Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]
Code Context
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		'Article' => array(
			'id' => '5724',
			'article_category_id' => '1',
			'title' => 'Spending Capacity of the Government Weak: Stakeholders',
			'sub_title' => '',
			'summary' => 'April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the gov',
			'content' => '<p style="text-align: justify;">April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the government. The participants of an interaction program organized by Economic Policy Analysis Division of Finance Ministry in Kathmandu on April 18 expressed the concern over the government spending capacity.</p>

<p style="text-align: justify;">According to them, failure of spending allocated budget, decreasing ratio of capital expenditure in total expenditure and current expenditure exceeding revenue collection are the issues to concern. &nbsp;Dr Swarnim Wagle, member of National Planning Commission expressed his concern over the country being more remittance oriented rather than to mobilize internal resources.</p>

<p style="text-align: justify;">As per the statistics of Finance Ministry, the ratio of government debt to gross domestic product (GDP) is at 27.4 percent whereas the ratio of foreign debt to GDP is 17 percent. Presently,the country has Rs 382 billion foreign debt. Thus, the increasing foreign debt, shrinking development expenditure and dependency on remittance has made the country reliant, said speakers.</p>

<p style="text-align: justify;">The speakers opined that the government should prioritize saving, investment and capital formation in order to increase economic growth through promotion of productive sector in economic policy. Similarly, they stressed that the financial policy should manage the expenses and public debt except revenue collection. Likewise, economists stressed that the monetary policy should administer inflation, currency demand and foreign exchange along with financial interest rate. &nbsp;&nbsp;</p>
',
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			'sortorder' => '5509',
			'image' => '20170419043051_gove.jpg',
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			'id' => '5723',
			'article_category_id' => '1',
			'title' => 'Nepal gets its own Back-up Data Center',
			'sub_title' => '',
			'summary' => 'April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kath',
			'content' => '<p style="text-align:justify">April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kathas of land in Huprachaur of Hetauda. The construction work of the data centre was handed over by Korean International Cooperation Agency (KOICA) to a local company, Nepal Aadarsha Company.</p>

<p style="text-align:justify">&ldquo;Nepal Aadarsha Company has completed construction of the new data center within given 18 months of period,&rdquo; said Krishna Govinda Khayamali. &ldquo;The company is preparing to handover the newly made building to the government,&rdquo; he added. He said that despite of border blockade and Tarai unrest, the company continued the work to complete the data center on time.&rdquo; Construction of the building started on November 2015. &nbsp;</p>

<p style="text-align:justify">The Ministry of Finance and KOICA made an agreement to construct the data center as a museum of governmental and non-governmental information. According to Anup Baskota, Director of the center, the final agreement was delayed after the signing of initial agreement three years back due to change in leadership in KOICA. It was decided that the KOICA will hand over the building after completing construction. &nbsp;</p>

<p style="text-align:justify">Anup Baskota, Executive Director of the center and Yong Aa Goley, Head of KOICA signed on the agreement paper. Under the agreement, the Nepal government will provide training to engineers, land for construction and manage manpower and office placing. &nbsp;</p>
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			'id' => '5722',
			'article_category_id' => '1',
			'title' => 'Arghakhanchi Cement Supports ‘No Horn’ Campaign',
			'sub_title' => '',
			'summary' => 'April 19: Arghakhanchi Cement has supported newly initiated ‘No Horn’ campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles.  Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.',
			'content' => '<p>April 19: Arghakhanchi Cement has supported newly initiated &lsquo;No Horn&rsquo; campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles. &nbsp;Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.</p>
',
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			'sortorder' => '5507',
			'image' => '20170419125803_arghakhanchi.jpg',
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			'id' => '5721',
			'article_category_id' => '1',
			'title' => 'Regmi and Poudel Appointed NRB Director',
			'sub_title' => '',
			'summary' => 'April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.',
			'content' => '<p style="text-align: justify;">April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.</p>
',
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			'sortorder' => '5506',
			'image' => '20170419122808_nrb.JPG',
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			'id' => '5720',
			'article_category_id' => '1',
			'title' => 'Gurkhas Finance in Janagal',
			'sub_title' => '',
			'summary' => 'April 19: Gurkhas Finance has started its 10th branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.',
			'content' => '<p style="text-align: justify;">April 19: Gurkhas Finance has started its 10<sup>th</sup> branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'sortorder' => '5505',
			'image' => '20170419114004_gorkhas finance.jpg',
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			'id' => '5719',
			'article_category_id' => '1',
			'title' => 'Midea Trip to Bangkok',
			'sub_title' => '',
			'summary' => 'April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched ‘Midea Trip to Bangkok’ offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer.  Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement. ',
			'content' => '<p style="text-align: justify;">April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched &lsquo;Midea Trip to Bangkok&rsquo; offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer. &nbsp;Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement.&nbsp;</p>
',
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			'sortorder' => '5504',
			'image' => '20170419112624_midea.jpg',
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			'homepage' => false,
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			'id' => '5718',
			'article_category_id' => '1',
			'title' => 'Max Vision Appoints NIC Asia Capital as Issue Manager',
			'sub_title' => '',
			'summary' => 'April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18. ',
			'content' => '<p style="text-align: justify;">April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18.&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '5503',
			'image' => '20170419110836_nic.jpg',
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			'id' => '5717',
			'article_category_id' => '1',
			'title' => 'Sahayogi Bikas Bank to issue Right Shares',
			'sub_title' => '',
			'summary' => 'April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager. ',
			'content' => '<p style="text-align: justify;">April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager.&nbsp;</p>
',
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			'created' => '2017-04-18',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5502',
			'image' => '20170418045102_sahayogi.jpg',
			'article_date' => '2017-04-18 00:00:00',
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		'Article' => array(
			'id' => '5716',
			'article_category_id' => '1',
			'title' => 'Energy Minister Sets Ambitious Goal: 17,000 MW Power in 7 Years',
			'sub_title' => '',
			'summary' => 'April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power c',
			'content' => '<p style="text-align: justify;">April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power consumption will be increased.</p>

<p style="text-align: justify;">The government will produce 8,000 MW under direct leadership whereas 17,000 MW will be produced through other. The back counting of the seven years start from today,&rdquo; he said. Presently, Nepal produces nearly 506MW power. If the 369MW power imported from India is to considered, per capital power consumption of the present era reach 160 units.&nbsp;</p>
',
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			'created' => '2017-04-18',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5501',
			'image' => '20170418024507_transmission line.jpg',
			'article_date' => '2017-04-18 00:00:00',
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	(int) 9 => array(
		'Article' => array(
			'id' => '5715',
			'article_category_id' => '1',
			'title' => 'SC Restricts Excavation in Godawari Area',
			'sub_title' => '',
			'summary' => 'April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda ',
			'content' => '<p style="text-align: justify;">April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda Kumar Upadhya and Justice Jagdish Sharma said &ldquo;The priceless natural heritage like Godawari area needs to be conserved and preserved for future generation. Thus even if the area holds gold and diamond mine but not just marble, such area should not be allowed to excavate.&rdquo; The order also specified that no permission should be granted in future for any excavation in the Godawari Area.</p>

<p style="text-align: justify;">The full text of the order issued by the full bench has been prepared recently. In the full text, it was described that the religious and cultural heritage, bio diversity, birds, butterflies, flora and fauna that are near extinction and natural beauty of Godawari area is precious. On 2065 BS, a writ petition was filed against the government for its permission to excavate marble in Godawari area resulting extinction of natural resources. &nbsp;</p>

<p style="text-align: justify;">The court also ordered the government to conduct detail study on damages caused by marble excavation in the area. Moreover, the Supreme Court also ordered the government to form a committee to study and research methods to restore the area to its previous structure. According to the order, the committee should be formed in a way that it could advice legal and strategic suggestion on restoring the area within six months.</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'created' => '2017-04-18',
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			'keywords' => '',
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			'sortorder' => '5500',
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		'Article' => array(
			'id' => '5714',
			'article_category_id' => '1',
			'title' => 'JICA Expedites Reconstruction Work in Nepal',
			'sub_title' => '',
			'summary' => 'April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. “JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with ‘Build Back Better’ approach,” ',
			'content' => '<p style="text-align: justify;">April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. &ldquo;JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with &lsquo;Build Back Better&rsquo; approach,&rdquo; said Jun Sakuja, main representative of JICA for Nepal. Sakuja informed that JICA is about to provide USD 320 million support for the reconstruction after the earthquake. On Monday, April 17, a program was jointly organized by JICA and Embassy of Japan in a bid to inform about the reconstruction works conducted by JICA.&nbsp; On the occasion, it was also informed that the JICA will take journalists of various media to a trip to ongoing reconstruction project in Kathmandu and Sindhupalchok on April 18 and 19.</p>

<p style="text-align: justify;">JICA has provided financial support of USD 96 million to develop an emergency residence reconstruction project in Sindhupalchok and Gorkha district. JICA is providing the support through a consortium with the World Bank. Similarly, JICA is also constructing 283 big schools in Lalitpur, Dhanding, Nuwakot, Rasuwa, Gorkha and Makwanpur among the highly earthquake affected districts under Emergency School Reconstruction Project. For the project, JICA will grant support of USD 112 million. Additionally, JICA is selecting more schools for second and third phase, said Sakuja. For the project, JICA has consorted with Asian Development Bank. Moreover, JICA also supported USD 2 million for the school reconstruction project in Dhading, Gorkha and Nuwakot.</p>

<p style="text-align: justify;">In the program, JICA informed that it will support USD 150,000 for the reconstruction of Hanuman Dhoka Durbar Square in Kathmandu. Similarly, to reconstruction Patan Durbar Square, JICA will support USD 78,000. Along with the financial support, JICA has also recruited two heritage experts for the reconstruction of Kathmandu and Patan Durbar Square. Likewise, JICA informed of organizing various programs on road, bridge and women empowerment in the earthquake affected districts.&nbsp;</p>
',
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			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5499',
			'image' => '20170418121324_jica.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '5713',
			'article_category_id' => '1',
			'title' => 'NIC Asia Wins Interbank Footsal',
			'sub_title' => '',
			'summary' => 'April 18: NIC Asia Bank has won the title of Citizens’ Interbank Footsal Tournament. The tournament was organized by Citizens’ International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the',
			'content' => '<p style="text-align: justify;">April 18: NIC Asia Bank has won the title of Citizens&rsquo; Interbank Footsal Tournament. The tournament was organized by Citizens&rsquo; International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the tournament. &nbsp;Rajan Singh Bhandari, CEO of Citizens&rsquo; Bank distributed prizes to the members of the winning team.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5498',
			'image' => '20170418112502_nic.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
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	(int) 12 => array(
		'Article' => array(
			'id' => '5712',
			'article_category_id' => '1',
			'title' => 'Rai Wins ‘Ruslan Golf Tournament’',
			'sub_title' => '',
			'summary' => 'April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.  The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.',
			'content' => '<p style="text-align: justify;">April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.&nbsp; The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.</p>

<p style="text-align: justify;">Similarly, Pratima Sherpa won ladies category and Daman Bahadur Ghale won senior category in the tournament. The winners were awarded with prizes by Rabindra Man Shrestha, Managing Director of the golf club and Raj Bahadur Shah, Managing Director of Jawalakhel Group of Industries.&nbsp;</p>
',
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			'sortorder' => '5497',
			'image' => '20170417023524_ruslan.jpg',
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			'homepage' => false,
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			'id' => '5711',
			'article_category_id' => '1',
			'title' => 'South Asia Could Potentially Benefit from Globalization Backlash: World Bank',
			'sub_title' => '',
			'summary' => 'April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.',
			'content' => '<p>April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.</p>

<p>The just released edition of the twice-a-year South Asia Economic Focus explores whether South Asian countries should worry about mounting protectionist pressures. This report, Globalization Backlash, claims that global integration has been good for economic development and poverty reduction, but finds that the region would be resilient to higher trade barriers in advanced economies. It would even stand to gain if selective protectionism resulted in trade diversion away from established suppliers. South Asian economies also stand to gain from the observed recovery in advanced economies, which are their largest export markets.</p>

<p>&quot;Simulations on the impact of hypothetical new trade barriers show that South Asia is not only resilient to a potential rise in protectionism but could possibly even gain from it in some circumstances,&rdquo; said Annette Dixon, the World Bank South Asia Region Vice President. &ldquo;Advanced economies are recovering and could see faster growth that will likely increase demand for South Asian products. The region should seize this opportunity to diversify its exports and enhance its supply response. This could create a substantial number of jobs for new entrants to the labor force.&rdquo;</p>

<p>Given its weight in the region, India sets the pace for South Asia as a whole. Its GDP growth is expected to accelerate to 7.2 percent in 2018, after expanding by a slightly lower than expected 6.8 percent in 2016, with a temporary disruption from the withdrawal of large denomination bank notes. Based on tangible improvements in security, Pakistan continues its upward trend and growth is expected to accelerate to over 5 percent this year.&nbsp; Nepal and Maldives are bouncing back from economic shocks. In Bangladesh industrial production reached a record-high recently and growth remains strong.</p>

<p>Analysis of different hypothetical trade scenarios finds that South Asia stands to benefit from the stall of large regional trade agreements such as the Trans-Pacific Partnership (TPP). It would also gain in the hypothetical scenario of greater protectionism against major exporting countries such as China and Mexico. The research finds that South Asian growth is highly responsive to higher growth in advanced economies, which could offset potential losses from changes in trade policy.</p>

<p>&ldquo;To make the most of this export opportunity, countries in the region should continue to focus on polices that promote economic growth,&rdquo; said World Bank South Asia Region Chief Economist Martin Rama. &ldquo;A survey of South Asian experts conducted for this report reveals a strong consensus on the need to promote human capital accumulation, investments in infrastructure, and a more business-friendly environment.&rdquo;</p>

<p>According to the report, Nepal is seeing a broad economic recovery after a number of setbacks including the earthquakes of 2015. Its economic activity is recovering with growth expected to rebound to 6.0 percent in 2017 on the back of increased agriculture output, increased availability of electricity, and greater investment as the earthquake reconstruction gathers speed, compared 0.6 percent growth in 2016, reads the report.</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '5706',
			'article_category_id' => '1',
			'title' => 'IB Approaches 14 Companies for Licensing',
			'sub_title' => '',
			'summary' => 'April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board.  For that matter, IB has provided three weeks of time lag to the companies.  However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.',
			'content' => '<p style="text-align:justify">April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board. &nbsp;For that matter, IB has provided three weeks of time lag to the companies. &nbsp;However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.</p>

<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the &lsquo;Insurer Registration and Insurance Operation Directive 2073&rsquo; issued by the board on March 31. &ldquo;Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,&rdquo; said Chiranjibi Chapagain, Chairman of IB.</p>

<p style="text-align:justify">&ldquo;The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,&rdquo; said Raj Kumar Aryal, Deputy Director of Legal Department, IB. &nbsp;The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. &ldquo;After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,&rdquo; he added.</p>

<p style="text-align:justify">As per Aryal, the IB approached nine life insurance companies and five non-life insurance companies that have not obtained license as per the Insurance Act but are registered in company registrar office. These companies have already submitted their file to IB. Apart from them, three other companies which have submitted request letter seeking approval for registration in company registrar office have also been approached, he informed.</p>

<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. &ldquo;This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,&rdquo; he added. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="text-align:justify">The companies seeking license will have to maintain paid-up capital of Rs 2 billion for life-insurance companies and Rs 1 billion for non-life insurance. Additionally, they need to submit detail report on fixed assets, new plan on insurance policy, management expense, capital structural report, fundamental strategy to sustain in insurance market and financial plan of at least five years.&nbsp;</p>
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		'Article' => array(
			'id' => '5724',
			'article_category_id' => '1',
			'title' => 'Spending Capacity of the Government Weak: Stakeholders',
			'sub_title' => '',
			'summary' => 'April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the gov',
			'content' => '<p style="text-align: justify;">April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the government. The participants of an interaction program organized by Economic Policy Analysis Division of Finance Ministry in Kathmandu on April 18 expressed the concern over the government spending capacity.</p>

<p style="text-align: justify;">According to them, failure of spending allocated budget, decreasing ratio of capital expenditure in total expenditure and current expenditure exceeding revenue collection are the issues to concern. &nbsp;Dr Swarnim Wagle, member of National Planning Commission expressed his concern over the country being more remittance oriented rather than to mobilize internal resources.</p>

<p style="text-align: justify;">As per the statistics of Finance Ministry, the ratio of government debt to gross domestic product (GDP) is at 27.4 percent whereas the ratio of foreign debt to GDP is 17 percent. Presently,the country has Rs 382 billion foreign debt. Thus, the increasing foreign debt, shrinking development expenditure and dependency on remittance has made the country reliant, said speakers.</p>

<p style="text-align: justify;">The speakers opined that the government should prioritize saving, investment and capital formation in order to increase economic growth through promotion of productive sector in economic policy. Similarly, they stressed that the financial policy should manage the expenses and public debt except revenue collection. Likewise, economists stressed that the monetary policy should administer inflation, currency demand and foreign exchange along with financial interest rate. &nbsp;&nbsp;</p>
',
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			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5509',
			'image' => '20170419043051_gove.jpg',
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			'id' => '5723',
			'article_category_id' => '1',
			'title' => 'Nepal gets its own Back-up Data Center',
			'sub_title' => '',
			'summary' => 'April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kath',
			'content' => '<p style="text-align:justify">April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kathas of land in Huprachaur of Hetauda. The construction work of the data centre was handed over by Korean International Cooperation Agency (KOICA) to a local company, Nepal Aadarsha Company.</p>

<p style="text-align:justify">&ldquo;Nepal Aadarsha Company has completed construction of the new data center within given 18 months of period,&rdquo; said Krishna Govinda Khayamali. &ldquo;The company is preparing to handover the newly made building to the government,&rdquo; he added. He said that despite of border blockade and Tarai unrest, the company continued the work to complete the data center on time.&rdquo; Construction of the building started on November 2015. &nbsp;</p>

<p style="text-align:justify">The Ministry of Finance and KOICA made an agreement to construct the data center as a museum of governmental and non-governmental information. According to Anup Baskota, Director of the center, the final agreement was delayed after the signing of initial agreement three years back due to change in leadership in KOICA. It was decided that the KOICA will hand over the building after completing construction. &nbsp;</p>

<p style="text-align:justify">Anup Baskota, Executive Director of the center and Yong Aa Goley, Head of KOICA signed on the agreement paper. Under the agreement, the Nepal government will provide training to engineers, land for construction and manage manpower and office placing. &nbsp;</p>
',
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			'modified' => '2017-04-19',
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			'sortorder' => '5508',
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			'article_category_id' => '1',
			'title' => 'Arghakhanchi Cement Supports ‘No Horn’ Campaign',
			'sub_title' => '',
			'summary' => 'April 19: Arghakhanchi Cement has supported newly initiated ‘No Horn’ campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles.  Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.',
			'content' => '<p>April 19: Arghakhanchi Cement has supported newly initiated &lsquo;No Horn&rsquo; campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles. &nbsp;Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.</p>
',
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			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5507',
			'image' => '20170419125803_arghakhanchi.jpg',
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			'id' => '5721',
			'article_category_id' => '1',
			'title' => 'Regmi and Poudel Appointed NRB Director',
			'sub_title' => '',
			'summary' => 'April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.',
			'content' => '<p style="text-align: justify;">April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5506',
			'image' => '20170419122808_nrb.JPG',
			'article_date' => '2017-04-19 00:00:00',
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		'Article' => array(
			'id' => '5720',
			'article_category_id' => '1',
			'title' => 'Gurkhas Finance in Janagal',
			'sub_title' => '',
			'summary' => 'April 19: Gurkhas Finance has started its 10th branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.',
			'content' => '<p style="text-align: justify;">April 19: Gurkhas Finance has started its 10<sup>th</sup> branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'modified' => '2017-04-19',
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			'sortorder' => '5505',
			'image' => '20170419114004_gorkhas finance.jpg',
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		'Article' => array(
			'id' => '5719',
			'article_category_id' => '1',
			'title' => 'Midea Trip to Bangkok',
			'sub_title' => '',
			'summary' => 'April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched ‘Midea Trip to Bangkok’ offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer.  Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement. ',
			'content' => '<p style="text-align: justify;">April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched &lsquo;Midea Trip to Bangkok&rsquo; offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer. &nbsp;Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5504',
			'image' => '20170419112624_midea.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '5718',
			'article_category_id' => '1',
			'title' => 'Max Vision Appoints NIC Asia Capital as Issue Manager',
			'sub_title' => '',
			'summary' => 'April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18. ',
			'content' => '<p style="text-align: justify;">April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5503',
			'image' => '20170419110836_nic.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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			'id' => '5717',
			'article_category_id' => '1',
			'title' => 'Sahayogi Bikas Bank to issue Right Shares',
			'sub_title' => '',
			'summary' => 'April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager. ',
			'content' => '<p style="text-align: justify;">April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5502',
			'image' => '20170418045102_sahayogi.jpg',
			'article_date' => '2017-04-18 00:00:00',
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		'Article' => array(
			'id' => '5716',
			'article_category_id' => '1',
			'title' => 'Energy Minister Sets Ambitious Goal: 17,000 MW Power in 7 Years',
			'sub_title' => '',
			'summary' => 'April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power c',
			'content' => '<p style="text-align: justify;">April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power consumption will be increased.</p>

<p style="text-align: justify;">The government will produce 8,000 MW under direct leadership whereas 17,000 MW will be produced through other. The back counting of the seven years start from today,&rdquo; he said. Presently, Nepal produces nearly 506MW power. If the 369MW power imported from India is to considered, per capital power consumption of the present era reach 160 units.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5501',
			'image' => '20170418024507_transmission line.jpg',
			'article_date' => '2017-04-18 00:00:00',
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		'Article' => array(
			'id' => '5715',
			'article_category_id' => '1',
			'title' => 'SC Restricts Excavation in Godawari Area',
			'sub_title' => '',
			'summary' => 'April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda ',
			'content' => '<p style="text-align: justify;">April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda Kumar Upadhya and Justice Jagdish Sharma said &ldquo;The priceless natural heritage like Godawari area needs to be conserved and preserved for future generation. Thus even if the area holds gold and diamond mine but not just marble, such area should not be allowed to excavate.&rdquo; The order also specified that no permission should be granted in future for any excavation in the Godawari Area.</p>

<p style="text-align: justify;">The full text of the order issued by the full bench has been prepared recently. In the full text, it was described that the religious and cultural heritage, bio diversity, birds, butterflies, flora and fauna that are near extinction and natural beauty of Godawari area is precious. On 2065 BS, a writ petition was filed against the government for its permission to excavate marble in Godawari area resulting extinction of natural resources. &nbsp;</p>

<p style="text-align: justify;">The court also ordered the government to conduct detail study on damages caused by marble excavation in the area. Moreover, the Supreme Court also ordered the government to form a committee to study and research methods to restore the area to its previous structure. According to the order, the committee should be formed in a way that it could advice legal and strategic suggestion on restoring the area within six months.</p>

<p style="text-align: justify;">&nbsp;</p>
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		'Article' => array(
			'id' => '5714',
			'article_category_id' => '1',
			'title' => 'JICA Expedites Reconstruction Work in Nepal',
			'sub_title' => '',
			'summary' => 'April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. “JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with ‘Build Back Better’ approach,” ',
			'content' => '<p style="text-align: justify;">April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. &ldquo;JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with &lsquo;Build Back Better&rsquo; approach,&rdquo; said Jun Sakuja, main representative of JICA for Nepal. Sakuja informed that JICA is about to provide USD 320 million support for the reconstruction after the earthquake. On Monday, April 17, a program was jointly organized by JICA and Embassy of Japan in a bid to inform about the reconstruction works conducted by JICA.&nbsp; On the occasion, it was also informed that the JICA will take journalists of various media to a trip to ongoing reconstruction project in Kathmandu and Sindhupalchok on April 18 and 19.</p>

<p style="text-align: justify;">JICA has provided financial support of USD 96 million to develop an emergency residence reconstruction project in Sindhupalchok and Gorkha district. JICA is providing the support through a consortium with the World Bank. Similarly, JICA is also constructing 283 big schools in Lalitpur, Dhanding, Nuwakot, Rasuwa, Gorkha and Makwanpur among the highly earthquake affected districts under Emergency School Reconstruction Project. For the project, JICA will grant support of USD 112 million. Additionally, JICA is selecting more schools for second and third phase, said Sakuja. For the project, JICA has consorted with Asian Development Bank. Moreover, JICA also supported USD 2 million for the school reconstruction project in Dhading, Gorkha and Nuwakot.</p>

<p style="text-align: justify;">In the program, JICA informed that it will support USD 150,000 for the reconstruction of Hanuman Dhoka Durbar Square in Kathmandu. Similarly, to reconstruction Patan Durbar Square, JICA will support USD 78,000. Along with the financial support, JICA has also recruited two heritage experts for the reconstruction of Kathmandu and Patan Durbar Square. Likewise, JICA informed of organizing various programs on road, bridge and women empowerment in the earthquake affected districts.&nbsp;</p>
',
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			'id' => '5713',
			'article_category_id' => '1',
			'title' => 'NIC Asia Wins Interbank Footsal',
			'sub_title' => '',
			'summary' => 'April 18: NIC Asia Bank has won the title of Citizens’ Interbank Footsal Tournament. The tournament was organized by Citizens’ International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the',
			'content' => '<p style="text-align: justify;">April 18: NIC Asia Bank has won the title of Citizens&rsquo; Interbank Footsal Tournament. The tournament was organized by Citizens&rsquo; International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the tournament. &nbsp;Rajan Singh Bhandari, CEO of Citizens&rsquo; Bank distributed prizes to the members of the winning team.&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '5498',
			'image' => '20170418112502_nic.jpg',
			'article_date' => '2017-04-18 00:00:00',
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	(int) 12 => array(
		'Article' => array(
			'id' => '5712',
			'article_category_id' => '1',
			'title' => 'Rai Wins ‘Ruslan Golf Tournament’',
			'sub_title' => '',
			'summary' => 'April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.  The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.',
			'content' => '<p style="text-align: justify;">April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.&nbsp; The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.</p>

<p style="text-align: justify;">Similarly, Pratima Sherpa won ladies category and Daman Bahadur Ghale won senior category in the tournament. The winners were awarded with prizes by Rabindra Man Shrestha, Managing Director of the golf club and Raj Bahadur Shah, Managing Director of Jawalakhel Group of Industries.&nbsp;</p>
',
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			'id' => '5711',
			'article_category_id' => '1',
			'title' => 'South Asia Could Potentially Benefit from Globalization Backlash: World Bank',
			'sub_title' => '',
			'summary' => 'April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.',
			'content' => '<p>April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.</p>

<p>The just released edition of the twice-a-year South Asia Economic Focus explores whether South Asian countries should worry about mounting protectionist pressures. This report, Globalization Backlash, claims that global integration has been good for economic development and poverty reduction, but finds that the region would be resilient to higher trade barriers in advanced economies. It would even stand to gain if selective protectionism resulted in trade diversion away from established suppliers. South Asian economies also stand to gain from the observed recovery in advanced economies, which are their largest export markets.</p>

<p>&quot;Simulations on the impact of hypothetical new trade barriers show that South Asia is not only resilient to a potential rise in protectionism but could possibly even gain from it in some circumstances,&rdquo; said Annette Dixon, the World Bank South Asia Region Vice President. &ldquo;Advanced economies are recovering and could see faster growth that will likely increase demand for South Asian products. The region should seize this opportunity to diversify its exports and enhance its supply response. This could create a substantial number of jobs for new entrants to the labor force.&rdquo;</p>

<p>Given its weight in the region, India sets the pace for South Asia as a whole. Its GDP growth is expected to accelerate to 7.2 percent in 2018, after expanding by a slightly lower than expected 6.8 percent in 2016, with a temporary disruption from the withdrawal of large denomination bank notes. Based on tangible improvements in security, Pakistan continues its upward trend and growth is expected to accelerate to over 5 percent this year.&nbsp; Nepal and Maldives are bouncing back from economic shocks. In Bangladesh industrial production reached a record-high recently and growth remains strong.</p>

<p>Analysis of different hypothetical trade scenarios finds that South Asia stands to benefit from the stall of large regional trade agreements such as the Trans-Pacific Partnership (TPP). It would also gain in the hypothetical scenario of greater protectionism against major exporting countries such as China and Mexico. The research finds that South Asian growth is highly responsive to higher growth in advanced economies, which could offset potential losses from changes in trade policy.</p>

<p>&ldquo;To make the most of this export opportunity, countries in the region should continue to focus on polices that promote economic growth,&rdquo; said World Bank South Asia Region Chief Economist Martin Rama. &ldquo;A survey of South Asian experts conducted for this report reveals a strong consensus on the need to promote human capital accumulation, investments in infrastructure, and a more business-friendly environment.&rdquo;</p>

<p>According to the report, Nepal is seeing a broad economic recovery after a number of setbacks including the earthquakes of 2015. Its economic activity is recovering with growth expected to rebound to 6.0 percent in 2017 on the back of increased agriculture output, increased availability of electricity, and greater investment as the earthquake reconstruction gathers speed, compared 0.6 percent growth in 2016, reads the report.</p>

<p>&nbsp;</p>
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			'id' => '5706',
			'article_category_id' => '1',
			'title' => 'IB Approaches 14 Companies for Licensing',
			'sub_title' => '',
			'summary' => 'April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board.  For that matter, IB has provided three weeks of time lag to the companies.  However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.',
			'content' => '<p style="text-align:justify">April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board. &nbsp;For that matter, IB has provided three weeks of time lag to the companies. &nbsp;However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.</p>

<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the &lsquo;Insurer Registration and Insurance Operation Directive 2073&rsquo; issued by the board on March 31. &ldquo;Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,&rdquo; said Chiranjibi Chapagain, Chairman of IB.</p>

<p style="text-align:justify">&ldquo;The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,&rdquo; said Raj Kumar Aryal, Deputy Director of Legal Department, IB. &nbsp;The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. &ldquo;After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,&rdquo; he added.</p>

<p style="text-align:justify">As per Aryal, the IB approached nine life insurance companies and five non-life insurance companies that have not obtained license as per the Insurance Act but are registered in company registrar office. These companies have already submitted their file to IB. Apart from them, three other companies which have submitted request letter seeking approval for registration in company registrar office have also been approached, he informed.</p>

<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. &ldquo;This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,&rdquo; he added. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="text-align:justify">The companies seeking license will have to maintain paid-up capital of Rs 2 billion for life-insurance companies and Rs 1 billion for non-life insurance. Additionally, they need to submit detail report on fixed assets, new plan on insurance policy, management expense, capital structural report, fundamental strategy to sustain in insurance market and financial plan of at least five years.&nbsp;</p>
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		'Article' => array(
			'id' => '5724',
			'article_category_id' => '1',
			'title' => 'Spending Capacity of the Government Weak: Stakeholders',
			'sub_title' => '',
			'summary' => 'April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the gov',
			'content' => '<p style="text-align: justify;">April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the government. The participants of an interaction program organized by Economic Policy Analysis Division of Finance Ministry in Kathmandu on April 18 expressed the concern over the government spending capacity.</p>

<p style="text-align: justify;">According to them, failure of spending allocated budget, decreasing ratio of capital expenditure in total expenditure and current expenditure exceeding revenue collection are the issues to concern. &nbsp;Dr Swarnim Wagle, member of National Planning Commission expressed his concern over the country being more remittance oriented rather than to mobilize internal resources.</p>

<p style="text-align: justify;">As per the statistics of Finance Ministry, the ratio of government debt to gross domestic product (GDP) is at 27.4 percent whereas the ratio of foreign debt to GDP is 17 percent. Presently,the country has Rs 382 billion foreign debt. Thus, the increasing foreign debt, shrinking development expenditure and dependency on remittance has made the country reliant, said speakers.</p>

<p style="text-align: justify;">The speakers opined that the government should prioritize saving, investment and capital formation in order to increase economic growth through promotion of productive sector in economic policy. Similarly, they stressed that the financial policy should manage the expenses and public debt except revenue collection. Likewise, economists stressed that the monetary policy should administer inflation, currency demand and foreign exchange along with financial interest rate. &nbsp;&nbsp;</p>
',
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			'id' => '5723',
			'article_category_id' => '1',
			'title' => 'Nepal gets its own Back-up Data Center',
			'sub_title' => '',
			'summary' => 'April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kath',
			'content' => '<p style="text-align:justify">April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kathas of land in Huprachaur of Hetauda. The construction work of the data centre was handed over by Korean International Cooperation Agency (KOICA) to a local company, Nepal Aadarsha Company.</p>

<p style="text-align:justify">&ldquo;Nepal Aadarsha Company has completed construction of the new data center within given 18 months of period,&rdquo; said Krishna Govinda Khayamali. &ldquo;The company is preparing to handover the newly made building to the government,&rdquo; he added. He said that despite of border blockade and Tarai unrest, the company continued the work to complete the data center on time.&rdquo; Construction of the building started on November 2015. &nbsp;</p>

<p style="text-align:justify">The Ministry of Finance and KOICA made an agreement to construct the data center as a museum of governmental and non-governmental information. According to Anup Baskota, Director of the center, the final agreement was delayed after the signing of initial agreement three years back due to change in leadership in KOICA. It was decided that the KOICA will hand over the building after completing construction. &nbsp;</p>

<p style="text-align:justify">Anup Baskota, Executive Director of the center and Yong Aa Goley, Head of KOICA signed on the agreement paper. Under the agreement, the Nepal government will provide training to engineers, land for construction and manage manpower and office placing. &nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Arghakhanchi Cement Supports ‘No Horn’ Campaign',
			'sub_title' => '',
			'summary' => 'April 19: Arghakhanchi Cement has supported newly initiated ‘No Horn’ campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles.  Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.',
			'content' => '<p>April 19: Arghakhanchi Cement has supported newly initiated &lsquo;No Horn&rsquo; campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles. &nbsp;Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.</p>
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			'title' => 'Regmi and Poudel Appointed NRB Director',
			'sub_title' => '',
			'summary' => 'April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.',
			'content' => '<p style="text-align: justify;">April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.</p>
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			'title' => 'Gurkhas Finance in Janagal',
			'sub_title' => '',
			'summary' => 'April 19: Gurkhas Finance has started its 10th branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.',
			'content' => '<p style="text-align: justify;">April 19: Gurkhas Finance has started its 10<sup>th</sup> branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5505',
			'image' => '20170419114004_gorkhas finance.jpg',
			'article_date' => '2017-04-19 00:00:00',
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	(int) 5 => array(
		'Article' => array(
			'id' => '5719',
			'article_category_id' => '1',
			'title' => 'Midea Trip to Bangkok',
			'sub_title' => '',
			'summary' => 'April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched ‘Midea Trip to Bangkok’ offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer.  Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement. ',
			'content' => '<p style="text-align: justify;">April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched &lsquo;Midea Trip to Bangkok&rsquo; offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer. &nbsp;Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5504',
			'image' => '20170419112624_midea.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '5718',
			'article_category_id' => '1',
			'title' => 'Max Vision Appoints NIC Asia Capital as Issue Manager',
			'sub_title' => '',
			'summary' => 'April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18. ',
			'content' => '<p style="text-align: justify;">April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5503',
			'image' => '20170419110836_nic.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 7 => array(
		'Article' => array(
			'id' => '5717',
			'article_category_id' => '1',
			'title' => 'Sahayogi Bikas Bank to issue Right Shares',
			'sub_title' => '',
			'summary' => 'April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager. ',
			'content' => '<p style="text-align: justify;">April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5502',
			'image' => '20170418045102_sahayogi.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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			'in_scroller' => false,
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	),
	(int) 8 => array(
		'Article' => array(
			'id' => '5716',
			'article_category_id' => '1',
			'title' => 'Energy Minister Sets Ambitious Goal: 17,000 MW Power in 7 Years',
			'sub_title' => '',
			'summary' => 'April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power c',
			'content' => '<p style="text-align: justify;">April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power consumption will be increased.</p>

<p style="text-align: justify;">The government will produce 8,000 MW under direct leadership whereas 17,000 MW will be produced through other. The back counting of the seven years start from today,&rdquo; he said. Presently, Nepal produces nearly 506MW power. If the 369MW power imported from India is to considered, per capital power consumption of the present era reach 160 units.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5501',
			'image' => '20170418024507_transmission line.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
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			'main_news' => true,
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	(int) 9 => array(
		'Article' => array(
			'id' => '5715',
			'article_category_id' => '1',
			'title' => 'SC Restricts Excavation in Godawari Area',
			'sub_title' => '',
			'summary' => 'April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda ',
			'content' => '<p style="text-align: justify;">April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda Kumar Upadhya and Justice Jagdish Sharma said &ldquo;The priceless natural heritage like Godawari area needs to be conserved and preserved for future generation. Thus even if the area holds gold and diamond mine but not just marble, such area should not be allowed to excavate.&rdquo; The order also specified that no permission should be granted in future for any excavation in the Godawari Area.</p>

<p style="text-align: justify;">The full text of the order issued by the full bench has been prepared recently. In the full text, it was described that the religious and cultural heritage, bio diversity, birds, butterflies, flora and fauna that are near extinction and natural beauty of Godawari area is precious. On 2065 BS, a writ petition was filed against the government for its permission to excavate marble in Godawari area resulting extinction of natural resources. &nbsp;</p>

<p style="text-align: justify;">The court also ordered the government to conduct detail study on damages caused by marble excavation in the area. Moreover, the Supreme Court also ordered the government to form a committee to study and research methods to restore the area to its previous structure. According to the order, the committee should be formed in a way that it could advice legal and strategic suggestion on restoring the area within six months.</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5500',
			'image' => '20170418012805_godawari.jpg',
			'article_date' => '2017-04-18 00:00:00',
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	(int) 10 => array(
		'Article' => array(
			'id' => '5714',
			'article_category_id' => '1',
			'title' => 'JICA Expedites Reconstruction Work in Nepal',
			'sub_title' => '',
			'summary' => 'April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. “JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with ‘Build Back Better’ approach,” ',
			'content' => '<p style="text-align: justify;">April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. &ldquo;JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with &lsquo;Build Back Better&rsquo; approach,&rdquo; said Jun Sakuja, main representative of JICA for Nepal. Sakuja informed that JICA is about to provide USD 320 million support for the reconstruction after the earthquake. On Monday, April 17, a program was jointly organized by JICA and Embassy of Japan in a bid to inform about the reconstruction works conducted by JICA.&nbsp; On the occasion, it was also informed that the JICA will take journalists of various media to a trip to ongoing reconstruction project in Kathmandu and Sindhupalchok on April 18 and 19.</p>

<p style="text-align: justify;">JICA has provided financial support of USD 96 million to develop an emergency residence reconstruction project in Sindhupalchok and Gorkha district. JICA is providing the support through a consortium with the World Bank. Similarly, JICA is also constructing 283 big schools in Lalitpur, Dhanding, Nuwakot, Rasuwa, Gorkha and Makwanpur among the highly earthquake affected districts under Emergency School Reconstruction Project. For the project, JICA will grant support of USD 112 million. Additionally, JICA is selecting more schools for second and third phase, said Sakuja. For the project, JICA has consorted with Asian Development Bank. Moreover, JICA also supported USD 2 million for the school reconstruction project in Dhading, Gorkha and Nuwakot.</p>

<p style="text-align: justify;">In the program, JICA informed that it will support USD 150,000 for the reconstruction of Hanuman Dhoka Durbar Square in Kathmandu. Similarly, to reconstruction Patan Durbar Square, JICA will support USD 78,000. Along with the financial support, JICA has also recruited two heritage experts for the reconstruction of Kathmandu and Patan Durbar Square. Likewise, JICA informed of organizing various programs on road, bridge and women empowerment in the earthquake affected districts.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5499',
			'image' => '20170418121324_jica.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 11 => array(
		'Article' => array(
			'id' => '5713',
			'article_category_id' => '1',
			'title' => 'NIC Asia Wins Interbank Footsal',
			'sub_title' => '',
			'summary' => 'April 18: NIC Asia Bank has won the title of Citizens’ Interbank Footsal Tournament. The tournament was organized by Citizens’ International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the',
			'content' => '<p style="text-align: justify;">April 18: NIC Asia Bank has won the title of Citizens&rsquo; Interbank Footsal Tournament. The tournament was organized by Citizens&rsquo; International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the tournament. &nbsp;Rajan Singh Bhandari, CEO of Citizens&rsquo; Bank distributed prizes to the members of the winning team.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5498',
			'image' => '20170418112502_nic.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '5712',
			'article_category_id' => '1',
			'title' => 'Rai Wins ‘Ruslan Golf Tournament’',
			'sub_title' => '',
			'summary' => 'April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.  The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.',
			'content' => '<p style="text-align: justify;">April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.&nbsp; The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.</p>

<p style="text-align: justify;">Similarly, Pratima Sherpa won ladies category and Daman Bahadur Ghale won senior category in the tournament. The winners were awarded with prizes by Rabindra Man Shrestha, Managing Director of the golf club and Raj Bahadur Shah, Managing Director of Jawalakhel Group of Industries.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-17',
			'modified' => '2017-04-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5497',
			'image' => '20170417023524_ruslan.jpg',
			'article_date' => '2017-04-17 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	(int) 13 => array(
		'Article' => array(
			'id' => '5711',
			'article_category_id' => '1',
			'title' => 'South Asia Could Potentially Benefit from Globalization Backlash: World Bank',
			'sub_title' => '',
			'summary' => 'April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.',
			'content' => '<p>April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.</p>

<p>The just released edition of the twice-a-year South Asia Economic Focus explores whether South Asian countries should worry about mounting protectionist pressures. This report, Globalization Backlash, claims that global integration has been good for economic development and poverty reduction, but finds that the region would be resilient to higher trade barriers in advanced economies. It would even stand to gain if selective protectionism resulted in trade diversion away from established suppliers. South Asian economies also stand to gain from the observed recovery in advanced economies, which are their largest export markets.</p>

<p>&quot;Simulations on the impact of hypothetical new trade barriers show that South Asia is not only resilient to a potential rise in protectionism but could possibly even gain from it in some circumstances,&rdquo; said Annette Dixon, the World Bank South Asia Region Vice President. &ldquo;Advanced economies are recovering and could see faster growth that will likely increase demand for South Asian products. The region should seize this opportunity to diversify its exports and enhance its supply response. This could create a substantial number of jobs for new entrants to the labor force.&rdquo;</p>

<p>Given its weight in the region, India sets the pace for South Asia as a whole. Its GDP growth is expected to accelerate to 7.2 percent in 2018, after expanding by a slightly lower than expected 6.8 percent in 2016, with a temporary disruption from the withdrawal of large denomination bank notes. Based on tangible improvements in security, Pakistan continues its upward trend and growth is expected to accelerate to over 5 percent this year.&nbsp; Nepal and Maldives are bouncing back from economic shocks. In Bangladesh industrial production reached a record-high recently and growth remains strong.</p>

<p>Analysis of different hypothetical trade scenarios finds that South Asia stands to benefit from the stall of large regional trade agreements such as the Trans-Pacific Partnership (TPP). It would also gain in the hypothetical scenario of greater protectionism against major exporting countries such as China and Mexico. The research finds that South Asian growth is highly responsive to higher growth in advanced economies, which could offset potential losses from changes in trade policy.</p>

<p>&ldquo;To make the most of this export opportunity, countries in the region should continue to focus on polices that promote economic growth,&rdquo; said World Bank South Asia Region Chief Economist Martin Rama. &ldquo;A survey of South Asian experts conducted for this report reveals a strong consensus on the need to promote human capital accumulation, investments in infrastructure, and a more business-friendly environment.&rdquo;</p>

<p>According to the report, Nepal is seeing a broad economic recovery after a number of setbacks including the earthquakes of 2015. Its economic activity is recovering with growth expected to rebound to 6.0 percent in 2017 on the back of increased agriculture output, increased availability of electricity, and greater investment as the earthquake reconstruction gathers speed, compared 0.6 percent growth in 2016, reads the report.</p>

<p>&nbsp;</p>
',
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			'created' => '2017-04-17',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5496',
			'image' => '20170417011706_wb.JPG',
			'article_date' => '2017-04-17 00:00:00',
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	(int) 14 => array(
		'Article' => array(
			'id' => '5706',
			'article_category_id' => '1',
			'title' => 'IB Approaches 14 Companies for Licensing',
			'sub_title' => '',
			'summary' => 'April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board.  For that matter, IB has provided three weeks of time lag to the companies.  However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.',
			'content' => '<p style="text-align:justify">April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board. &nbsp;For that matter, IB has provided three weeks of time lag to the companies. &nbsp;However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.</p>

<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the &lsquo;Insurer Registration and Insurance Operation Directive 2073&rsquo; issued by the board on March 31. &ldquo;Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,&rdquo; said Chiranjibi Chapagain, Chairman of IB.</p>

<p style="text-align:justify">&ldquo;The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,&rdquo; said Raj Kumar Aryal, Deputy Director of Legal Department, IB. &nbsp;The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. &ldquo;After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,&rdquo; he added.</p>

<p style="text-align:justify">As per Aryal, the IB approached nine life insurance companies and five non-life insurance companies that have not obtained license as per the Insurance Act but are registered in company registrar office. These companies have already submitted their file to IB. Apart from them, three other companies which have submitted request letter seeking approval for registration in company registrar office have also been approached, he informed.</p>

<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. &ldquo;This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,&rdquo; he added. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="text-align:justify">The companies seeking license will have to maintain paid-up capital of Rs 2 billion for life-insurance companies and Rs 1 billion for non-life insurance. Additionally, they need to submit detail report on fixed assets, new plan on insurance policy, management expense, capital structural report, fundamental strategy to sustain in insurance market and financial plan of at least five years.&nbsp;</p>
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
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View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
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Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
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			'Article' => array(
				[maximum depth reached]
			)
		),
		(int) 14 => array(
			'Article' => array(
				[maximum depth reached]
			)
		)
	),
	'current_user' => null,
	'logged_in' => false
)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '5724',
			'article_category_id' => '1',
			'title' => 'Spending Capacity of the Government Weak: Stakeholders',
			'sub_title' => '',
			'summary' => 'April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the gov',
			'content' => '<p style="text-align: justify;">April 19: As the government has started preparing for upcoming budget of next FY, stakeholders have expressed their concern over the weakening spending capacity of the government. The participants of an interaction program organized by Economic Policy Analysis Division of Finance Ministry in Kathmandu on April 18 expressed the concern over the government spending capacity.</p>

<p style="text-align: justify;">According to them, failure of spending allocated budget, decreasing ratio of capital expenditure in total expenditure and current expenditure exceeding revenue collection are the issues to concern. &nbsp;Dr Swarnim Wagle, member of National Planning Commission expressed his concern over the country being more remittance oriented rather than to mobilize internal resources.</p>

<p style="text-align: justify;">As per the statistics of Finance Ministry, the ratio of government debt to gross domestic product (GDP) is at 27.4 percent whereas the ratio of foreign debt to GDP is 17 percent. Presently,the country has Rs 382 billion foreign debt. Thus, the increasing foreign debt, shrinking development expenditure and dependency on remittance has made the country reliant, said speakers.</p>

<p style="text-align: justify;">The speakers opined that the government should prioritize saving, investment and capital formation in order to increase economic growth through promotion of productive sector in economic policy. Similarly, they stressed that the financial policy should manage the expenses and public debt except revenue collection. Likewise, economists stressed that the monetary policy should administer inflation, currency demand and foreign exchange along with financial interest rate. &nbsp;&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5509',
			'image' => '20170419043051_gove.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '5723',
			'article_category_id' => '1',
			'title' => 'Nepal gets its own Back-up Data Center',
			'sub_title' => '',
			'summary' => 'April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kath',
			'content' => '<p style="text-align:justify">April 19: A data centre has been constructed in Hetauda with a cost of Rs 200 million in order to preserve important information and business documents of government and private sector. The data centre, which is the back up of central data center of Singhadurbar, has been constructed in 10 kathas of land in Huprachaur of Hetauda. The construction work of the data centre was handed over by Korean International Cooperation Agency (KOICA) to a local company, Nepal Aadarsha Company.</p>

<p style="text-align:justify">&ldquo;Nepal Aadarsha Company has completed construction of the new data center within given 18 months of period,&rdquo; said Krishna Govinda Khayamali. &ldquo;The company is preparing to handover the newly made building to the government,&rdquo; he added. He said that despite of border blockade and Tarai unrest, the company continued the work to complete the data center on time.&rdquo; Construction of the building started on November 2015. &nbsp;</p>

<p style="text-align:justify">The Ministry of Finance and KOICA made an agreement to construct the data center as a museum of governmental and non-governmental information. According to Anup Baskota, Director of the center, the final agreement was delayed after the signing of initial agreement three years back due to change in leadership in KOICA. It was decided that the KOICA will hand over the building after completing construction. &nbsp;</p>

<p style="text-align:justify">Anup Baskota, Executive Director of the center and Yong Aa Goley, Head of KOICA signed on the agreement paper. Under the agreement, the Nepal government will provide training to engineers, land for construction and manage manpower and office placing. &nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5508',
			'image' => '20170419022701_data.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '5722',
			'article_category_id' => '1',
			'title' => 'Arghakhanchi Cement Supports ‘No Horn’ Campaign',
			'sub_title' => '',
			'summary' => 'April 19: Arghakhanchi Cement has supported newly initiated ‘No Horn’ campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles.  Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.',
			'content' => '<p>April 19: Arghakhanchi Cement has supported newly initiated &lsquo;No Horn&rsquo; campaign. The company, under its corporate social responsibility, supported the campaign prohibiting honking horns by vehicles. &nbsp;Arghakhanchi cement is alerting public about the campaign by placing boards at various locations in the valley, said the company in a press statement.</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5507',
			'image' => '20170419125803_arghakhanchi.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '5721',
			'article_category_id' => '1',
			'title' => 'Regmi and Poudel Appointed NRB Director',
			'sub_title' => '',
			'summary' => 'April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.',
			'content' => '<p style="text-align: justify;">April 19: Ramji Regmi and Shri Ram Poudel have been appointed as Directors of Nepal Rastra Bank (NRB). The cabinet of minister on April 16 appointed Regmi and Poudel as directors of NRB for next five years. Previously, Regmi was chairman of Nepal Stock Exchange whereas Poudel was a former NRB director.</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5506',
			'image' => '20170419122808_nrb.JPG',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '5720',
			'article_category_id' => '1',
			'title' => 'Gurkhas Finance in Janagal',
			'sub_title' => '',
			'summary' => 'April 19: Gurkhas Finance has started its 10th branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.',
			'content' => '<p style="text-align: justify;">April 19: Gurkhas Finance has started its 10<sup>th</sup> branch at Janagal of Kavre. Sur Krishna Vaidhya, President of Kavre Chamber of Commerce and Industries inaugurated the branch amid a program on April 17. The finance has collected deposit of Rs 3.41 billion and extended loan of Rs 3.11 billion till the second quarter of the current FY. The finance company with a paid-up capital of Rs 578.6 million is preparing to issue 2:1 right shares to its existing shareholders.</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5505',
			'image' => '20170419114004_gorkhas finance.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '5719',
			'article_category_id' => '1',
			'title' => 'Midea Trip to Bangkok',
			'sub_title' => '',
			'summary' => 'April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched ‘Midea Trip to Bangkok’ offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer.  Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement. ',
			'content' => '<p style="text-align: justify;">April 19: Airtech Industries, the authorized distributor of Midea air conditioner for Nepal has launched &lsquo;Midea Trip to Bangkok&rsquo; offer. The company, on the purchase of Midea air conditioner, will provide a coupon to the customer. &nbsp;Based on the coupon, three lucky winners will get a chance to win a trip of 4 nights and 5 days to Bangkok, said the company in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5504',
			'image' => '20170419112624_midea.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '5718',
			'article_category_id' => '1',
			'title' => 'Max Vision Appoints NIC Asia Capital as Issue Manager',
			'sub_title' => '',
			'summary' => 'April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18. ',
			'content' => '<p style="text-align: justify;">April 19: Max Vision Ltd has appointed NIC Asia Capital as its issue manager. The company is set to issue 500,000 units of general shares in near future for which it appointed NIC Asia as share registrar and issue manager. Ram Chandra Khanal, CEO of NIC Asia Capital and Keshav Prasad Shrestha, Chairman of Max Vision signed a memorandum of understanding regarding the matter amid a program on April 18.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-19',
			'modified' => '2017-04-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5503',
			'image' => '20170419110836_nic.jpg',
			'article_date' => '2017-04-19 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '5717',
			'article_category_id' => '1',
			'title' => 'Sahayogi Bikas Bank to issue Right Shares',
			'sub_title' => '',
			'summary' => 'April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager. ',
			'content' => '<p style="text-align: justify;">April 18: Securities Board of Nepal (SEBON) has approved right share of Sahayogi Bikas Bank on April 18. The bank is set to issue 10:3.5 right shares to its existing shareholders. Sahayogi will issue 111,135 units of equity shares with a face value of Rs 100. The bank has appointed NCM Merchant Banking Ltd as its Issue Manager.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5502',
			'image' => '20170418045102_sahayogi.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '5716',
			'article_category_id' => '1',
			'title' => 'Energy Minister Sets Ambitious Goal: 17,000 MW Power in 7 Years',
			'sub_title' => '',
			'summary' => 'April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power c',
			'content' => '<p style="text-align: justify;">April 18: Janardan Sharma, Energy Minister of Nepal has said that the per capita electricity consumption of Nepal will be raised to 2000 units in next seven years. In an interaction program organized by Ministry of Energy on April 17, he said by raising power production to 17,000 MW during the period, the per capita power consumption will be increased.</p>

<p style="text-align: justify;">The government will produce 8,000 MW under direct leadership whereas 17,000 MW will be produced through other. The back counting of the seven years start from today,&rdquo; he said. Presently, Nepal produces nearly 506MW power. If the 369MW power imported from India is to considered, per capital power consumption of the present era reach 160 units.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5501',
			'image' => '20170418024507_transmission line.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '5715',
			'article_category_id' => '1',
			'title' => 'SC Restricts Excavation in Godawari Area',
			'sub_title' => '',
			'summary' => 'April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda ',
			'content' => '<p style="text-align: justify;">April 18: Supreme Court has restricted any excavation in Godawari Area. The court, in a strong word, ordered all the stakeholders including the government not to excavate the area even if the area contains gold and diamonds. The order given by full bench of Chief Justice Sushila Karki, Justice Gobinda Kumar Upadhya and Justice Jagdish Sharma said &ldquo;The priceless natural heritage like Godawari area needs to be conserved and preserved for future generation. Thus even if the area holds gold and diamond mine but not just marble, such area should not be allowed to excavate.&rdquo; The order also specified that no permission should be granted in future for any excavation in the Godawari Area.</p>

<p style="text-align: justify;">The full text of the order issued by the full bench has been prepared recently. In the full text, it was described that the religious and cultural heritage, bio diversity, birds, butterflies, flora and fauna that are near extinction and natural beauty of Godawari area is precious. On 2065 BS, a writ petition was filed against the government for its permission to excavate marble in Godawari area resulting extinction of natural resources. &nbsp;</p>

<p style="text-align: justify;">The court also ordered the government to conduct detail study on damages caused by marble excavation in the area. Moreover, the Supreme Court also ordered the government to form a committee to study and research methods to restore the area to its previous structure. According to the order, the committee should be formed in a way that it could advice legal and strategic suggestion on restoring the area within six months.</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5500',
			'image' => '20170418012805_godawari.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '5714',
			'article_category_id' => '1',
			'title' => 'JICA Expedites Reconstruction Work in Nepal',
			'sub_title' => '',
			'summary' => 'April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. “JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with ‘Build Back Better’ approach,” ',
			'content' => '<p style="text-align: justify;">April 18: Japan International Cooperation Agency (JICA) is preparing and implementing various projects and programs regarding reconstruction after the devastating earthquake. &ldquo;JICA is reconstructing schools, private residences and other infrastructure affected by earthquake with &lsquo;Build Back Better&rsquo; approach,&rdquo; said Jun Sakuja, main representative of JICA for Nepal. Sakuja informed that JICA is about to provide USD 320 million support for the reconstruction after the earthquake. On Monday, April 17, a program was jointly organized by JICA and Embassy of Japan in a bid to inform about the reconstruction works conducted by JICA.&nbsp; On the occasion, it was also informed that the JICA will take journalists of various media to a trip to ongoing reconstruction project in Kathmandu and Sindhupalchok on April 18 and 19.</p>

<p style="text-align: justify;">JICA has provided financial support of USD 96 million to develop an emergency residence reconstruction project in Sindhupalchok and Gorkha district. JICA is providing the support through a consortium with the World Bank. Similarly, JICA is also constructing 283 big schools in Lalitpur, Dhanding, Nuwakot, Rasuwa, Gorkha and Makwanpur among the highly earthquake affected districts under Emergency School Reconstruction Project. For the project, JICA will grant support of USD 112 million. Additionally, JICA is selecting more schools for second and third phase, said Sakuja. For the project, JICA has consorted with Asian Development Bank. Moreover, JICA also supported USD 2 million for the school reconstruction project in Dhading, Gorkha and Nuwakot.</p>

<p style="text-align: justify;">In the program, JICA informed that it will support USD 150,000 for the reconstruction of Hanuman Dhoka Durbar Square in Kathmandu. Similarly, to reconstruction Patan Durbar Square, JICA will support USD 78,000. Along with the financial support, JICA has also recruited two heritage experts for the reconstruction of Kathmandu and Patan Durbar Square. Likewise, JICA informed of organizing various programs on road, bridge and women empowerment in the earthquake affected districts.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5499',
			'image' => '20170418121324_jica.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '5713',
			'article_category_id' => '1',
			'title' => 'NIC Asia Wins Interbank Footsal',
			'sub_title' => '',
			'summary' => 'April 18: NIC Asia Bank has won the title of Citizens’ Interbank Footsal Tournament. The tournament was organized by Citizens’ International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the',
			'content' => '<p style="text-align: justify;">April 18: NIC Asia Bank has won the title of Citizens&rsquo; Interbank Footsal Tournament. The tournament was organized by Citizens&rsquo; International Bank on the occasion of its anniversary. NIC Asia won the title by defeating NMB Bank on a tiebreaker. Similarly, Siddhartha Bank was the second runner- up of the tournament. &nbsp;Rajan Singh Bhandari, CEO of Citizens&rsquo; Bank distributed prizes to the members of the winning team.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-18',
			'modified' => '2017-04-18',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5498',
			'image' => '20170418112502_nic.jpg',
			'article_date' => '2017-04-18 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '5712',
			'article_category_id' => '1',
			'title' => 'Rai Wins ‘Ruslan Golf Tournament’',
			'sub_title' => '',
			'summary' => 'April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.  The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.',
			'content' => '<p style="text-align: justify;">April 17: Mithun Rai has won Ruslan Golf Tournament. Rai won the tournament with 72 points. The tournament was organized by Bijay Distillery under Jawalakhel Group of Industry.&nbsp; The tournament was organized in Royal Nepal Golf Club on April 14 and 15. Rai won a tour package of Kathmandu-Bangkok-Kathmandu for two peoples.</p>

<p style="text-align: justify;">Similarly, Pratima Sherpa won ladies category and Daman Bahadur Ghale won senior category in the tournament. The winners were awarded with prizes by Rabindra Man Shrestha, Managing Director of the golf club and Raj Bahadur Shah, Managing Director of Jawalakhel Group of Industries.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-04-17',
			'modified' => '2017-04-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5497',
			'image' => '20170417023524_ruslan.jpg',
			'article_date' => '2017-04-17 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '5711',
			'article_category_id' => '1',
			'title' => 'South Asia Could Potentially Benefit from Globalization Backlash: World Bank',
			'sub_title' => '',
			'summary' => 'April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.',
			'content' => '<p>April 17: Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said on April 16. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.</p>

<p>The just released edition of the twice-a-year South Asia Economic Focus explores whether South Asian countries should worry about mounting protectionist pressures. This report, Globalization Backlash, claims that global integration has been good for economic development and poverty reduction, but finds that the region would be resilient to higher trade barriers in advanced economies. It would even stand to gain if selective protectionism resulted in trade diversion away from established suppliers. South Asian economies also stand to gain from the observed recovery in advanced economies, which are their largest export markets.</p>

<p>&quot;Simulations on the impact of hypothetical new trade barriers show that South Asia is not only resilient to a potential rise in protectionism but could possibly even gain from it in some circumstances,&rdquo; said Annette Dixon, the World Bank South Asia Region Vice President. &ldquo;Advanced economies are recovering and could see faster growth that will likely increase demand for South Asian products. The region should seize this opportunity to diversify its exports and enhance its supply response. This could create a substantial number of jobs for new entrants to the labor force.&rdquo;</p>

<p>Given its weight in the region, India sets the pace for South Asia as a whole. Its GDP growth is expected to accelerate to 7.2 percent in 2018, after expanding by a slightly lower than expected 6.8 percent in 2016, with a temporary disruption from the withdrawal of large denomination bank notes. Based on tangible improvements in security, Pakistan continues its upward trend and growth is expected to accelerate to over 5 percent this year.&nbsp; Nepal and Maldives are bouncing back from economic shocks. In Bangladesh industrial production reached a record-high recently and growth remains strong.</p>

<p>Analysis of different hypothetical trade scenarios finds that South Asia stands to benefit from the stall of large regional trade agreements such as the Trans-Pacific Partnership (TPP). It would also gain in the hypothetical scenario of greater protectionism against major exporting countries such as China and Mexico. The research finds that South Asian growth is highly responsive to higher growth in advanced economies, which could offset potential losses from changes in trade policy.</p>

<p>&ldquo;To make the most of this export opportunity, countries in the region should continue to focus on polices that promote economic growth,&rdquo; said World Bank South Asia Region Chief Economist Martin Rama. &ldquo;A survey of South Asian experts conducted for this report reveals a strong consensus on the need to promote human capital accumulation, investments in infrastructure, and a more business-friendly environment.&rdquo;</p>

<p>According to the report, Nepal is seeing a broad economic recovery after a number of setbacks including the earthquakes of 2015. Its economic activity is recovering with growth expected to rebound to 6.0 percent in 2017 on the back of increased agriculture output, increased availability of electricity, and greater investment as the earthquake reconstruction gathers speed, compared 0.6 percent growth in 2016, reads the report.</p>

<p>&nbsp;</p>
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			'title' => 'IB Approaches 14 Companies for Licensing',
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			'summary' => 'April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board.  For that matter, IB has provided three weeks of time lag to the companies.  However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.',
			'content' => '<p style="text-align:justify">April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board. &nbsp;For that matter, IB has provided three weeks of time lag to the companies. &nbsp;However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.</p>

<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the &lsquo;Insurer Registration and Insurance Operation Directive 2073&rsquo; issued by the board on March 31. &ldquo;Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,&rdquo; said Chiranjibi Chapagain, Chairman of IB.</p>

<p style="text-align:justify">&ldquo;The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,&rdquo; said Raj Kumar Aryal, Deputy Director of Legal Department, IB. &nbsp;The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. &ldquo;After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,&rdquo; he added.</p>

<p style="text-align:justify">As per Aryal, the IB approached nine life insurance companies and five non-life insurance companies that have not obtained license as per the Insurance Act but are registered in company registrar office. These companies have already submitted their file to IB. Apart from them, three other companies which have submitted request letter seeking approval for registration in company registrar office have also been approached, he informed.</p>

<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. &ldquo;This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,&rdquo; he added. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="text-align:justify">The companies seeking license will have to maintain paid-up capital of Rs 2 billion for life-insurance companies and Rs 1 billion for non-life insurance. Additionally, they need to submit detail report on fixed assets, new plan on insurance policy, management expense, capital structural report, fundamental strategy to sustain in insurance market and financial plan of at least five years.&nbsp;</p>
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