July 23: The transport entrepreneurs launched protest in the capital on Thursday (July 22) demanding the adjustment of the transportation fare, according to the state-owned national news agency…
July 23: The transport entrepreneurs launched protest in the capital on Thursday (July 22) demanding the adjustment of the transportation fare, according to the state-owned national news agency…
July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI).…
July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November.…
July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal…
July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year…
July 22: Prime Minister Sher Bahadur Deuba has promised'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19…
July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of…
July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to…
July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent…
July 21: In recent times, most of the concessional loans have flowed to women…
July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia.…
July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled…
July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj…
July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New…
July 20: The government has cut down the subsidy being provided for agriculture and livestock…
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They appealed to the federal government to address their genuine demands. According to the transport entrepreneurs,, they have been hard hit by the pandemic and therefore struggling to pay the bank loans of their vehicles.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the Department of Transport Management has allowed transport entrepreneurs to hike bus fare on inter-provincial routes by 28 per cent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, cargo carriers serving in the Terai and hills were permitted to hike transport fares by 26 and 20 per cent, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The protesters have demanded adjustment of transportation fare due to inflation and price hike of petroleum products and vehicle spare parts. They said that the fare was adjusted nine years ago.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-23', 'modified' => '2021-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '13461', 'image' => '20210723075242_195145109_4342684782456148_468800994003319459_n.jpg', 'article_date' => '2021-07-23 07:51:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13714', 'article_category_id' => '1', 'title' => 'Vishnu Kumar Agrawal Takes Charge as New President of CNI', 'sub_title' => '', 'summary' => 'July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). The 18th Annual General Meeting (AGM) of the CNI held on Wednesday (July 21) selected Agrawal as the new president of the organization. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Earlier, Agrawal was serving as senior vice president of the CNI. </span></span><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">He has previously led the Young Entrepreneurs’ Forum at the CNI and has also served as the chairman of the infrastructure development committee of CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agarwal is a former football player and is currently promoting the Kathmandu Razors Football Club, winner of the Nepal Super League 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agrawal, the Managing Director of MAW Group of Companies, is also the Honorary Consul General of the Czech Republic to Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, the general assembly of the confederation has elected 37 members for its National Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Amit More, Ratanlal Kedia, Rahul Kumar Agrawal, Sandeep Kumar Sharda, Varun Kumar Todi, Shulabh Agrawal, Amit Begani, Vikas Dugad, Rajesh Kumar Agrawal, Chandra Tandon, Anuj Agrawal and Arpit Agrawal are the new members of the council. Similarly, other newly elected members include Deepak Agrawal, Suraj Bhakta Poudel, Nirvana Chaudhary, Bikram Singhania, Dilip Agrawal, Sharad Tibdewala, Rohit Gupta, and Aditya Shanghai from the founding group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Hemraj Dhakal, Nicholas Pandey, Virendra Raj Pandey, Varsha Shrestha, Laxmi Prasad Subedi, Guru Prasad Neupane, Rajiv Kumar Gupta, Raj Bahadur Shah, Pampha Dhamala, Ashish Garg, Dwiraj Sharma (Siwakoti), Ashok Sherchan, Tara Prasad Poudyal, and Hitesh Golchha, are the other new members of the council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Likewise, Gokul Bhandari, Krishna Prasad Adhikari, and Basanta Bahadur Chand have been unanimously elected as members of the National Council from the institutional member group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">The AGM was inaugurated by Prime Minister Sher Bahadur Deuba. Speaking at the inaugural ceremony, Prime Minister Deuba said that the Make in Nepal campaign would help in accelerating industrialization in Nepal, and also increase the production and consumption of Nepali goods. He also vowed to take the private sector into confidence to revive the economy hit by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, Finance Minister Janardan Sharma said that the pandemic has made the government realize the need for a self-reliant economy. He said that the Make in Nepal-Swadeshi campaign launched by the confederation would lay the foundation for a self-reliant economy.</span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/9D3A8810.JPG" style="height:533px; width:800px" /></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13460', 'image' => '20210722052104_9D3A8796.JPG', 'article_date' => '2021-07-22 17:19:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13715', 'article_category_id' => '1', 'title' => 'Contractors Seek Deadline Extension of Projects by a Year', 'sub_title' => '', 'summary' => 'July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. The budget for the current fiscal year has called for deadline extension by six months, but it has not been implemented. Therefore, the federation members met with Prime Minister Sher Bahadur Deuba and requested for a one year deadline extension.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">A delegation of FCAN including its President Ravi Singh met the PM on July 21 and presented their demands. Singh informed that the PM has expressed commitment to fulfill their demands after going through it. He said that the federation has sought for extension of all contracts by one year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The budget statement of the current Fiscal Year 2021/22 has provisioned to extend the construction projects by six months. Due to the second wave of Covid-19, monsoon season, seasonal work and subsequent holidays, the period till mid Nov should be considered as a construction holiday and the deadline should be extended, said Singh. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The federation has also drawn the attention to the issue of payment and return of bail amount. It has urged the government to implement the provisions introduced by the previous government and has requested to address the demands of contractors if the government brings in a supplementary budget.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The sixth amendment to the Public Procurement states that deadline cannot be extended. According to this provision, once the term has been decided, the term will not be extended again.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">Stating that this provision has created serious complications for the extension of deadlines of many projects, the federation has also suggested scrapping such impractical provisions. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">As mentioned in the budget statement, the federation has also demanded 100 percent return instead of 50 percent of the bail amount. Singh urged Prime Minister Deuba to form an expert team involving stakeholders to make the second amendment to the Public Procurement Act business-friendly. They have also requested to make immediate payment as large payments have been stopped at present.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13459', 'image' => '20210722053554_20160715032741_cni.jpg', 'article_date' => '2021-07-22 17:34:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13713', 'article_category_id' => '1', 'title' => 'NRB Collects Suggestions from Former Governors for Monetary Policy', 'sub_title' => '', 'summary' => 'July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. ', '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"">July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. </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"">Stating that the monetary policy should be in line with the amended budget brought after the change of the finance minister, the former governors suggested the NRB to introduce the new monetary policy as soon as possible without deviating from its duties. They also stressed the need for the NRB to formulate a policy without losing its autonomy.</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"">The former governors made such suggestions during a virtual discussion organized on Wednesday regarding the central bank’s preparations for unveiling the monetary policy for the current fiscal year. NRB Spokesperson Dev Kumar Dhakal said that the central bank has collected suggestions from former governors on the current economic situation and policies needed to be addressed by the monetary policy.</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""> "They have adequate experience of preparing monetary policy. The virtual discussion was held to collect their suggestions on what kind of policy would be appropriate. We have done the work of collecting the feedback. We will bring the monetary policy as soon as possible by coordinating with the Ministry of Finance. "</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"">The monetary policy was supposed to be made public in the third week of July, but it was delayed due to the change of the finance minister. </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"">Economists have been advising NRB Governor Maha Prasad Adhikari not to bring monetary policy immediately due to the change of government. But the NRB denied that the finance minister's directive delayed the monetary policy. Spokesperson Dhakal said that it was not true and that they were working on monetary policy internally and were in the final stages of preparation.</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"">The former governor drew the attention of NRB to remain alert as the government was likely to bring a populist budget. </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"">The former governors also pointed out that it is important to see where the investment money is coming from as the capital market will be bullish in the days to come. The daily turnover of the stock market exceeded Rs 21 billion.</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"">In addition, they also suggested that commercial banks should be required to issue at least 25 percent of their paid-up capital as debentures.</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"">Former Governors Himalaya Shamsher J.B Rana, Ganesh Bahadur Thapa, Bhesh Bahadur Thapa, Dipendra Bahadur Chhetri, Dipendra Purush Dhakal, and Tilak Rawal were present at the discussion organized by the central bank to seek suggestions on monetary policy.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13458', 'image' => '20210722021607_20160909042218_nrb.jpg', 'article_date' => '2021-07-22 14:15:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13712', 'article_category_id' => '1', 'title' => 'Foreign Trade from Birgunj Customs Hits Rs 600 Billion Mark', 'sub_title' => '', 'summary' => 'July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78.', '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"">July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78. Birgunj Integrated Check Post (ICP) and dry port customs accounted for Rs 593 billion in foreign trade last year.</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 the data of ICP customs, goods worth Rs 513 billion were imported and goods worth Rs 53 billion were exported during the review period. Similarly, the goods worth Rs 26.16 billion were imported from the dry port customs last fiscal year. As per the custom office, goods amounting Rs 380 million were exported through this custom.</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"">The total trade from Birgunj customs has increased by 27 percent last year as compared to the previous fiscal year 2076/77. The customs data shows that while the size of imports increased by 24 percent, export has also increased by 66 percent.</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"">Harihar Poudel, chief customs officer of Birgunj Customs, said that soybean and sunflower oil were the main contributors to the export trade.</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"">“Last year, imports of fuel and vehicles did not decline, but imports of other commodities declined sharply due to the impact of Covid-19,” said Poudel.</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"">Customs officials say that the ban imposed to control the pandemic has affected the foreign trade and the import of fuel has increased as vehicles started running towards the end of the year.</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 the customs data, new vehicle inspection passes have increased in the recent months. Poudel said that the import of shoes, slippers, hardware, equipment and vehicle parts has declined.</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"">Chudamani Sharma Kattel, information officer at the customs office said that the importers imported raw materials for iron industry, peas, alcoholic beverage, mustard, pepper, and semi-processed sunflower oil from the dry port last year. Likewise, he said goods like noodles, pickles, flour, tyres, leather, herbs and other items were exported. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13457', 'image' => '20210722015910_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2021-07-22 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13711', 'article_category_id' => '1', 'title' => 'PM Deuba Pledges 'Relief Package' for Coronavirus-Affected Industries', 'sub_title' => '', 'summary' => 'July 22: Prime Minister Sher Bahadur Deuba has promised'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: Prime Minister Sher Bahadur Deuba has promised 'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the 18th assembly of the Confederation of Nepalese Industries on Wednesday, PM Deuba shared that he was planning a special package on how the industries suffering much in the wake of COVID-19 and lockdown could be restored so that they could contribute to the national economy again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have given priority to vaccinate all citizens against COVID-19 and utilize their knowledge and skills for the national economy and development," he said, adding that investment promotion was equally important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba reiterated that although development is always a priority, saving people's lives gets utmost priority now. "It's challenging to face pandemic, so human safety is first priority," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Janardan Sharma expressed his view that the pandemic reminded all of us to strengthen self-reliant economy. He appreciated the 'make in Nepal' campaign launched by the CNI. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is for taking the private sector into confidence to revive the national economy which has been dented much by the pandemic,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, founding chair of the Confederation, Binod Chaudhari, said the Confederation was acting as a think-tank. He claimed that the economic reform launched by the Nepali Congress-led government following the restoration of democracy in 1990 had tremendous contribution to the country's economic development, augmentation of private sector and investment opportunities. Now, in the changed context, second phase of such reform could be launched, he suggested the government. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13456', 'image' => '20210722052349_9D3A8542.JPG', 'article_date' => '2021-07-22 12:16:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13710', 'article_category_id' => '1', 'title' => 'Over 1000 Business Firms Fined for Violating Code of Conduct', 'sub_title' => '', 'summary' => 'July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency (RSS), the department found 1,035 business firms and companies indulging in inappropriate trade activities during the fiscal year 2020-21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had conducted a monitoring of 2,947 during last year. Among them, the department suggested general improvements for 1,597 companies while 397 firms were demanded to furnish required documents and sought clarifications. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the department’s data, samples were collected from 37 firms for a laboratory test while the transactions of 38 firms were suspended. Cases have been filed against 19 people and three vehicles have been taken under control. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has collected revenue worth Rs 23.98 million in fines, informed Spokesperson of the Department Shibaraj Shedhai. Similarly, adulterated foodstuff worth Rs 37.38 million was destroyed during the period. </span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13455', 'image' => '20210722115626_1626842255.jpg', 'article_date' => '2021-07-22 11:54:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13709', 'article_category_id' => '1', 'title' => 'Automobile Business Slumps Even After Relaxation of Lockdown', 'sub_title' => '', 'summary' => 'July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen.', '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"">July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen. Entrepreneurs were expecting the market to revitalize after the prohibitory order was lifted. However, even after the market has reopened, the sales of vehicles are still almost null.</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 the businessmen, no customer walk in the showroom to inquiry about the vehicles. Anup Kumar Baral, the CEO of Narayani Auto Business Private Limited and the secretary of the Nepal Automobile Dealers Association (NADA), an umbrella organization of automobile dealers, said that the market has not been able to normalize even after the government lifted a ban on their business recently.</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"">"For some time now, a number of people coming for general inquiry for vehicles have started to show up," he said. "But the demand has declined." After the lifting of lockdown last year, the demand for vehicles went up and recorded the highest in January. Entrepreneurs could not import vehicles as per the demand as it was difficult to import due to the low production of vehicles in India. Therefore, businessmen had started booking vehicles in advance before the prohibitory order was imposed. However, this time the demand for vehicles has not increased even though the prohibition has been relaxed.</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"">Before the Covid-19 pandemic, the peak season for the sale of automobiles was between June to October every year. Kailash Babu Gelal, Managing Director of G Motors, said that the public’s attraction towards the automobile business has not been seen since the last one and a half years. Before the pandemic, there used to be the NADA auto show in October, because of which, the import of new variants of vehicles used to increase right after February.</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"">He said that the market is still not able to gain the pace as it had last year. He informed that the people have started inquiring about low-priced vehicles.</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"">Demand for two-wheelers had doubled last year. On the contrary, there is no demand for two-wheelers at all this year, said Abhik Jyoti, director of Nepal General Marketing, Nepal's official dealer for Hero Motors. </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"">"Before the implementation of the prohibitory order, there was more demand in April than any other time," he said. "As the market has just opened up, we can't say whether the situation is good or bad right now, but there is no demand."</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> There won’t be NADA Auto Show this year as well</span></span></strong></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"">The NADA Auto Show, which is considered to be the biggest show of automobiles, will not be held this year either. The chairman of NADA, Krishna Prasad Dulal, said that there would be no auto show as the rate of coronavirus infection has not decreased and the government has not been able to provide adequate vaccination.</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"">"The infection has not declined. Experts are warning of a third wave," he said. "We are preparing not to hold auto shows by giving the health of consumers and businessmen a top priority."</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"">He said that they will discuss about the auto show after the condition becomes normal and everyone gets vaccinated. The topic will most probably be discussed after Dashain-Tihar, added Dulal.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13454', 'image' => '20210721035520_1626824705.Clipboard07.jpg', 'article_date' => '2021-07-21 15:54:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13708', 'article_category_id' => '1', 'title' => 'Finance Minister Concerned about Weak Capital Expenditure', 'sub_title' => '', 'summary' => 'July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">During a recent interaction on development and capital expenditure with the secretaries of the Ministry of Finance, he sought reasons for poor spending. He asked the secretaries of the ministries about the low capital expenditure and the expenses at the end of the fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">In response, the secretaries pointed out to the Covid-19 pandemic as the main reason for the flaw.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, they also pointed to that the lack of skilled manpower in various project, disbursement of funds to projects without adequate preparation, delay in contract signing process, uncertainty of funds in foreign-aided projects, difficulty in land acquisition, allocation of funds to small projects, delay in formulating procedures and criteria for project operation and lack of inter-ministerial coordination were the other reasons behind unachieved target of capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Finance Minister Sharma directed the secretaries to submit necessary suggestions to the Government of Nepal, the Council of Ministers and the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Sharma said that the work done in the traditional format and style cannot achieve the expected results. For this, Sharma stressed on the need for the staff to present a concrete action plan with innovative thoughts for improved performance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Finance Secretary Shishir Kumar Dhungana, in the last fiscal year 2077/78, the expenditure of Ministry of Water Supply was 36.81 percent, the Ministry of Physical Infrastructure and Transport 75.3 percent, the Ministry of Urban Development 87 percent, the Ministry of Federal Affairs and General Administration 77.79 percent and the Ministry of Energy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has already submitted the budget ordinance of the current fiscal year 2078/79 to the parliament. The Ministry of Finance is preparing to amend the ordinance and endorse the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13453', 'image' => '20210721015847_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-07-21 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13707', 'article_category_id' => '1', 'title' => '43,000 Additional Women receive Concessional Loans', 'sub_title' => '', 'summary' => 'July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs. Altogether 43,831 individuals have received the women entrepreneurship loans from banks and financial institutions (BFIs) in the first 11 months of the Fiscal Year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The number of women taking loans under this heading has reached 50,513 as of mid-June. The debt arrear was Rs 44.66 billion under this heading during the review period. In the previous fiscal year, only 6,682 women had availed such loan. However, this number has been increasing every month.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">There is a provision to take a concessional loan under the heading of Women Entrepreneurship at a subsidized interest rate of 6 percent. Individuals can apply for up to Rs 1.5 million per person. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Although loan under this heading should be provided without any collateral, BFIs are found seeking collateral from the service seekers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Chairman of the Nepal Bankers' Association Bhuvan Kumar Dahal says that the banks are willing to provide women entrepreneurship loans by keeping collateral as there is high risk of giving loans without collateral.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to the Nepal Rastra Bank, individuals taking concessional loans for CTEVT trainings is the lowest among those seeking concessional loans. Only two people have taken such loan worth Rs 370,000. Bankers say that such loans do not flow because of the low demand under the heading. Similarly, only three individuals have taken youth self-employment loan. This heading has arrears of Rs 1.5 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">So far, only 141 borrowers have availed the 'Educated Youth Self-Employment Loan' under the concessional loan programme of the government. Statistics show that they have a debt of Rs 62.6 million. In the first 11 months of the last fiscal year, 76 more individuals received Educated Youth Self-Employment Loan'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Individuals complain that bankers are hesitant to offer loans to students against their certificate despite the government’s announcement to avail loans to students by keeping their certificates as collateral. Bankers say there is a risk in giving loans to students against their certificates. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has announced loans up to Rs 2.5 million for students in the budget of the current fiscal year. However, it would be hard to avail such loan unless there is an excellent project plan and trust, says Dahal. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Approximately 791 people have availed the Youth Project Loan for Returnee Migrant Workers. BFIs have provided Rs 578.2 million to the returnee workers under this heading.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, banks have disbursed Dalit community business development loans worth Rs 522 million to 857 individuals. So far, 232 earthquake-affected people have received loans for the construction of private houses. In addition, 218 garment manufacturers have also availed concessional loans worth Rs 2.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Narayan Prasad Poudel, Joint Spokesperson of the Central Bank, 96,852 borrowers have availed concessional loans of Rs 150.96 billion in 11 months of last fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13452', 'image' => '20210721120621_20210605063901_Business Bank Loans.jpg', 'article_date' => '2021-07-21 12:05:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13706', 'article_category_id' => '1', 'title' => 'IFC Appoints Hector Gomez as Regional Director for South Asia', 'sub_title' => '', 'summary' => 'July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. Based in New Delhi, he will play a critical role in boosting IFC’s investments in the region as it looks to recover from the severe impacts of Covid-19, IFC said in a statement on July 20.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Assuming his new role, Gomez Ang said the private sector had an essential role in South Asia’s recovery from Covid-19, easing the burden on constrained public finances and reducing rising levels of poverty, due to the pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif""> “The pandemic has left a scar on countries throughout the region, exacting a huge human toll of which we must remain mindful. We must also accept that we may have to live with the lingering impacts of Covid-19 for some time to come, and so it’s all the more imperative to continue to work together to support jobs and economic growth,” the statement quoted Gomez Ang as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">“That also means we must do what’s needed to ensure private sector investments can flow to where it’s needed, and in industries, we know can support economic activity,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">According to IFC, its focus in South Asia will continue to centre on providing much-needed liquidity to private sector companies in the region so they can maintain operations, preserve and create jobs. IFC will also look to further support the region’s most vulnerable people by helping deliver more funding for hard-hit micro, small and medium-sized enterprises as well as promoting green growth through investments in sustainable infrastructures, such as renewable energy and digital connectivity, to foster a greener, more resilient, and inclusive recovery from Covid-19, the statement added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">"IFC will continue to prioritize climate investments in the region and help countries meet their nationally determined contributions under the Paris Accord," Gomez Ang added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang previously served as country manager for Angola, Mozambique, Zambia, and Botswana. A Mexican national, Gomez Ang joined IFC in Mexico City in 2006 as an investment officer, where he led business development in Mexico and Central America. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang succeeds Mengistu Alemayehu, who has assumed a new role as IFC’s Director of Global Equity Mobilization.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13451', 'image' => '20210721111801_1626770274.ifc.jpg', 'article_date' => '2021-07-21 11:16:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13705', 'article_category_id' => '1', 'title' => 'Government Preparing Skilled Manpower for Construction of Tunnels within the Country', 'sub_title' => '', 'summary' => ' July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower. To address this problem, the government had reached an agreement with the Japanese construction company to deploy Nepali engineers and technicians at the Nagdhunga-Naubise tunnel in order to develop skilled manpower.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">As the construction of the tunnel progresses, skilled manpower is also being generated within the country. Exposure to this project has given opportunity to the country’s manpower to acquire skills to build tunnels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Currently, 150 people, both Nepali and Japanese, are working on this project. Fifteen of them include employees of the construction company, Hajma Ando Corporation of Japal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Project Chief Nareshman Shakya said that the construction company has been using Nepali workers since the start of the digging work of the tunnel. According to him, 25 engineers, six geologists, 12 tunnel supervisors, 12 surveyors, and 35 operators have been deployed in the project from Nepal so far. They have gained experience in various aspects of the tunnel. Likewise, there are 45 other ordinary workers.</span><br /> <br /> <span style="font-family:"Arial","sans-serif"">Shakya said that the engineers and technicians deployed at the site are learning about tunnel construction with great interest. Likewise, they are also learning ways to dig a tunnel and also aspects of quality management. "In some cases, the site is controlled by Nepali engineers," said Shakya.<br /> <br /> He said that the operators have started learning how to operate the machines and how to tilt them. He said that Nepalis are digging the tunnels, operating machines on their own. There are also automatic machines and equipment inside the tunnel. Nepalis are now replacing Japanese workers in this project.<br /> <br /> As soon as the tunnel was built, it became clear how to use the equipment. He also said that Nepali engineers, operators, and in-charges are learning about tools used for constructing a tunnel on the highways, and methods of drilling.<br /> <br /> Engineers and technicians from the Department of Roads and construction companies have been deployed in constructing the tunnel. "Currently, technicians from the private sector are also working and learning. Later, when they are trained, they can teach others,” said Shakya.</span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13450', 'image' => '20210720023725_20210524031735_20210408031917_20190825123459_Clipboard01.jpg', 'article_date' => '2021-07-20 14:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13704', 'article_category_id' => '1', 'title' => 'Vehicle and Fuel Import Dominates Foreign Trade via Birgunj Customs', 'sub_title' => '', 'summary' => 'July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs.', '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"">July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs. The data of the customs department shows that vehicles and fuel imported through Birgunj customs were the major contributors to government revenue in the last fiscal year (FY 2020/21).</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"">“Vehicles and petroleum products are the main products entering through Birgunj customs. These items have been included as the major import in the last fiscal year as well,” said chief customs officer Harihar Poudel.</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"">Vehicles including jeeps, vans, motorcycles, trucks, mini-trucks as well as fuel in large quantity have entered the country from this checkpoint in the last fiscal year. A significant amount of industrial raw materials also enters through this checkpoint.</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"">Hari Gautam, coordinator of the Birgunj Chamber of Commerce and Industry, says that the industries of Bara-Parsa Industrial corridor import raw materials from this customs point. MS Billets, coal, steel strips, polythene, food grains and raw materials are the other major import items.</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"">Fans, optical fiber cables, car batteries, vehicle spareparts and allopathic medicines are also imported. Customs data shows that soybean oil, juice, cloth, shoes and other products are exported from Nepal.</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"">Birgunj customs has collected revenue of Rs 170 billion in the last fiscal year. Although the foreign trade was expected to decline due to Covid-19, the customs office almost met the target by the end of last year.</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"">Chief customs officer Poudel informed that 99.6 percent of the revenue target was raised between July 2020 to July 2021. “The amount collected is Rs 710 million less than the target. Birgunj customs was given a target of raising Rs 170.76 billion for the last fiscal year,” he told New Business Age.</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"">Imports were expected to decline after a prohibitory order was imposed in various districts since May to control the pandemic. However, the revenue target has been met as the ban has not had much effect on foreign trade.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13449', 'image' => '20210720021513_20210118020708_1610926784.Clipboard08.jpg', 'article_date' => '2021-07-20 14:14:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13703', 'article_category_id' => '1', 'title' => 'Flights to New Delhi Increased to 6 per Week under Air Bubble Agreement', 'sub_title' => '', 'summary' => 'July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi.', '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"">July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi. The decision was taken as per the Air Bubble Agreement between Nepal and India.</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"">Earlier, just two flights a week were operated between the two destinations due to the risk of spreading Covid-19, but now six flights will be operated, informed government officials. The number of flights has increased upon the request of Nepal .The flight schedule will be prepared soon, said Karishma Shrestha, spokesperson of the Nepal Airlines Corporation.</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 her, the state-owned airline company’s aircraft will now fly from New Delhi to Kathmandu on Mondays, Wednesdays and Saturdays. Before this agreement, the NAC used to operate one flight on Wednesday and Air India used to operate one flight on Friday. Now, both the airlines would be operating the same number of flights i.e. three each.</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"">The NAC is preparing a flight schedule in coordination with Air India keeping in mind the convenience of the passengers. The flight will be operated in such a way that the days of aircraft takeoff from both the countries would not clash with each other.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13448', 'image' => '20210720020402_20180727021334_2.jpg', 'article_date' => '2021-07-20 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13701', 'article_category_id' => '1', 'title' => 'Government Slashes Subsidy on Agriculture and Livestock Insurance ', 'sub_title' => '', 'summary' => 'July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance.', '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"">July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance. The government has reduced the subsidy for agriculture and livestock insurance by 25 percent in the budget announced for the current fiscal year.</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"">The government had been providing 75 percent subsidy on such insurance premiums. Earlier, the farmers were required to pay only 25 percent of insurance premium. However, the government will be providing only 50 percent subsidy on insurance premiums effective from the current fiscal year.</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"">The Insurance Board has already directed insurance companies to implement the government's decision on agricultural insurance scheme. The board has recently issued a circular instructing non-life insurance companies to conduct agriculture and livestock insurance business accordingly.</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"">Raju Raman Paudel, executive director of the Insurance Board, said that the decline in the subsidy for agriculture and livestock insurance is a positive thing. "Farmers should also practice paying insurance premiums since they are also self-employed people, '' he added.</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"">Though the government has slashed insurance subsidies for agriculture and livestock, it has introduced a new provision to provide 50 percent subsidy in insurance premium for food storage. The government has also set a target of setting up 200 food storages at the local levels in the current fiscal year. Taking this into consideration, the government is providing 50 percent subsidy on the insurance premium for food storage.</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"">Poudel said this is a new concept. "Though the government has reduced the subsidy for agricultural insurance, it has provided a 50 percent subsidy on the insurance of food storage so it has embraced the policy to encourage the agriculture sector.”</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"">The Insurance Board had come up with an insurance program for agriculture sector in FY 2012/13. Since then, the government has been providing subsidies for such insurance every year.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13447', 'image' => '20210720113305_1626743229.1.jpg', 'article_date' => '2021-07-20 11:31:40', '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' => '13716', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Stage Protest in the Capital Demanding Hike in Transportation Fare', 'sub_title' => '', 'summary' => 'July 23: The transport entrepreneurs launched protest in the capital on Thursday (July 22) demanding the adjustment of the transportation fare, according to the state-owned national news agency (RSS).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 23: The transport entrepreneurs launched protest in the capital on Thursday (July 22) demanding the adjustment of the transportation fare, according to the state-owned national news agency (RSS).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">The transport entrepreneurs staged protest in different parts along the Ring Road in Kathmandu valley as part of their protest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They have further demanded the government to manage anti COVID-19 vaccines for drivers and helpers of long and short-route vehicles as well. They appealed to the federal government to address their genuine demands. According to the transport entrepreneurs,, they have been hard hit by the pandemic and therefore struggling to pay the bank loans of their vehicles.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the Department of Transport Management has allowed transport entrepreneurs to hike bus fare on inter-provincial routes by 28 per cent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, cargo carriers serving in the Terai and hills were permitted to hike transport fares by 26 and 20 per cent, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The protesters have demanded adjustment of transportation fare due to inflation and price hike of petroleum products and vehicle spare parts. They said that the fare was adjusted nine years ago.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-23', 'modified' => '2021-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '13461', 'image' => '20210723075242_195145109_4342684782456148_468800994003319459_n.jpg', 'article_date' => '2021-07-23 07:51:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13714', 'article_category_id' => '1', 'title' => 'Vishnu Kumar Agrawal Takes Charge as New President of CNI', 'sub_title' => '', 'summary' => 'July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). The 18th Annual General Meeting (AGM) of the CNI held on Wednesday (July 21) selected Agrawal as the new president of the organization. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Earlier, Agrawal was serving as senior vice president of the CNI. </span></span><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">He has previously led the Young Entrepreneurs’ Forum at the CNI and has also served as the chairman of the infrastructure development committee of CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agarwal is a former football player and is currently promoting the Kathmandu Razors Football Club, winner of the Nepal Super League 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agrawal, the Managing Director of MAW Group of Companies, is also the Honorary Consul General of the Czech Republic to Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, the general assembly of the confederation has elected 37 members for its National Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Amit More, Ratanlal Kedia, Rahul Kumar Agrawal, Sandeep Kumar Sharda, Varun Kumar Todi, Shulabh Agrawal, Amit Begani, Vikas Dugad, Rajesh Kumar Agrawal, Chandra Tandon, Anuj Agrawal and Arpit Agrawal are the new members of the council. Similarly, other newly elected members include Deepak Agrawal, Suraj Bhakta Poudel, Nirvana Chaudhary, Bikram Singhania, Dilip Agrawal, Sharad Tibdewala, Rohit Gupta, and Aditya Shanghai from the founding group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Hemraj Dhakal, Nicholas Pandey, Virendra Raj Pandey, Varsha Shrestha, Laxmi Prasad Subedi, Guru Prasad Neupane, Rajiv Kumar Gupta, Raj Bahadur Shah, Pampha Dhamala, Ashish Garg, Dwiraj Sharma (Siwakoti), Ashok Sherchan, Tara Prasad Poudyal, and Hitesh Golchha, are the other new members of the council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Likewise, Gokul Bhandari, Krishna Prasad Adhikari, and Basanta Bahadur Chand have been unanimously elected as members of the National Council from the institutional member group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">The AGM was inaugurated by Prime Minister Sher Bahadur Deuba. Speaking at the inaugural ceremony, Prime Minister Deuba said that the Make in Nepal campaign would help in accelerating industrialization in Nepal, and also increase the production and consumption of Nepali goods. He also vowed to take the private sector into confidence to revive the economy hit by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, Finance Minister Janardan Sharma said that the pandemic has made the government realize the need for a self-reliant economy. He said that the Make in Nepal-Swadeshi campaign launched by the confederation would lay the foundation for a self-reliant economy.</span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/9D3A8810.JPG" style="height:533px; width:800px" /></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13460', 'image' => '20210722052104_9D3A8796.JPG', 'article_date' => '2021-07-22 17:19:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13715', 'article_category_id' => '1', 'title' => 'Contractors Seek Deadline Extension of Projects by a Year', 'sub_title' => '', 'summary' => 'July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. The budget for the current fiscal year has called for deadline extension by six months, but it has not been implemented. Therefore, the federation members met with Prime Minister Sher Bahadur Deuba and requested for a one year deadline extension.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">A delegation of FCAN including its President Ravi Singh met the PM on July 21 and presented their demands. Singh informed that the PM has expressed commitment to fulfill their demands after going through it. He said that the federation has sought for extension of all contracts by one year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The budget statement of the current Fiscal Year 2021/22 has provisioned to extend the construction projects by six months. Due to the second wave of Covid-19, monsoon season, seasonal work and subsequent holidays, the period till mid Nov should be considered as a construction holiday and the deadline should be extended, said Singh. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The federation has also drawn the attention to the issue of payment and return of bail amount. It has urged the government to implement the provisions introduced by the previous government and has requested to address the demands of contractors if the government brings in a supplementary budget.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The sixth amendment to the Public Procurement states that deadline cannot be extended. According to this provision, once the term has been decided, the term will not be extended again.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">Stating that this provision has created serious complications for the extension of deadlines of many projects, the federation has also suggested scrapping such impractical provisions. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">As mentioned in the budget statement, the federation has also demanded 100 percent return instead of 50 percent of the bail amount. Singh urged Prime Minister Deuba to form an expert team involving stakeholders to make the second amendment to the Public Procurement Act business-friendly. They have also requested to make immediate payment as large payments have been stopped at present.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13459', 'image' => '20210722053554_20160715032741_cni.jpg', 'article_date' => '2021-07-22 17:34:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13713', 'article_category_id' => '1', 'title' => 'NRB Collects Suggestions from Former Governors for Monetary Policy', 'sub_title' => '', 'summary' => 'July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. ', '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"">July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. </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"">Stating that the monetary policy should be in line with the amended budget brought after the change of the finance minister, the former governors suggested the NRB to introduce the new monetary policy as soon as possible without deviating from its duties. They also stressed the need for the NRB to formulate a policy without losing its autonomy.</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"">The former governors made such suggestions during a virtual discussion organized on Wednesday regarding the central bank’s preparations for unveiling the monetary policy for the current fiscal year. NRB Spokesperson Dev Kumar Dhakal said that the central bank has collected suggestions from former governors on the current economic situation and policies needed to be addressed by the monetary policy.</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""> "They have adequate experience of preparing monetary policy. The virtual discussion was held to collect their suggestions on what kind of policy would be appropriate. We have done the work of collecting the feedback. We will bring the monetary policy as soon as possible by coordinating with the Ministry of Finance. "</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"">The monetary policy was supposed to be made public in the third week of July, but it was delayed due to the change of the finance minister. </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"">Economists have been advising NRB Governor Maha Prasad Adhikari not to bring monetary policy immediately due to the change of government. But the NRB denied that the finance minister's directive delayed the monetary policy. Spokesperson Dhakal said that it was not true and that they were working on monetary policy internally and were in the final stages of preparation.</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"">The former governor drew the attention of NRB to remain alert as the government was likely to bring a populist budget. </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"">The former governors also pointed out that it is important to see where the investment money is coming from as the capital market will be bullish in the days to come. The daily turnover of the stock market exceeded Rs 21 billion.</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"">In addition, they also suggested that commercial banks should be required to issue at least 25 percent of their paid-up capital as debentures.</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"">Former Governors Himalaya Shamsher J.B Rana, Ganesh Bahadur Thapa, Bhesh Bahadur Thapa, Dipendra Bahadur Chhetri, Dipendra Purush Dhakal, and Tilak Rawal were present at the discussion organized by the central bank to seek suggestions on monetary policy.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13458', 'image' => '20210722021607_20160909042218_nrb.jpg', 'article_date' => '2021-07-22 14:15:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13712', 'article_category_id' => '1', 'title' => 'Foreign Trade from Birgunj Customs Hits Rs 600 Billion Mark', 'sub_title' => '', 'summary' => 'July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78.', '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"">July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78. Birgunj Integrated Check Post (ICP) and dry port customs accounted for Rs 593 billion in foreign trade last year.</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 the data of ICP customs, goods worth Rs 513 billion were imported and goods worth Rs 53 billion were exported during the review period. Similarly, the goods worth Rs 26.16 billion were imported from the dry port customs last fiscal year. As per the custom office, goods amounting Rs 380 million were exported through this custom.</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"">The total trade from Birgunj customs has increased by 27 percent last year as compared to the previous fiscal year 2076/77. The customs data shows that while the size of imports increased by 24 percent, export has also increased by 66 percent.</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"">Harihar Poudel, chief customs officer of Birgunj Customs, said that soybean and sunflower oil were the main contributors to the export trade.</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"">“Last year, imports of fuel and vehicles did not decline, but imports of other commodities declined sharply due to the impact of Covid-19,” said Poudel.</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"">Customs officials say that the ban imposed to control the pandemic has affected the foreign trade and the import of fuel has increased as vehicles started running towards the end of the year.</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 the customs data, new vehicle inspection passes have increased in the recent months. Poudel said that the import of shoes, slippers, hardware, equipment and vehicle parts has declined.</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"">Chudamani Sharma Kattel, information officer at the customs office said that the importers imported raw materials for iron industry, peas, alcoholic beverage, mustard, pepper, and semi-processed sunflower oil from the dry port last year. Likewise, he said goods like noodles, pickles, flour, tyres, leather, herbs and other items were exported. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13457', 'image' => '20210722015910_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2021-07-22 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13711', 'article_category_id' => '1', 'title' => 'PM Deuba Pledges 'Relief Package' for Coronavirus-Affected Industries', 'sub_title' => '', 'summary' => 'July 22: Prime Minister Sher Bahadur Deuba has promised'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: Prime Minister Sher Bahadur Deuba has promised 'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the 18th assembly of the Confederation of Nepalese Industries on Wednesday, PM Deuba shared that he was planning a special package on how the industries suffering much in the wake of COVID-19 and lockdown could be restored so that they could contribute to the national economy again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have given priority to vaccinate all citizens against COVID-19 and utilize their knowledge and skills for the national economy and development," he said, adding that investment promotion was equally important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba reiterated that although development is always a priority, saving people's lives gets utmost priority now. "It's challenging to face pandemic, so human safety is first priority," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Janardan Sharma expressed his view that the pandemic reminded all of us to strengthen self-reliant economy. He appreciated the 'make in Nepal' campaign launched by the CNI. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is for taking the private sector into confidence to revive the national economy which has been dented much by the pandemic,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, founding chair of the Confederation, Binod Chaudhari, said the Confederation was acting as a think-tank. He claimed that the economic reform launched by the Nepali Congress-led government following the restoration of democracy in 1990 had tremendous contribution to the country's economic development, augmentation of private sector and investment opportunities. Now, in the changed context, second phase of such reform could be launched, he suggested the government. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13456', 'image' => '20210722052349_9D3A8542.JPG', 'article_date' => '2021-07-22 12:16:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13710', 'article_category_id' => '1', 'title' => 'Over 1000 Business Firms Fined for Violating Code of Conduct', 'sub_title' => '', 'summary' => 'July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency (RSS), the department found 1,035 business firms and companies indulging in inappropriate trade activities during the fiscal year 2020-21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had conducted a monitoring of 2,947 during last year. Among them, the department suggested general improvements for 1,597 companies while 397 firms were demanded to furnish required documents and sought clarifications. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the department’s data, samples were collected from 37 firms for a laboratory test while the transactions of 38 firms were suspended. Cases have been filed against 19 people and three vehicles have been taken under control. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has collected revenue worth Rs 23.98 million in fines, informed Spokesperson of the Department Shibaraj Shedhai. Similarly, adulterated foodstuff worth Rs 37.38 million was destroyed during the period. </span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13455', 'image' => '20210722115626_1626842255.jpg', 'article_date' => '2021-07-22 11:54:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13709', 'article_category_id' => '1', 'title' => 'Automobile Business Slumps Even After Relaxation of Lockdown', 'sub_title' => '', 'summary' => 'July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen.', '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"">July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen. Entrepreneurs were expecting the market to revitalize after the prohibitory order was lifted. However, even after the market has reopened, the sales of vehicles are still almost null.</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 the businessmen, no customer walk in the showroom to inquiry about the vehicles. Anup Kumar Baral, the CEO of Narayani Auto Business Private Limited and the secretary of the Nepal Automobile Dealers Association (NADA), an umbrella organization of automobile dealers, said that the market has not been able to normalize even after the government lifted a ban on their business recently.</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"">"For some time now, a number of people coming for general inquiry for vehicles have started to show up," he said. "But the demand has declined." After the lifting of lockdown last year, the demand for vehicles went up and recorded the highest in January. Entrepreneurs could not import vehicles as per the demand as it was difficult to import due to the low production of vehicles in India. Therefore, businessmen had started booking vehicles in advance before the prohibitory order was imposed. However, this time the demand for vehicles has not increased even though the prohibition has been relaxed.</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"">Before the Covid-19 pandemic, the peak season for the sale of automobiles was between June to October every year. Kailash Babu Gelal, Managing Director of G Motors, said that the public’s attraction towards the automobile business has not been seen since the last one and a half years. Before the pandemic, there used to be the NADA auto show in October, because of which, the import of new variants of vehicles used to increase right after February.</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"">He said that the market is still not able to gain the pace as it had last year. He informed that the people have started inquiring about low-priced vehicles.</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"">Demand for two-wheelers had doubled last year. On the contrary, there is no demand for two-wheelers at all this year, said Abhik Jyoti, director of Nepal General Marketing, Nepal's official dealer for Hero Motors. </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"">"Before the implementation of the prohibitory order, there was more demand in April than any other time," he said. "As the market has just opened up, we can't say whether the situation is good or bad right now, but there is no demand."</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> There won’t be NADA Auto Show this year as well</span></span></strong></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"">The NADA Auto Show, which is considered to be the biggest show of automobiles, will not be held this year either. The chairman of NADA, Krishna Prasad Dulal, said that there would be no auto show as the rate of coronavirus infection has not decreased and the government has not been able to provide adequate vaccination.</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"">"The infection has not declined. Experts are warning of a third wave," he said. "We are preparing not to hold auto shows by giving the health of consumers and businessmen a top priority."</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"">He said that they will discuss about the auto show after the condition becomes normal and everyone gets vaccinated. The topic will most probably be discussed after Dashain-Tihar, added Dulal.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13454', 'image' => '20210721035520_1626824705.Clipboard07.jpg', 'article_date' => '2021-07-21 15:54:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13708', 'article_category_id' => '1', 'title' => 'Finance Minister Concerned about Weak Capital Expenditure', 'sub_title' => '', 'summary' => 'July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">During a recent interaction on development and capital expenditure with the secretaries of the Ministry of Finance, he sought reasons for poor spending. He asked the secretaries of the ministries about the low capital expenditure and the expenses at the end of the fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">In response, the secretaries pointed out to the Covid-19 pandemic as the main reason for the flaw.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, they also pointed to that the lack of skilled manpower in various project, disbursement of funds to projects without adequate preparation, delay in contract signing process, uncertainty of funds in foreign-aided projects, difficulty in land acquisition, allocation of funds to small projects, delay in formulating procedures and criteria for project operation and lack of inter-ministerial coordination were the other reasons behind unachieved target of capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Finance Minister Sharma directed the secretaries to submit necessary suggestions to the Government of Nepal, the Council of Ministers and the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Sharma said that the work done in the traditional format and style cannot achieve the expected results. For this, Sharma stressed on the need for the staff to present a concrete action plan with innovative thoughts for improved performance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Finance Secretary Shishir Kumar Dhungana, in the last fiscal year 2077/78, the expenditure of Ministry of Water Supply was 36.81 percent, the Ministry of Physical Infrastructure and Transport 75.3 percent, the Ministry of Urban Development 87 percent, the Ministry of Federal Affairs and General Administration 77.79 percent and the Ministry of Energy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has already submitted the budget ordinance of the current fiscal year 2078/79 to the parliament. The Ministry of Finance is preparing to amend the ordinance and endorse the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13453', 'image' => '20210721015847_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-07-21 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13707', 'article_category_id' => '1', 'title' => '43,000 Additional Women receive Concessional Loans', 'sub_title' => '', 'summary' => 'July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs. Altogether 43,831 individuals have received the women entrepreneurship loans from banks and financial institutions (BFIs) in the first 11 months of the Fiscal Year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The number of women taking loans under this heading has reached 50,513 as of mid-June. The debt arrear was Rs 44.66 billion under this heading during the review period. In the previous fiscal year, only 6,682 women had availed such loan. However, this number has been increasing every month.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">There is a provision to take a concessional loan under the heading of Women Entrepreneurship at a subsidized interest rate of 6 percent. Individuals can apply for up to Rs 1.5 million per person. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Although loan under this heading should be provided without any collateral, BFIs are found seeking collateral from the service seekers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Chairman of the Nepal Bankers' Association Bhuvan Kumar Dahal says that the banks are willing to provide women entrepreneurship loans by keeping collateral as there is high risk of giving loans without collateral.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to the Nepal Rastra Bank, individuals taking concessional loans for CTEVT trainings is the lowest among those seeking concessional loans. Only two people have taken such loan worth Rs 370,000. Bankers say that such loans do not flow because of the low demand under the heading. Similarly, only three individuals have taken youth self-employment loan. This heading has arrears of Rs 1.5 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">So far, only 141 borrowers have availed the 'Educated Youth Self-Employment Loan' under the concessional loan programme of the government. Statistics show that they have a debt of Rs 62.6 million. In the first 11 months of the last fiscal year, 76 more individuals received Educated Youth Self-Employment Loan'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Individuals complain that bankers are hesitant to offer loans to students against their certificate despite the government’s announcement to avail loans to students by keeping their certificates as collateral. Bankers say there is a risk in giving loans to students against their certificates. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has announced loans up to Rs 2.5 million for students in the budget of the current fiscal year. However, it would be hard to avail such loan unless there is an excellent project plan and trust, says Dahal. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Approximately 791 people have availed the Youth Project Loan for Returnee Migrant Workers. BFIs have provided Rs 578.2 million to the returnee workers under this heading.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, banks have disbursed Dalit community business development loans worth Rs 522 million to 857 individuals. So far, 232 earthquake-affected people have received loans for the construction of private houses. In addition, 218 garment manufacturers have also availed concessional loans worth Rs 2.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Narayan Prasad Poudel, Joint Spokesperson of the Central Bank, 96,852 borrowers have availed concessional loans of Rs 150.96 billion in 11 months of last fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13452', 'image' => '20210721120621_20210605063901_Business Bank Loans.jpg', 'article_date' => '2021-07-21 12:05:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13706', 'article_category_id' => '1', 'title' => 'IFC Appoints Hector Gomez as Regional Director for South Asia', 'sub_title' => '', 'summary' => 'July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. Based in New Delhi, he will play a critical role in boosting IFC’s investments in the region as it looks to recover from the severe impacts of Covid-19, IFC said in a statement on July 20.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Assuming his new role, Gomez Ang said the private sector had an essential role in South Asia’s recovery from Covid-19, easing the burden on constrained public finances and reducing rising levels of poverty, due to the pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif""> “The pandemic has left a scar on countries throughout the region, exacting a huge human toll of which we must remain mindful. We must also accept that we may have to live with the lingering impacts of Covid-19 for some time to come, and so it’s all the more imperative to continue to work together to support jobs and economic growth,” the statement quoted Gomez Ang as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">“That also means we must do what’s needed to ensure private sector investments can flow to where it’s needed, and in industries, we know can support economic activity,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">According to IFC, its focus in South Asia will continue to centre on providing much-needed liquidity to private sector companies in the region so they can maintain operations, preserve and create jobs. IFC will also look to further support the region’s most vulnerable people by helping deliver more funding for hard-hit micro, small and medium-sized enterprises as well as promoting green growth through investments in sustainable infrastructures, such as renewable energy and digital connectivity, to foster a greener, more resilient, and inclusive recovery from Covid-19, the statement added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">"IFC will continue to prioritize climate investments in the region and help countries meet their nationally determined contributions under the Paris Accord," Gomez Ang added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang previously served as country manager for Angola, Mozambique, Zambia, and Botswana. A Mexican national, Gomez Ang joined IFC in Mexico City in 2006 as an investment officer, where he led business development in Mexico and Central America. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang succeeds Mengistu Alemayehu, who has assumed a new role as IFC’s Director of Global Equity Mobilization.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13451', 'image' => '20210721111801_1626770274.ifc.jpg', 'article_date' => '2021-07-21 11:16:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13705', 'article_category_id' => '1', 'title' => 'Government Preparing Skilled Manpower for Construction of Tunnels within the Country', 'sub_title' => '', 'summary' => ' July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower. To address this problem, the government had reached an agreement with the Japanese construction company to deploy Nepali engineers and technicians at the Nagdhunga-Naubise tunnel in order to develop skilled manpower.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">As the construction of the tunnel progresses, skilled manpower is also being generated within the country. Exposure to this project has given opportunity to the country’s manpower to acquire skills to build tunnels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Currently, 150 people, both Nepali and Japanese, are working on this project. Fifteen of them include employees of the construction company, Hajma Ando Corporation of Japal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Project Chief Nareshman Shakya said that the construction company has been using Nepali workers since the start of the digging work of the tunnel. According to him, 25 engineers, six geologists, 12 tunnel supervisors, 12 surveyors, and 35 operators have been deployed in the project from Nepal so far. They have gained experience in various aspects of the tunnel. Likewise, there are 45 other ordinary workers.</span><br /> <br /> <span style="font-family:"Arial","sans-serif"">Shakya said that the engineers and technicians deployed at the site are learning about tunnel construction with great interest. Likewise, they are also learning ways to dig a tunnel and also aspects of quality management. "In some cases, the site is controlled by Nepali engineers," said Shakya.<br /> <br /> He said that the operators have started learning how to operate the machines and how to tilt them. He said that Nepalis are digging the tunnels, operating machines on their own. There are also automatic machines and equipment inside the tunnel. Nepalis are now replacing Japanese workers in this project.<br /> <br /> As soon as the tunnel was built, it became clear how to use the equipment. He also said that Nepali engineers, operators, and in-charges are learning about tools used for constructing a tunnel on the highways, and methods of drilling.<br /> <br /> Engineers and technicians from the Department of Roads and construction companies have been deployed in constructing the tunnel. "Currently, technicians from the private sector are also working and learning. Later, when they are trained, they can teach others,” said Shakya.</span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13450', 'image' => '20210720023725_20210524031735_20210408031917_20190825123459_Clipboard01.jpg', 'article_date' => '2021-07-20 14:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13704', 'article_category_id' => '1', 'title' => 'Vehicle and Fuel Import Dominates Foreign Trade via Birgunj Customs', 'sub_title' => '', 'summary' => 'July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs.', '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"">July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs. The data of the customs department shows that vehicles and fuel imported through Birgunj customs were the major contributors to government revenue in the last fiscal year (FY 2020/21).</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"">“Vehicles and petroleum products are the main products entering through Birgunj customs. These items have been included as the major import in the last fiscal year as well,” said chief customs officer Harihar Poudel.</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"">Vehicles including jeeps, vans, motorcycles, trucks, mini-trucks as well as fuel in large quantity have entered the country from this checkpoint in the last fiscal year. A significant amount of industrial raw materials also enters through this checkpoint.</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"">Hari Gautam, coordinator of the Birgunj Chamber of Commerce and Industry, says that the industries of Bara-Parsa Industrial corridor import raw materials from this customs point. MS Billets, coal, steel strips, polythene, food grains and raw materials are the other major import items.</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"">Fans, optical fiber cables, car batteries, vehicle spareparts and allopathic medicines are also imported. Customs data shows that soybean oil, juice, cloth, shoes and other products are exported from Nepal.</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"">Birgunj customs has collected revenue of Rs 170 billion in the last fiscal year. Although the foreign trade was expected to decline due to Covid-19, the customs office almost met the target by the end of last year.</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"">Chief customs officer Poudel informed that 99.6 percent of the revenue target was raised between July 2020 to July 2021. “The amount collected is Rs 710 million less than the target. Birgunj customs was given a target of raising Rs 170.76 billion for the last fiscal year,” he told New Business Age.</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"">Imports were expected to decline after a prohibitory order was imposed in various districts since May to control the pandemic. However, the revenue target has been met as the ban has not had much effect on foreign trade.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13449', 'image' => '20210720021513_20210118020708_1610926784.Clipboard08.jpg', 'article_date' => '2021-07-20 14:14:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13703', 'article_category_id' => '1', 'title' => 'Flights to New Delhi Increased to 6 per Week under Air Bubble Agreement', 'sub_title' => '', 'summary' => 'July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi.', '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"">July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi. The decision was taken as per the Air Bubble Agreement between Nepal and India.</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"">Earlier, just two flights a week were operated between the two destinations due to the risk of spreading Covid-19, but now six flights will be operated, informed government officials. The number of flights has increased upon the request of Nepal .The flight schedule will be prepared soon, said Karishma Shrestha, spokesperson of the Nepal Airlines Corporation.</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 her, the state-owned airline company’s aircraft will now fly from New Delhi to Kathmandu on Mondays, Wednesdays and Saturdays. Before this agreement, the NAC used to operate one flight on Wednesday and Air India used to operate one flight on Friday. Now, both the airlines would be operating the same number of flights i.e. three each.</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"">The NAC is preparing a flight schedule in coordination with Air India keeping in mind the convenience of the passengers. The flight will be operated in such a way that the days of aircraft takeoff from both the countries would not clash with each other.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13448', 'image' => '20210720020402_20180727021334_2.jpg', 'article_date' => '2021-07-20 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13701', 'article_category_id' => '1', 'title' => 'Government Slashes Subsidy on Agriculture and Livestock Insurance ', 'sub_title' => '', 'summary' => 'July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance.', '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"">July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance. The government has reduced the subsidy for agriculture and livestock insurance by 25 percent in the budget announced for the current fiscal year.</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"">The government had been providing 75 percent subsidy on such insurance premiums. Earlier, the farmers were required to pay only 25 percent of insurance premium. However, the government will be providing only 50 percent subsidy on insurance premiums effective from the current fiscal year.</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"">The Insurance Board has already directed insurance companies to implement the government's decision on agricultural insurance scheme. The board has recently issued a circular instructing non-life insurance companies to conduct agriculture and livestock insurance business accordingly.</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"">Raju Raman Paudel, executive director of the Insurance Board, said that the decline in the subsidy for agriculture and livestock insurance is a positive thing. "Farmers should also practice paying insurance premiums since they are also self-employed people, '' he added.</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"">Though the government has slashed insurance subsidies for agriculture and livestock, it has introduced a new provision to provide 50 percent subsidy in insurance premium for food storage. The government has also set a target of setting up 200 food storages at the local levels in the current fiscal year. Taking this into consideration, the government is providing 50 percent subsidy on the insurance premium for food storage.</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"">Poudel said this is a new concept. "Though the government has reduced the subsidy for agricultural insurance, it has provided a 50 percent subsidy on the insurance of food storage so it has embraced the policy to encourage the agriculture sector.”</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"">The Insurance Board had come up with an insurance program for agriculture sector in FY 2012/13. Since then, the government has been providing subsidies for such insurance every year.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13447', 'image' => '20210720113305_1626743229.1.jpg', 'article_date' => '2021-07-20 11:31:40', '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' => '13716', 'article_category_id' => '1', 'title' => 'Transport Entrepreneurs Stage Protest in the Capital Demanding Hike in Transportation Fare', 'sub_title' => '', 'summary' => 'July 23: The transport entrepreneurs launched protest in the capital on Thursday (July 22) demanding the adjustment of the transportation fare, according to the state-owned national news agency (RSS).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 23: The transport entrepreneurs launched protest in the capital on Thursday (July 22) demanding the adjustment of the transportation fare, according to the state-owned national news agency (RSS).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">The transport entrepreneurs staged protest in different parts along the Ring Road in Kathmandu valley as part of their protest. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They have further demanded the government to manage anti COVID-19 vaccines for drivers and helpers of long and short-route vehicles as well. They appealed to the federal government to address their genuine demands. According to the transport entrepreneurs,, they have been hard hit by the pandemic and therefore struggling to pay the bank loans of their vehicles.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the Department of Transport Management has allowed transport entrepreneurs to hike bus fare on inter-provincial routes by 28 per cent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, cargo carriers serving in the Terai and hills were permitted to hike transport fares by 26 and 20 per cent, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The protesters have demanded adjustment of transportation fare due to inflation and price hike of petroleum products and vehicle spare parts. They said that the fare was adjusted nine years ago.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-23', 'modified' => '2021-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '13461', 'image' => '20210723075242_195145109_4342684782456148_468800994003319459_n.jpg', 'article_date' => '2021-07-23 07:51:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13714', 'article_category_id' => '1', 'title' => 'Vishnu Kumar Agrawal Takes Charge as New President of CNI', 'sub_title' => '', 'summary' => 'July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). The 18th Annual General Meeting (AGM) of the CNI held on Wednesday (July 21) selected Agrawal as the new president of the organization. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Earlier, Agrawal was serving as senior vice president of the CNI. </span></span><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">He has previously led the Young Entrepreneurs’ Forum at the CNI and has also served as the chairman of the infrastructure development committee of CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agarwal is a former football player and is currently promoting the Kathmandu Razors Football Club, winner of the Nepal Super League 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agrawal, the Managing Director of MAW Group of Companies, is also the Honorary Consul General of the Czech Republic to Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, the general assembly of the confederation has elected 37 members for its National Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Amit More, Ratanlal Kedia, Rahul Kumar Agrawal, Sandeep Kumar Sharda, Varun Kumar Todi, Shulabh Agrawal, Amit Begani, Vikas Dugad, Rajesh Kumar Agrawal, Chandra Tandon, Anuj Agrawal and Arpit Agrawal are the new members of the council. Similarly, other newly elected members include Deepak Agrawal, Suraj Bhakta Poudel, Nirvana Chaudhary, Bikram Singhania, Dilip Agrawal, Sharad Tibdewala, Rohit Gupta, and Aditya Shanghai from the founding group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Hemraj Dhakal, Nicholas Pandey, Virendra Raj Pandey, Varsha Shrestha, Laxmi Prasad Subedi, Guru Prasad Neupane, Rajiv Kumar Gupta, Raj Bahadur Shah, Pampha Dhamala, Ashish Garg, Dwiraj Sharma (Siwakoti), Ashok Sherchan, Tara Prasad Poudyal, and Hitesh Golchha, are the other new members of the council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Likewise, Gokul Bhandari, Krishna Prasad Adhikari, and Basanta Bahadur Chand have been unanimously elected as members of the National Council from the institutional member group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">The AGM was inaugurated by Prime Minister Sher Bahadur Deuba. Speaking at the inaugural ceremony, Prime Minister Deuba said that the Make in Nepal campaign would help in accelerating industrialization in Nepal, and also increase the production and consumption of Nepali goods. He also vowed to take the private sector into confidence to revive the economy hit by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, Finance Minister Janardan Sharma said that the pandemic has made the government realize the need for a self-reliant economy. He said that the Make in Nepal-Swadeshi campaign launched by the confederation would lay the foundation for a self-reliant economy.</span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/9D3A8810.JPG" style="height:533px; width:800px" /></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13460', 'image' => '20210722052104_9D3A8796.JPG', 'article_date' => '2021-07-22 17:19:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13715', 'article_category_id' => '1', 'title' => 'Contractors Seek Deadline Extension of Projects by a Year', 'sub_title' => '', 'summary' => 'July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. The budget for the current fiscal year has called for deadline extension by six months, but it has not been implemented. Therefore, the federation members met with Prime Minister Sher Bahadur Deuba and requested for a one year deadline extension.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">A delegation of FCAN including its President Ravi Singh met the PM on July 21 and presented their demands. Singh informed that the PM has expressed commitment to fulfill their demands after going through it. He said that the federation has sought for extension of all contracts by one year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The budget statement of the current Fiscal Year 2021/22 has provisioned to extend the construction projects by six months. Due to the second wave of Covid-19, monsoon season, seasonal work and subsequent holidays, the period till mid Nov should be considered as a construction holiday and the deadline should be extended, said Singh. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The federation has also drawn the attention to the issue of payment and return of bail amount. It has urged the government to implement the provisions introduced by the previous government and has requested to address the demands of contractors if the government brings in a supplementary budget.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The sixth amendment to the Public Procurement states that deadline cannot be extended. According to this provision, once the term has been decided, the term will not be extended again.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">Stating that this provision has created serious complications for the extension of deadlines of many projects, the federation has also suggested scrapping such impractical provisions. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">As mentioned in the budget statement, the federation has also demanded 100 percent return instead of 50 percent of the bail amount. Singh urged Prime Minister Deuba to form an expert team involving stakeholders to make the second amendment to the Public Procurement Act business-friendly. They have also requested to make immediate payment as large payments have been stopped at present.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13459', 'image' => '20210722053554_20160715032741_cni.jpg', 'article_date' => '2021-07-22 17:34:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13713', 'article_category_id' => '1', 'title' => 'NRB Collects Suggestions from Former Governors for Monetary Policy', 'sub_title' => '', 'summary' => 'July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. ', '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"">July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. </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"">Stating that the monetary policy should be in line with the amended budget brought after the change of the finance minister, the former governors suggested the NRB to introduce the new monetary policy as soon as possible without deviating from its duties. They also stressed the need for the NRB to formulate a policy without losing its autonomy.</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"">The former governors made such suggestions during a virtual discussion organized on Wednesday regarding the central bank’s preparations for unveiling the monetary policy for the current fiscal year. NRB Spokesperson Dev Kumar Dhakal said that the central bank has collected suggestions from former governors on the current economic situation and policies needed to be addressed by the monetary policy.</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""> "They have adequate experience of preparing monetary policy. The virtual discussion was held to collect their suggestions on what kind of policy would be appropriate. We have done the work of collecting the feedback. We will bring the monetary policy as soon as possible by coordinating with the Ministry of Finance. "</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"">The monetary policy was supposed to be made public in the third week of July, but it was delayed due to the change of the finance minister. </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"">Economists have been advising NRB Governor Maha Prasad Adhikari not to bring monetary policy immediately due to the change of government. But the NRB denied that the finance minister's directive delayed the monetary policy. Spokesperson Dhakal said that it was not true and that they were working on monetary policy internally and were in the final stages of preparation.</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"">The former governor drew the attention of NRB to remain alert as the government was likely to bring a populist budget. </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"">The former governors also pointed out that it is important to see where the investment money is coming from as the capital market will be bullish in the days to come. The daily turnover of the stock market exceeded Rs 21 billion.</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"">In addition, they also suggested that commercial banks should be required to issue at least 25 percent of their paid-up capital as debentures.</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"">Former Governors Himalaya Shamsher J.B Rana, Ganesh Bahadur Thapa, Bhesh Bahadur Thapa, Dipendra Bahadur Chhetri, Dipendra Purush Dhakal, and Tilak Rawal were present at the discussion organized by the central bank to seek suggestions on monetary policy.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13458', 'image' => '20210722021607_20160909042218_nrb.jpg', 'article_date' => '2021-07-22 14:15:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13712', 'article_category_id' => '1', 'title' => 'Foreign Trade from Birgunj Customs Hits Rs 600 Billion Mark', 'sub_title' => '', 'summary' => 'July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78.', '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"">July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78. Birgunj Integrated Check Post (ICP) and dry port customs accounted for Rs 593 billion in foreign trade last year.</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 the data of ICP customs, goods worth Rs 513 billion were imported and goods worth Rs 53 billion were exported during the review period. Similarly, the goods worth Rs 26.16 billion were imported from the dry port customs last fiscal year. As per the custom office, goods amounting Rs 380 million were exported through this custom.</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"">The total trade from Birgunj customs has increased by 27 percent last year as compared to the previous fiscal year 2076/77. The customs data shows that while the size of imports increased by 24 percent, export has also increased by 66 percent.</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"">Harihar Poudel, chief customs officer of Birgunj Customs, said that soybean and sunflower oil were the main contributors to the export trade.</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"">“Last year, imports of fuel and vehicles did not decline, but imports of other commodities declined sharply due to the impact of Covid-19,” said Poudel.</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"">Customs officials say that the ban imposed to control the pandemic has affected the foreign trade and the import of fuel has increased as vehicles started running towards the end of the year.</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 the customs data, new vehicle inspection passes have increased in the recent months. Poudel said that the import of shoes, slippers, hardware, equipment and vehicle parts has declined.</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"">Chudamani Sharma Kattel, information officer at the customs office said that the importers imported raw materials for iron industry, peas, alcoholic beverage, mustard, pepper, and semi-processed sunflower oil from the dry port last year. Likewise, he said goods like noodles, pickles, flour, tyres, leather, herbs and other items were exported. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13457', 'image' => '20210722015910_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2021-07-22 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13711', 'article_category_id' => '1', 'title' => 'PM Deuba Pledges 'Relief Package' for Coronavirus-Affected Industries', 'sub_title' => '', 'summary' => 'July 22: Prime Minister Sher Bahadur Deuba has promised'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: Prime Minister Sher Bahadur Deuba has promised 'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the 18th assembly of the Confederation of Nepalese Industries on Wednesday, PM Deuba shared that he was planning a special package on how the industries suffering much in the wake of COVID-19 and lockdown could be restored so that they could contribute to the national economy again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have given priority to vaccinate all citizens against COVID-19 and utilize their knowledge and skills for the national economy and development," he said, adding that investment promotion was equally important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba reiterated that although development is always a priority, saving people's lives gets utmost priority now. "It's challenging to face pandemic, so human safety is first priority," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Janardan Sharma expressed his view that the pandemic reminded all of us to strengthen self-reliant economy. He appreciated the 'make in Nepal' campaign launched by the CNI. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is for taking the private sector into confidence to revive the national economy which has been dented much by the pandemic,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, founding chair of the Confederation, Binod Chaudhari, said the Confederation was acting as a think-tank. He claimed that the economic reform launched by the Nepali Congress-led government following the restoration of democracy in 1990 had tremendous contribution to the country's economic development, augmentation of private sector and investment opportunities. Now, in the changed context, second phase of such reform could be launched, he suggested the government. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13456', 'image' => '20210722052349_9D3A8542.JPG', 'article_date' => '2021-07-22 12:16:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13710', 'article_category_id' => '1', 'title' => 'Over 1000 Business Firms Fined for Violating Code of Conduct', 'sub_title' => '', 'summary' => 'July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency (RSS), the department found 1,035 business firms and companies indulging in inappropriate trade activities during the fiscal year 2020-21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had conducted a monitoring of 2,947 during last year. Among them, the department suggested general improvements for 1,597 companies while 397 firms were demanded to furnish required documents and sought clarifications. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the department’s data, samples were collected from 37 firms for a laboratory test while the transactions of 38 firms were suspended. Cases have been filed against 19 people and three vehicles have been taken under control. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has collected revenue worth Rs 23.98 million in fines, informed Spokesperson of the Department Shibaraj Shedhai. Similarly, adulterated foodstuff worth Rs 37.38 million was destroyed during the period. </span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13455', 'image' => '20210722115626_1626842255.jpg', 'article_date' => '2021-07-22 11:54:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13709', 'article_category_id' => '1', 'title' => 'Automobile Business Slumps Even After Relaxation of Lockdown', 'sub_title' => '', 'summary' => 'July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen.', '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"">July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen. Entrepreneurs were expecting the market to revitalize after the prohibitory order was lifted. However, even after the market has reopened, the sales of vehicles are still almost null.</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 the businessmen, no customer walk in the showroom to inquiry about the vehicles. Anup Kumar Baral, the CEO of Narayani Auto Business Private Limited and the secretary of the Nepal Automobile Dealers Association (NADA), an umbrella organization of automobile dealers, said that the market has not been able to normalize even after the government lifted a ban on their business recently.</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"">"For some time now, a number of people coming for general inquiry for vehicles have started to show up," he said. "But the demand has declined." After the lifting of lockdown last year, the demand for vehicles went up and recorded the highest in January. Entrepreneurs could not import vehicles as per the demand as it was difficult to import due to the low production of vehicles in India. Therefore, businessmen had started booking vehicles in advance before the prohibitory order was imposed. However, this time the demand for vehicles has not increased even though the prohibition has been relaxed.</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"">Before the Covid-19 pandemic, the peak season for the sale of automobiles was between June to October every year. Kailash Babu Gelal, Managing Director of G Motors, said that the public’s attraction towards the automobile business has not been seen since the last one and a half years. Before the pandemic, there used to be the NADA auto show in October, because of which, the import of new variants of vehicles used to increase right after February.</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"">He said that the market is still not able to gain the pace as it had last year. He informed that the people have started inquiring about low-priced vehicles.</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"">Demand for two-wheelers had doubled last year. On the contrary, there is no demand for two-wheelers at all this year, said Abhik Jyoti, director of Nepal General Marketing, Nepal's official dealer for Hero Motors. </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"">"Before the implementation of the prohibitory order, there was more demand in April than any other time," he said. "As the market has just opened up, we can't say whether the situation is good or bad right now, but there is no demand."</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> There won’t be NADA Auto Show this year as well</span></span></strong></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"">The NADA Auto Show, which is considered to be the biggest show of automobiles, will not be held this year either. The chairman of NADA, Krishna Prasad Dulal, said that there would be no auto show as the rate of coronavirus infection has not decreased and the government has not been able to provide adequate vaccination.</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"">"The infection has not declined. Experts are warning of a third wave," he said. "We are preparing not to hold auto shows by giving the health of consumers and businessmen a top priority."</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"">He said that they will discuss about the auto show after the condition becomes normal and everyone gets vaccinated. The topic will most probably be discussed after Dashain-Tihar, added Dulal.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13454', 'image' => '20210721035520_1626824705.Clipboard07.jpg', 'article_date' => '2021-07-21 15:54:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13708', 'article_category_id' => '1', 'title' => 'Finance Minister Concerned about Weak Capital Expenditure', 'sub_title' => '', 'summary' => 'July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">During a recent interaction on development and capital expenditure with the secretaries of the Ministry of Finance, he sought reasons for poor spending. He asked the secretaries of the ministries about the low capital expenditure and the expenses at the end of the fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">In response, the secretaries pointed out to the Covid-19 pandemic as the main reason for the flaw.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, they also pointed to that the lack of skilled manpower in various project, disbursement of funds to projects without adequate preparation, delay in contract signing process, uncertainty of funds in foreign-aided projects, difficulty in land acquisition, allocation of funds to small projects, delay in formulating procedures and criteria for project operation and lack of inter-ministerial coordination were the other reasons behind unachieved target of capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Finance Minister Sharma directed the secretaries to submit necessary suggestions to the Government of Nepal, the Council of Ministers and the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Sharma said that the work done in the traditional format and style cannot achieve the expected results. For this, Sharma stressed on the need for the staff to present a concrete action plan with innovative thoughts for improved performance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Finance Secretary Shishir Kumar Dhungana, in the last fiscal year 2077/78, the expenditure of Ministry of Water Supply was 36.81 percent, the Ministry of Physical Infrastructure and Transport 75.3 percent, the Ministry of Urban Development 87 percent, the Ministry of Federal Affairs and General Administration 77.79 percent and the Ministry of Energy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has already submitted the budget ordinance of the current fiscal year 2078/79 to the parliament. The Ministry of Finance is preparing to amend the ordinance and endorse the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13453', 'image' => '20210721015847_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-07-21 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13707', 'article_category_id' => '1', 'title' => '43,000 Additional Women receive Concessional Loans', 'sub_title' => '', 'summary' => 'July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs. Altogether 43,831 individuals have received the women entrepreneurship loans from banks and financial institutions (BFIs) in the first 11 months of the Fiscal Year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The number of women taking loans under this heading has reached 50,513 as of mid-June. The debt arrear was Rs 44.66 billion under this heading during the review period. In the previous fiscal year, only 6,682 women had availed such loan. However, this number has been increasing every month.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">There is a provision to take a concessional loan under the heading of Women Entrepreneurship at a subsidized interest rate of 6 percent. Individuals can apply for up to Rs 1.5 million per person. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Although loan under this heading should be provided without any collateral, BFIs are found seeking collateral from the service seekers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Chairman of the Nepal Bankers' Association Bhuvan Kumar Dahal says that the banks are willing to provide women entrepreneurship loans by keeping collateral as there is high risk of giving loans without collateral.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to the Nepal Rastra Bank, individuals taking concessional loans for CTEVT trainings is the lowest among those seeking concessional loans. Only two people have taken such loan worth Rs 370,000. Bankers say that such loans do not flow because of the low demand under the heading. Similarly, only three individuals have taken youth self-employment loan. This heading has arrears of Rs 1.5 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">So far, only 141 borrowers have availed the 'Educated Youth Self-Employment Loan' under the concessional loan programme of the government. Statistics show that they have a debt of Rs 62.6 million. In the first 11 months of the last fiscal year, 76 more individuals received Educated Youth Self-Employment Loan'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Individuals complain that bankers are hesitant to offer loans to students against their certificate despite the government’s announcement to avail loans to students by keeping their certificates as collateral. Bankers say there is a risk in giving loans to students against their certificates. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has announced loans up to Rs 2.5 million for students in the budget of the current fiscal year. However, it would be hard to avail such loan unless there is an excellent project plan and trust, says Dahal. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Approximately 791 people have availed the Youth Project Loan for Returnee Migrant Workers. BFIs have provided Rs 578.2 million to the returnee workers under this heading.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, banks have disbursed Dalit community business development loans worth Rs 522 million to 857 individuals. So far, 232 earthquake-affected people have received loans for the construction of private houses. In addition, 218 garment manufacturers have also availed concessional loans worth Rs 2.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Narayan Prasad Poudel, Joint Spokesperson of the Central Bank, 96,852 borrowers have availed concessional loans of Rs 150.96 billion in 11 months of last fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13452', 'image' => '20210721120621_20210605063901_Business Bank Loans.jpg', 'article_date' => '2021-07-21 12:05:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13706', 'article_category_id' => '1', 'title' => 'IFC Appoints Hector Gomez as Regional Director for South Asia', 'sub_title' => '', 'summary' => 'July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. Based in New Delhi, he will play a critical role in boosting IFC’s investments in the region as it looks to recover from the severe impacts of Covid-19, IFC said in a statement on July 20.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Assuming his new role, Gomez Ang said the private sector had an essential role in South Asia’s recovery from Covid-19, easing the burden on constrained public finances and reducing rising levels of poverty, due to the pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif""> “The pandemic has left a scar on countries throughout the region, exacting a huge human toll of which we must remain mindful. We must also accept that we may have to live with the lingering impacts of Covid-19 for some time to come, and so it’s all the more imperative to continue to work together to support jobs and economic growth,” the statement quoted Gomez Ang as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">“That also means we must do what’s needed to ensure private sector investments can flow to where it’s needed, and in industries, we know can support economic activity,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">According to IFC, its focus in South Asia will continue to centre on providing much-needed liquidity to private sector companies in the region so they can maintain operations, preserve and create jobs. IFC will also look to further support the region’s most vulnerable people by helping deliver more funding for hard-hit micro, small and medium-sized enterprises as well as promoting green growth through investments in sustainable infrastructures, such as renewable energy and digital connectivity, to foster a greener, more resilient, and inclusive recovery from Covid-19, the statement added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">"IFC will continue to prioritize climate investments in the region and help countries meet their nationally determined contributions under the Paris Accord," Gomez Ang added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang previously served as country manager for Angola, Mozambique, Zambia, and Botswana. A Mexican national, Gomez Ang joined IFC in Mexico City in 2006 as an investment officer, where he led business development in Mexico and Central America. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang succeeds Mengistu Alemayehu, who has assumed a new role as IFC’s Director of Global Equity Mobilization.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13451', 'image' => '20210721111801_1626770274.ifc.jpg', 'article_date' => '2021-07-21 11:16:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13705', 'article_category_id' => '1', 'title' => 'Government Preparing Skilled Manpower for Construction of Tunnels within the Country', 'sub_title' => '', 'summary' => ' July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower. To address this problem, the government had reached an agreement with the Japanese construction company to deploy Nepali engineers and technicians at the Nagdhunga-Naubise tunnel in order to develop skilled manpower.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">As the construction of the tunnel progresses, skilled manpower is also being generated within the country. Exposure to this project has given opportunity to the country’s manpower to acquire skills to build tunnels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Currently, 150 people, both Nepali and Japanese, are working on this project. Fifteen of them include employees of the construction company, Hajma Ando Corporation of Japal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Project Chief Nareshman Shakya said that the construction company has been using Nepali workers since the start of the digging work of the tunnel. According to him, 25 engineers, six geologists, 12 tunnel supervisors, 12 surveyors, and 35 operators have been deployed in the project from Nepal so far. They have gained experience in various aspects of the tunnel. Likewise, there are 45 other ordinary workers.</span><br /> <br /> <span style="font-family:"Arial","sans-serif"">Shakya said that the engineers and technicians deployed at the site are learning about tunnel construction with great interest. Likewise, they are also learning ways to dig a tunnel and also aspects of quality management. "In some cases, the site is controlled by Nepali engineers," said Shakya.<br /> <br /> He said that the operators have started learning how to operate the machines and how to tilt them. He said that Nepalis are digging the tunnels, operating machines on their own. There are also automatic machines and equipment inside the tunnel. Nepalis are now replacing Japanese workers in this project.<br /> <br /> As soon as the tunnel was built, it became clear how to use the equipment. He also said that Nepali engineers, operators, and in-charges are learning about tools used for constructing a tunnel on the highways, and methods of drilling.<br /> <br /> Engineers and technicians from the Department of Roads and construction companies have been deployed in constructing the tunnel. "Currently, technicians from the private sector are also working and learning. Later, when they are trained, they can teach others,” said Shakya.</span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13450', 'image' => '20210720023725_20210524031735_20210408031917_20190825123459_Clipboard01.jpg', 'article_date' => '2021-07-20 14:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13704', 'article_category_id' => '1', 'title' => 'Vehicle and Fuel Import Dominates Foreign Trade via Birgunj Customs', 'sub_title' => '', 'summary' => 'July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs.', '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"">July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs. The data of the customs department shows that vehicles and fuel imported through Birgunj customs were the major contributors to government revenue in the last fiscal year (FY 2020/21).</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"">“Vehicles and petroleum products are the main products entering through Birgunj customs. These items have been included as the major import in the last fiscal year as well,” said chief customs officer Harihar Poudel.</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"">Vehicles including jeeps, vans, motorcycles, trucks, mini-trucks as well as fuel in large quantity have entered the country from this checkpoint in the last fiscal year. A significant amount of industrial raw materials also enters through this checkpoint.</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"">Hari Gautam, coordinator of the Birgunj Chamber of Commerce and Industry, says that the industries of Bara-Parsa Industrial corridor import raw materials from this customs point. MS Billets, coal, steel strips, polythene, food grains and raw materials are the other major import items.</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"">Fans, optical fiber cables, car batteries, vehicle spareparts and allopathic medicines are also imported. Customs data shows that soybean oil, juice, cloth, shoes and other products are exported from Nepal.</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"">Birgunj customs has collected revenue of Rs 170 billion in the last fiscal year. Although the foreign trade was expected to decline due to Covid-19, the customs office almost met the target by the end of last year.</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"">Chief customs officer Poudel informed that 99.6 percent of the revenue target was raised between July 2020 to July 2021. “The amount collected is Rs 710 million less than the target. Birgunj customs was given a target of raising Rs 170.76 billion for the last fiscal year,” he told New Business Age.</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"">Imports were expected to decline after a prohibitory order was imposed in various districts since May to control the pandemic. However, the revenue target has been met as the ban has not had much effect on foreign trade.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13449', 'image' => '20210720021513_20210118020708_1610926784.Clipboard08.jpg', 'article_date' => '2021-07-20 14:14:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13703', 'article_category_id' => '1', 'title' => 'Flights to New Delhi Increased to 6 per Week under Air Bubble Agreement', 'sub_title' => '', 'summary' => 'July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi.', '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"">July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi. The decision was taken as per the Air Bubble Agreement between Nepal and India.</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"">Earlier, just two flights a week were operated between the two destinations due to the risk of spreading Covid-19, but now six flights will be operated, informed government officials. The number of flights has increased upon the request of Nepal .The flight schedule will be prepared soon, said Karishma Shrestha, spokesperson of the Nepal Airlines Corporation.</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 her, the state-owned airline company’s aircraft will now fly from New Delhi to Kathmandu on Mondays, Wednesdays and Saturdays. Before this agreement, the NAC used to operate one flight on Wednesday and Air India used to operate one flight on Friday. Now, both the airlines would be operating the same number of flights i.e. three each.</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"">The NAC is preparing a flight schedule in coordination with Air India keeping in mind the convenience of the passengers. The flight will be operated in such a way that the days of aircraft takeoff from both the countries would not clash with each other.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13448', 'image' => '20210720020402_20180727021334_2.jpg', 'article_date' => '2021-07-20 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13701', 'article_category_id' => '1', 'title' => 'Government Slashes Subsidy on Agriculture and Livestock Insurance ', 'sub_title' => '', 'summary' => 'July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance.', '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"">July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance. The government has reduced the subsidy for agriculture and livestock insurance by 25 percent in the budget announced for the current fiscal year.</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"">The government had been providing 75 percent subsidy on such insurance premiums. Earlier, the farmers were required to pay only 25 percent of insurance premium. However, the government will be providing only 50 percent subsidy on insurance premiums effective from the current fiscal year.</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"">The Insurance Board has already directed insurance companies to implement the government's decision on agricultural insurance scheme. The board has recently issued a circular instructing non-life insurance companies to conduct agriculture and livestock insurance business accordingly.</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"">Raju Raman Paudel, executive director of the Insurance Board, said that the decline in the subsidy for agriculture and livestock insurance is a positive thing. "Farmers should also practice paying insurance premiums since they are also self-employed people, '' he added.</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"">Though the government has slashed insurance subsidies for agriculture and livestock, it has introduced a new provision to provide 50 percent subsidy in insurance premium for food storage. The government has also set a target of setting up 200 food storages at the local levels in the current fiscal year. Taking this into consideration, the government is providing 50 percent subsidy on the insurance premium for food storage.</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"">Poudel said this is a new concept. "Though the government has reduced the subsidy for agricultural insurance, it has provided a 50 percent subsidy on the insurance of food storage so it has embraced the policy to encourage the agriculture sector.”</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"">The Insurance Board had come up with an insurance program for agriculture sector in FY 2012/13. Since then, the government has been providing subsidies for such insurance every year.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13447', 'image' => '20210720113305_1626743229.1.jpg', 'article_date' => '2021-07-20 11:31:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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They appealed to the federal government to address their genuine demands. According to the transport entrepreneurs,, they have been hard hit by the pandemic and therefore struggling to pay the bank loans of their vehicles.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">Recently, the Department of Transport Management has allowed transport entrepreneurs to hike bus fare on inter-provincial routes by 28 per cent. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, cargo carriers serving in the Terai and hills were permitted to hike transport fares by 26 and 20 per cent, respectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The protesters have demanded adjustment of transportation fare due to inflation and price hike of petroleum products and vehicle spare parts. They said that the fare was adjusted nine years ago.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-23', 'modified' => '2021-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '13461', 'image' => '20210723075242_195145109_4342684782456148_468800994003319459_n.jpg', 'article_date' => '2021-07-23 07:51:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13714', 'article_category_id' => '1', 'title' => 'Vishnu Kumar Agrawal Takes Charge as New President of CNI', 'sub_title' => '', 'summary' => 'July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">July 22: Vishnu Kumar Agrawal has taken charge as the new president of the Confederation of Nepalese Industries (CNI). The 18th Annual General Meeting (AGM) of the CNI held on Wednesday (July 21) selected Agrawal as the new president of the organization. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Earlier, Agrawal was serving as senior vice president of the CNI. </span></span><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">He has previously led the Young Entrepreneurs’ Forum at the CNI and has also served as the chairman of the infrastructure development committee of CNI.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agarwal is a former football player and is currently promoting the Kathmandu Razors Football Club, winner of the Nepal Super League 2021.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Agrawal, the Managing Director of MAW Group of Companies, is also the Honorary Consul General of the Czech Republic to Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, the general assembly of the confederation has elected 37 members for its National Council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Amit More, Ratanlal Kedia, Rahul Kumar Agrawal, Sandeep Kumar Sharda, Varun Kumar Todi, Shulabh Agrawal, Amit Begani, Vikas Dugad, Rajesh Kumar Agrawal, Chandra Tandon, Anuj Agrawal and Arpit Agrawal are the new members of the council. Similarly, other newly elected members include Deepak Agrawal, Suraj Bhakta Poudel, Nirvana Chaudhary, Bikram Singhania, Dilip Agrawal, Sharad Tibdewala, Rohit Gupta, and Aditya Shanghai from the founding group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Hemraj Dhakal, Nicholas Pandey, Virendra Raj Pandey, Varsha Shrestha, Laxmi Prasad Subedi, Guru Prasad Neupane, Rajiv Kumar Gupta, Raj Bahadur Shah, Pampha Dhamala, Ashish Garg, Dwiraj Sharma (Siwakoti), Ashok Sherchan, Tara Prasad Poudyal, and Hitesh Golchha, are the other new members of the council. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Likewise, Gokul Bhandari, Krishna Prasad Adhikari, and Basanta Bahadur Chand have been unanimously elected as members of the National Council from the institutional member group.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">The AGM was inaugurated by Prime Minister Sher Bahadur Deuba. Speaking at the inaugural ceremony, Prime Minister Deuba said that the Make in Nepal campaign would help in accelerating industrialization in Nepal, and also increase the production and consumption of Nepali goods. He also vowed to take the private sector into confidence to revive the economy hit by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman",serif">Similarly, Finance Minister Janardan Sharma said that the pandemic has made the government realize the need for a self-reliant economy. He said that the Make in Nepal-Swadeshi campaign launched by the confederation would lay the foundation for a self-reliant economy.</span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/9D3A8810.JPG" style="height:533px; width:800px" /></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13460', 'image' => '20210722052104_9D3A8796.JPG', 'article_date' => '2021-07-22 17:19:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13715', 'article_category_id' => '1', 'title' => 'Contractors Seek Deadline Extension of Projects by a Year', 'sub_title' => '', 'summary' => 'July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">July 22: The Federation of Contractors' Association of Nepal (FCAN) has demanded extension of the deadline of ongoing projects by one year, considering 'zero-construction holiday' till mid November. The budget for the current fiscal year has called for deadline extension by six months, but it has not been implemented. Therefore, the federation members met with Prime Minister Sher Bahadur Deuba and requested for a one year deadline extension.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">A delegation of FCAN including its President Ravi Singh met the PM on July 21 and presented their demands. Singh informed that the PM has expressed commitment to fulfill their demands after going through it. He said that the federation has sought for extension of all contracts by one year. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The budget statement of the current Fiscal Year 2021/22 has provisioned to extend the construction projects by six months. Due to the second wave of Covid-19, monsoon season, seasonal work and subsequent holidays, the period till mid Nov should be considered as a construction holiday and the deadline should be extended, said Singh. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The federation has also drawn the attention to the issue of payment and return of bail amount. It has urged the government to implement the provisions introduced by the previous government and has requested to address the demands of contractors if the government brings in a supplementary budget.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">The sixth amendment to the Public Procurement states that deadline cannot be extended. According to this provision, once the term has been decided, the term will not be extended again.</span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">Stating that this provision has created serious complications for the extension of deadlines of many projects, the federation has also suggested scrapping such impractical provisions. </span></span></p> <p><span style="font-size:16px"><span style="font-family:"Times New Roman",serif">As mentioned in the budget statement, the federation has also demanded 100 percent return instead of 50 percent of the bail amount. Singh urged Prime Minister Deuba to form an expert team involving stakeholders to make the second amendment to the Public Procurement Act business-friendly. They have also requested to make immediate payment as large payments have been stopped at present.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13459', 'image' => '20210722053554_20160715032741_cni.jpg', 'article_date' => '2021-07-22 17:34:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13713', 'article_category_id' => '1', 'title' => 'NRB Collects Suggestions from Former Governors for Monetary Policy', 'sub_title' => '', 'summary' => 'July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. ', '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"">July 22: Former governors of Nepal Rastra Bank (NRB) have expressed that the central bank should have unveiled the monetary policy with the start of the new fiscal year. </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"">Stating that the monetary policy should be in line with the amended budget brought after the change of the finance minister, the former governors suggested the NRB to introduce the new monetary policy as soon as possible without deviating from its duties. They also stressed the need for the NRB to formulate a policy without losing its autonomy.</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"">The former governors made such suggestions during a virtual discussion organized on Wednesday regarding the central bank’s preparations for unveiling the monetary policy for the current fiscal year. NRB Spokesperson Dev Kumar Dhakal said that the central bank has collected suggestions from former governors on the current economic situation and policies needed to be addressed by the monetary policy.</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""> "They have adequate experience of preparing monetary policy. The virtual discussion was held to collect their suggestions on what kind of policy would be appropriate. We have done the work of collecting the feedback. We will bring the monetary policy as soon as possible by coordinating with the Ministry of Finance. "</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"">The monetary policy was supposed to be made public in the third week of July, but it was delayed due to the change of the finance minister. </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"">Economists have been advising NRB Governor Maha Prasad Adhikari not to bring monetary policy immediately due to the change of government. But the NRB denied that the finance minister's directive delayed the monetary policy. Spokesperson Dhakal said that it was not true and that they were working on monetary policy internally and were in the final stages of preparation.</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"">The former governor drew the attention of NRB to remain alert as the government was likely to bring a populist budget. </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"">The former governors also pointed out that it is important to see where the investment money is coming from as the capital market will be bullish in the days to come. The daily turnover of the stock market exceeded Rs 21 billion.</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"">In addition, they also suggested that commercial banks should be required to issue at least 25 percent of their paid-up capital as debentures.</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"">Former Governors Himalaya Shamsher J.B Rana, Ganesh Bahadur Thapa, Bhesh Bahadur Thapa, Dipendra Bahadur Chhetri, Dipendra Purush Dhakal, and Tilak Rawal were present at the discussion organized by the central bank to seek suggestions on monetary policy.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13458', 'image' => '20210722021607_20160909042218_nrb.jpg', 'article_date' => '2021-07-22 14:15:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13712', 'article_category_id' => '1', 'title' => 'Foreign Trade from Birgunj Customs Hits Rs 600 Billion Mark', 'sub_title' => '', 'summary' => 'July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78.', '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"">July 22: Foreign trade worth Rs 600 billion took place through Birgunj customs in the last fiscal year 2077/78. Birgunj Integrated Check Post (ICP) and dry port customs accounted for Rs 593 billion in foreign trade last year.</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 the data of ICP customs, goods worth Rs 513 billion were imported and goods worth Rs 53 billion were exported during the review period. Similarly, the goods worth Rs 26.16 billion were imported from the dry port customs last fiscal year. As per the custom office, goods amounting Rs 380 million were exported through this custom.</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"">The total trade from Birgunj customs has increased by 27 percent last year as compared to the previous fiscal year 2076/77. The customs data shows that while the size of imports increased by 24 percent, export has also increased by 66 percent.</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"">Harihar Poudel, chief customs officer of Birgunj Customs, said that soybean and sunflower oil were the main contributors to the export trade.</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"">“Last year, imports of fuel and vehicles did not decline, but imports of other commodities declined sharply due to the impact of Covid-19,” said Poudel.</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"">Customs officials say that the ban imposed to control the pandemic has affected the foreign trade and the import of fuel has increased as vehicles started running towards the end of the year.</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 the customs data, new vehicle inspection passes have increased in the recent months. Poudel said that the import of shoes, slippers, hardware, equipment and vehicle parts has declined.</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"">Chudamani Sharma Kattel, information officer at the customs office said that the importers imported raw materials for iron industry, peas, alcoholic beverage, mustard, pepper, and semi-processed sunflower oil from the dry port last year. Likewise, he said goods like noodles, pickles, flour, tyres, leather, herbs and other items were exported. </span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13457', 'image' => '20210722015910_20190410102147_ICP-Birgunj-2.jpg', 'article_date' => '2021-07-22 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13711', 'article_category_id' => '1', 'title' => 'PM Deuba Pledges 'Relief Package' for Coronavirus-Affected Industries', 'sub_title' => '', 'summary' => 'July 22: Prime Minister Sher Bahadur Deuba has promised'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: Prime Minister Sher Bahadur Deuba has promised 'relief package' to prop up the industries and enterprises that suffered worst due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the 18th assembly of the Confederation of Nepalese Industries on Wednesday, PM Deuba shared that he was planning a special package on how the industries suffering much in the wake of COVID-19 and lockdown could be restored so that they could contribute to the national economy again. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have given priority to vaccinate all citizens against COVID-19 and utilize their knowledge and skills for the national economy and development," he said, adding that investment promotion was equally important. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">PM Deuba reiterated that although development is always a priority, saving people's lives gets utmost priority now. "It's challenging to face pandemic, so human safety is first priority," he underscored. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Finance Minister Janardan Sharma expressed his view that the pandemic reminded all of us to strengthen self-reliant economy. He appreciated the 'make in Nepal' campaign launched by the CNI. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">"The government is for taking the private sector into confidence to revive the national economy which has been dented much by the pandemic,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, founding chair of the Confederation, Binod Chaudhari, said the Confederation was acting as a think-tank. He claimed that the economic reform launched by the Nepali Congress-led government following the restoration of democracy in 1990 had tremendous contribution to the country's economic development, augmentation of private sector and investment opportunities. Now, in the changed context, second phase of such reform could be launched, he suggested the government. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13456', 'image' => '20210722052349_9D3A8542.JPG', 'article_date' => '2021-07-22 12:16:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13710', 'article_category_id' => '1', 'title' => 'Over 1000 Business Firms Fined for Violating Code of Conduct', 'sub_title' => '', 'summary' => 'July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial Unicode MS","sans-serif"">July 22: The Department of Commerce, Supplies and Consumer Protection has taken action against over 1,000 firms and companies for violating the business code of conduct. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency (RSS), the department found 1,035 business firms and companies indulging in inappropriate trade activities during the fiscal year 2020-21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had conducted a monitoring of 2,947 during last year. Among them, the department suggested general improvements for 1,597 companies while 397 firms were demanded to furnish required documents and sought clarifications. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the department’s data, samples were collected from 37 firms for a laboratory test while the transactions of 38 firms were suspended. Cases have been filed against 19 people and three vehicles have been taken under control. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has collected revenue worth Rs 23.98 million in fines, informed Spokesperson of the Department Shibaraj Shedhai. Similarly, adulterated foodstuff worth Rs 37.38 million was destroyed during the period. </span></span></span></p> ', 'published' => true, 'created' => '2021-07-22', 'modified' => '2021-07-22', 'keywords' => '', 'description' => '', 'sortorder' => '13455', 'image' => '20210722115626_1626842255.jpg', 'article_date' => '2021-07-22 11:54:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13709', 'article_category_id' => '1', 'title' => 'Automobile Business Slumps Even After Relaxation of Lockdown', 'sub_title' => '', 'summary' => 'July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen.', '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"">July 21: After a two-month-long prohibitory order, a meeting of the chief district officers of Kathmandu Valley decided to allow the automobile business to reopen. Entrepreneurs were expecting the market to revitalize after the prohibitory order was lifted. However, even after the market has reopened, the sales of vehicles are still almost null.</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 the businessmen, no customer walk in the showroom to inquiry about the vehicles. Anup Kumar Baral, the CEO of Narayani Auto Business Private Limited and the secretary of the Nepal Automobile Dealers Association (NADA), an umbrella organization of automobile dealers, said that the market has not been able to normalize even after the government lifted a ban on their business recently.</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"">"For some time now, a number of people coming for general inquiry for vehicles have started to show up," he said. "But the demand has declined." After the lifting of lockdown last year, the demand for vehicles went up and recorded the highest in January. Entrepreneurs could not import vehicles as per the demand as it was difficult to import due to the low production of vehicles in India. Therefore, businessmen had started booking vehicles in advance before the prohibitory order was imposed. However, this time the demand for vehicles has not increased even though the prohibition has been relaxed.</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"">Before the Covid-19 pandemic, the peak season for the sale of automobiles was between June to October every year. Kailash Babu Gelal, Managing Director of G Motors, said that the public’s attraction towards the automobile business has not been seen since the last one and a half years. Before the pandemic, there used to be the NADA auto show in October, because of which, the import of new variants of vehicles used to increase right after February.</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"">He said that the market is still not able to gain the pace as it had last year. He informed that the people have started inquiring about low-priced vehicles.</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"">Demand for two-wheelers had doubled last year. On the contrary, there is no demand for two-wheelers at all this year, said Abhik Jyoti, director of Nepal General Marketing, Nepal's official dealer for Hero Motors. </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"">"Before the implementation of the prohibitory order, there was more demand in April than any other time," he said. "As the market has just opened up, we can't say whether the situation is good or bad right now, but there is no demand."</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> There won’t be NADA Auto Show this year as well</span></span></strong></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"">The NADA Auto Show, which is considered to be the biggest show of automobiles, will not be held this year either. The chairman of NADA, Krishna Prasad Dulal, said that there would be no auto show as the rate of coronavirus infection has not decreased and the government has not been able to provide adequate vaccination.</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"">"The infection has not declined. Experts are warning of a third wave," he said. "We are preparing not to hold auto shows by giving the health of consumers and businessmen a top priority."</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"">He said that they will discuss about the auto show after the condition becomes normal and everyone gets vaccinated. The topic will most probably be discussed after Dashain-Tihar, added Dulal.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13454', 'image' => '20210721035520_1626824705.Clipboard07.jpg', 'article_date' => '2021-07-21 15:54:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13708', 'article_category_id' => '1', 'title' => 'Finance Minister Concerned about Weak Capital Expenditure', 'sub_title' => '', 'summary' => 'July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: Newly-appointed Finance Minister Janardan Sharma has expressed concern regarding the tendency of not spending 100 percent of the allocated capital budget in the recent years.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">During a recent interaction on development and capital expenditure with the secretaries of the Ministry of Finance, he sought reasons for poor spending. He asked the secretaries of the ministries about the low capital expenditure and the expenses at the end of the fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">In response, the secretaries pointed out to the Covid-19 pandemic as the main reason for the flaw.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, they also pointed to that the lack of skilled manpower in various project, disbursement of funds to projects without adequate preparation, delay in contract signing process, uncertainty of funds in foreign-aided projects, difficulty in land acquisition, allocation of funds to small projects, delay in formulating procedures and criteria for project operation and lack of inter-ministerial coordination were the other reasons behind unachieved target of capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Finance Minister Sharma directed the secretaries to submit necessary suggestions to the Government of Nepal, the Council of Ministers and the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Sharma said that the work done in the traditional format and style cannot achieve the expected results. For this, Sharma stressed on the need for the staff to present a concrete action plan with innovative thoughts for improved performance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Finance Secretary Shishir Kumar Dhungana, in the last fiscal year 2077/78, the expenditure of Ministry of Water Supply was 36.81 percent, the Ministry of Physical Infrastructure and Transport 75.3 percent, the Ministry of Urban Development 87 percent, the Ministry of Federal Affairs and General Administration 77.79 percent and the Ministry of Energy.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has already submitted the budget ordinance of the current fiscal year 2078/79 to the parliament. The Ministry of Finance is preparing to amend the ordinance and endorse the budget. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13453', 'image' => '20210721015847_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-07-21 13:58:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13707', 'article_category_id' => '1', 'title' => '43,000 Additional Women receive Concessional Loans', 'sub_title' => '', 'summary' => 'July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">July 21: In recent times, most of the concessional loans have flowed to women entrepreneurs. Altogether 43,831 individuals have received the women entrepreneurship loans from banks and financial institutions (BFIs) in the first 11 months of the Fiscal Year 2020/21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The number of women taking loans under this heading has reached 50,513 as of mid-June. The debt arrear was Rs 44.66 billion under this heading during the review period. In the previous fiscal year, only 6,682 women had availed such loan. However, this number has been increasing every month.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">There is a provision to take a concessional loan under the heading of Women Entrepreneurship at a subsidized interest rate of 6 percent. Individuals can apply for up to Rs 1.5 million per person. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Although loan under this heading should be provided without any collateral, BFIs are found seeking collateral from the service seekers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Chairman of the Nepal Bankers' Association Bhuvan Kumar Dahal says that the banks are willing to provide women entrepreneurship loans by keeping collateral as there is high risk of giving loans without collateral.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to the Nepal Rastra Bank, individuals taking concessional loans for CTEVT trainings is the lowest among those seeking concessional loans. Only two people have taken such loan worth Rs 370,000. Bankers say that such loans do not flow because of the low demand under the heading. Similarly, only three individuals have taken youth self-employment loan. This heading has arrears of Rs 1.5 million.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">So far, only 141 borrowers have availed the 'Educated Youth Self-Employment Loan' under the concessional loan programme of the government. Statistics show that they have a debt of Rs 62.6 million. In the first 11 months of the last fiscal year, 76 more individuals received Educated Youth Self-Employment Loan'.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Individuals complain that bankers are hesitant to offer loans to students against their certificate despite the government’s announcement to avail loans to students by keeping their certificates as collateral. Bankers say there is a risk in giving loans to students against their certificates. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">The government has announced loans up to Rs 2.5 million for students in the budget of the current fiscal year. However, it would be hard to avail such loan unless there is an excellent project plan and trust, says Dahal. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Approximately 791 people have availed the Youth Project Loan for Returnee Migrant Workers. BFIs have provided Rs 578.2 million to the returnee workers under this heading.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Similarly, banks have disbursed Dalit community business development loans worth Rs 522 million to 857 individuals. So far, 232 earthquake-affected people have received loans for the construction of private houses. In addition, 218 garment manufacturers have also availed concessional loans worth Rs 2.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">According to Narayan Prasad Poudel, Joint Spokesperson of the Central Bank, 96,852 borrowers have availed concessional loans of Rs 150.96 billion in 11 months of last fiscal year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13452', 'image' => '20210721120621_20210605063901_Business Bank Loans.jpg', 'article_date' => '2021-07-21 12:05:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13706', 'article_category_id' => '1', 'title' => 'IFC Appoints Hector Gomez as Regional Director for South Asia', 'sub_title' => '', 'summary' => 'July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">July 21: The International Finance Corporation (IFC) has appointed Hector Gomez Ang as its regional director for South Asia. Based in New Delhi, he will play a critical role in boosting IFC’s investments in the region as it looks to recover from the severe impacts of Covid-19, IFC said in a statement on July 20.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Assuming his new role, Gomez Ang said the private sector had an essential role in South Asia’s recovery from Covid-19, easing the burden on constrained public finances and reducing rising levels of poverty, due to the pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif""> “The pandemic has left a scar on countries throughout the region, exacting a huge human toll of which we must remain mindful. We must also accept that we may have to live with the lingering impacts of Covid-19 for some time to come, and so it’s all the more imperative to continue to work together to support jobs and economic growth,” the statement quoted Gomez Ang as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">“That also means we must do what’s needed to ensure private sector investments can flow to where it’s needed, and in industries, we know can support economic activity,” he added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">According to IFC, its focus in South Asia will continue to centre on providing much-needed liquidity to private sector companies in the region so they can maintain operations, preserve and create jobs. IFC will also look to further support the region’s most vulnerable people by helping deliver more funding for hard-hit micro, small and medium-sized enterprises as well as promoting green growth through investments in sustainable infrastructures, such as renewable energy and digital connectivity, to foster a greener, more resilient, and inclusive recovery from Covid-19, the statement added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">"IFC will continue to prioritize climate investments in the region and help countries meet their nationally determined contributions under the Paris Accord," Gomez Ang added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang previously served as country manager for Angola, Mozambique, Zambia, and Botswana. A Mexican national, Gomez Ang joined IFC in Mexico City in 2006 as an investment officer, where he led business development in Mexico and Central America. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Arial","sans-serif"">Gomez Ang succeeds Mengistu Alemayehu, who has assumed a new role as IFC’s Director of Global Equity Mobilization.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-21', 'modified' => '2021-07-21', 'keywords' => '', 'description' => '', 'sortorder' => '13451', 'image' => '20210721111801_1626770274.ifc.jpg', 'article_date' => '2021-07-21 11:16:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13705', 'article_category_id' => '1', 'title' => 'Government Preparing Skilled Manpower for Construction of Tunnels within the Country', 'sub_title' => '', 'summary' => ' July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">July 20: The government has proposed building tunnels in different parts of the country but it lacks skilled manpower. To address this problem, the government had reached an agreement with the Japanese construction company to deploy Nepali engineers and technicians at the Nagdhunga-Naubise tunnel in order to develop skilled manpower.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">As the construction of the tunnel progresses, skilled manpower is also being generated within the country. Exposure to this project has given opportunity to the country’s manpower to acquire skills to build tunnels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Currently, 150 people, both Nepali and Japanese, are working on this project. Fifteen of them include employees of the construction company, Hajma Ando Corporation of Japal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Arial","sans-serif"">Project Chief Nareshman Shakya said that the construction company has been using Nepali workers since the start of the digging work of the tunnel. According to him, 25 engineers, six geologists, 12 tunnel supervisors, 12 surveyors, and 35 operators have been deployed in the project from Nepal so far. They have gained experience in various aspects of the tunnel. Likewise, there are 45 other ordinary workers.</span><br /> <br /> <span style="font-family:"Arial","sans-serif"">Shakya said that the engineers and technicians deployed at the site are learning about tunnel construction with great interest. Likewise, they are also learning ways to dig a tunnel and also aspects of quality management. "In some cases, the site is controlled by Nepali engineers," said Shakya.<br /> <br /> He said that the operators have started learning how to operate the machines and how to tilt them. He said that Nepalis are digging the tunnels, operating machines on their own. There are also automatic machines and equipment inside the tunnel. Nepalis are now replacing Japanese workers in this project.<br /> <br /> As soon as the tunnel was built, it became clear how to use the equipment. He also said that Nepali engineers, operators, and in-charges are learning about tools used for constructing a tunnel on the highways, and methods of drilling.<br /> <br /> Engineers and technicians from the Department of Roads and construction companies have been deployed in constructing the tunnel. "Currently, technicians from the private sector are also working and learning. Later, when they are trained, they can teach others,” said Shakya.</span></span></span><br /> <br /> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13450', 'image' => '20210720023725_20210524031735_20210408031917_20190825123459_Clipboard01.jpg', 'article_date' => '2021-07-20 14:36:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13704', 'article_category_id' => '1', 'title' => 'Vehicle and Fuel Import Dominates Foreign Trade via Birgunj Customs', 'sub_title' => '', 'summary' => 'July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs.', '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"">July 20: Import of vehicles and fuel dominated Nepal’s foreign trade through the Birgunj customs. The data of the customs department shows that vehicles and fuel imported through Birgunj customs were the major contributors to government revenue in the last fiscal year (FY 2020/21).</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"">“Vehicles and petroleum products are the main products entering through Birgunj customs. These items have been included as the major import in the last fiscal year as well,” said chief customs officer Harihar Poudel.</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"">Vehicles including jeeps, vans, motorcycles, trucks, mini-trucks as well as fuel in large quantity have entered the country from this checkpoint in the last fiscal year. A significant amount of industrial raw materials also enters through this checkpoint.</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"">Hari Gautam, coordinator of the Birgunj Chamber of Commerce and Industry, says that the industries of Bara-Parsa Industrial corridor import raw materials from this customs point. MS Billets, coal, steel strips, polythene, food grains and raw materials are the other major import items.</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"">Fans, optical fiber cables, car batteries, vehicle spareparts and allopathic medicines are also imported. Customs data shows that soybean oil, juice, cloth, shoes and other products are exported from Nepal.</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"">Birgunj customs has collected revenue of Rs 170 billion in the last fiscal year. Although the foreign trade was expected to decline due to Covid-19, the customs office almost met the target by the end of last year.</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"">Chief customs officer Poudel informed that 99.6 percent of the revenue target was raised between July 2020 to July 2021. “The amount collected is Rs 710 million less than the target. Birgunj customs was given a target of raising Rs 170.76 billion for the last fiscal year,” he told New Business Age.</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"">Imports were expected to decline after a prohibitory order was imposed in various districts since May to control the pandemic. However, the revenue target has been met as the ban has not had much effect on foreign trade.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13449', 'image' => '20210720021513_20210118020708_1610926784.Clipboard08.jpg', 'article_date' => '2021-07-20 14:14:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13703', 'article_category_id' => '1', 'title' => 'Flights to New Delhi Increased to 6 per Week under Air Bubble Agreement', 'sub_title' => '', 'summary' => 'July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi.', '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"">July 20: Aviation authorities have decided to operate six flights per week between Kathmandu and New Delhi. The decision was taken as per the Air Bubble Agreement between Nepal and India.</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"">Earlier, just two flights a week were operated between the two destinations due to the risk of spreading Covid-19, but now six flights will be operated, informed government officials. The number of flights has increased upon the request of Nepal .The flight schedule will be prepared soon, said Karishma Shrestha, spokesperson of the Nepal Airlines Corporation.</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 her, the state-owned airline company’s aircraft will now fly from New Delhi to Kathmandu on Mondays, Wednesdays and Saturdays. Before this agreement, the NAC used to operate one flight on Wednesday and Air India used to operate one flight on Friday. Now, both the airlines would be operating the same number of flights i.e. three each.</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"">The NAC is preparing a flight schedule in coordination with Air India keeping in mind the convenience of the passengers. The flight will be operated in such a way that the days of aircraft takeoff from both the countries would not clash with each other.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13448', 'image' => '20210720020402_20180727021334_2.jpg', 'article_date' => '2021-07-20 14:02:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13701', 'article_category_id' => '1', 'title' => 'Government Slashes Subsidy on Agriculture and Livestock Insurance ', 'sub_title' => '', 'summary' => 'July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance.', '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"">July 20: The government has cut down the subsidy being provided for agriculture and livestock insurance. The government has reduced the subsidy for agriculture and livestock insurance by 25 percent in the budget announced for the current fiscal year.</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"">The government had been providing 75 percent subsidy on such insurance premiums. Earlier, the farmers were required to pay only 25 percent of insurance premium. However, the government will be providing only 50 percent subsidy on insurance premiums effective from the current fiscal year.</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"">The Insurance Board has already directed insurance companies to implement the government's decision on agricultural insurance scheme. The board has recently issued a circular instructing non-life insurance companies to conduct agriculture and livestock insurance business accordingly.</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"">Raju Raman Paudel, executive director of the Insurance Board, said that the decline in the subsidy for agriculture and livestock insurance is a positive thing. "Farmers should also practice paying insurance premiums since they are also self-employed people, '' he added.</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"">Though the government has slashed insurance subsidies for agriculture and livestock, it has introduced a new provision to provide 50 percent subsidy in insurance premium for food storage. The government has also set a target of setting up 200 food storages at the local levels in the current fiscal year. Taking this into consideration, the government is providing 50 percent subsidy on the insurance premium for food storage.</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"">Poudel said this is a new concept. "Though the government has reduced the subsidy for agricultural insurance, it has provided a 50 percent subsidy on the insurance of food storage so it has embraced the policy to encourage the agriculture sector.”</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"">The Insurance Board had come up with an insurance program for agriculture sector in FY 2012/13. Since then, the government has been providing subsidies for such insurance every year.</span></span></span></span></p> <p><br /> </p> <p> </p> ', 'published' => true, 'created' => '2021-07-20', 'modified' => '2021-07-20', 'keywords' => '', 'description' => '', 'sortorder' => '13447', 'image' => '20210720113305_1626743229.1.jpg', 'article_date' => '2021-07-20 11:31:40', '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
