February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from…
February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from…
February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical…
February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US…
February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to…
February 27: The government has started homework of policy improvement to attract foreign…
February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority…
February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN…
February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal.…
February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of…
February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee…
February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long…
February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank…
February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border.…
February 25: Finance Minister Janardan Sharma, who responsible for…
February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14842', 'article_category_id' => '1', 'title' => 'This is how MCC will be Implemented', 'sub_title' => '', 'summary' => 'February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The passage of MCC has opened doors for a grant assistance of Rs 55 billion, which will primarily be used for construction of transmission lines and roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Until now, the project signed in 2017 had remained uncertain because the political parties were divided over its endorsement. But now, the project is all set to be implemented in full fledge, according to the officials of the Millennium Challenge Account (MCA) Nepal. MCA Nepal is body formed by the Government of Nepal in April/May 2018 (2075 BS) under the Development Committee Act, 2013 in order to implement the projects under the MCC grant agreement. The MCC compact will be implemented by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Communication officer of MCA Nepal Rajiv Dahal said that the preparatory works for the project had slowed down because of the delay in endorsing the MCC from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Now, the MCA Nepal, under this project, will complete the works related to land acquisition and seek within one year the permission to use forest areas. Then the EIF meeting will be held to implement the project. This meeting will fix the deadline for projects under MCC to be completed within 5 years. The MCC will release funds after this meeting as per the cost estimate submitted by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US government will provide grant assistance of US$ 500 million while the Government of Nepal will invest US$ 130 million for this project. If Nepal is not able to spend the grant pledged by the USA within 5 years, the unspent amount has to be returned back.</span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14584', 'image' => '20220228120455_thediplomat-2020-01-29-21.jpg', 'article_date' => '2022-02-28 12:04:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14841', 'article_category_id' => '1', 'title' => 'What does 11-point Descriptive Notes about MCC Say', 'sub_title' => '', 'summary' => 'February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the announcement, the ruling parties stated that the MCC compact, upon its endorsement, would not be regarded as an agreement having link to any strategic or military alliance including the US Indo-Pacific Strategy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the explanatory notes, the auditing of MCC would be conducted by the Office of Auditor General; the intellectual property gained from the project would be of Nepal; no agreement would be above the Constitution of Nepal; and the project would be directed as per Nepal's constitution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes were made public on Sunday (February 28) after a meeting of the ruling parties held at prime minister's official residence in Baluwatar. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In relation to section 2.7, section 5.2 (b.3), section 5.2 (b.4) of the MCC compact, Nepal has the understanding that these provisions are effective only for the use of the grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, other provisions would not make Nepal mandatory to abide by the existing or the future US laws or policies in any purpose except the use of MCC grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, in regard to section 3.2 (b) of the MCC compact, the 11-point notes issued by the political parties has made it clear that the activities to be run from the MCC compact Nepal Development Committee shall be guided by the laws of Nepal. The MCC would not have ownership in the intellectual property right while Nepal will own the entire intellectual property rights and Nepal will fully utilise this. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes also states that the Constitution of Nepal shall prevail over the compact and implementation of the programmes under this project would be carried out as per the laws of Nepal and the compact. All the movable and immovable properties and land plots of the projects would remain under the ownership of the Government of Nepal and its line agencies, the notes further mentioned. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14583', 'image' => '20220228112208_MCC.jpg', 'article_date' => '2022-02-28 11:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14840', 'article_category_id' => '1', 'title' => 'Parliament Ratifies MCC Compact ', 'sub_title' => '', 'summary' => 'February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The second meeting of the HoR ratified the MCC compact on Sunday evening (February 27). Finance Minister Janardan Sharma had presented the proposal seeking the passage of the MCC compact along with descriptive notes. The proposal was passed by voice vote. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The main opposition, CPN UML, continued its protest over non-implementation of its decision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, taking part in the discussion on finance minister's proposal seeking ratification of the MCC compact along with descriptive notes, the lawmakers put forth views for and against the MCC compact. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lawmaker Parbata Bisankhe said the descriptive notes of the MCC compact should be approved in letter and spirit, adding that the US government too should accept it. Bisankhe said Nepal should scrap it otherwise. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, lawmaker of Rastriya Janamorcha Durga Poudel argued that the descriptive notes were one-sided and the MCC compact was against the spirit of nationalism and national sovereignty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">UML lawmaker Bhim Rawal also questioned the one-sided descriptive notes, stating that it created illusion among the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, Nepali Congress (NC) whip Pushpa Bhusal believed that the MCC would help strengthen Nepal's economy and support in development of infrastructures in the country. Bhusal said it while taking part in the deliberation on the proposal, seeking ratification of MCC compact in the second meeting of the House of Representatives (HoR). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She argued that a total of 46 countries across the world had inked MCC agreement with he USA and there was not a single case of military alliance relating to the MCC. She also commented that the descriptive notes on the MCC were positive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MP Prem Suwal, however, protested the MCC agreement and demanded it be withdrawn. Matrika Prasad Yadav said that descriptive notes were a part of the MCC internationally. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Dr Minendra Rijal of Nepali Congress expressed his confidence that the descriptive notes would help dispel the misleading information about the MCC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Unified Socialist) lawmaker Jivan Ram Shrestha said that the descriptive notes on the MCC were positive and the American side should also mandatorily abide by it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Maoist Centre) lawmaker Girirajmani Pokharel viewed that more light should be thrown on the MCC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The next meeting of parliament is scheduled for February 30. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14582', 'image' => '20220228110858_Parliament.jpg', 'article_date' => '2022-02-28 06:51:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14839', 'article_category_id' => '1', 'title' => 'Shipments from Ukraine Cancelled as War Escalates', 'sub_title' => '', 'summary' => 'February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that the consignments of unrefined sunflower and soybean oil from Ukraine have been cancelled due to the outbreak of the war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nikhil Chachan, operator of Narayani Oil, says that the supply of raw materials had been delayed during the build-up to the war and the consignments have completely stopped with the onset of war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than a dozen industries that manufacture cooking oil in Nepal are dependent on Ukraine for raw materials. The shipments of raw materials have been stuck at the ports after Russia launched an attack on Ukraine last Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Operator of OCB Foods, Suresh Rungata, says that the shipping companies have started cancelling the orders citing extraordinary situation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The ships that were ready to sail with the raw materials have been stuck at the ports following the Russian invasion,” said Rungata, adding, “It is not certain when things will return back to normalcy.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal imports more than 80 percent of unprocessed product required for producing oil from Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Chachan says that the quality of mustard produced in Ukraine are better than anywhere else and therefore it falls in their first choice category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Rungata says that all the industries keep a stock of 10 to 15 percent of raw materials and therefore the market will not face immediate shortage of cooking oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The industries have stock enough for 1 or 2 days. The shipment at Kolkata port will be enough for another 10/12 days. There might be some problem is supply after that,” says Rungata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another industrialist Om Prakash More says that if the Russia-Ukraine war gets prolonged, there will be a major problem in supply of cooking oil, wheat, maize, petroleum products among others. He further said that inflation is imminent due to the short-supply. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other businessmen say that that even if the war ends it will take some time for Ukraine to recover from its impact and the supply chain will not improve anytime soon. </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14581', 'image' => '20220227070707_Foreign Trade.jpg', 'article_date' => '2022-02-27 19:06:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14837', 'article_category_id' => '1', 'title' => 'Government Ready for Policy Reforms to Attract Foreign Investment', 'sub_title' => '', 'summary' => 'February 27: The government has started homework of policy improvement to attract foreign investment. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The government has started homework of policy improvement to attract foreign investment. Currently, Nepal is not able to attract lucrative foreign investment into the country. Thus, the government has taken a step towards policy improvement to bring foreign investment as well as technologies. In this regard, the government is preparing to reduce the time period for process involved in foreign investment. In addition to this, the government is also preparing to make amendments to the Foreign Enterprise and Technology Transfer Rules.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Foreign Investment and Technology Transfer Rules 2077, which was approved and implemented by the Council of Ministers in December last year, had set a minimum limit of Rs 50 million for foreign investment. The time limit was also set when such a limit was fixed. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Accordingly, the process of bringing investment should be started within one year. Foreign investors who pledge to invest Rs 50 million should bring 25 percent of the investment within one year. Similarly, investors who pledge to invest Rs 250 million should bring 15 percent of the pledged amount within a year and investors investing Rs 1 billion are required to bring 10 percent within one year while the investors investing above Rs 1 billion are required to bring 5 percentage of committed amount within a year. No such date was fixed before this arrangement was made.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The private sector had been protesting against the regulations arguing that the provision in the regulations was not practical.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government has formed a study committee headed by Ram Chandra Tiwari, Director General of the Department of Industry, to amend the regulations. The committee, which was formed a month ago, has started the study process and has been mandated from the Ministry of Industry, Commerce and Supplies to prepare a report with suggestions for amendment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tiwari, the head of the study committee, said that the committee has already started its work. "We will study the need to amend the current rules in detail and submit a report soon," he told New Business Age. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Ministry of Industry says that the process of amendment will move forward after it receives the report from the study committee. The private sector and investors have been complaining that they are embarrassed by the time limit and time set by the government for foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Confederation of Nepalese Industries (CNI) has been demanding removal of the minimum limit for foreign investors since the introduction of such an arrangement. "In order to encourage foreign investment, the minimum limit should be removed," the CNI said in a recent statement. The number of foreign-invested industries in Nepal has reached 5,366 now.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">What is the commitment of foreign investment in Nepal?</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first six months of the current Fiscal Year 2078/79, a total of 129 new industries with foreign investment have been registered in Nepal. According to the Department of Industry, with the new industries registered, the total number of industries with foreign investment in Nepal has reached 5,366. There are 319 large, 566 medium and 4,481 small industries registered with foreign investment in Nepal. As of mid-January, Nepal has received foreign investment commitment of Rs 31.53 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> According to the Department of Industry, foreign investment commitment of Rs 24.23 billion was made in the corresponding period of the previous fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14580', 'image' => '20220227052247_20160222122813_ep3.jpg', 'article_date' => '2022-02-27 17:21:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14838', 'article_category_id' => '1', 'title' => 'ICRA Gives AA+ Rating to NEA ', 'sub_title' => '', 'summary' => 'February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Companies with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such companies carry very low credit risk. The rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commenting on the rating, the NEA Executive Director Kulman Ghising said this rating means NEA is considered to have a high degree of safety concerning timely servicing of its financial obligations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The NEA has taken out loans from multi-sectoral development partners like the World Bank and the Asian Development Bank with Government of Nepal as the guarantor. Now with this rating, it can directly seek and take out loans from such partners with its institutional guarantee," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On issuing initial public offering to the public, Ghising said discussions with the government were underway in this regard. "Now we will take forward the process of issuing IPO to the general public as per the law and with the government's consent." The NEA has posted a profit of Rs 12 billion in six months of the current fiscal year (FY 2021/22). -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14579', 'image' => '20220227053453_NEA.jpg', 'article_date' => '2022-02-27 17:33:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14836', 'article_category_id' => '1', 'title' => 'HoR Begins Deliberations on MCC Compact ', 'sub_title' => 'Ruling Coalition Agrees to Ratify MCC with Explanatory Note', 'summary' => 'February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota announced the commencement of the meeting business amidst protest from opposition MPs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Minister for Law, Justice and Parliamentary Affairs Dilendra Prasad Badu presented the annual report of the Office of Auditor General for the fiscal year 2077-78 BS, on behalf of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Finance Minister Janardan Sharma tabled a proposal seeking general deliberations on the proposal to endorse the US-funded Millennium Challenge Corporation (MCC) compact. Earlier, a meeting of the ruling alliance held at the Prime Minister's official residence in Baluwatar today morning (February 27) decided to endorse the American project through parliament along with an “explanatory declaration”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking to the media after the meeting, Nepali Congress leader Ram Chandra Poudel said that the meeting of the ruling alliance has decided that the House of Representatives will ratify the MCC after the government makes it clear that the compact is not under any military organisation but purely an economic assistance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Present in the meeting were Prime Minister and Nepali Congress president Sher Bahadur Deuba, CPN (Maoist Centre) chair Pushpa Kamal Dahal, CPN (Unified Socialist) chair Madhav Kumar Nepal, Janata Samjabadi Party chair Upendra Yadav among the leaders of the ruling coalition. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Signed in 2017, the US$ 55 billion project will construct transmission lines and roads in Nepal if endorsed by the parliament. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The then government led by then prime minister KP Sharma Oli had decided to table the MCC agenda in parliament on February 8, 2019. Similarly, the then Finance Minister Dr Yuba Raj Khatiwada had presented MCC compact in the parliament on July 15, 2019 for its passage. However, the ratification of MCC had remained stalled due to the differences among the political parties. But now, a meeting of the CPN (Maoist Centre) today morning also decided to ratify the MCC along with an explanatory note. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The parliament meeting continues theoretical discussions over the MCC, according to the state-owned national news agency RSS. The government has beefed up security in New Baneshwar area anticipating protests over the MCC issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The extended deadline for endorsing the MCC is February 28. (With inputs from RSS) </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14578', 'image' => '20220227035518_MCC.jpg', 'article_date' => '2022-02-27 15:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14835', 'article_category_id' => '1', 'title' => 'Nepal Imports Mustard from Australia instead of Ukraine ', 'sub_title' => '', 'summary' => 'February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. The price of sunflower and soybean imported from Ukraine has gone up by 30 to 60 percent per tonne. Industrialists have estimated that the price of cooking oil in Nepal will increase by up to Rs 100 per litre within the next one month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of mustard, which was ordered from Ukraine by domestic oil industry operator Shravan Kumar Agrawal, has recently increased by USD 30 per ton. Due to the war, it was not possible to order additional consignment of mustard from Ukraine, so the industrialist had to order mustard from Australia, where it costs an additional USD 60 per ton. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"The price of mustard oil may increase by as much as Rs 100 due to price hike of mustard seeds, increase in transportation fare and the delay consignment delivery," said Agrawal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the retail price of mustard oil is Rs 300 per liter. He estimates that the price will reach Rs 400 in a month. Sunflower oil costs Rs 260 per liter. It is expected to increase to Rs 360. The current retail price of soybean oil is Rs 250 per liter, which is expected to cost Rs 350 per liter soon.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Russia's conflict with Ukraine has caused impacts on various sectors globally. Entrepreneurs said that increase in coal price will increase the production cost of the brick and cement industries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, the price of coal has also been affected by the Russia-Ukraine war. Traders at the Kolkata port, who have been supplying coal to Nepal, say that the price of coal has gone up by USD 30 per ton. The price of coal was USD 200 per ton a year ago, and has now reached USD 230 per ton. According to Ghimire, the price is expected to reach USD 250 per ton.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ukraine supplies most of the raw materials required to produce sunflower oil in Nepal. Only a few percent comes from Russia and Australia. The price of soybean and sunflower is comparatively cheaper in Ukraine than in other countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nanda Kishore Rathi, vice-president of the Morang Chamber of Commerce, said that the price of crude oil, which used to cost USD 1,500 per tonne, has now risen by USD 30 to 300.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal has imported 445,000 kg of raw material of mustard oil worth Rs 3.95 billion in the last seven months, while 57.36 million kg of crude oil worth Rs 9.51 billion has been imported from Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Along with Ukraine, Russia has also exported goods worth Rs 151.1 million to Nepal in the last seven months and imported goods worth Rs 4.31 billion, according to the Department of Customs. During this period, Nepal imported printing paper, automobiles, chemicals (sodium phosphate), animal vaccines, shampoos, baby lotions, and cosmetics from Russia. Carpets worth Rs 73.9 million, tea leaves worth Rs 61.3 million, hangers for clothes worth Rs 1.1 million, and Yarsagumba worth Rs 6.5 million were exported to Russia.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The war between Russia and Ukraine has pushed up the price of gold and petroleum products, said Navin Rijal, president of the Morang Merchants’ Association. He informed that the price of gold in Nepal increased by Rs 2500 per 11.6 grams on Thursday and decreased by Rs 1000 on Friday. The price of crude oil, which had reached USD 105 per barrel, had reached USD 97.2 at midnight on Friday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As Russia is the second-largest producer of petroleum products internationally, fluctuations in prices are likely to push up the price of petrol, diesel, kerosene, aviation fuel, and cooking gas in Nepal, Rijal said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14577', 'image' => '20220227015131_1501009175_7.jpg', 'article_date' => '2022-02-27 13:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14834', 'article_category_id' => '1', 'title' => 'Family Members Concerned about Safety of Nepalis in Ukraine ', 'sub_title' => '', 'summary' => 'February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">So far, 193 Nepalis living in Ukraine have come in contact with Nepal’s embassy in Germany that is in charge of looking after affairs related to Russia. It is estimated that there are around 240 Nepali nationals studying and working in Ukraine. However, the vice president of the Non-Resident Nepalese Association (NRNA), Dr Badri KC informed that there are around 400 Nepalis living in Ukraine. "Even though Nepalis are safe till now, we are still concernd about relocating them," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The embassy has requested those in contact to move to a safer location in the west and stay in touch as the attack is currently taking place only in the eastern parts of the country. Advocate and labor and immigration expert Som Luintel, who has been providing assistance to those in need during foreign employment, said that the government should give priority to rescue those in contact even if their condition is said to be safe. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of crude oil has been sharply rising in the world market due to the war between Russia and Ukraine. Russia is one of the top oil suppliers in the world. Brent crude rose to its highest level since 2014, following fears of an impact on Russian oil supplies on Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economists and market analysts estimate that crude oil prices could reach $150 a barrel, with worse conditions expected. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As a result of the war, prices of gold and other commodities are expected to rise. Russia and Ukraine are the world's leading food suppliers. Russia and Ukraine account for 29 percent of the world's total wheat trade. The supply of 19 percent maize also come from these two countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">About 80 percent of supply of sunflower oil in the world market comes from Russia and Ukraine. Prices of food items including wheat, maize and soybeans have skyrocketed in the world market since mid-February due to rising tensions between Russia and Ukraine. As a result of the war, the prices of palm oil and soybean oil have also increased along with sunflower oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economist Dr Poshraj Pandey says that Nepal will face indirect impact of the Ukraine war. He said that as Nepal's economy is import-oriented, inflation will rise when there is a problem in global supply chain. Recently, the United States, the United Kingdom and other countries have increased their assistance to Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“If the situation worsens, the donors might cut grant assistance to Nepal in order to manage expenses for the war,” he added.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14576', 'image' => '20220227123233_NRNA.jpg', 'article_date' => '2022-02-27 12:31:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14833', 'article_category_id' => '1', 'title' => 'IPPAN Welcomes Decision taken by Nepal-India JSC Meeting', 'sub_title' => '', 'summary' => 'February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Friday, IPPAN Chair Krishna Prasad Acharya expressed hope that the agreement between Nepal and India would add a new dimension to the country's electricity trade and would further consolidate mutual relations between Nepal and India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that the meeting has created a base for Nepal to export power up to Bangladesh, IPPAN said such an agreement would play an important role in the development of electricity in the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said that the decisions taken by the meeting would help promote investment in the energy sector and big projects as well as transmission lines and also improve inter-state energy trade. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14575', 'image' => '20220227082509_aaa.jpg', 'article_date' => '2022-02-27 08:22:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14831', 'article_category_id' => '1', 'title' => 'Sauraha Starts Bustling with Tourists ', 'sub_title' => '', 'summary' => 'February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap. The tourism sector, which has slowed down due to the impact of Covid-19, is now showing signs of recovery. European tourists in particular have started coming to Sauraha after a long time, according to the hoteliers of the region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Booking of Indian tourists is also good," said Deepak Bhattarai, president of the Chitwan Regional Hotel Association. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During this time of the year, hotel occupancy in Sauraha used to be 90 percent but it is just 14 percent at present, says Bhattarai.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“But the good news is that foreign tourists have started coming.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Suman Ghimire, the manager of Jungle Safari Lodge, tourists from Germany, the Netherland, Israel, and other countries have started coming. He is hopeful that the tourism sector will be back to normal business from coming October as the number of inquiries has increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the decline in risk of Covid-19, there has been an improvement in hotel bookings for seminars and meetings,” he said, adding</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">, “Foreign tourists have been seen sporadically after a long time. Nowadays, they also come in groups.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ghimire, who is also a former president of the Regional Hotel Association Chitwan, estimates that the number of foreign tourists visiting Nepal would improve significantly by 2023. Foreign tourists have started riding elephants in community forests, including Chitwan National Park, he further said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rishi Tiwari, chairman of the United Elephant Management Cooperative, which has been managing elephants, said that especially Asian tourists have started coming to ride elephants. There are 31 elephants with the cooperative. Among them, 20 to 25 of them have started getting daily work.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> He says that tourists from Nepal, India, and third countries have started coming to the area. Similarly, elephant safari is available in the Baghmara Community Forest. The chairman of the committee Jit Bahadur Tamang also confirmed that foreign tourists have started arriving.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Santosh Giri, chief executive officer of Hotel Jungle Crown, said hotel has been almost booked for weekends.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Apart from sight-seeing, visitors also come here for weddings and other big gatherings. Sauraha has become a popular choice among tourists as it is possible to book a good hotel room at an affordable price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As Chitwan is located in the middle of the country, big organizations often hold trainings, meetings, and conferences here. Mostly, Indians come here for weddings. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There are 120 hotels in Sauraha. These hotels can accommodate up to five thousand five hundred tourists. Entrepreneurs say that the hotels here have received huge investments in recent years.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14574', 'image' => '20220225053240_Chitwan-sunset-sauraha-nepal.jpg', 'article_date' => '2022-02-25 17:31:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14832', 'article_category_id' => '1', 'title' => 'Government signs Rs 2.14 Billion Loan Agreement with World Bank ', 'sub_title' => '', 'summary' => 'February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB). Finance Secretary Madhu Kumar Marasini and the World Bank’s country director for Nepal, Sri Lanka and the Maldives Faris Hadad-Zervos signed the agreement on behalf of their respective sides amidst a programme at the Ministry of Finance on Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry said that the loan was taken for COVID- 19 Emergency Response and Health Systems Preparedness (CERHSP) Project. The ministry expects the loan assistance will further facilitate the expansion of the comprehensive vaccination campaign against COVID-19 launched by the government and will help in purchasing safe and effective vaccines for children of the age group above 5 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal has responded expeditiously to the continuously changing environment triggered by the pandemic. It has recorded impressive gains in both primary series COVID-19 vaccination for all populations: 12 years and above as well as booster doses for its most vulnerable populations. This second additional financing will support Nepal to scale-up its vaccination efforts to cover its child population as well," stated Marasini on the occasion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry, the proposed additional concessional loan financing and CERHSP project share a common objective of preventing, detecting, and responding to the threat posed by COVID-19 and strengthening the systems for public health preparedness in the nation. The CERHSP project and its additional financing will continue to be implemented under the leadership of the Ministry of Health and Population by the Department of Health Services and associated institutional bodies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"l am very pleased that the World Bank in its continued partnership with Nepal, and through this additional Financing will make available safe and effective vaccines to a larger proportion of the population. This is very critical as new variants of the coronavirus continue to pose a threat to people’s safety and livelihoods and exhaust public health systems," WB Country Director Faris Hadad-Zervos said. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14573', 'image' => '20220225054431_World.jpg', 'article_date' => '2022-02-25 17:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14830', 'article_category_id' => '1', 'title' => 'NOC bats for Electronic Transaction to Prevent Fuel Smuggling in Border Areas', 'sub_title' => '', 'summary' => 'February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. The state-owned oil monopoly has given such instructions to its regional offices, fuel depots and branch offices as the price difference of petrol and diesel has widened in the border areas compared to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Binit Mani Upadhyaya, the deputy director of NOC, the price of petrol in the border area is up to Rs 30 per liter cheaper in Nepal than in India, due to which, petrol and diesel sold from Nepal’s fuel stations near the border are smuggled back to India. The corporation has stated that an electronic payment system is being implemented to make the sale and distribution of fuel from the stations transparent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Issuing a statement, the NOC has said that all ordinary fuel stations located 2 kilometers within the Indian border will be provided with electronic payment system within a month for selling and distributing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The NOC has also instructed the concerned bodies to make arrangements to send the progress report to the center every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Oil Corporation has been running at loss since the price of crude oil reached its peak in the international market. According to the NOC, about 1,600 fuel stations are in operation across the country. Among them, about 60 percent are in the Terai districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14572', 'image' => '20220225030202_1645695301.jpg', 'article_date' => '2022-02-25 15:01:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14829', 'article_category_id' => '1', 'title' => 'Is Finance Minister Deliberately Avoiding MCC?', 'sub_title' => '', 'summary' => 'February 25: Finance Minister Janardan Sharma, who responsible for th', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 25: Finance Minister Janardan Sharma, who responsible for the overall financial matters of the country, has been avoiding the issue of US-funded project, Millennium Challenge Corporation (MCC).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During last Sunday, Finance Minister Sharma skipped the parliament meeting with an excuse of health-related issues when the MCC was tabled in the House of Representatives (HoR). He then visited Parbat district ahead of Thursday’s House meeting, which was later postponed after the political parties could not forge an understanding over the disputed issue of MCC. The House meeting on Thursday was called for discussing the MCC. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The MCC agenda was presented in parliament on February 20 by Communications Minister Gyanendra Bahadur Karki due to the absence of Finance Minister Sharma.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Minister Sharma has been criticized for "wandering" outside the Kathmandu Valley in an irresponsible manner at a crucial period when political parties were needed to seek consensus to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A picture of Sharma and his wife Laxmi having lunch at Kushma’s ‘sky chair’ after observing bungee jump was circulated on Wednesday – the day when the Parliament Secretariat published the possible list of agenda items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the MCC was tabled in parliament, Finance Minister Sharma's party, the CPN-Maoist Center and another partner in the coalition government, CPN Unified Socialist have been waging protests from the parliament to the streets.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Some MPs from the party had protested against the MCC in parliament on the day when it was tabled. Even now, sister wings of the ruling Maoist center and the CPN Unified Socialist party are busy throwing stones in the streets on a daily basis.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Deuba's attempt to take UML in confidence</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the ruling parties failed to reach an understanding to pass the MCC, Prime Minister Sher Bahadur Deuba is trying to take main opposition party – CPN UML – into confidence even at the cost of breaking the alliance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On Thursday, Prime Minister Deuba deferred the House meeting to hold discussions with the UML in order to solicit support from the main opposition party to pass the MCC. During the meeting with UML Chairman KP Sharma Oli, PM Deuba said that he was ready to find a way out by openly discussing all the demands raised by the UML, Nepali Congress General Secretary Gagan Thapa, said quoting Deuba.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Thapa, PM Deuba had hinted that the ruling alliance would end if the coalition partners including the Maoist Center, CPN Unified Socialist, and Janamorcha did not support him to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prime Minister Deuba, who is also the president of Nepali Congress, urged the UML to pass the MCC by removing the house obstruction. Thapa said that the issue of passing the MCC from the parliament was a matter of Nepal's international relations and credibility.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In response, UML Chairman Oli said that he would discuss within the party and inform whether or not to support the government to pass MCC. Before meeting UML Chairman Oli, Deuba had held decisive talks with CPN Maoist Centre Chairman Dahal and CPN Unified Socialist Party Chairman Madhav Kumar Nepal on Thursday. However, the chairmen of both the parties made it clear that they would not support the MCC in its current form.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">China's interest in crisis</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As the political crisis deepens in Nepal over the US-backed project MCC, Nepal's northern neighbor has shown a particular interest in this matter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">UML Chairman KP Sharma Oli and Unified Socialist Party Chairman Madhav Kumar Nepal held two separate virtual talks with two top leaders of the Foreign Department of the Chinese Communist Party on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The conversations took place while the United States accused China of having a vested interest for its alleged role in delaying the parliamentary approval of MCC. During the talks, China reportedly expressed serious security concerns. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a source, Chen Zhao, Deputy Minister of the Communist Party of China (CPC), expressed concern that the MCC could pose a serious security challenge to China from the Nepali soil. “We have been treating Nepal as a close friend till now,” said a leader close to Madhav Nepal quoting the Chinese minister at the virtual meeting, “However, the growing security challenge from Nepali side has raised concerns. You just have to take this matter more seriously”.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14571', 'image' => '20220225011852_fin min sharma.jpg', 'article_date' => '2022-02-25 13:18:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14828', 'article_category_id' => '1', 'title' => 'Buddha Air Adds another Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company now has a total of 16 aircraft, including 11 ATR-72, three ATR-42 and two Beechcraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company informed that it added the new aircraft after starting flight operations from its new base in Pokhara. According to officials of Buddha Air, the new aircraft with call sign 9N-ANP will come into operation within two weeks after completing all necessary paper works.</span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14570', 'image' => '20220225115504_Buddha ATR.jpg', 'article_date' => '2022-02-25 11:54:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14842', 'article_category_id' => '1', 'title' => 'This is how MCC will be Implemented', 'sub_title' => '', 'summary' => 'February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The passage of MCC has opened doors for a grant assistance of Rs 55 billion, which will primarily be used for construction of transmission lines and roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Until now, the project signed in 2017 had remained uncertain because the political parties were divided over its endorsement. But now, the project is all set to be implemented in full fledge, according to the officials of the Millennium Challenge Account (MCA) Nepal. MCA Nepal is body formed by the Government of Nepal in April/May 2018 (2075 BS) under the Development Committee Act, 2013 in order to implement the projects under the MCC grant agreement. The MCC compact will be implemented by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Communication officer of MCA Nepal Rajiv Dahal said that the preparatory works for the project had slowed down because of the delay in endorsing the MCC from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Now, the MCA Nepal, under this project, will complete the works related to land acquisition and seek within one year the permission to use forest areas. Then the EIF meeting will be held to implement the project. This meeting will fix the deadline for projects under MCC to be completed within 5 years. The MCC will release funds after this meeting as per the cost estimate submitted by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US government will provide grant assistance of US$ 500 million while the Government of Nepal will invest US$ 130 million for this project. If Nepal is not able to spend the grant pledged by the USA within 5 years, the unspent amount has to be returned back.</span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14584', 'image' => '20220228120455_thediplomat-2020-01-29-21.jpg', 'article_date' => '2022-02-28 12:04:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14841', 'article_category_id' => '1', 'title' => 'What does 11-point Descriptive Notes about MCC Say', 'sub_title' => '', 'summary' => 'February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the announcement, the ruling parties stated that the MCC compact, upon its endorsement, would not be regarded as an agreement having link to any strategic or military alliance including the US Indo-Pacific Strategy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the explanatory notes, the auditing of MCC would be conducted by the Office of Auditor General; the intellectual property gained from the project would be of Nepal; no agreement would be above the Constitution of Nepal; and the project would be directed as per Nepal's constitution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes were made public on Sunday (February 28) after a meeting of the ruling parties held at prime minister's official residence in Baluwatar. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In relation to section 2.7, section 5.2 (b.3), section 5.2 (b.4) of the MCC compact, Nepal has the understanding that these provisions are effective only for the use of the grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, other provisions would not make Nepal mandatory to abide by the existing or the future US laws or policies in any purpose except the use of MCC grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, in regard to section 3.2 (b) of the MCC compact, the 11-point notes issued by the political parties has made it clear that the activities to be run from the MCC compact Nepal Development Committee shall be guided by the laws of Nepal. The MCC would not have ownership in the intellectual property right while Nepal will own the entire intellectual property rights and Nepal will fully utilise this. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes also states that the Constitution of Nepal shall prevail over the compact and implementation of the programmes under this project would be carried out as per the laws of Nepal and the compact. All the movable and immovable properties and land plots of the projects would remain under the ownership of the Government of Nepal and its line agencies, the notes further mentioned. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14583', 'image' => '20220228112208_MCC.jpg', 'article_date' => '2022-02-28 11:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14840', 'article_category_id' => '1', 'title' => 'Parliament Ratifies MCC Compact ', 'sub_title' => '', 'summary' => 'February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The second meeting of the HoR ratified the MCC compact on Sunday evening (February 27). Finance Minister Janardan Sharma had presented the proposal seeking the passage of the MCC compact along with descriptive notes. The proposal was passed by voice vote. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The main opposition, CPN UML, continued its protest over non-implementation of its decision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, taking part in the discussion on finance minister's proposal seeking ratification of the MCC compact along with descriptive notes, the lawmakers put forth views for and against the MCC compact. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lawmaker Parbata Bisankhe said the descriptive notes of the MCC compact should be approved in letter and spirit, adding that the US government too should accept it. Bisankhe said Nepal should scrap it otherwise. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, lawmaker of Rastriya Janamorcha Durga Poudel argued that the descriptive notes were one-sided and the MCC compact was against the spirit of nationalism and national sovereignty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">UML lawmaker Bhim Rawal also questioned the one-sided descriptive notes, stating that it created illusion among the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, Nepali Congress (NC) whip Pushpa Bhusal believed that the MCC would help strengthen Nepal's economy and support in development of infrastructures in the country. Bhusal said it while taking part in the deliberation on the proposal, seeking ratification of MCC compact in the second meeting of the House of Representatives (HoR). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She argued that a total of 46 countries across the world had inked MCC agreement with he USA and there was not a single case of military alliance relating to the MCC. She also commented that the descriptive notes on the MCC were positive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MP Prem Suwal, however, protested the MCC agreement and demanded it be withdrawn. Matrika Prasad Yadav said that descriptive notes were a part of the MCC internationally. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Dr Minendra Rijal of Nepali Congress expressed his confidence that the descriptive notes would help dispel the misleading information about the MCC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Unified Socialist) lawmaker Jivan Ram Shrestha said that the descriptive notes on the MCC were positive and the American side should also mandatorily abide by it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Maoist Centre) lawmaker Girirajmani Pokharel viewed that more light should be thrown on the MCC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The next meeting of parliament is scheduled for February 30. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14582', 'image' => '20220228110858_Parliament.jpg', 'article_date' => '2022-02-28 06:51:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14839', 'article_category_id' => '1', 'title' => 'Shipments from Ukraine Cancelled as War Escalates', 'sub_title' => '', 'summary' => 'February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that the consignments of unrefined sunflower and soybean oil from Ukraine have been cancelled due to the outbreak of the war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nikhil Chachan, operator of Narayani Oil, says that the supply of raw materials had been delayed during the build-up to the war and the consignments have completely stopped with the onset of war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than a dozen industries that manufacture cooking oil in Nepal are dependent on Ukraine for raw materials. The shipments of raw materials have been stuck at the ports after Russia launched an attack on Ukraine last Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Operator of OCB Foods, Suresh Rungata, says that the shipping companies have started cancelling the orders citing extraordinary situation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The ships that were ready to sail with the raw materials have been stuck at the ports following the Russian invasion,” said Rungata, adding, “It is not certain when things will return back to normalcy.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal imports more than 80 percent of unprocessed product required for producing oil from Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Chachan says that the quality of mustard produced in Ukraine are better than anywhere else and therefore it falls in their first choice category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Rungata says that all the industries keep a stock of 10 to 15 percent of raw materials and therefore the market will not face immediate shortage of cooking oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The industries have stock enough for 1 or 2 days. The shipment at Kolkata port will be enough for another 10/12 days. There might be some problem is supply after that,” says Rungata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another industrialist Om Prakash More says that if the Russia-Ukraine war gets prolonged, there will be a major problem in supply of cooking oil, wheat, maize, petroleum products among others. He further said that inflation is imminent due to the short-supply. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other businessmen say that that even if the war ends it will take some time for Ukraine to recover from its impact and the supply chain will not improve anytime soon. </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14581', 'image' => '20220227070707_Foreign Trade.jpg', 'article_date' => '2022-02-27 19:06:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14837', 'article_category_id' => '1', 'title' => 'Government Ready for Policy Reforms to Attract Foreign Investment', 'sub_title' => '', 'summary' => 'February 27: The government has started homework of policy improvement to attract foreign investment. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The government has started homework of policy improvement to attract foreign investment. Currently, Nepal is not able to attract lucrative foreign investment into the country. Thus, the government has taken a step towards policy improvement to bring foreign investment as well as technologies. In this regard, the government is preparing to reduce the time period for process involved in foreign investment. In addition to this, the government is also preparing to make amendments to the Foreign Enterprise and Technology Transfer Rules.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Foreign Investment and Technology Transfer Rules 2077, which was approved and implemented by the Council of Ministers in December last year, had set a minimum limit of Rs 50 million for foreign investment. The time limit was also set when such a limit was fixed. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Accordingly, the process of bringing investment should be started within one year. Foreign investors who pledge to invest Rs 50 million should bring 25 percent of the investment within one year. Similarly, investors who pledge to invest Rs 250 million should bring 15 percent of the pledged amount within a year and investors investing Rs 1 billion are required to bring 10 percent within one year while the investors investing above Rs 1 billion are required to bring 5 percentage of committed amount within a year. No such date was fixed before this arrangement was made.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The private sector had been protesting against the regulations arguing that the provision in the regulations was not practical.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government has formed a study committee headed by Ram Chandra Tiwari, Director General of the Department of Industry, to amend the regulations. The committee, which was formed a month ago, has started the study process and has been mandated from the Ministry of Industry, Commerce and Supplies to prepare a report with suggestions for amendment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tiwari, the head of the study committee, said that the committee has already started its work. "We will study the need to amend the current rules in detail and submit a report soon," he told New Business Age. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Ministry of Industry says that the process of amendment will move forward after it receives the report from the study committee. The private sector and investors have been complaining that they are embarrassed by the time limit and time set by the government for foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Confederation of Nepalese Industries (CNI) has been demanding removal of the minimum limit for foreign investors since the introduction of such an arrangement. "In order to encourage foreign investment, the minimum limit should be removed," the CNI said in a recent statement. The number of foreign-invested industries in Nepal has reached 5,366 now.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">What is the commitment of foreign investment in Nepal?</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first six months of the current Fiscal Year 2078/79, a total of 129 new industries with foreign investment have been registered in Nepal. According to the Department of Industry, with the new industries registered, the total number of industries with foreign investment in Nepal has reached 5,366. There are 319 large, 566 medium and 4,481 small industries registered with foreign investment in Nepal. As of mid-January, Nepal has received foreign investment commitment of Rs 31.53 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> According to the Department of Industry, foreign investment commitment of Rs 24.23 billion was made in the corresponding period of the previous fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14580', 'image' => '20220227052247_20160222122813_ep3.jpg', 'article_date' => '2022-02-27 17:21:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14838', 'article_category_id' => '1', 'title' => 'ICRA Gives AA+ Rating to NEA ', 'sub_title' => '', 'summary' => 'February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Companies with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such companies carry very low credit risk. The rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commenting on the rating, the NEA Executive Director Kulman Ghising said this rating means NEA is considered to have a high degree of safety concerning timely servicing of its financial obligations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The NEA has taken out loans from multi-sectoral development partners like the World Bank and the Asian Development Bank with Government of Nepal as the guarantor. Now with this rating, it can directly seek and take out loans from such partners with its institutional guarantee," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On issuing initial public offering to the public, Ghising said discussions with the government were underway in this regard. "Now we will take forward the process of issuing IPO to the general public as per the law and with the government's consent." The NEA has posted a profit of Rs 12 billion in six months of the current fiscal year (FY 2021/22). -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14579', 'image' => '20220227053453_NEA.jpg', 'article_date' => '2022-02-27 17:33:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14836', 'article_category_id' => '1', 'title' => 'HoR Begins Deliberations on MCC Compact ', 'sub_title' => 'Ruling Coalition Agrees to Ratify MCC with Explanatory Note', 'summary' => 'February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota announced the commencement of the meeting business amidst protest from opposition MPs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Minister for Law, Justice and Parliamentary Affairs Dilendra Prasad Badu presented the annual report of the Office of Auditor General for the fiscal year 2077-78 BS, on behalf of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Finance Minister Janardan Sharma tabled a proposal seeking general deliberations on the proposal to endorse the US-funded Millennium Challenge Corporation (MCC) compact. Earlier, a meeting of the ruling alliance held at the Prime Minister's official residence in Baluwatar today morning (February 27) decided to endorse the American project through parliament along with an “explanatory declaration”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking to the media after the meeting, Nepali Congress leader Ram Chandra Poudel said that the meeting of the ruling alliance has decided that the House of Representatives will ratify the MCC after the government makes it clear that the compact is not under any military organisation but purely an economic assistance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Present in the meeting were Prime Minister and Nepali Congress president Sher Bahadur Deuba, CPN (Maoist Centre) chair Pushpa Kamal Dahal, CPN (Unified Socialist) chair Madhav Kumar Nepal, Janata Samjabadi Party chair Upendra Yadav among the leaders of the ruling coalition. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Signed in 2017, the US$ 55 billion project will construct transmission lines and roads in Nepal if endorsed by the parliament. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The then government led by then prime minister KP Sharma Oli had decided to table the MCC agenda in parliament on February 8, 2019. Similarly, the then Finance Minister Dr Yuba Raj Khatiwada had presented MCC compact in the parliament on July 15, 2019 for its passage. However, the ratification of MCC had remained stalled due to the differences among the political parties. But now, a meeting of the CPN (Maoist Centre) today morning also decided to ratify the MCC along with an explanatory note. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The parliament meeting continues theoretical discussions over the MCC, according to the state-owned national news agency RSS. The government has beefed up security in New Baneshwar area anticipating protests over the MCC issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The extended deadline for endorsing the MCC is February 28. (With inputs from RSS) </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14578', 'image' => '20220227035518_MCC.jpg', 'article_date' => '2022-02-27 15:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14835', 'article_category_id' => '1', 'title' => 'Nepal Imports Mustard from Australia instead of Ukraine ', 'sub_title' => '', 'summary' => 'February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. The price of sunflower and soybean imported from Ukraine has gone up by 30 to 60 percent per tonne. Industrialists have estimated that the price of cooking oil in Nepal will increase by up to Rs 100 per litre within the next one month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of mustard, which was ordered from Ukraine by domestic oil industry operator Shravan Kumar Agrawal, has recently increased by USD 30 per ton. Due to the war, it was not possible to order additional consignment of mustard from Ukraine, so the industrialist had to order mustard from Australia, where it costs an additional USD 60 per ton. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"The price of mustard oil may increase by as much as Rs 100 due to price hike of mustard seeds, increase in transportation fare and the delay consignment delivery," said Agrawal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the retail price of mustard oil is Rs 300 per liter. He estimates that the price will reach Rs 400 in a month. Sunflower oil costs Rs 260 per liter. It is expected to increase to Rs 360. The current retail price of soybean oil is Rs 250 per liter, which is expected to cost Rs 350 per liter soon.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Russia's conflict with Ukraine has caused impacts on various sectors globally. Entrepreneurs said that increase in coal price will increase the production cost of the brick and cement industries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, the price of coal has also been affected by the Russia-Ukraine war. Traders at the Kolkata port, who have been supplying coal to Nepal, say that the price of coal has gone up by USD 30 per ton. The price of coal was USD 200 per ton a year ago, and has now reached USD 230 per ton. According to Ghimire, the price is expected to reach USD 250 per ton.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ukraine supplies most of the raw materials required to produce sunflower oil in Nepal. Only a few percent comes from Russia and Australia. The price of soybean and sunflower is comparatively cheaper in Ukraine than in other countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nanda Kishore Rathi, vice-president of the Morang Chamber of Commerce, said that the price of crude oil, which used to cost USD 1,500 per tonne, has now risen by USD 30 to 300.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal has imported 445,000 kg of raw material of mustard oil worth Rs 3.95 billion in the last seven months, while 57.36 million kg of crude oil worth Rs 9.51 billion has been imported from Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Along with Ukraine, Russia has also exported goods worth Rs 151.1 million to Nepal in the last seven months and imported goods worth Rs 4.31 billion, according to the Department of Customs. During this period, Nepal imported printing paper, automobiles, chemicals (sodium phosphate), animal vaccines, shampoos, baby lotions, and cosmetics from Russia. Carpets worth Rs 73.9 million, tea leaves worth Rs 61.3 million, hangers for clothes worth Rs 1.1 million, and Yarsagumba worth Rs 6.5 million were exported to Russia.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The war between Russia and Ukraine has pushed up the price of gold and petroleum products, said Navin Rijal, president of the Morang Merchants’ Association. He informed that the price of gold in Nepal increased by Rs 2500 per 11.6 grams on Thursday and decreased by Rs 1000 on Friday. The price of crude oil, which had reached USD 105 per barrel, had reached USD 97.2 at midnight on Friday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As Russia is the second-largest producer of petroleum products internationally, fluctuations in prices are likely to push up the price of petrol, diesel, kerosene, aviation fuel, and cooking gas in Nepal, Rijal said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14577', 'image' => '20220227015131_1501009175_7.jpg', 'article_date' => '2022-02-27 13:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14834', 'article_category_id' => '1', 'title' => 'Family Members Concerned about Safety of Nepalis in Ukraine ', 'sub_title' => '', 'summary' => 'February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">So far, 193 Nepalis living in Ukraine have come in contact with Nepal’s embassy in Germany that is in charge of looking after affairs related to Russia. It is estimated that there are around 240 Nepali nationals studying and working in Ukraine. However, the vice president of the Non-Resident Nepalese Association (NRNA), Dr Badri KC informed that there are around 400 Nepalis living in Ukraine. "Even though Nepalis are safe till now, we are still concernd about relocating them," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The embassy has requested those in contact to move to a safer location in the west and stay in touch as the attack is currently taking place only in the eastern parts of the country. Advocate and labor and immigration expert Som Luintel, who has been providing assistance to those in need during foreign employment, said that the government should give priority to rescue those in contact even if their condition is said to be safe. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of crude oil has been sharply rising in the world market due to the war between Russia and Ukraine. Russia is one of the top oil suppliers in the world. Brent crude rose to its highest level since 2014, following fears of an impact on Russian oil supplies on Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economists and market analysts estimate that crude oil prices could reach $150 a barrel, with worse conditions expected. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As a result of the war, prices of gold and other commodities are expected to rise. Russia and Ukraine are the world's leading food suppliers. Russia and Ukraine account for 29 percent of the world's total wheat trade. The supply of 19 percent maize also come from these two countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">About 80 percent of supply of sunflower oil in the world market comes from Russia and Ukraine. Prices of food items including wheat, maize and soybeans have skyrocketed in the world market since mid-February due to rising tensions between Russia and Ukraine. As a result of the war, the prices of palm oil and soybean oil have also increased along with sunflower oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economist Dr Poshraj Pandey says that Nepal will face indirect impact of the Ukraine war. He said that as Nepal's economy is import-oriented, inflation will rise when there is a problem in global supply chain. Recently, the United States, the United Kingdom and other countries have increased their assistance to Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“If the situation worsens, the donors might cut grant assistance to Nepal in order to manage expenses for the war,” he added.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14576', 'image' => '20220227123233_NRNA.jpg', 'article_date' => '2022-02-27 12:31:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14833', 'article_category_id' => '1', 'title' => 'IPPAN Welcomes Decision taken by Nepal-India JSC Meeting', 'sub_title' => '', 'summary' => 'February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Friday, IPPAN Chair Krishna Prasad Acharya expressed hope that the agreement between Nepal and India would add a new dimension to the country's electricity trade and would further consolidate mutual relations between Nepal and India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that the meeting has created a base for Nepal to export power up to Bangladesh, IPPAN said such an agreement would play an important role in the development of electricity in the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said that the decisions taken by the meeting would help promote investment in the energy sector and big projects as well as transmission lines and also improve inter-state energy trade. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14575', 'image' => '20220227082509_aaa.jpg', 'article_date' => '2022-02-27 08:22:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14831', 'article_category_id' => '1', 'title' => 'Sauraha Starts Bustling with Tourists ', 'sub_title' => '', 'summary' => 'February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap. The tourism sector, which has slowed down due to the impact of Covid-19, is now showing signs of recovery. European tourists in particular have started coming to Sauraha after a long time, according to the hoteliers of the region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Booking of Indian tourists is also good," said Deepak Bhattarai, president of the Chitwan Regional Hotel Association. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During this time of the year, hotel occupancy in Sauraha used to be 90 percent but it is just 14 percent at present, says Bhattarai.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“But the good news is that foreign tourists have started coming.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Suman Ghimire, the manager of Jungle Safari Lodge, tourists from Germany, the Netherland, Israel, and other countries have started coming. He is hopeful that the tourism sector will be back to normal business from coming October as the number of inquiries has increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the decline in risk of Covid-19, there has been an improvement in hotel bookings for seminars and meetings,” he said, adding</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">, “Foreign tourists have been seen sporadically after a long time. Nowadays, they also come in groups.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ghimire, who is also a former president of the Regional Hotel Association Chitwan, estimates that the number of foreign tourists visiting Nepal would improve significantly by 2023. Foreign tourists have started riding elephants in community forests, including Chitwan National Park, he further said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rishi Tiwari, chairman of the United Elephant Management Cooperative, which has been managing elephants, said that especially Asian tourists have started coming to ride elephants. There are 31 elephants with the cooperative. Among them, 20 to 25 of them have started getting daily work.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> He says that tourists from Nepal, India, and third countries have started coming to the area. Similarly, elephant safari is available in the Baghmara Community Forest. The chairman of the committee Jit Bahadur Tamang also confirmed that foreign tourists have started arriving.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Santosh Giri, chief executive officer of Hotel Jungle Crown, said hotel has been almost booked for weekends.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Apart from sight-seeing, visitors also come here for weddings and other big gatherings. Sauraha has become a popular choice among tourists as it is possible to book a good hotel room at an affordable price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As Chitwan is located in the middle of the country, big organizations often hold trainings, meetings, and conferences here. Mostly, Indians come here for weddings. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There are 120 hotels in Sauraha. These hotels can accommodate up to five thousand five hundred tourists. Entrepreneurs say that the hotels here have received huge investments in recent years.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14574', 'image' => '20220225053240_Chitwan-sunset-sauraha-nepal.jpg', 'article_date' => '2022-02-25 17:31:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14832', 'article_category_id' => '1', 'title' => 'Government signs Rs 2.14 Billion Loan Agreement with World Bank ', 'sub_title' => '', 'summary' => 'February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB). Finance Secretary Madhu Kumar Marasini and the World Bank’s country director for Nepal, Sri Lanka and the Maldives Faris Hadad-Zervos signed the agreement on behalf of their respective sides amidst a programme at the Ministry of Finance on Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry said that the loan was taken for COVID- 19 Emergency Response and Health Systems Preparedness (CERHSP) Project. The ministry expects the loan assistance will further facilitate the expansion of the comprehensive vaccination campaign against COVID-19 launched by the government and will help in purchasing safe and effective vaccines for children of the age group above 5 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal has responded expeditiously to the continuously changing environment triggered by the pandemic. It has recorded impressive gains in both primary series COVID-19 vaccination for all populations: 12 years and above as well as booster doses for its most vulnerable populations. This second additional financing will support Nepal to scale-up its vaccination efforts to cover its child population as well," stated Marasini on the occasion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry, the proposed additional concessional loan financing and CERHSP project share a common objective of preventing, detecting, and responding to the threat posed by COVID-19 and strengthening the systems for public health preparedness in the nation. The CERHSP project and its additional financing will continue to be implemented under the leadership of the Ministry of Health and Population by the Department of Health Services and associated institutional bodies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"l am very pleased that the World Bank in its continued partnership with Nepal, and through this additional Financing will make available safe and effective vaccines to a larger proportion of the population. This is very critical as new variants of the coronavirus continue to pose a threat to people’s safety and livelihoods and exhaust public health systems," WB Country Director Faris Hadad-Zervos said. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14573', 'image' => '20220225054431_World.jpg', 'article_date' => '2022-02-25 17:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14830', 'article_category_id' => '1', 'title' => 'NOC bats for Electronic Transaction to Prevent Fuel Smuggling in Border Areas', 'sub_title' => '', 'summary' => 'February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. The state-owned oil monopoly has given such instructions to its regional offices, fuel depots and branch offices as the price difference of petrol and diesel has widened in the border areas compared to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Binit Mani Upadhyaya, the deputy director of NOC, the price of petrol in the border area is up to Rs 30 per liter cheaper in Nepal than in India, due to which, petrol and diesel sold from Nepal’s fuel stations near the border are smuggled back to India. The corporation has stated that an electronic payment system is being implemented to make the sale and distribution of fuel from the stations transparent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Issuing a statement, the NOC has said that all ordinary fuel stations located 2 kilometers within the Indian border will be provided with electronic payment system within a month for selling and distributing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The NOC has also instructed the concerned bodies to make arrangements to send the progress report to the center every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Oil Corporation has been running at loss since the price of crude oil reached its peak in the international market. According to the NOC, about 1,600 fuel stations are in operation across the country. Among them, about 60 percent are in the Terai districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14572', 'image' => '20220225030202_1645695301.jpg', 'article_date' => '2022-02-25 15:01:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14829', 'article_category_id' => '1', 'title' => 'Is Finance Minister Deliberately Avoiding MCC?', 'sub_title' => '', 'summary' => 'February 25: Finance Minister Janardan Sharma, who responsible for th', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 25: Finance Minister Janardan Sharma, who responsible for the overall financial matters of the country, has been avoiding the issue of US-funded project, Millennium Challenge Corporation (MCC).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During last Sunday, Finance Minister Sharma skipped the parliament meeting with an excuse of health-related issues when the MCC was tabled in the House of Representatives (HoR). He then visited Parbat district ahead of Thursday’s House meeting, which was later postponed after the political parties could not forge an understanding over the disputed issue of MCC. The House meeting on Thursday was called for discussing the MCC. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The MCC agenda was presented in parliament on February 20 by Communications Minister Gyanendra Bahadur Karki due to the absence of Finance Minister Sharma.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Minister Sharma has been criticized for "wandering" outside the Kathmandu Valley in an irresponsible manner at a crucial period when political parties were needed to seek consensus to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A picture of Sharma and his wife Laxmi having lunch at Kushma’s ‘sky chair’ after observing bungee jump was circulated on Wednesday – the day when the Parliament Secretariat published the possible list of agenda items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the MCC was tabled in parliament, Finance Minister Sharma's party, the CPN-Maoist Center and another partner in the coalition government, CPN Unified Socialist have been waging protests from the parliament to the streets.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Some MPs from the party had protested against the MCC in parliament on the day when it was tabled. Even now, sister wings of the ruling Maoist center and the CPN Unified Socialist party are busy throwing stones in the streets on a daily basis.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Deuba's attempt to take UML in confidence</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the ruling parties failed to reach an understanding to pass the MCC, Prime Minister Sher Bahadur Deuba is trying to take main opposition party – CPN UML – into confidence even at the cost of breaking the alliance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On Thursday, Prime Minister Deuba deferred the House meeting to hold discussions with the UML in order to solicit support from the main opposition party to pass the MCC. During the meeting with UML Chairman KP Sharma Oli, PM Deuba said that he was ready to find a way out by openly discussing all the demands raised by the UML, Nepali Congress General Secretary Gagan Thapa, said quoting Deuba.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Thapa, PM Deuba had hinted that the ruling alliance would end if the coalition partners including the Maoist Center, CPN Unified Socialist, and Janamorcha did not support him to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prime Minister Deuba, who is also the president of Nepali Congress, urged the UML to pass the MCC by removing the house obstruction. Thapa said that the issue of passing the MCC from the parliament was a matter of Nepal's international relations and credibility.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In response, UML Chairman Oli said that he would discuss within the party and inform whether or not to support the government to pass MCC. Before meeting UML Chairman Oli, Deuba had held decisive talks with CPN Maoist Centre Chairman Dahal and CPN Unified Socialist Party Chairman Madhav Kumar Nepal on Thursday. However, the chairmen of both the parties made it clear that they would not support the MCC in its current form.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">China's interest in crisis</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As the political crisis deepens in Nepal over the US-backed project MCC, Nepal's northern neighbor has shown a particular interest in this matter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">UML Chairman KP Sharma Oli and Unified Socialist Party Chairman Madhav Kumar Nepal held two separate virtual talks with two top leaders of the Foreign Department of the Chinese Communist Party on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The conversations took place while the United States accused China of having a vested interest for its alleged role in delaying the parliamentary approval of MCC. During the talks, China reportedly expressed serious security concerns. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a source, Chen Zhao, Deputy Minister of the Communist Party of China (CPC), expressed concern that the MCC could pose a serious security challenge to China from the Nepali soil. “We have been treating Nepal as a close friend till now,” said a leader close to Madhav Nepal quoting the Chinese minister at the virtual meeting, “However, the growing security challenge from Nepali side has raised concerns. You just have to take this matter more seriously”.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14571', 'image' => '20220225011852_fin min sharma.jpg', 'article_date' => '2022-02-25 13:18:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14828', 'article_category_id' => '1', 'title' => 'Buddha Air Adds another Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company now has a total of 16 aircraft, including 11 ATR-72, three ATR-42 and two Beechcraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company informed that it added the new aircraft after starting flight operations from its new base in Pokhara. According to officials of Buddha Air, the new aircraft with call sign 9N-ANP will come into operation within two weeks after completing all necessary paper works.</span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14570', 'image' => '20220225115504_Buddha ATR.jpg', 'article_date' => '2022-02-25 11:54:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14842', 'article_category_id' => '1', 'title' => 'This is how MCC will be Implemented', 'sub_title' => '', 'summary' => 'February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The passage of MCC has opened doors for a grant assistance of Rs 55 billion, which will primarily be used for construction of transmission lines and roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Until now, the project signed in 2017 had remained uncertain because the political parties were divided over its endorsement. But now, the project is all set to be implemented in full fledge, according to the officials of the Millennium Challenge Account (MCA) Nepal. MCA Nepal is body formed by the Government of Nepal in April/May 2018 (2075 BS) under the Development Committee Act, 2013 in order to implement the projects under the MCC grant agreement. The MCC compact will be implemented by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Communication officer of MCA Nepal Rajiv Dahal said that the preparatory works for the project had slowed down because of the delay in endorsing the MCC from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Now, the MCA Nepal, under this project, will complete the works related to land acquisition and seek within one year the permission to use forest areas. Then the EIF meeting will be held to implement the project. This meeting will fix the deadline for projects under MCC to be completed within 5 years. The MCC will release funds after this meeting as per the cost estimate submitted by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US government will provide grant assistance of US$ 500 million while the Government of Nepal will invest US$ 130 million for this project. If Nepal is not able to spend the grant pledged by the USA within 5 years, the unspent amount has to be returned back.</span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14584', 'image' => '20220228120455_thediplomat-2020-01-29-21.jpg', 'article_date' => '2022-02-28 12:04:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14841', 'article_category_id' => '1', 'title' => 'What does 11-point Descriptive Notes about MCC Say', 'sub_title' => '', 'summary' => 'February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the announcement, the ruling parties stated that the MCC compact, upon its endorsement, would not be regarded as an agreement having link to any strategic or military alliance including the US Indo-Pacific Strategy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the explanatory notes, the auditing of MCC would be conducted by the Office of Auditor General; the intellectual property gained from the project would be of Nepal; no agreement would be above the Constitution of Nepal; and the project would be directed as per Nepal's constitution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes were made public on Sunday (February 28) after a meeting of the ruling parties held at prime minister's official residence in Baluwatar. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In relation to section 2.7, section 5.2 (b.3), section 5.2 (b.4) of the MCC compact, Nepal has the understanding that these provisions are effective only for the use of the grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, other provisions would not make Nepal mandatory to abide by the existing or the future US laws or policies in any purpose except the use of MCC grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, in regard to section 3.2 (b) of the MCC compact, the 11-point notes issued by the political parties has made it clear that the activities to be run from the MCC compact Nepal Development Committee shall be guided by the laws of Nepal. The MCC would not have ownership in the intellectual property right while Nepal will own the entire intellectual property rights and Nepal will fully utilise this. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes also states that the Constitution of Nepal shall prevail over the compact and implementation of the programmes under this project would be carried out as per the laws of Nepal and the compact. All the movable and immovable properties and land plots of the projects would remain under the ownership of the Government of Nepal and its line agencies, the notes further mentioned. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14583', 'image' => '20220228112208_MCC.jpg', 'article_date' => '2022-02-28 11:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14840', 'article_category_id' => '1', 'title' => 'Parliament Ratifies MCC Compact ', 'sub_title' => '', 'summary' => 'February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The second meeting of the HoR ratified the MCC compact on Sunday evening (February 27). Finance Minister Janardan Sharma had presented the proposal seeking the passage of the MCC compact along with descriptive notes. The proposal was passed by voice vote. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The main opposition, CPN UML, continued its protest over non-implementation of its decision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, taking part in the discussion on finance minister's proposal seeking ratification of the MCC compact along with descriptive notes, the lawmakers put forth views for and against the MCC compact. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lawmaker Parbata Bisankhe said the descriptive notes of the MCC compact should be approved in letter and spirit, adding that the US government too should accept it. Bisankhe said Nepal should scrap it otherwise. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, lawmaker of Rastriya Janamorcha Durga Poudel argued that the descriptive notes were one-sided and the MCC compact was against the spirit of nationalism and national sovereignty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">UML lawmaker Bhim Rawal also questioned the one-sided descriptive notes, stating that it created illusion among the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, Nepali Congress (NC) whip Pushpa Bhusal believed that the MCC would help strengthen Nepal's economy and support in development of infrastructures in the country. Bhusal said it while taking part in the deliberation on the proposal, seeking ratification of MCC compact in the second meeting of the House of Representatives (HoR). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She argued that a total of 46 countries across the world had inked MCC agreement with he USA and there was not a single case of military alliance relating to the MCC. She also commented that the descriptive notes on the MCC were positive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MP Prem Suwal, however, protested the MCC agreement and demanded it be withdrawn. Matrika Prasad Yadav said that descriptive notes were a part of the MCC internationally. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Dr Minendra Rijal of Nepali Congress expressed his confidence that the descriptive notes would help dispel the misleading information about the MCC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Unified Socialist) lawmaker Jivan Ram Shrestha said that the descriptive notes on the MCC were positive and the American side should also mandatorily abide by it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Maoist Centre) lawmaker Girirajmani Pokharel viewed that more light should be thrown on the MCC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The next meeting of parliament is scheduled for February 30. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14582', 'image' => '20220228110858_Parliament.jpg', 'article_date' => '2022-02-28 06:51:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14839', 'article_category_id' => '1', 'title' => 'Shipments from Ukraine Cancelled as War Escalates', 'sub_title' => '', 'summary' => 'February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that the consignments of unrefined sunflower and soybean oil from Ukraine have been cancelled due to the outbreak of the war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nikhil Chachan, operator of Narayani Oil, says that the supply of raw materials had been delayed during the build-up to the war and the consignments have completely stopped with the onset of war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than a dozen industries that manufacture cooking oil in Nepal are dependent on Ukraine for raw materials. The shipments of raw materials have been stuck at the ports after Russia launched an attack on Ukraine last Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Operator of OCB Foods, Suresh Rungata, says that the shipping companies have started cancelling the orders citing extraordinary situation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The ships that were ready to sail with the raw materials have been stuck at the ports following the Russian invasion,” said Rungata, adding, “It is not certain when things will return back to normalcy.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal imports more than 80 percent of unprocessed product required for producing oil from Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Chachan says that the quality of mustard produced in Ukraine are better than anywhere else and therefore it falls in their first choice category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Rungata says that all the industries keep a stock of 10 to 15 percent of raw materials and therefore the market will not face immediate shortage of cooking oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The industries have stock enough for 1 or 2 days. The shipment at Kolkata port will be enough for another 10/12 days. There might be some problem is supply after that,” says Rungata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another industrialist Om Prakash More says that if the Russia-Ukraine war gets prolonged, there will be a major problem in supply of cooking oil, wheat, maize, petroleum products among others. He further said that inflation is imminent due to the short-supply. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other businessmen say that that even if the war ends it will take some time for Ukraine to recover from its impact and the supply chain will not improve anytime soon. </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14581', 'image' => '20220227070707_Foreign Trade.jpg', 'article_date' => '2022-02-27 19:06:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14837', 'article_category_id' => '1', 'title' => 'Government Ready for Policy Reforms to Attract Foreign Investment', 'sub_title' => '', 'summary' => 'February 27: The government has started homework of policy improvement to attract foreign investment. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The government has started homework of policy improvement to attract foreign investment. Currently, Nepal is not able to attract lucrative foreign investment into the country. Thus, the government has taken a step towards policy improvement to bring foreign investment as well as technologies. In this regard, the government is preparing to reduce the time period for process involved in foreign investment. In addition to this, the government is also preparing to make amendments to the Foreign Enterprise and Technology Transfer Rules.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Foreign Investment and Technology Transfer Rules 2077, which was approved and implemented by the Council of Ministers in December last year, had set a minimum limit of Rs 50 million for foreign investment. The time limit was also set when such a limit was fixed. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Accordingly, the process of bringing investment should be started within one year. Foreign investors who pledge to invest Rs 50 million should bring 25 percent of the investment within one year. Similarly, investors who pledge to invest Rs 250 million should bring 15 percent of the pledged amount within a year and investors investing Rs 1 billion are required to bring 10 percent within one year while the investors investing above Rs 1 billion are required to bring 5 percentage of committed amount within a year. No such date was fixed before this arrangement was made.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The private sector had been protesting against the regulations arguing that the provision in the regulations was not practical.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government has formed a study committee headed by Ram Chandra Tiwari, Director General of the Department of Industry, to amend the regulations. The committee, which was formed a month ago, has started the study process and has been mandated from the Ministry of Industry, Commerce and Supplies to prepare a report with suggestions for amendment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tiwari, the head of the study committee, said that the committee has already started its work. "We will study the need to amend the current rules in detail and submit a report soon," he told New Business Age. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Ministry of Industry says that the process of amendment will move forward after it receives the report from the study committee. The private sector and investors have been complaining that they are embarrassed by the time limit and time set by the government for foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Confederation of Nepalese Industries (CNI) has been demanding removal of the minimum limit for foreign investors since the introduction of such an arrangement. "In order to encourage foreign investment, the minimum limit should be removed," the CNI said in a recent statement. The number of foreign-invested industries in Nepal has reached 5,366 now.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">What is the commitment of foreign investment in Nepal?</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first six months of the current Fiscal Year 2078/79, a total of 129 new industries with foreign investment have been registered in Nepal. According to the Department of Industry, with the new industries registered, the total number of industries with foreign investment in Nepal has reached 5,366. There are 319 large, 566 medium and 4,481 small industries registered with foreign investment in Nepal. As of mid-January, Nepal has received foreign investment commitment of Rs 31.53 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> According to the Department of Industry, foreign investment commitment of Rs 24.23 billion was made in the corresponding period of the previous fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14580', 'image' => '20220227052247_20160222122813_ep3.jpg', 'article_date' => '2022-02-27 17:21:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14838', 'article_category_id' => '1', 'title' => 'ICRA Gives AA+ Rating to NEA ', 'sub_title' => '', 'summary' => 'February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Companies with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such companies carry very low credit risk. The rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commenting on the rating, the NEA Executive Director Kulman Ghising said this rating means NEA is considered to have a high degree of safety concerning timely servicing of its financial obligations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The NEA has taken out loans from multi-sectoral development partners like the World Bank and the Asian Development Bank with Government of Nepal as the guarantor. Now with this rating, it can directly seek and take out loans from such partners with its institutional guarantee," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On issuing initial public offering to the public, Ghising said discussions with the government were underway in this regard. "Now we will take forward the process of issuing IPO to the general public as per the law and with the government's consent." The NEA has posted a profit of Rs 12 billion in six months of the current fiscal year (FY 2021/22). -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14579', 'image' => '20220227053453_NEA.jpg', 'article_date' => '2022-02-27 17:33:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14836', 'article_category_id' => '1', 'title' => 'HoR Begins Deliberations on MCC Compact ', 'sub_title' => 'Ruling Coalition Agrees to Ratify MCC with Explanatory Note', 'summary' => 'February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota announced the commencement of the meeting business amidst protest from opposition MPs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Minister for Law, Justice and Parliamentary Affairs Dilendra Prasad Badu presented the annual report of the Office of Auditor General for the fiscal year 2077-78 BS, on behalf of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Finance Minister Janardan Sharma tabled a proposal seeking general deliberations on the proposal to endorse the US-funded Millennium Challenge Corporation (MCC) compact. Earlier, a meeting of the ruling alliance held at the Prime Minister's official residence in Baluwatar today morning (February 27) decided to endorse the American project through parliament along with an “explanatory declaration”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking to the media after the meeting, Nepali Congress leader Ram Chandra Poudel said that the meeting of the ruling alliance has decided that the House of Representatives will ratify the MCC after the government makes it clear that the compact is not under any military organisation but purely an economic assistance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Present in the meeting were Prime Minister and Nepali Congress president Sher Bahadur Deuba, CPN (Maoist Centre) chair Pushpa Kamal Dahal, CPN (Unified Socialist) chair Madhav Kumar Nepal, Janata Samjabadi Party chair Upendra Yadav among the leaders of the ruling coalition. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Signed in 2017, the US$ 55 billion project will construct transmission lines and roads in Nepal if endorsed by the parliament. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The then government led by then prime minister KP Sharma Oli had decided to table the MCC agenda in parliament on February 8, 2019. Similarly, the then Finance Minister Dr Yuba Raj Khatiwada had presented MCC compact in the parliament on July 15, 2019 for its passage. However, the ratification of MCC had remained stalled due to the differences among the political parties. But now, a meeting of the CPN (Maoist Centre) today morning also decided to ratify the MCC along with an explanatory note. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The parliament meeting continues theoretical discussions over the MCC, according to the state-owned national news agency RSS. The government has beefed up security in New Baneshwar area anticipating protests over the MCC issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The extended deadline for endorsing the MCC is February 28. (With inputs from RSS) </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14578', 'image' => '20220227035518_MCC.jpg', 'article_date' => '2022-02-27 15:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14835', 'article_category_id' => '1', 'title' => 'Nepal Imports Mustard from Australia instead of Ukraine ', 'sub_title' => '', 'summary' => 'February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. The price of sunflower and soybean imported from Ukraine has gone up by 30 to 60 percent per tonne. Industrialists have estimated that the price of cooking oil in Nepal will increase by up to Rs 100 per litre within the next one month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of mustard, which was ordered from Ukraine by domestic oil industry operator Shravan Kumar Agrawal, has recently increased by USD 30 per ton. Due to the war, it was not possible to order additional consignment of mustard from Ukraine, so the industrialist had to order mustard from Australia, where it costs an additional USD 60 per ton. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"The price of mustard oil may increase by as much as Rs 100 due to price hike of mustard seeds, increase in transportation fare and the delay consignment delivery," said Agrawal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the retail price of mustard oil is Rs 300 per liter. He estimates that the price will reach Rs 400 in a month. Sunflower oil costs Rs 260 per liter. It is expected to increase to Rs 360. The current retail price of soybean oil is Rs 250 per liter, which is expected to cost Rs 350 per liter soon.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Russia's conflict with Ukraine has caused impacts on various sectors globally. Entrepreneurs said that increase in coal price will increase the production cost of the brick and cement industries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, the price of coal has also been affected by the Russia-Ukraine war. Traders at the Kolkata port, who have been supplying coal to Nepal, say that the price of coal has gone up by USD 30 per ton. The price of coal was USD 200 per ton a year ago, and has now reached USD 230 per ton. According to Ghimire, the price is expected to reach USD 250 per ton.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ukraine supplies most of the raw materials required to produce sunflower oil in Nepal. Only a few percent comes from Russia and Australia. The price of soybean and sunflower is comparatively cheaper in Ukraine than in other countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nanda Kishore Rathi, vice-president of the Morang Chamber of Commerce, said that the price of crude oil, which used to cost USD 1,500 per tonne, has now risen by USD 30 to 300.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal has imported 445,000 kg of raw material of mustard oil worth Rs 3.95 billion in the last seven months, while 57.36 million kg of crude oil worth Rs 9.51 billion has been imported from Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Along with Ukraine, Russia has also exported goods worth Rs 151.1 million to Nepal in the last seven months and imported goods worth Rs 4.31 billion, according to the Department of Customs. During this period, Nepal imported printing paper, automobiles, chemicals (sodium phosphate), animal vaccines, shampoos, baby lotions, and cosmetics from Russia. Carpets worth Rs 73.9 million, tea leaves worth Rs 61.3 million, hangers for clothes worth Rs 1.1 million, and Yarsagumba worth Rs 6.5 million were exported to Russia.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The war between Russia and Ukraine has pushed up the price of gold and petroleum products, said Navin Rijal, president of the Morang Merchants’ Association. He informed that the price of gold in Nepal increased by Rs 2500 per 11.6 grams on Thursday and decreased by Rs 1000 on Friday. The price of crude oil, which had reached USD 105 per barrel, had reached USD 97.2 at midnight on Friday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As Russia is the second-largest producer of petroleum products internationally, fluctuations in prices are likely to push up the price of petrol, diesel, kerosene, aviation fuel, and cooking gas in Nepal, Rijal said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14577', 'image' => '20220227015131_1501009175_7.jpg', 'article_date' => '2022-02-27 13:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14834', 'article_category_id' => '1', 'title' => 'Family Members Concerned about Safety of Nepalis in Ukraine ', 'sub_title' => '', 'summary' => 'February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">So far, 193 Nepalis living in Ukraine have come in contact with Nepal’s embassy in Germany that is in charge of looking after affairs related to Russia. It is estimated that there are around 240 Nepali nationals studying and working in Ukraine. However, the vice president of the Non-Resident Nepalese Association (NRNA), Dr Badri KC informed that there are around 400 Nepalis living in Ukraine. "Even though Nepalis are safe till now, we are still concernd about relocating them," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The embassy has requested those in contact to move to a safer location in the west and stay in touch as the attack is currently taking place only in the eastern parts of the country. Advocate and labor and immigration expert Som Luintel, who has been providing assistance to those in need during foreign employment, said that the government should give priority to rescue those in contact even if their condition is said to be safe. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of crude oil has been sharply rising in the world market due to the war between Russia and Ukraine. Russia is one of the top oil suppliers in the world. Brent crude rose to its highest level since 2014, following fears of an impact on Russian oil supplies on Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economists and market analysts estimate that crude oil prices could reach $150 a barrel, with worse conditions expected. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As a result of the war, prices of gold and other commodities are expected to rise. Russia and Ukraine are the world's leading food suppliers. Russia and Ukraine account for 29 percent of the world's total wheat trade. The supply of 19 percent maize also come from these two countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">About 80 percent of supply of sunflower oil in the world market comes from Russia and Ukraine. Prices of food items including wheat, maize and soybeans have skyrocketed in the world market since mid-February due to rising tensions between Russia and Ukraine. As a result of the war, the prices of palm oil and soybean oil have also increased along with sunflower oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economist Dr Poshraj Pandey says that Nepal will face indirect impact of the Ukraine war. He said that as Nepal's economy is import-oriented, inflation will rise when there is a problem in global supply chain. Recently, the United States, the United Kingdom and other countries have increased their assistance to Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“If the situation worsens, the donors might cut grant assistance to Nepal in order to manage expenses for the war,” he added.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14576', 'image' => '20220227123233_NRNA.jpg', 'article_date' => '2022-02-27 12:31:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14833', 'article_category_id' => '1', 'title' => 'IPPAN Welcomes Decision taken by Nepal-India JSC Meeting', 'sub_title' => '', 'summary' => 'February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Friday, IPPAN Chair Krishna Prasad Acharya expressed hope that the agreement between Nepal and India would add a new dimension to the country's electricity trade and would further consolidate mutual relations between Nepal and India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that the meeting has created a base for Nepal to export power up to Bangladesh, IPPAN said such an agreement would play an important role in the development of electricity in the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said that the decisions taken by the meeting would help promote investment in the energy sector and big projects as well as transmission lines and also improve inter-state energy trade. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14575', 'image' => '20220227082509_aaa.jpg', 'article_date' => '2022-02-27 08:22:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14831', 'article_category_id' => '1', 'title' => 'Sauraha Starts Bustling with Tourists ', 'sub_title' => '', 'summary' => 'February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap. The tourism sector, which has slowed down due to the impact of Covid-19, is now showing signs of recovery. European tourists in particular have started coming to Sauraha after a long time, according to the hoteliers of the region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Booking of Indian tourists is also good," said Deepak Bhattarai, president of the Chitwan Regional Hotel Association. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During this time of the year, hotel occupancy in Sauraha used to be 90 percent but it is just 14 percent at present, says Bhattarai.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“But the good news is that foreign tourists have started coming.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Suman Ghimire, the manager of Jungle Safari Lodge, tourists from Germany, the Netherland, Israel, and other countries have started coming. He is hopeful that the tourism sector will be back to normal business from coming October as the number of inquiries has increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the decline in risk of Covid-19, there has been an improvement in hotel bookings for seminars and meetings,” he said, adding</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">, “Foreign tourists have been seen sporadically after a long time. Nowadays, they also come in groups.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ghimire, who is also a former president of the Regional Hotel Association Chitwan, estimates that the number of foreign tourists visiting Nepal would improve significantly by 2023. Foreign tourists have started riding elephants in community forests, including Chitwan National Park, he further said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rishi Tiwari, chairman of the United Elephant Management Cooperative, which has been managing elephants, said that especially Asian tourists have started coming to ride elephants. There are 31 elephants with the cooperative. Among them, 20 to 25 of them have started getting daily work.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> He says that tourists from Nepal, India, and third countries have started coming to the area. Similarly, elephant safari is available in the Baghmara Community Forest. The chairman of the committee Jit Bahadur Tamang also confirmed that foreign tourists have started arriving.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Santosh Giri, chief executive officer of Hotel Jungle Crown, said hotel has been almost booked for weekends.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Apart from sight-seeing, visitors also come here for weddings and other big gatherings. Sauraha has become a popular choice among tourists as it is possible to book a good hotel room at an affordable price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As Chitwan is located in the middle of the country, big organizations often hold trainings, meetings, and conferences here. Mostly, Indians come here for weddings. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There are 120 hotels in Sauraha. These hotels can accommodate up to five thousand five hundred tourists. Entrepreneurs say that the hotels here have received huge investments in recent years.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14574', 'image' => '20220225053240_Chitwan-sunset-sauraha-nepal.jpg', 'article_date' => '2022-02-25 17:31:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14832', 'article_category_id' => '1', 'title' => 'Government signs Rs 2.14 Billion Loan Agreement with World Bank ', 'sub_title' => '', 'summary' => 'February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB). Finance Secretary Madhu Kumar Marasini and the World Bank’s country director for Nepal, Sri Lanka and the Maldives Faris Hadad-Zervos signed the agreement on behalf of their respective sides amidst a programme at the Ministry of Finance on Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry said that the loan was taken for COVID- 19 Emergency Response and Health Systems Preparedness (CERHSP) Project. The ministry expects the loan assistance will further facilitate the expansion of the comprehensive vaccination campaign against COVID-19 launched by the government and will help in purchasing safe and effective vaccines for children of the age group above 5 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal has responded expeditiously to the continuously changing environment triggered by the pandemic. It has recorded impressive gains in both primary series COVID-19 vaccination for all populations: 12 years and above as well as booster doses for its most vulnerable populations. This second additional financing will support Nepal to scale-up its vaccination efforts to cover its child population as well," stated Marasini on the occasion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry, the proposed additional concessional loan financing and CERHSP project share a common objective of preventing, detecting, and responding to the threat posed by COVID-19 and strengthening the systems for public health preparedness in the nation. The CERHSP project and its additional financing will continue to be implemented under the leadership of the Ministry of Health and Population by the Department of Health Services and associated institutional bodies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"l am very pleased that the World Bank in its continued partnership with Nepal, and through this additional Financing will make available safe and effective vaccines to a larger proportion of the population. This is very critical as new variants of the coronavirus continue to pose a threat to people’s safety and livelihoods and exhaust public health systems," WB Country Director Faris Hadad-Zervos said. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14573', 'image' => '20220225054431_World.jpg', 'article_date' => '2022-02-25 17:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14830', 'article_category_id' => '1', 'title' => 'NOC bats for Electronic Transaction to Prevent Fuel Smuggling in Border Areas', 'sub_title' => '', 'summary' => 'February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. The state-owned oil monopoly has given such instructions to its regional offices, fuel depots and branch offices as the price difference of petrol and diesel has widened in the border areas compared to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Binit Mani Upadhyaya, the deputy director of NOC, the price of petrol in the border area is up to Rs 30 per liter cheaper in Nepal than in India, due to which, petrol and diesel sold from Nepal’s fuel stations near the border are smuggled back to India. The corporation has stated that an electronic payment system is being implemented to make the sale and distribution of fuel from the stations transparent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Issuing a statement, the NOC has said that all ordinary fuel stations located 2 kilometers within the Indian border will be provided with electronic payment system within a month for selling and distributing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The NOC has also instructed the concerned bodies to make arrangements to send the progress report to the center every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Oil Corporation has been running at loss since the price of crude oil reached its peak in the international market. According to the NOC, about 1,600 fuel stations are in operation across the country. Among them, about 60 percent are in the Terai districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14572', 'image' => '20220225030202_1645695301.jpg', 'article_date' => '2022-02-25 15:01:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14829', 'article_category_id' => '1', 'title' => 'Is Finance Minister Deliberately Avoiding MCC?', 'sub_title' => '', 'summary' => 'February 25: Finance Minister Janardan Sharma, who responsible for th', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 25: Finance Minister Janardan Sharma, who responsible for the overall financial matters of the country, has been avoiding the issue of US-funded project, Millennium Challenge Corporation (MCC).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During last Sunday, Finance Minister Sharma skipped the parliament meeting with an excuse of health-related issues when the MCC was tabled in the House of Representatives (HoR). He then visited Parbat district ahead of Thursday’s House meeting, which was later postponed after the political parties could not forge an understanding over the disputed issue of MCC. The House meeting on Thursday was called for discussing the MCC. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The MCC agenda was presented in parliament on February 20 by Communications Minister Gyanendra Bahadur Karki due to the absence of Finance Minister Sharma.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Minister Sharma has been criticized for "wandering" outside the Kathmandu Valley in an irresponsible manner at a crucial period when political parties were needed to seek consensus to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A picture of Sharma and his wife Laxmi having lunch at Kushma’s ‘sky chair’ after observing bungee jump was circulated on Wednesday – the day when the Parliament Secretariat published the possible list of agenda items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the MCC was tabled in parliament, Finance Minister Sharma's party, the CPN-Maoist Center and another partner in the coalition government, CPN Unified Socialist have been waging protests from the parliament to the streets.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Some MPs from the party had protested against the MCC in parliament on the day when it was tabled. Even now, sister wings of the ruling Maoist center and the CPN Unified Socialist party are busy throwing stones in the streets on a daily basis.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Deuba's attempt to take UML in confidence</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the ruling parties failed to reach an understanding to pass the MCC, Prime Minister Sher Bahadur Deuba is trying to take main opposition party – CPN UML – into confidence even at the cost of breaking the alliance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On Thursday, Prime Minister Deuba deferred the House meeting to hold discussions with the UML in order to solicit support from the main opposition party to pass the MCC. During the meeting with UML Chairman KP Sharma Oli, PM Deuba said that he was ready to find a way out by openly discussing all the demands raised by the UML, Nepali Congress General Secretary Gagan Thapa, said quoting Deuba.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Thapa, PM Deuba had hinted that the ruling alliance would end if the coalition partners including the Maoist Center, CPN Unified Socialist, and Janamorcha did not support him to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prime Minister Deuba, who is also the president of Nepali Congress, urged the UML to pass the MCC by removing the house obstruction. Thapa said that the issue of passing the MCC from the parliament was a matter of Nepal's international relations and credibility.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In response, UML Chairman Oli said that he would discuss within the party and inform whether or not to support the government to pass MCC. Before meeting UML Chairman Oli, Deuba had held decisive talks with CPN Maoist Centre Chairman Dahal and CPN Unified Socialist Party Chairman Madhav Kumar Nepal on Thursday. However, the chairmen of both the parties made it clear that they would not support the MCC in its current form.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">China's interest in crisis</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As the political crisis deepens in Nepal over the US-backed project MCC, Nepal's northern neighbor has shown a particular interest in this matter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">UML Chairman KP Sharma Oli and Unified Socialist Party Chairman Madhav Kumar Nepal held two separate virtual talks with two top leaders of the Foreign Department of the Chinese Communist Party on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The conversations took place while the United States accused China of having a vested interest for its alleged role in delaying the parliamentary approval of MCC. During the talks, China reportedly expressed serious security concerns. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a source, Chen Zhao, Deputy Minister of the Communist Party of China (CPC), expressed concern that the MCC could pose a serious security challenge to China from the Nepali soil. “We have been treating Nepal as a close friend till now,” said a leader close to Madhav Nepal quoting the Chinese minister at the virtual meeting, “However, the growing security challenge from Nepali side has raised concerns. You just have to take this matter more seriously”.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14571', 'image' => '20220225011852_fin min sharma.jpg', 'article_date' => '2022-02-25 13:18:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14828', 'article_category_id' => '1', 'title' => 'Buddha Air Adds another Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company now has a total of 16 aircraft, including 11 ATR-72, three ATR-42 and two Beechcraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company informed that it added the new aircraft after starting flight operations from its new base in Pokhara. According to officials of Buddha Air, the new aircraft with call sign 9N-ANP will come into operation within two weeks after completing all necessary paper works.</span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14570', 'image' => '20220225115504_Buddha ATR.jpg', 'article_date' => '2022-02-25 11:54:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14842', 'article_category_id' => '1', 'title' => 'This is how MCC will be Implemented', 'sub_title' => '', 'summary' => 'February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: The obstacles for implementing the Millennium Challenge Corporation (MCC) compact have been removed with the ratification of the US-funded project from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The passage of MCC has opened doors for a grant assistance of Rs 55 billion, which will primarily be used for construction of transmission lines and roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Until now, the project signed in 2017 had remained uncertain because the political parties were divided over its endorsement. But now, the project is all set to be implemented in full fledge, according to the officials of the Millennium Challenge Account (MCA) Nepal. MCA Nepal is body formed by the Government of Nepal in April/May 2018 (2075 BS) under the Development Committee Act, 2013 in order to implement the projects under the MCC grant agreement. The MCC compact will be implemented by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Communication officer of MCA Nepal Rajiv Dahal said that the preparatory works for the project had slowed down because of the delay in endorsing the MCC from parliament.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Now, the MCA Nepal, under this project, will complete the works related to land acquisition and seek within one year the permission to use forest areas. Then the EIF meeting will be held to implement the project. This meeting will fix the deadline for projects under MCC to be completed within 5 years. The MCC will release funds after this meeting as per the cost estimate submitted by MCA Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US government will provide grant assistance of US$ 500 million while the Government of Nepal will invest US$ 130 million for this project. If Nepal is not able to spend the grant pledged by the USA within 5 years, the unspent amount has to be returned back.</span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14584', 'image' => '20220228120455_thediplomat-2020-01-29-21.jpg', 'article_date' => '2022-02-28 12:04:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14841', 'article_category_id' => '1', 'title' => 'What does 11-point Descriptive Notes about MCC Say', 'sub_title' => '', 'summary' => 'February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 28: The ruling parties announced an 11-point descriptive notes on the much debated Millennium Challenge Corporation (MCC) compact, arguing that it is focused solely on economic cooperation and development of physical infrastructures. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the announcement, the ruling parties stated that the MCC compact, upon its endorsement, would not be regarded as an agreement having link to any strategic or military alliance including the US Indo-Pacific Strategy. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the explanatory notes, the auditing of MCC would be conducted by the Office of Auditor General; the intellectual property gained from the project would be of Nepal; no agreement would be above the Constitution of Nepal; and the project would be directed as per Nepal's constitution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes were made public on Sunday (February 28) after a meeting of the ruling parties held at prime minister's official residence in Baluwatar. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In relation to section 2.7, section 5.2 (b.3), section 5.2 (b.4) of the MCC compact, Nepal has the understanding that these provisions are effective only for the use of the grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, other provisions would not make Nepal mandatory to abide by the existing or the future US laws or policies in any purpose except the use of MCC grant. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Likewise, in regard to section 3.2 (b) of the MCC compact, the 11-point notes issued by the political parties has made it clear that the activities to be run from the MCC compact Nepal Development Committee shall be guided by the laws of Nepal. The MCC would not have ownership in the intellectual property right while Nepal will own the entire intellectual property rights and Nepal will fully utilise this. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The descriptive notes also states that the Constitution of Nepal shall prevail over the compact and implementation of the programmes under this project would be carried out as per the laws of Nepal and the compact. All the movable and immovable properties and land plots of the projects would remain under the ownership of the Government of Nepal and its line agencies, the notes further mentioned. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14583', 'image' => '20220228112208_MCC.jpg', 'article_date' => '2022-02-28 11:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14840', 'article_category_id' => '1', 'title' => 'Parliament Ratifies MCC Compact ', 'sub_title' => '', 'summary' => 'February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 28: After much debate and deliberations, the House of Representatives has finally ratified the Millennium Challenge Corporation (MCC) grant agreement reached between Nepal and the US government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The second meeting of the HoR ratified the MCC compact on Sunday evening (February 27). Finance Minister Janardan Sharma had presented the proposal seeking the passage of the MCC compact along with descriptive notes. The proposal was passed by voice vote. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The main opposition, CPN UML, continued its protest over non-implementation of its decision. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier, taking part in the discussion on finance minister's proposal seeking ratification of the MCC compact along with descriptive notes, the lawmakers put forth views for and against the MCC compact. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lawmaker Parbata Bisankhe said the descriptive notes of the MCC compact should be approved in letter and spirit, adding that the US government too should accept it. Bisankhe said Nepal should scrap it otherwise. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, lawmaker of Rastriya Janamorcha Durga Poudel argued that the descriptive notes were one-sided and the MCC compact was against the spirit of nationalism and national sovereignty. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">UML lawmaker Bhim Rawal also questioned the one-sided descriptive notes, stating that it created illusion among the people. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">However, Nepali Congress (NC) whip Pushpa Bhusal believed that the MCC would help strengthen Nepal's economy and support in development of infrastructures in the country. Bhusal said it while taking part in the deliberation on the proposal, seeking ratification of MCC compact in the second meeting of the House of Representatives (HoR). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">She argued that a total of 46 countries across the world had inked MCC agreement with he USA and there was not a single case of military alliance relating to the MCC. She also commented that the descriptive notes on the MCC were positive. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">MP Prem Suwal, however, protested the MCC agreement and demanded it be withdrawn. Matrika Prasad Yadav said that descriptive notes were a part of the MCC internationally. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Dr Minendra Rijal of Nepali Congress expressed his confidence that the descriptive notes would help dispel the misleading information about the MCC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Unified Socialist) lawmaker Jivan Ram Shrestha said that the descriptive notes on the MCC were positive and the American side should also mandatorily abide by it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CPN (Maoist Centre) lawmaker Girirajmani Pokharel viewed that more light should be thrown on the MCC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The next meeting of parliament is scheduled for February 30. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-28', 'modified' => '2022-02-28', 'keywords' => '', 'description' => '', 'sortorder' => '14582', 'image' => '20220228110858_Parliament.jpg', 'article_date' => '2022-02-28 06:51:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14839', 'article_category_id' => '1', 'title' => 'Shipments from Ukraine Cancelled as War Escalates', 'sub_title' => '', 'summary' => 'February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: Russian invasion of Ukraine has caused obstruction in the supply of raw materials required for producing cooking oil and poultry feed to Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali importers say that the consignments of unrefined sunflower and soybean oil from Ukraine have been cancelled due to the outbreak of the war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nikhil Chachan, operator of Narayani Oil, says that the supply of raw materials had been delayed during the build-up to the war and the consignments have completely stopped with the onset of war. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">More than a dozen industries that manufacture cooking oil in Nepal are dependent on Ukraine for raw materials. The shipments of raw materials have been stuck at the ports after Russia launched an attack on Ukraine last Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Operator of OCB Foods, Suresh Rungata, says that the shipping companies have started cancelling the orders citing extraordinary situation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The ships that were ready to sail with the raw materials have been stuck at the ports following the Russian invasion,” said Rungata, adding, “It is not certain when things will return back to normalcy.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal imports more than 80 percent of unprocessed product required for producing oil from Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Industrialist Chachan says that the quality of mustard produced in Ukraine are better than anywhere else and therefore it falls in their first choice category.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, Rungata says that all the industries keep a stock of 10 to 15 percent of raw materials and therefore the market will not face immediate shortage of cooking oil.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The industries have stock enough for 1 or 2 days. The shipment at Kolkata port will be enough for another 10/12 days. There might be some problem is supply after that,” says Rungata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Another industrialist Om Prakash More says that if the Russia-Ukraine war gets prolonged, there will be a major problem in supply of cooking oil, wheat, maize, petroleum products among others. He further said that inflation is imminent due to the short-supply. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other businessmen say that that even if the war ends it will take some time for Ukraine to recover from its impact and the supply chain will not improve anytime soon. </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14581', 'image' => '20220227070707_Foreign Trade.jpg', 'article_date' => '2022-02-27 19:06:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14837', 'article_category_id' => '1', 'title' => 'Government Ready for Policy Reforms to Attract Foreign Investment', 'sub_title' => '', 'summary' => 'February 27: The government has started homework of policy improvement to attract foreign investment. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The government has started homework of policy improvement to attract foreign investment. Currently, Nepal is not able to attract lucrative foreign investment into the country. Thus, the government has taken a step towards policy improvement to bring foreign investment as well as technologies. In this regard, the government is preparing to reduce the time period for process involved in foreign investment. In addition to this, the government is also preparing to make amendments to the Foreign Enterprise and Technology Transfer Rules.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Foreign Investment and Technology Transfer Rules 2077, which was approved and implemented by the Council of Ministers in December last year, had set a minimum limit of Rs 50 million for foreign investment. The time limit was also set when such a limit was fixed. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Accordingly, the process of bringing investment should be started within one year. Foreign investors who pledge to invest Rs 50 million should bring 25 percent of the investment within one year. Similarly, investors who pledge to invest Rs 250 million should bring 15 percent of the pledged amount within a year and investors investing Rs 1 billion are required to bring 10 percent within one year while the investors investing above Rs 1 billion are required to bring 5 percentage of committed amount within a year. No such date was fixed before this arrangement was made.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The private sector had been protesting against the regulations arguing that the provision in the regulations was not practical.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The government has formed a study committee headed by Ram Chandra Tiwari, Director General of the Department of Industry, to amend the regulations. The committee, which was formed a month ago, has started the study process and has been mandated from the Ministry of Industry, Commerce and Supplies to prepare a report with suggestions for amendment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Tiwari, the head of the study committee, said that the committee has already started its work. "We will study the need to amend the current rules in detail and submit a report soon," he told New Business Age. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Ministry of Industry says that the process of amendment will move forward after it receives the report from the study committee. The private sector and investors have been complaining that they are embarrassed by the time limit and time set by the government for foreign investment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Confederation of Nepalese Industries (CNI) has been demanding removal of the minimum limit for foreign investors since the introduction of such an arrangement. "In order to encourage foreign investment, the minimum limit should be removed," the CNI said in a recent statement. The number of foreign-invested industries in Nepal has reached 5,366 now.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">What is the commitment of foreign investment in Nepal?</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first six months of the current Fiscal Year 2078/79, a total of 129 new industries with foreign investment have been registered in Nepal. According to the Department of Industry, with the new industries registered, the total number of industries with foreign investment in Nepal has reached 5,366. There are 319 large, 566 medium and 4,481 small industries registered with foreign investment in Nepal. As of mid-January, Nepal has received foreign investment commitment of Rs 31.53 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif""> According to the Department of Industry, foreign investment commitment of Rs 24.23 billion was made in the corresponding period of the previous fiscal year.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14580', 'image' => '20220227052247_20160222122813_ep3.jpg', 'article_date' => '2022-02-27 17:21:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14838', 'article_category_id' => '1', 'title' => 'ICRA Gives AA+ Rating to NEA ', 'sub_title' => '', 'summary' => 'February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: ICRA Nepal Limited, a credit rating agency in Nepal, has assigned ICRA NP Issuer Rating double A plus to the state-owned Nepal Electricity Authority (NEA). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Companies with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such companies carry very low credit risk. The rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Commenting on the rating, the NEA Executive Director Kulman Ghising said this rating means NEA is considered to have a high degree of safety concerning timely servicing of its financial obligations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The NEA has taken out loans from multi-sectoral development partners like the World Bank and the Asian Development Bank with Government of Nepal as the guarantor. Now with this rating, it can directly seek and take out loans from such partners with its institutional guarantee," he said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On issuing initial public offering to the public, Ghising said discussions with the government were underway in this regard. "Now we will take forward the process of issuing IPO to the general public as per the law and with the government's consent." The NEA has posted a profit of Rs 12 billion in six months of the current fiscal year (FY 2021/22). -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14579', 'image' => '20220227053453_NEA.jpg', 'article_date' => '2022-02-27 17:33:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14836', 'article_category_id' => '1', 'title' => 'HoR Begins Deliberations on MCC Compact ', 'sub_title' => 'Ruling Coalition Agrees to Ratify MCC with Explanatory Note', 'summary' => 'February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 27: The House of Representatives (HoR) has commenced its business amid protest from lawmakers of the main opposition party CPN UML.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaker Agni Prasad Sapkota announced the commencement of the meeting business amidst protest from opposition MPs. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the meeting, Minister for Law, Justice and Parliamentary Affairs Dilendra Prasad Badu presented the annual report of the Office of Auditor General for the fiscal year 2077-78 BS, on behalf of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Finance Minister Janardan Sharma tabled a proposal seeking general deliberations on the proposal to endorse the US-funded Millennium Challenge Corporation (MCC) compact. Earlier, a meeting of the ruling alliance held at the Prime Minister's official residence in Baluwatar today morning (February 27) decided to endorse the American project through parliament along with an “explanatory declaration”. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Speaking to the media after the meeting, Nepali Congress leader Ram Chandra Poudel said that the meeting of the ruling alliance has decided that the House of Representatives will ratify the MCC after the government makes it clear that the compact is not under any military organisation but purely an economic assistance. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Present in the meeting were Prime Minister and Nepali Congress president Sher Bahadur Deuba, CPN (Maoist Centre) chair Pushpa Kamal Dahal, CPN (Unified Socialist) chair Madhav Kumar Nepal, Janata Samjabadi Party chair Upendra Yadav among the leaders of the ruling coalition. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Signed in 2017, the US$ 55 billion project will construct transmission lines and roads in Nepal if endorsed by the parliament. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The then government led by then prime minister KP Sharma Oli had decided to table the MCC agenda in parliament on February 8, 2019. Similarly, the then Finance Minister Dr Yuba Raj Khatiwada had presented MCC compact in the parliament on July 15, 2019 for its passage. However, the ratification of MCC had remained stalled due to the differences among the political parties. But now, a meeting of the CPN (Maoist Centre) today morning also decided to ratify the MCC along with an explanatory note. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The parliament meeting continues theoretical discussions over the MCC, according to the state-owned national news agency RSS. The government has beefed up security in New Baneshwar area anticipating protests over the MCC issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The extended deadline for endorsing the MCC is February 28. (With inputs from RSS) </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14578', 'image' => '20220227035518_MCC.jpg', 'article_date' => '2022-02-27 15:54:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14835', 'article_category_id' => '1', 'title' => 'Nepal Imports Mustard from Australia instead of Ukraine ', 'sub_title' => '', 'summary' => 'February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: The Russian invasion of Ukraine has affected the world economy, including Nepal. The price of sunflower and soybean imported from Ukraine has gone up by 30 to 60 percent per tonne. Industrialists have estimated that the price of cooking oil in Nepal will increase by up to Rs 100 per litre within the next one month.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of mustard, which was ordered from Ukraine by domestic oil industry operator Shravan Kumar Agrawal, has recently increased by USD 30 per ton. Due to the war, it was not possible to order additional consignment of mustard from Ukraine, so the industrialist had to order mustard from Australia, where it costs an additional USD 60 per ton. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"The price of mustard oil may increase by as much as Rs 100 due to price hike of mustard seeds, increase in transportation fare and the delay consignment delivery," said Agrawal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">At present, the retail price of mustard oil is Rs 300 per liter. He estimates that the price will reach Rs 400 in a month. Sunflower oil costs Rs 260 per liter. It is expected to increase to Rs 360. The current retail price of soybean oil is Rs 250 per liter, which is expected to cost Rs 350 per liter soon.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Russia's conflict with Ukraine has caused impacts on various sectors globally. Entrepreneurs said that increase in coal price will increase the production cost of the brick and cement industries.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Bhim Ghimire, president of Province 1 chapter of the Confederation of Nepalese Industries, the price of coal has also been affected by the Russia-Ukraine war. Traders at the Kolkata port, who have been supplying coal to Nepal, say that the price of coal has gone up by USD 30 per ton. The price of coal was USD 200 per ton a year ago, and has now reached USD 230 per ton. According to Ghimire, the price is expected to reach USD 250 per ton.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ukraine supplies most of the raw materials required to produce sunflower oil in Nepal. Only a few percent comes from Russia and Australia. The price of soybean and sunflower is comparatively cheaper in Ukraine than in other countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nanda Kishore Rathi, vice-president of the Morang Chamber of Commerce, said that the price of crude oil, which used to cost USD 1,500 per tonne, has now risen by USD 30 to 300.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal has imported 445,000 kg of raw material of mustard oil worth Rs 3.95 billion in the last seven months, while 57.36 million kg of crude oil worth Rs 9.51 billion has been imported from Ukraine.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Along with Ukraine, Russia has also exported goods worth Rs 151.1 million to Nepal in the last seven months and imported goods worth Rs 4.31 billion, according to the Department of Customs. During this period, Nepal imported printing paper, automobiles, chemicals (sodium phosphate), animal vaccines, shampoos, baby lotions, and cosmetics from Russia. Carpets worth Rs 73.9 million, tea leaves worth Rs 61.3 million, hangers for clothes worth Rs 1.1 million, and Yarsagumba worth Rs 6.5 million were exported to Russia.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The war between Russia and Ukraine has pushed up the price of gold and petroleum products, said Navin Rijal, president of the Morang Merchants’ Association. He informed that the price of gold in Nepal increased by Rs 2500 per 11.6 grams on Thursday and decreased by Rs 1000 on Friday. The price of crude oil, which had reached USD 105 per barrel, had reached USD 97.2 at midnight on Friday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As Russia is the second-largest producer of petroleum products internationally, fluctuations in prices are likely to push up the price of petrol, diesel, kerosene, aviation fuel, and cooking gas in Nepal, Rijal said.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14577', 'image' => '20220227015131_1501009175_7.jpg', 'article_date' => '2022-02-27 13:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14834', 'article_category_id' => '1', 'title' => 'Family Members Concerned about Safety of Nepalis in Ukraine ', 'sub_title' => '', 'summary' => 'February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 27: Family members of Nepali citizens living in Ukraine have expressed concerns regarding their safety after Russia began invading various cities of Ukraine. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">So far, 193 Nepalis living in Ukraine have come in contact with Nepal’s embassy in Germany that is in charge of looking after affairs related to Russia. It is estimated that there are around 240 Nepali nationals studying and working in Ukraine. However, the vice president of the Non-Resident Nepalese Association (NRNA), Dr Badri KC informed that there are around 400 Nepalis living in Ukraine. "Even though Nepalis are safe till now, we are still concernd about relocating them," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The embassy has requested those in contact to move to a safer location in the west and stay in touch as the attack is currently taking place only in the eastern parts of the country. Advocate and labor and immigration expert Som Luintel, who has been providing assistance to those in need during foreign employment, said that the government should give priority to rescue those in contact even if their condition is said to be safe. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of crude oil has been sharply rising in the world market due to the war between Russia and Ukraine. Russia is one of the top oil suppliers in the world. Brent crude rose to its highest level since 2014, following fears of an impact on Russian oil supplies on Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economists and market analysts estimate that crude oil prices could reach $150 a barrel, with worse conditions expected. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As a result of the war, prices of gold and other commodities are expected to rise. Russia and Ukraine are the world's leading food suppliers. Russia and Ukraine account for 29 percent of the world's total wheat trade. The supply of 19 percent maize also come from these two countries. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">About 80 percent of supply of sunflower oil in the world market comes from Russia and Ukraine. Prices of food items including wheat, maize and soybeans have skyrocketed in the world market since mid-February due to rising tensions between Russia and Ukraine. As a result of the war, the prices of palm oil and soybean oil have also increased along with sunflower oil. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Economist Dr Poshraj Pandey says that Nepal will face indirect impact of the Ukraine war. He said that as Nepal's economy is import-oriented, inflation will rise when there is a problem in global supply chain. Recently, the United States, the United Kingdom and other countries have increased their assistance to Nepal.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“If the situation worsens, the donors might cut grant assistance to Nepal in order to manage expenses for the war,” he added.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14576', 'image' => '20220227123233_NRNA.jpg', 'article_date' => '2022-02-27 12:31:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14833', 'article_category_id' => '1', 'title' => 'IPPAN Welcomes Decision taken by Nepal-India JSC Meeting', 'sub_title' => '', 'summary' => 'February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 27: The Independent Power Producers' Association of Nepal has welcomed the agreement reached between Nepal and India during the recently held Secretary-Level Joint Steering Committee meeting. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Issuing a statement on Friday, IPPAN Chair Krishna Prasad Acharya expressed hope that the agreement between Nepal and India would add a new dimension to the country's electricity trade and would further consolidate mutual relations between Nepal and India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Stating that the meeting has created a base for Nepal to export power up to Bangladesh, IPPAN said such an agreement would play an important role in the development of electricity in the country. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said that the decisions taken by the meeting would help promote investment in the energy sector and big projects as well as transmission lines and also improve inter-state energy trade. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-02-27', 'modified' => '2022-02-27', 'keywords' => '', 'description' => '', 'sortorder' => '14575', 'image' => '20220227082509_aaa.jpg', 'article_date' => '2022-02-27 08:22:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14831', 'article_category_id' => '1', 'title' => 'Sauraha Starts Bustling with Tourists ', 'sub_title' => '', 'summary' => 'February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">February 25: Sauraha, one of the prime tourist destinations in Nepal, has seen arrival of foreign tourists after a long gap. The tourism sector, which has slowed down due to the impact of Covid-19, is now showing signs of recovery. European tourists in particular have started coming to Sauraha after a long time, according to the hoteliers of the region.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Booking of Indian tourists is also good," said Deepak Bhattarai, president of the Chitwan Regional Hotel Association. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During this time of the year, hotel occupancy in Sauraha used to be 90 percent but it is just 14 percent at present, says Bhattarai.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“But the good news is that foreign tourists have started coming.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Suman Ghimire, the manager of Jungle Safari Lodge, tourists from Germany, the Netherland, Israel, and other countries have started coming. He is hopeful that the tourism sector will be back to normal business from coming October as the number of inquiries has increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“With the decline in risk of Covid-19, there has been an improvement in hotel bookings for seminars and meetings,” he said, adding</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">, “Foreign tourists have been seen sporadically after a long time. Nowadays, they also come in groups.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ghimire, who is also a former president of the Regional Hotel Association Chitwan, estimates that the number of foreign tourists visiting Nepal would improve significantly by 2023. Foreign tourists have started riding elephants in community forests, including Chitwan National Park, he further said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rishi Tiwari, chairman of the United Elephant Management Cooperative, which has been managing elephants, said that especially Asian tourists have started coming to ride elephants. There are 31 elephants with the cooperative. Among them, 20 to 25 of them have started getting daily work.</span></span><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> He says that tourists from Nepal, India, and third countries have started coming to the area. Similarly, elephant safari is available in the Baghmara Community Forest. The chairman of the committee Jit Bahadur Tamang also confirmed that foreign tourists have started arriving.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Santosh Giri, chief executive officer of Hotel Jungle Crown, said hotel has been almost booked for weekends.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Apart from sight-seeing, visitors also come here for weddings and other big gatherings. Sauraha has become a popular choice among tourists as it is possible to book a good hotel room at an affordable price.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As Chitwan is located in the middle of the country, big organizations often hold trainings, meetings, and conferences here. Mostly, Indians come here for weddings. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There are 120 hotels in Sauraha. These hotels can accommodate up to five thousand five hundred tourists. Entrepreneurs say that the hotels here have received huge investments in recent years.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14574', 'image' => '20220225053240_Chitwan-sunset-sauraha-nepal.jpg', 'article_date' => '2022-02-25 17:31:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14832', 'article_category_id' => '1', 'title' => 'Government signs Rs 2.14 Billion Loan Agreement with World Bank ', 'sub_title' => '', 'summary' => 'February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: The Government of Nepal has signed an agreement for additional concessional loan of Rs 2.14 billion ($18 million) with the World Bank (WB). Finance Secretary Madhu Kumar Marasini and the World Bank’s country director for Nepal, Sri Lanka and the Maldives Faris Hadad-Zervos signed the agreement on behalf of their respective sides amidst a programme at the Ministry of Finance on Friday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry said that the loan was taken for COVID- 19 Emergency Response and Health Systems Preparedness (CERHSP) Project. The ministry expects the loan assistance will further facilitate the expansion of the comprehensive vaccination campaign against COVID-19 launched by the government and will help in purchasing safe and effective vaccines for children of the age group above 5 years. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Nepal has responded expeditiously to the continuously changing environment triggered by the pandemic. It has recorded impressive gains in both primary series COVID-19 vaccination for all populations: 12 years and above as well as booster doses for its most vulnerable populations. This second additional financing will support Nepal to scale-up its vaccination efforts to cover its child population as well," stated Marasini on the occasion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry, the proposed additional concessional loan financing and CERHSP project share a common objective of preventing, detecting, and responding to the threat posed by COVID-19 and strengthening the systems for public health preparedness in the nation. The CERHSP project and its additional financing will continue to be implemented under the leadership of the Ministry of Health and Population by the Department of Health Services and associated institutional bodies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"l am very pleased that the World Bank in its continued partnership with Nepal, and through this additional Financing will make available safe and effective vaccines to a larger proportion of the population. This is very critical as new variants of the coronavirus continue to pose a threat to people’s safety and livelihoods and exhaust public health systems," WB Country Director Faris Hadad-Zervos said. -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14573', 'image' => '20220225054431_World.jpg', 'article_date' => '2022-02-25 17:43:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14830', 'article_category_id' => '1', 'title' => 'NOC bats for Electronic Transaction to Prevent Fuel Smuggling in Border Areas', 'sub_title' => '', 'summary' => 'February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 25: The Nepal Oil Corporation (NOC) has instructed its depots and offices to make arrangements for the fuel stations in border areas to collect payment only through electronic means to stop the smuggling of fuel across the border. The state-owned oil monopoly has given such instructions to its regional offices, fuel depots and branch offices as the price difference of petrol and diesel has widened in the border areas compared to India.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Binit Mani Upadhyaya, the deputy director of NOC, the price of petrol in the border area is up to Rs 30 per liter cheaper in Nepal than in India, due to which, petrol and diesel sold from Nepal’s fuel stations near the border are smuggled back to India. The corporation has stated that an electronic payment system is being implemented to make the sale and distribution of fuel from the stations transparent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Issuing a statement, the NOC has said that all ordinary fuel stations located 2 kilometers within the Indian border will be provided with electronic payment system within a month for selling and distributing petroleum products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The NOC has also instructed the concerned bodies to make arrangements to send the progress report to the center every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Nepal Oil Corporation has been running at loss since the price of crude oil reached its peak in the international market. According to the NOC, about 1,600 fuel stations are in operation across the country. Among them, about 60 percent are in the Terai districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14572', 'image' => '20220225030202_1645695301.jpg', 'article_date' => '2022-02-25 15:01:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14829', 'article_category_id' => '1', 'title' => 'Is Finance Minister Deliberately Avoiding MCC?', 'sub_title' => '', 'summary' => 'February 25: Finance Minister Janardan Sharma, who responsible for th', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 25: Finance Minister Janardan Sharma, who responsible for the overall financial matters of the country, has been avoiding the issue of US-funded project, Millennium Challenge Corporation (MCC).</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">During last Sunday, Finance Minister Sharma skipped the parliament meeting with an excuse of health-related issues when the MCC was tabled in the House of Representatives (HoR). He then visited Parbat district ahead of Thursday’s House meeting, which was later postponed after the political parties could not forge an understanding over the disputed issue of MCC. The House meeting on Thursday was called for discussing the MCC. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The MCC agenda was presented in parliament on February 20 by Communications Minister Gyanendra Bahadur Karki due to the absence of Finance Minister Sharma.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Minister Sharma has been criticized for "wandering" outside the Kathmandu Valley in an irresponsible manner at a crucial period when political parties were needed to seek consensus to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A picture of Sharma and his wife Laxmi having lunch at Kushma’s ‘sky chair’ after observing bungee jump was circulated on Wednesday – the day when the Parliament Secretariat published the possible list of agenda items.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the MCC was tabled in parliament, Finance Minister Sharma's party, the CPN-Maoist Center and another partner in the coalition government, CPN Unified Socialist have been waging protests from the parliament to the streets.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Some MPs from the party had protested against the MCC in parliament on the day when it was tabled. Even now, sister wings of the ruling Maoist center and the CPN Unified Socialist party are busy throwing stones in the streets on a daily basis.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">Deuba's attempt to take UML in confidence</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">After the ruling parties failed to reach an understanding to pass the MCC, Prime Minister Sher Bahadur Deuba is trying to take main opposition party – CPN UML – into confidence even at the cost of breaking the alliance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">On Thursday, Prime Minister Deuba deferred the House meeting to hold discussions with the UML in order to solicit support from the main opposition party to pass the MCC. During the meeting with UML Chairman KP Sharma Oli, PM Deuba said that he was ready to find a way out by openly discussing all the demands raised by the UML, Nepali Congress General Secretary Gagan Thapa, said quoting Deuba.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Thapa, PM Deuba had hinted that the ruling alliance would end if the coalition partners including the Maoist Center, CPN Unified Socialist, and Janamorcha did not support him to endorse the MCC.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Prime Minister Deuba, who is also the president of Nepali Congress, urged the UML to pass the MCC by removing the house obstruction. Thapa said that the issue of passing the MCC from the parliament was a matter of Nepal's international relations and credibility.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In response, UML Chairman Oli said that he would discuss within the party and inform whether or not to support the government to pass MCC. Before meeting UML Chairman Oli, Deuba had held decisive talks with CPN Maoist Centre Chairman Dahal and CPN Unified Socialist Party Chairman Madhav Kumar Nepal on Thursday. However, the chairmen of both the parties made it clear that they would not support the MCC in its current form.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Times New Roman","serif"">China's interest in crisis</span></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As the political crisis deepens in Nepal over the US-backed project MCC, Nepal's northern neighbor has shown a particular interest in this matter.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">UML Chairman KP Sharma Oli and Unified Socialist Party Chairman Madhav Kumar Nepal held two separate virtual talks with two top leaders of the Foreign Department of the Chinese Communist Party on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The conversations took place while the United States accused China of having a vested interest for its alleged role in delaying the parliamentary approval of MCC. During the talks, China reportedly expressed serious security concerns. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a source, Chen Zhao, Deputy Minister of the Communist Party of China (CPC), expressed concern that the MCC could pose a serious security challenge to China from the Nepali soil. “We have been treating Nepal as a close friend till now,” said a leader close to Madhav Nepal quoting the Chinese minister at the virtual meeting, “However, the growing security challenge from Nepali side has raised concerns. You just have to take this matter more seriously”.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14571', 'image' => '20220225011852_fin min sharma.jpg', 'article_date' => '2022-02-25 13:18:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14828', 'article_category_id' => '1', 'title' => 'Buddha Air Adds another Aircraft to its Fleet', 'sub_title' => '', 'summary' => 'February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 25: Buddha Air has added a new aircraft to its fleet. The private company has purchased a 72-seat capacity ATR for operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company now has a total of 16 aircraft, including 11 ATR-72, three ATR-42 and two Beechcraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The company informed that it added the new aircraft after starting flight operations from its new base in Pokhara. According to officials of Buddha Air, the new aircraft with call sign 9N-ANP will come into operation within two weeks after completing all necessary paper works.</span></span></p> ', 'published' => true, 'created' => '2022-02-25', 'modified' => '2022-02-25', 'keywords' => '', 'description' => '', 'sortorder' => '14570', 'image' => '20220225115504_Buddha ATR.jpg', 'article_date' => '2022-02-25 11:54:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
