge’ facility.&nbsp;</p>
<p>
	“If the service fosters, nobody has to carry cash in their pocket,” said Dhakal. Consumers can enjoy facilities like money transaction, utility bill payment, mobile phone recharge, air ticket purchase, school fee payment etc through the e-service.</p>',
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			'created' => '2013-06-08',
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			'keywords' => 'Banking Service sans Bank Account via E-Service Zone, Banking, biz news',
			'description' => 'Leading Digital payment Service of Nepal, ‘Phone Pay’ has launched a service named ‘E-Service Zone’.  “To spread the e-service facility to various regions of Nepal, this program has been launched,” said the Chief Managing Director, Asgar Ali.',
			'sortorder' => '972',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '1101',
			'article_category_id' => '34',
			'title' => 'Academicians On The BFI’s Board',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution. Issuing a circular, Nepal Rastra Bank (NRB) has stated that there is no prohibition on appointing professors and readers as a director in the governing board of any financial institution.</p>
<p>
	Earlier, in February, the central bank had forbidden former government officials of any level and former full-time employees of public enterprises, government run schools or educational institutions from being appointed as board members of banks and financial institutions, unless they represented government agency in those boards. According to Nepal Rastra Bank those professionals who have obtained at least a master’s degree in management, banking, finance, money, economics, commerce, trade, administration, commercial law or who have an accounting or commercial law or a chartered accountancy degree and have at least five years of experience at the executive level in the banking and finance field can be considered to be appointed as professional directors.</p>',
			'published' => true,
			'created' => '2013-06-08',
			'modified' => '0000-00-00',
			'keywords' => 'Biz news, Academicians On The BFI’s Board',
			'description' => 'The central bank has allowed Professors and Readers of government owned universities to hold a position on board of financial institution.',
			'sortorder' => '970',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '1048',
			'article_category_id' => '34',
			'title' => 'Civil Group To Invest Rs 1.5 Billion In Housing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a &nbsp;feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley. According to the Chairman of the group, Ichchha Raj Tamang, the study will be completed within the current fiscal year.</p>
<p>
	Tamang said that the group plans to expand real estate market outside the Kathmandu Valley. The feasibility study is being carried out in cities such as Pokhara, Hetauda, Dharan and Itahari. Tamang stated that &nbsp;the construction process will begin within &nbsp;the next fiscal year. He also added, “Lately, people are attracted towards individual houses rather than to apartments. So, we have planned to increase investment in the housing.”</p>
<p>
	As of now, the group has been investing in projects only based in Kathmandu Valley. &nbsp;So far, Rs 7 billion is the amount invested by the group &nbsp;in developing housing, apartments and commercial complexes. The group says that the houses that will be &nbsp;built outside the valley will be comparatively cheaper. Tamang stated &nbsp;that the houses will be built taking into consideration &nbsp;consumer’s demands and buying capacity.&nbsp;</p>
<p>
	The housing sector has been &nbsp;experiencing a slowdown for the last three years but it has been &nbsp;showing &nbsp;signs of improvement lately. Tamang said that the expansion to newer cities is being done to address upcoming demands. Civil Group is planning to expand to more cities in the future.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Civil Group to Invest Rs 1.5 Billion in Housing',
			'description' => 'Civil Group is planning to invest Rs 1.5 billion in the housing industry. The group is conducting a  feasibility study in order to develop housing projects in four cities outside the Kathmandu Valley.',
			'sortorder' => '923',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '1047',
			'article_category_id' => '34',
			'title' => '400 MW Of Clean Energy To Be Developed',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and &nbsp;Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.</p>
<p>
	According to Pradhan, the companies will now jointly work to develop, manage and even acquire clean energy projects in Nepal. HSL and NGP will also form a consortium including two of the latter’s partners -Nepal Infrastructure Consult (NIC) and Moksha Energy &nbsp;International (MEI) – to work together to develop and manage clean energy projects in the country,” Pradhan said.</p>
<p>
	NGP, in association with some of its partners such as &nbsp;Panasonic, Martifer Solar or Toshiba,, has already built renewable energy projects (solar, biomass, wind, hydro, waste to energy, and geo-thermal energy) worth over 200MW in different parts of the world. Other projects, with a total capacity of around 3,000 MW, are still in the pipeline. HSL is a rapidly expanding energy company in Nepal. The company is already operating the 4.2MW Baramachi hydel project in Sindhupalchowk. Similarly, the 3.5 MW Charnawati in Dolakha, 10MW Upper Mai in Ilam, 20MW Lower Modi in Parbat and the 6.1MW Upper Mai ‘C’ in Ilam are in the final stage of construction. Likewise, the 42.9MW Ankhu in Dhading, 280MW Kaligandaki Gorge in Mustang and the 2.4MW Lower Charnawati in Dolakha are in the pre-construction phase, according to HSL’s website.&nbsp;</p>
<p>
	NIC is a New York-based company which represents NGP in Nepal. &nbsp;MEI explores viable and creditable clean energy projects from around the globe on behalf of NGP. “HSL has its own portfolio of projects whose cumulative capacity is more than 400MW. So, finding suitable projects is not going to be a problem. Also, we may acquire other projects as well,” said Pradhan.</p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-07',
			'keywords' => '400 MW Of Clean Energy To Be Developed',
			'description' => 'New Generation Power (NGP), a Chicago-based renewable energy company, and Hydro Solutions (HSL), a Nepali hydropower company, have signed a Memorandum of Understanding (MoU) to develop clean energy projects with a total capacity of around 400MW in Nepal. The MoU was signed by Dr. Chirinjeev Kathuria, Chairman and  Nisha Joshi, Senior Vice-President (International) of NGP and Gyanendra Lal Pradhan, Executive Chairman of Hydro Solutions and Suman Neupane, President of NIC. Manish Miglani, the founder of MEI, facilitated this signing of MoU between NGP and HSL.',
			'sortorder' => '922',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '1046',
			'article_category_id' => '34',
			'title' => 'Nepal Witnesses A Six-year Low Growth',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS). Delay in bringing the government budget has curtailed public spending in major areas such as health‚ education and social sector and failed to create demand‚ reducing the growth rate, said CBS.</p>
<p>
	The decline in agriculture growth rate has pulled the overall economic growth rate down to a six-year low‚ CBI data reveals. According to the bureau, the agriculture is expected to grow by a mere 1.21 per cent in the current fiscal year against last fiscal year’s 4.94 per cent growth.</p>
<p>
	The low production of key crops like paddy‚ maize and wheat due to delayed monsoon and disruption in supply of fertilizer have hit the agriculture output‚ according to the Bureau. However‚ the non-agriculture sector is expected to record a marginal growth -- 4.98 per cent from 4.15 per cent -- compared to last fiscal year, the CBI adds.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Nepal Witnesses a Six-year Low Growth',
			'description' => 'Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS).',
			'sortorder' => '921',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '1045',
			'article_category_id' => '34',
			'title' => 'Commercial Code Of Conduct In The Offing',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline. National &nbsp;Business Initiative (NBI), a Nepali private sector NGO, &nbsp;has been working on a project about &nbsp;ethical practices in business. “This project was initiated to develop responsible and conducive business environment,” said Saroj Raj Pandey, Coordinator of the project.</p>
<p>
	Although few business asociations have already developed a code of conduct of their own, it has not been implemented yet. Similarly, ethics developed some years ago have become outdated with the changing business styles and technology. Pandey stated &nbsp;that a project like this was initiated with the purpose of &nbsp;addressing such issues and also to encourage implementation of ethics throughout the country.</p>
<p>
	Some institutions like the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Trekking Agencies’ Association of Nepal (TAN)the Hotel Association of Nepal (HAN) and the Nepal Association of Foreign Employment Agencies (NAFEA) each have a separate code of conduct for their respective sectors already but it is said to be ineffective.</p>
<p>
	The project has &nbsp;four phases. The first one is expected to be &nbsp;completed within two years. This first phase will be a baseline survey. Later phases will be developing the code of conduct based on survey results, announcing the ethical codes and also working for its implementation. &nbsp;NBI representatives said that the project not only will be implementing ethics but also rewarding companies with best corporate practices.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Commercial Code Of Conduct In The Offing',
			'description' => 'With an aim to make Nepali industries and corporate houses responsible and ethical, an extensive code of conduct is in the pipeline.',
			'sortorder' => '920',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '1044',
			'article_category_id' => '34',
			'title' => 'SMSI: Employing Women',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector. “The increasing number of women getting employment in these industries is encouraging,” said Chhaya Sharma, President of the WEAN, in a summit organized by Young Women’s Entrepreneurs (YWEs).&nbsp;</p>
<p>
	According to Sharma, there are 14,251 small and medium cottage industries run by women, out of 111,442 the total SMSIs across the country.&nbsp;</p>
<p>
	Ajay Pradhananga, President of Nepalese Young Entrepreneur’s Forum (NYEF), said that women’s participation is increasing because of the ability of SMSIs to generate long term employment. He said, “Though the number of women entering this sector is increasing, the lack of access to banks and financial institutions and expertise in information and communication technology (ICT) have made them less competitive.”&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'SMSI: Employing Women',
			'description' => 'Around 454,000 women are finding jobs in small and medium scale industries (SMSI). According to Women Entrepreneurs Association of Nepal (WEAN), female employees occupy almost half one million jobs created in this sector.',
			'sortorder' => '919',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '1043',
			'article_category_id' => '34',
			'title' => 'Standard Of Star Hotels To Be Upgraded To Int’l Levels',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Star hotels already established in Nepal and those that will &nbsp;soon &nbsp;be operating will have to meet the international standards. According to the Hotel Association of Nepal (HAN), the process to prepare new standards of all hotels, rated one to five stars, is still in the pipeline. According to HAN representatives, even though Nepali star hotels are said to meet international standards, the reality is different and they do not completely &nbsp;qualify. Prabin Pandey, Coordinator of hotel rating revision committee at HAN, said, “Nepali hotels are being enforced international standards to promote them in the international market.” A six- member committee was formed for this purpose after the Ministry of Culture, Tourism and Civil Aviation directed to revise standards of star hotels on March 21. According to the suggestions given by the committee, member hotels will be directed to follow the standards, said a representative of HAN.</p>
<p>
	The committee will determine the number of rooms as well as the standards of suites, clubs and all kinds of rooms. Similarly, food quality and sanitation, along with the use of latest technology and electric doors will also be set as minimum standards. Currently, there are 10 five star hotels and two four star hotels in Nepal. Three and other star hotels are operating across the country.&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-06-04',
			'keywords' => 'Standard of Star Hotels to be Upgraded to Int’l Levels',
			'description' => 'Star hotels already established in Nepal and those that will  soon  be operating will have to meet the international standards.',
			'sortorder' => '918',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '1042',
			'article_category_id' => '34',
			'title' => 'Yak & Yeti To Spend Rs 800m On Renovation',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Five-star Yak &amp; Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel. “We haven’t renovated our standard rooms for the past 32 years. We want to do it in the New Nepali year 2070 BS,” said Joshi, “We will also add new modern amenities.”</p>
<p>
	The hotel plans to spend nearly Rs 500 million for the renovation of the 110 standard rooms it has. “The remaining amount will be spent on the amenities and kitchen and laundry services,” he added. Earlier, Yak &amp; Yeti was planning to add 100 new rooms. But now that plan has been put off. “New rooms will be added when we achieve better occupancy rates,” he said. The hotel had an occupancy rate of 66 per cent in 2012 and plans to raise it to above 68 per cent in 2013.</p>
<div>
	 </div>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '0000-00-00',
			'keywords' => 'Yak & Yeti to Spend Rs 800m on Renovation',
			'description' => 'Five-star Yak & Yeti will be investing nearly Rs 800 million on renovation and refurbishing of its standard rooms, according to Bharat Joshi, resident manager of the hotel.',
			'sortorder' => '917',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '1041',
			'article_category_id' => '34',
			'title' => 'Central Bank To Continue Managing NBL',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Nepal Rastra Bank (NRB) has decided to continue supervising the &nbsp;management of the Nepal Bank Limited (NBL) for nine more months. The board meeting of the Central Bank decided recently to extend the time to look after the management of the NBL and complete its recapitalisation within that period. The management of the NBL is led by the NRB’s Director, Maheshwor Lal Shrestha. The earlier tenure expired on mid-April.</p>
<p>
	As the bank’s capital is yet to be improved, the management will be handed over to the NBL after the recapitalisation plan is completed within the extended time period, said the representatives of the Central Bank. As per the recapitalisation plan, the bank will issue 1:9.5 rights shares to its stakeholders to increase paid-up capital to Rs. 4 billion, from the current &nbsp;Rs. 380 million. The country’s oldest bank is also set to sell its fixed assets to increase its capital.</p>
<p>
	The bank has also targeted to increase the public share to 49.94 percent as per the plan. Currently, government holds 41 percent stake in NBL while 50 percent is owned by public shareholders and the remaining belongs to different financial institutions.</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '0000-00-00',
			'keywords' => 'Central Bank to Continue Managing NBL',
			'description' => 'Nepal Rastra Bank (NRB) has decided to continue supervising the  management of the Nepal Bank Limited (NBL) for nine more months.',
			'sortorder' => '916',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '1040',
			'article_category_id' => '34',
			'title' => 'BFIs Increases Investment In Health Sector',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	 </p>
<p>
	Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year. The investment from BFIs in these sectors was Rs 9.79 billion till mid February 2013, while it was Rs 6.9 billion during the same period last year. &nbsp;</p>
<p>
	According to the canalysts, different factors such as less risks, various facilities from government, discount in buying medical goods or high returns within short period have attracted more investments to the health sector, &nbsp;compared to other investment areas. &nbsp;The higher number of patients and the general increase of &nbsp;population have also attracted investment prospects in health sectors, mainly in medical centers, hospitals and nursing homes.&nbsp;</p>
<p>
	Similarly, the investment by BFIs in the service sector, excluding education, has also increased up to 21 per cent during the same period, with total investment of Rs 66.83 billion. The investment in the same sector was Rs 55.14 billion in the corresponding period of previous year.&nbsp;</p>',
			'published' => true,
			'created' => '2013-05-24',
			'modified' => '2013-05-24',
			'keywords' => 'BFIs Increases Investment in Health Sector',
			'description' => 'Investment in the health sector by Banks and Financial Institution (BFIs) has increased around 61 per cent until mid February 2013 in comparison to the same period previous year.',
			'sortorder' => '915',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '989',
			'article_category_id' => '34',
			'title' => 'Norway: Nepal’s Reliable Development Partner',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<strong>By Sujan Dhungana and Sushila Budhathoki</strong></p>
<p>
	Nepal established diplomatic relations with Norway, a constitutional monarchy in Northern Europe on January 26, 1973. Norway, opened a residential embassy in Kathmandu in January 2000. &nbsp;The Nepali Embassy in Copenhagen, Denmark, oversees the diplomatic activities with Norway as well because Nepal does not have a residential embassy there.</p>
<p>
	With a population of five million inhabitants, Norway is one of the five countries comprising the Nordic Region while it remains outside the European Union. An increasing demand for a wide range of quality imported goods and services of all kinds make it the right country for exportable products and quality services. Norway, a modern and highly developed country, has a strong and stable economy. It has achieved enviable progress in human development. According to the UNDP’s Report in 2010, Norway heads the group of 42 very high human development countries being world’s first country in terms of human development. Norway also has the second highest GNP per capita in the world (USD 55,600) in terms of purchasing power parity.&nbsp;</p>
<p>
	Norway’s economy is essentially based on the exploitation of its natural resources, mainly oil, gas, hydroelectric power, forests and minerals. &nbsp;Oil production dominates the economy, accounting for nearly a quarter of the GNP. Norway is also a major producer and exporter of natural gas. &nbsp;The service sector in Norway is also a highly developed one. Norway’s agriculture contributes to about 2% of the GNP and fishery is a major activity, making Norway the biggest exporter of fish in the world.&nbsp;</p>
<p>
	<strong>Visit exchanges</strong></p>
<p>
	The number of visits at different levels from both sides depicts the increasing interests between Norway and Nepal and has helped in strengthening the relationship between the two countries. Prime Minister Jens Stoltenberg paid a one-day visit to Nepal on February 8, 2008. Foreign Minister, &nbsp;Knut Vollebaek, also visited Nepal in January 2000. Similarly, in June 2012, Minister for International Development, Heikki Holmas, visited the country and the Minister for Environment and Development, Erik Solheim, paid a visit &nbsp;in January 2012. Earlier, he had visited Nepal twice in different ministerial capacities. &nbsp;</p>
<p>
	The then Prime Minister, Pushpa Kamal Dahal, paid an official visit to Norway in March 2009 and Upendra Yadav, Minister for Foreign Affairs, participated in the International Conference entitled “Melting Ice – Regional Dramas, Global Wake-up Call” in April in the same year. Earlier, the then Minister for Foreign Affairs, Chakra Prasad Bastola, &nbsp;also travelled to Norway in September 2000 responding to an invitation of &nbsp;the Norwegian Foreign Minister.&nbsp;</p>
<p>
	<strong>Norway’s support</strong></p>
<p>
	Norway has been voluntarily supporting different projects in Nepal through different NGO’s and bilateral organization since 1960s. The country has regularly provided aid to different sectors in Nepal and has supported different development projects. Some of the sectors covered by Norwegian aid are climate, environment and food production, conflict prevention and resolution and peace and security. There are other sectors also subsidized by Norway such as education, energy generation and supply, government and civil society, among others. The aid from Norway to Nepal is consistent since 2009 (See graph).&nbsp;</p>
<p>
	The Government of Norway has provided NOK 30.6 million for Nepal Peace Trust Fund. This country is also taking the initiative on the third country resettlement of Bhutanese refugees. According to the Ministry of Foreign Affairs Nepal, Norwegian firms have invested Rs. 1135 million in 12 various projects in Nepal, which have generated 726 employment opportunities until July 2012. Norway also supports Nepal through UN agencies, good governance and private sector development, focused on hydropower and electrification. It is also supporting Rural Renewable Energy and Development through Energy Sector Assistance Program (ESAP), which has provided significant results in terms of improving cooking stoves and rural electrification (solar home systems and micro hydro). Regarding the academic field, Norway &nbsp; offers NORAD (Norwegian Agency for Development Cooperation) annual fellowships to Nepali students in different fields of studies.&nbsp;</p>
<p>
	<strong><img alt="Aid from the Royal Norwegian Embassy" height="623" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(3).jpg" width="517" /><br />
	</strong></p>
<p>
	<strong>Cooperation</strong></p>
<p>
	The cooperation between the two governments started with the signing of a memorandum of understanding (MoU) in 1996. &nbsp;According to Royal Norwegian Embassy, the cooperation is based on shared dedication to achieve the Millennium Development Goals (MDGs). Norway has been prioritizing key areas of cooperation in four sectors, namely peace building, democracy and inclusive governance, education and energy. There are cross- cutting issues like peace and human rights, environment, gender and equality and anti-corruption for all projects .&nbsp;</p>
<p>
	Norway has been a key partner to Nepal in exploiting hydropower resources. The country has a number of &nbsp;cooperation in the hydro power sector in Nepal. Some of them are Himal Hydro and General Construction Company, Butwal Power Company, Himal Power Ltd, National Hydro Power Co. and Nepal Hydro and Electric Pvt. Ltd. &nbsp;According to the Royal Norwegian Embassy, Norway is currently focusing in three thematic areas, namely accelerated hydro power development, rural renewable energy and development and technical energy research in energy sector. &nbsp;</p>
<p>
	Norway is also interested in supporting Nepal when conducting a feasibility study of different large scale projects. The Royal Norwegian Embassy in Nepal is currently working on developing new plans to support Nepal regarding energy sector; the Norwegian mission in Nepal has posted on its website. &nbsp;Moreover, with the 60 per cent financial contribution from NORAD, Turbine Testing Lab of Kathmandu University is running a three- year project which started in August 2010. &nbsp;According to Kathmandu University, the project would give a platform and foundation for associated professional parties to come together and create a turbine manufacturer in Nepal.&nbsp;</p>
<p>
	<img alt="Trade with Norway" height="221" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(1)(1).jpg" width="446" /></p>
<p>
	<img alt="Tourist arrival in Nepal from Norway" height="248" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" /></p>
<p>
	<strong>Trade and Tourism</strong></p>
<p>
	The agreement on avoidance of double taxation with Norway, signed in 1996, has been regarded as one of the reasons behind the growing trade between both countries. &nbsp;The trade figure of TEPC (Trade and Export Promotion Center) shows the growing trade both in imports and exports &nbsp;between the two countries. &nbsp;Nepal exported goods worth Rs 41.37 billion in 2009. In 2012 it was Rs 52 billion. Similarly, it imported goods worth Rs 22.52 billion and Rs 96 billion in the year 2009 and 2012 respectively. Thus Nepal had a trade surplus in 2009 and 2010, but in the recent years Nepal has a trade deficit.&nbsp;</p>
<p>
	Norway is the first country to register Nepali Pashmina products. Nepal mainly exports products such as paperboard, articles of paper pulp, coffee, tea, essential oils, cosmetics or toilet preparations, ceramic products and carpets among others. The imports from Norway are comprised of products like fish and crustaceans, aluminum, rubber, boilers, machinery or mechanical appliances. The flow of Norwegian tourists visiting Nepal is also rising. According to the data provided by the Ministry of Foreign Affairs, Norwegians are among major tourists visiting Nepal.&nbsp;</p>
<p>
	<img alt="Facts and figures about Norway" height="420" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bilateral_relationship_may2013_norway_nepal(2).jpg" width="446" /></p>',
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			'keywords' => 'Norway: Nepal’s Reliable Development Partner, Bilateral Relationship, New Business Age',
			'description' => 'Norway has been supporting different projects in Nepal through different NGOs and bilateral organization since 1960s.',
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