February 10: Biratnagar customs alone has exported soybean oil worth Rs 4.85 billion in the second quarter of the current fiscal…
February 10: Biratnagar customs alone has exported soybean oil worth Rs 4.85 billion in the second quarter of the current fiscal…
February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more…
February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to Nepal Rastra Bank.…
February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN).…
February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set…
February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30…
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February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous…
February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year.…
February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February…
February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway.…
February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day.…
February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology.…
February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal…
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Ever since the Indian government imposed a ban on import of refined palm oil, producers in Nepal have shifted their focus to export of soybean oil. This has resulted in a increase in export of soybean oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to Biratnagar customs, soybean oil worth Rs 4.85 billion has been exported to India in the second quarter of current fiscal year. Soybean oil worth Rs 1.52 billion was exported in the corresponding period of last fiscal year. Export of soybean oil in the second quarter of the current fiscal year is more than the export during the whole of last fiscal year by Rs 56 million. During last FY, Nepal had exported soybean oil worth Rs 4.29 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Export of soybean oil to India in fiscal year 2018/19 was worth Rs 86.86million. According to government data, industries stepped up the production of soybean oil after facing restriction on export of palm oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Soybean oil is being exported to India at zero percent customs duty in accordance to the provisions of the South Asian Free Trade Agreement (SAFTA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A total of seven industries including Bagmati Oil of Agrawal Group, Sriram Refinery of Pradip Murarka, Everest Vegetable of Avinash Bohara, Quality Oil of Ghanashyam Kabara are currently engaged in export of soybean oil through Biratnagar customs. </span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12774', 'image' => '20210210020432_1612912582.Clipboard17.jpg', 'article_date' => '2021-02-10 14:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13027', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in 2 Weeks', 'sub_title' => '', 'summary' => 'February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks. The concerned authorities of the government have informed that all the processes for importing 50,000 metric tons of urea has been completed and the fertilizer will be loaded from Thursday (February 11) onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The fertilizer will first be sent to Kolkata from Chatgaun of Bangladesh and then to Nepal. The state-owned Agriculture Inputs Company Limited, which has been handed the responsibility to import the fertilizer, has procured the urea for a price which is less than the market price. The price of urea is US$ 259.19 per metric ton in the market but the company has signed a deal to procure it for US$ 100 less than the market price.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the understanding between the two countries, the fertilizer will be imported in two ways – one through bulk transport and another through cargo.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“As all the processes have been completed, the fertilizer will be loaded from Thursday,” said Bishnu Pokharel, chief of the procurement division of the company. He added that it will take around two weeks for the fertilizer to arrive in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had initially reached an understanding with Bangladesh to borrow the fertilizer but Bangladesh later retracted from the decision. After the attempt failed, the Government of Nepal decided to procure fertilizer from Bangladesh. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12773', 'image' => '20210210122458_1612912820.Clipboard14.jpg', 'article_date' => '2021-02-10 12:24:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13026', 'article_category_id' => '1', 'title' => 'Exports to China Decline by 50 Percent in Six Months', 'sub_title' => '', 'summary' => 'February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to the Nepal Rastra Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">As per the Current Macroeconomic and Financial Situation Report unveiled recently by the central bank, exports to India and other countries have increased by 8.4 percent and 4.0 percent respectively while exports to Nepal’s northern neighbor, China, has decreased by 50 percent. Import from China has also declined by 18.5 per cent. Export of items like cardamom, pashmina, noodles, polyester thread, jute has gone up while the export of palm oil, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">pulses, zinc sheet, juice, wire, among others, decreased in the review period</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In six months of 2020/21, merchandise exports increased 6.1 percent to Rs.60.80 billion compared to an increase of 26.1 percent in the same period of the previous year</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, states the report. Meanwhile, merchandise import has dropped down by 4.8 percent to Rs 661.25 billion against the decrease of 4.0 percent in the corresponding period of last fiscal year. Country-wise, import from India has increased by 3.5 percent. Import of items like rice, raw soybean oil, gold, MS billet, telecommunication equipment and machinery parts increased in the first six months of this fiscal year whereas </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, silver, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, Nepal’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 5.8 percent to Rs.600.45 billion in six months of 2020/21. Such deficit had decreased 6.1 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The export-import ratio increased to 9.2 percent in the review period from 8.2 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, remittance inflow increased by 11.1 percent to Rs 495.31 billion. Last year, the inflow of remittance had increased by 0.6 percent in the corresponding period. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12772', 'image' => '20210210090922_20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-02-10 09:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13025', 'article_category_id' => '1', 'title' => 'Sale of Roses Expected to Decline by Rs 6 million on Valentines’ Day', 'sub_title' => '', 'summary' => 'February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). The Covid-19 pandemic has affected every sector and flower business remains no exception. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A report of FAN shows that it had sold roses worth Rs 16 million on Valentines’ Day last year. This year, the sale is expected to be around Rs 10 million only. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Flowers entrepreneurs share that the demand for roses is exceptionally high on February 14. The sale of roses on Valentines’ Day account for the highest sale of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Kumar Kasaju Shrestha, president of FAN, said that the sale of roses is expected to go down this year because of Covid-19 pandemic. According to him, the same kind of enthusiasm like in the past is not visible this year. In the previous years, people used to buy gifts and flowers a week ahead of the Valentines’ Day. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to impact of Covid-19, the demand for roses and domestic production has also gone down by 40 percent, informed FAN. There is a demand for 120,000 sticks of roses this year of which 96,000 sticks are being imported from India and the remaining roses are produced within the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Besides the festive season, there is a daily demand for 8,000 sticks of roses. Customers have to pay around Rs 60 to Rs 100 per rose stick, says FAN.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Around 72,000 stick of roses are expected to be sold in the Kathmandu Valley alone during Valentine’s Day. Likewise, 48,000 sticks of roses will be sold outside the valley. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Comparison with the past records show that the demand for roses is the lowest this year. The sales data of 2076 show that around 200,000 sticks of roses were consumed on February 14 and 160,000 roses were consumed in the year 2075. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Production of roses is low in the country due to the cold weather so domestic production solely can’t meet the market demand. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to FAN, Rs 6 billion has been invested into the flower business. Floriculture is done in over 153 hectares of land in 43 districts across the country. Meanwhile commercial farming is done in Kathmandu, Bhaktapur, Lalitpur, Kavre and Chitwan only. More than 700 people are involved in flower business and 40 thousand are employed directly or indirectly. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12771', 'image' => '20210208023928_20190214042338_rose.jpg', 'article_date' => '2021-02-08 14:37:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13024', 'article_category_id' => '1', 'title' => 'Local Units Flout Criteria while Recommending Projects under Indian Grant ', 'sub_title' => '', 'summary' => 'February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria.', 'content' => '<h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria. </span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As local units are selecting and recommending projects for the scheme that do not fall under prescribed sectors, the federal government officials say that they have to reject such proposals. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Along with their project proposals, local bodies are also required to submit Detailed Project Report (DPR), cost sharing commitment of respective local unit and evidence confirming availability of land for infrastructure development, among other documents.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Though infrastructure development projects like construction of school, hospital, child care center and library are funded through the SSP, many local governments are selecting projects that do not qualify under this scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As a result, the Ministry of Federal Affairs and General Administration (MoFAGA) is declining those recommended projects, according to officials at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">“Local units should follow certain criteria while submitting their projects under the SDP. Many local units do not pay attention to these criteria. Those incomplete proposals are returned to the respective local units. We have been drawing their attention about this issue which is yet to be resolved,” said Bishnu Dutta Gautam, a joint secretary at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Many projects recommended by local units are related to those areas that are different than those allowed under the scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Going against the upper limit set for the funding under the SDP, some local units have also been found recommending projects with estimated cost higher than Rs 50 million, according to MoFAGA officials. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">After receiving proposals from local governments, the MoFAGA forwards the eligible projects for the funding to the Embassy of India in Kathmandu via the Ministry of Finance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">The Embassy of India in Kathmandu has allocated a budget of Rs 500 million for the SDP for the current fiscal year 2020/21. The Indian government directly releases the budget to the respective local governments based on the progress of the projects selected under this scheme. </span></span></span></p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12770', 'image' => '20210208020500_20160628012102_flag.jpg', 'article_date' => '2021-02-08 14:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13023', 'article_category_id' => '1', 'title' => 'CAAN Gives 30-day Ultimatum for Airline Companies to Clear their Dues', 'sub_title' => '', 'summary' => 'February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Tamish Giri</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.<br /> Issuing a public notice on February 8, CAAN warned the airline companies that it would take severe action if they fail to clear the dues within the deadline.<br /> Raj Kumar Chhetri, deputy director-general and spokesperson of CAAN, informed New Business Age that the regulatory body had previously issued the notice three months ago and had informed the stakeholders about it. However, none of the airlines paid the dues. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“We received enquiries from some airline operators who mentioned that they had sold the company long back and requested to remove their name from the list. We have requested them to bring their documents and meet our finance department regarding it. We want to help them, but they have to clear their pending dues to the government. They don’t have any other alternatives,” he said.<br /> CAAN has warned the airline companies that it would blacklist them and their owners under the Civil Aviation Airport Management Regulation 2011, prohibiting them from operating flights, entering airports and participating in any businesses associated with CAAN in the future, if they don’t clear the pending dues in time.<br /> CAAN has also warned of confiscating the properties of those who guaranteed to pay the dues in case the operators failed to do so.<br /> The regulatory body published the first public notice on February 8 after the airline companies did not clear their dues even after repeated notification.<br /> CAAN has asked to pay the outstanding amount and late fee within 30 days.<br /> The airlines that have not cleared the dues include Necon Air, Shivani Air, Alpine Air, Gorkha Air, Karnali Air, Mountain Air, Cosmic Air, Shangrila Air, Skyline Airways, Air Kasthamandap and Nepal Airways. None of these airlines has been in operation since 2008.<br /> The airlines have to pay a combined fee of Rs 96.874 million to the CAAN.<br /> According to the public notice published by CAAN, Neccon has to pay Rs 47 million, Shiwani Air Rs 5.5 million, Alpine Air Rs 72,728, Gorkha Air Rs 2.03 million, Karnali Air Rs 1.74 million, Mountain Air Rs 1.2 million, Cosmic Air Rs 34.7 million, Shangrila Air Rs 1.53 million, Skyline Air Rs 1.55 million, Air Kasthamandap Rs 0.73 million and Nepal Airways Rs 0.55 million.<br /> “Some international operators also have not cleared their dues, and we will make a public statement soon regarding them,” Chhetri informed.<br /> Sahara, Kingfisher and Jet Airways are yet to clear their pending bills to the CAAN.<br /> "We urge the airline operators to clear the dues abiding by the law," Chhetri added.</span></span></span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/CAAN%281%29.jpeg" style="height:1024px; width:802px" /></p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12769', 'image' => '20210208012832_20200827042104_1598477546.Clipboard08.jpg', 'article_date' => '2021-02-08 13:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13022', 'article_category_id' => '1', 'title' => '17.57 Million People have Access to Internet via Smartphones ', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Manisha Balami</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">February 8: With the rise in use of smartphones, more than half of the population of Nepal has access to internet at their fingertips. The latest Management Information System (MIS) report published by Nepal Telecommunication Authority (NTA) shows that 23.92 million has access to internet. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Of the total internet users, 17.57 million are using mobile data. Meanwhile, 6.1 million users are using broadband and 226,662 are using wireless internet service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Min Prasad Aryal, spokesperson of NTA, states that the 4G expansion by telecom service providers has helped to increase its mobile broadband users. “4G expansion in urban as well as rural areas has resulted in a surge in the use of internet,” he said, adding fund from Rural Telecommunication Development Fund (RTDF) has been granted to the internet service providers to expand the internet service in remote areas of the country.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the telecommunication authority’s data, 11.9 million users are Nepal Telecom subscribers. Among them, 2.04 million are 4G users while 8.43 million are using 3G service of NTC. In the meantime, 6.75 million are using broadband service of Ncell. Among them, 2.67 million are using 3G services while 4.08 million are using 4G service. Likewise, 199,761 are using 4G service of SmartCell. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Aryal further says that the internet consumption has also increased after people were locked down in their houses to avoid coronavirus. As everything was done virtually, the use of internet has increased during the lockdown period. “This trend will increase further in the coming days as digital transactions have also increased and the use of data will also grow exponentially,” said Aryal. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12768', 'image' => '20210208112726_wi-fi-internet-connection-on-a-smartphone-icon-vector-7350115.jpg', 'article_date' => '2021-02-08 11:26:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13021', 'article_category_id' => '1', 'title' => 'One Stop Service Center Fails to Deliver Promises of Removing Hassles for Investors ', 'sub_title' => 'Investors are pushed from pillar to post for paperwork as half a dozen government agencies do not have presence at One Stop Service Center ', 'summary' => '', 'content' => '<h1><span style="font-size:18px"><span style="font-family:Cambria">SAGAR GHIMIRE</span></span></h1> <p><span style="font-size:18px"><span style="font-family:Cambria">February 8: Even after one and a half years of establishment, the One Stop Service Center (OSSC) set up by the government to deal with investors is operating in the absence of representatives of over half a dozen government agencies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to a long delay by these government agencies in sending their representatives to the OSSC, investors continue to face trouble to get their work done. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The OSSC was established at the premises of the Department of Industry (DoI) in May 2019 with an objective of providing all services—ranging from approval of investments to exit of an industry—for investors from a single place. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">To offer all services required for investors, the government promised to house 13 government agencies in the One Stop Service Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, seven agencies are yet to show their presence at the OSSC, requiring investors to visit the respective office of these agencies for the paperwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Despite promises from the government that the single-window would cut hassles, cost and time for investors, the reality is different at the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Crucial government agencies like the Ministry of Physical Infrastructure and Transportation, Ministry of Forest and Environment, Office of the Company Registrar and Nepal Electricity Authority have not sent their representatives to the OSSC yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Investors and experts say that the OSSC cannot meet its objectives without bringing all government agencies dealing with investment on board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“It was said that all services are available from the OSSC. But, that’s not the case here. I was told that we should visit offices of some agencies that are not here to get their services,” a lawyer visiting the OSSC to get information for a Japanese investor told New Business Age. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Even the Office of the Company Registrar does not have a representative here. If asked, staff here would point towards the building of the Office of the Company Registrar nearby. Establishment of the OSSC should have ended the hassle of visiting various government agencies,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, Gyanendra Parajuli, director at the Department of Industry, claims that the absence of various agencies have not made a significant impact on the overall work of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Investors rarely seek services of those agencies which have not sent their representatives yet. But, these agencies will also send their representatives gradually in line with the spirit of the OSSC,” said Parajuli, who is also the spokesperson of the DoI. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A study carried out by the DoI recently concluded that the absence of representatives of seven agencies at the OSSC is a managerial issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Absence of various government agencies is not the only issue hampering the performance of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Even the representatives of various agencies who have been deputed at the OSSC cannot make decision in all cases. As they do not have the authority to decide themselves in all cases, they have to forward those files to the respective agencies for approval. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“The intention of setting up OSSC is good. However, investors have not been able to experience anything worthwhile after this mechanism came into operation,” Shabda Gyawali, Investment Director at Dolma Impact Fund, told New Business Age. “While there are some government agencies that are yet to send their representatives to the OSSC, those who already have their desks cannot promptly make decision in many cases. What’s the difference now and then? Earlier, investors had to visit Nepal Rastra Bank whereas staff at their desk of the OSSC forwards the files now,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Dolma Impact Fund is the first international private equity and impact fund dedicated to Nepal and provides capital and expertise to growth companies related to sectors like renewable energy, agriculture, health and tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Gyawali said that the government should implement a system that approves investment on certain sectors through automatic route to end hassles for foreign investors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Admitting that staff working at the OSSC cannot make decision themselves in certain cases, DoI’s Director Parajuli said that respective agencies should delegate them full authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to the DoI, it has approved 129 projects in the first six months of the current fiscal year 2020/21 for foreign direct investments worth Rs 25.26 billion. </span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"><strong><em>Government agencies yet to send representatives: </em></strong></span></span></p> <ol> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Physical Infrastructure and Transport</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Forests and Environment</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Labor, Employment and Social Security </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Department of Commerce, Supplies and Consumer Interest Protection</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Office of Company Registrar </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Electricity Authority </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Telecommunication Authority </span></span></li> </ol> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12767', 'image' => '20210208111509_20160513034506_editor.jpg', 'article_date' => '2021-02-08 11:13:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13020', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in January ', 'sub_title' => '', 'summary' => 'February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">Tamish Giri</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.<br /> According to the data provided by the Department of Immigration, a total of 8,874 foreign nationals visited Nepal in the first month of 2021. Among them, 6,225 were male, 2,635 were female, while 14 were unverified, as per the department’s data.<br /> The reported number of tourist arrival is the highest since March 2020, when 42,776 tourists had visited Nepal.<br /> Mani Raj Lamichhane, director of Nepal Tourism Board, informed that the number of foreigners arriving in Nepal has increased following the air bubble agreement between Nepal and India and the drastic fall in Covid-19 cases.<br /> "News about Covid-19 vaccination in the western countries, the introduction of vaccination in Nepal and a drastic decline in Covid-19 casualties have motivated the foreigners to travel to Nepal," Lamichhane added. <br /> Likewise, online promotions of NTB through various channels and virtual meets have also attracted the foreigners to Nepal.<br /> Nepal recorded the lowest number of tourist arrival with just 14 visitors in April last year and 9,420 foreigners between April and December 2020.<br /> According to the Department of Immigration, foreign nationals of 121 different nations had visited Nepal in January this year, while 39,946 Nepalis left the country.<br /> Altogether 4,028 Indian nationals, 1,877 Chinese and 874 Americans and 39 UN officials had entered Nepal in January along with 47,267 Nepalis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-05', 'modified' => '2021-02-05', 'keywords' => '', 'description' => '', 'sortorder' => '12766', 'image' => '20210205105042_20201125014618_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-02-05 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13019', 'article_category_id' => '1', 'title' => 'Base Rate of All Commercial Banks Decline', 'sub_title' => '', 'summary' => 'February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. It has been learnt that the base rate has dropped as a result of banks reducing the cost of deposits. As the base rate has dropped, customers of the banks have started getting loans at a cheaper rate of interest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of 27 commercial banks have dropped to a minimum of 5.61 percent and a maximum of 8.45 percent as of mid-January. The lowest base rate is of the state-owned Rastriya Banijya Bank while Civil Bank has the highest base rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks were in double digits until a year ago. Due to this, the rate of interest on loan was high during last year. But the base rates of all the banks have dropped to single digit this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks have dropped between 0.00 percentage points to 2.53 percentage points in the second quarter of the current fiscal year compared to the corresponding period of last FY. The average base rate of commercial banks is 7.19 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the decline in base rate, the floating interest will also decline but it will not have any impact on fixed interest rate, says Bhuvan Kumar Dahal, chairman of Nepal Bankers’ Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The base rates of all banks have declined. Now the customers can avail loan at cheaper floating interest rate,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12765', 'image' => '20210203045517_20200824042834_INTEREST-RATE.jpg', 'article_date' => '2021-02-03 16:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13018', 'article_category_id' => '1', 'title' => 'Footwear Business Expo Kicks Off ', 'sub_title' => '', 'summary' => 'February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria">February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3. The 20-day long event is being organised with the slogan ‘Our Campaign- Promotion of domestic products’. The expo will end on 22<sup>nd</sup> March.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Krishna Kumar Phuyal, chairman of the Footwear Manufacturers’ Association of Nepal (FMAN) and coordinator of the expo said, “This expo has been organized to uplift the economy that has been badly affected by COVID-19”. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Phuyal added that the customers are becoming increasingly aware about the value of locally-made products. “They are more affectionate about it so this is our attempt to present locally made footwear from various brands among the customers,” he further added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">The expo is offering shoes of about 3000 models with prices ranging from Rs 300 to Rs 10,000. The organizers of the expo are expecting 500,000 visitors during the expo. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Homnath Poudel, former president of FMAN, claimed that all the Nepalese brands have participated in the event and asked visitors to visit the event and promote Nepali products. He also informed that FMAN will be organizing footwear expo in each province from this year. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12764', 'image' => '20210203043705_20181225010006_Clipboard01.jpg', 'article_date' => '2021-02-03 16:36:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13015', 'article_category_id' => '1', 'title' => '42 Companies Shortlisted for Upgrading Nagdhunga-Malekhu-Muglin Road Section', 'sub_title' => '', 'summary' => 'February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. Majority of those companies that made it to the pre-qualification round of selection process are Chinese companies. According to the DoR, a total of 30 Chinese companies were shortlisted in response to a global tender issued by the department while the remaining 12 companies are from Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The government has allocated Rs 16 billion for upgrading the 96 km section of the highway but only Rs 9 billion has been released for the current upgradation work. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The department is preparing to complete the project in three packages and these 42 companies have been shortlisted to upgrade the Nagdhunga-Naubise and Naubise-Malekhu sections of the highway under the first and second packages respectively. A total of 56 kilometers of road fall under these two packages. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Deputy Director General of the Development Support Implementation Division of the Department of Roads, Arjun Jung Thapa informed that all the companies that fulfilled the criteria mentioned in the tender have been selected in the pre-qualification round. Thapa added that there will be competition among the shortlisted companies to select the best among them. The department will now seek financial proposals from the shortlisted companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">A tender for upgrading the Malekhu-Muglin section under the third package worth Rs 7 billion will be announced soon, added Thapa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The process of upgrading the road section has started after the World Bank released funds for the project some eight months ago. The same road was earlier upgraded with the financial assistance of the World Bank about 29 years ago.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12763', 'image' => '20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2021-02-03 12:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13017', 'article_category_id' => '1', 'title' => 'Samrat Cement to Produce 7 MW Electricity within 3 Months', 'sub_title' => '', 'summary' => 'February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. The company, which was formally launched on November 30, 2020, will be utilizing the byproducts like hot air and garbage to produce electricity.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company has been producing both cement and clinker. According to the company, it will be able to to produce 7 megawatts of electricity while producing 4,500 metric tons of clinker from all its plants. Chairman of the industry Mukunda Timilsina informed that preparations are underway to produce 7 megawatts of electricity within three months. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Once the industry starts producing electricity on its own, it plans to reduce the purchase of electricity from the Nepal Electricity Authority.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The cement industry currently requires 22 megawatts of electricity on a daily basis for its operation.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Within two months of operation, Samrat Cement Industry has started producing 2,000 metric tons of clinker per day which is half of its total capacity. The industry plans to produce 2,500 metric tons of additional clinker within a month.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Samrat Cement has been using limestone from mines in Dang and Rolpa district.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12762', 'image' => '20210203023030_My Effect.jpg', 'article_date' => '2021-02-03 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13016', 'article_category_id' => '1', 'title' => ' Rain and Snowfall in Forecast ', 'sub_title' => '', 'summary' => 'February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. ', 'content' => '<p><em>This file photo taken from the archives of New Business Age shows heavy snowfall in Dolakha.</em></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Light rainfall will take place in most of the areas of the country while snowfall will likely occur in the high hills and mountainous areas as the westerly wind will become active from Thursday, RSS quoted meteorologist Shanti Kandel as saying. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Kandel, the temperature will start rising after this weather system exits and it will be hotter. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather was partly cloudy in the hill areas while it was fair in the rest of the country on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather update shared by the Meteorological Forecasting Division shows the minimum temperature of Kathmandu at 2.7 degrees Celsius and the maximum temperature at 18.8 degrees Celsius on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the lowest minimum temperature was recorded in Jumla. The lowest minimum temperature in Jumla was minus 4.5 degrees Celsius while Birendranagar recorded the highest minimum temperature of 8.2 degrees Celsius on Tuesday. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12761', 'image' => '20210203122659_20181230033201_2222.jpg', 'article_date' => '2021-02-03 12:25:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13013', 'article_category_id' => '1', 'title' => 'Over a Dozen Commercial Banks Report Increase in NPL', 'sub_title' => '', 'summary' => 'February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Out of the 27 commercial banks, 14 have stated that the nonperforming loans in the second quarter of the current fiscal year have increased compared to the corresponding period of last fiscal year. Other 12 commercial banks have reported that their NPL is under control while Century Commercial Bank has reported NPL equal to that of the previous year. In the first quarter of the current fiscal year, 18 commercial banks had reported increase in NPL.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The state-owned Rastriya Banijya Bank has the highest amount of NPL among all commercial banks this year. The bank’s NPL was 4.23 percent in the second quarter of the current FY, which is still better than 4.77 percent during the corresponding period of last fiscal year. Rastriya Banijya Bank has stated that it is facing problem in collecting installments of loan due to the impact of Covid-19. Other two state-owned banks – Agriculture Development Bank and Nepal Bank Limited – stand second and third among the commercial banks with high non-performing loans. The non-performing loan of Agriculture Development Bank was 3.14 percent during the review period while that of Nepal Bank Limited was 2.88 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Citizen’s Bank has reported a rise in NPL this year compared to last year. The bank’s NPL during the review period was 2.42 percent against 0.99 percent last year. Similarly, Standard Chartered Bank also reported an increase in NPL from 0.17 percent last year to 1.54 percent this year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The NPL of other commercial banks during the review period are as follows: NMB Bank (2.38 percent), Nepal Bangladesh Bank (2.37 percent), Himalayan Bank (2.13 percent), Siddhartha Bank (1.91 percent), Global IME Bank (1.72 percent), Mega Bank (1.71 percent), and Kumari Bank (1.06 percent).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The financial reports issued by Machhapuchchhre Bank, Sanima Bank, Nepal SBI Bank and Everest Bank also reported increase in NPL below 1 percentage point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-02', 'modified' => '2021-02-02', 'keywords' => '', 'description' => '', 'sortorder' => '12760', 'image' => '20210202041717_PIMCO_Blog_NPL_Nov17_55361_670x440.jpg', 'article_date' => '2021-02-02 16:16:39', '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' => '13028', 'article_category_id' => '1', 'title' => 'Export of Soybean Oil Increases Three Folds in Second Quarter of Current FY', 'sub_title' => '', 'summary' => 'February 10: Biratnagar customs alone has exported soybean oil worth Rs 4.85 billion in the second quarter of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">February 10: Biratnagar customs alone has exported soybean oil worth Rs 4.85 billion in the second quarter of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">This is a three-fold increment compared to the export of soybean oil during the last fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The country is expected to export soybean oil worth Rs 10 billion by the end of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Nepali entrepreneurs used to import raw palm oil, process it and export the refined product. Ever since the Indian government imposed a ban on import of refined palm oil, producers in Nepal have shifted their focus to export of soybean oil. This has resulted in a increase in export of soybean oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to Biratnagar customs, soybean oil worth Rs 4.85 billion has been exported to India in the second quarter of current fiscal year. Soybean oil worth Rs 1.52 billion was exported in the corresponding period of last fiscal year. Export of soybean oil in the second quarter of the current fiscal year is more than the export during the whole of last fiscal year by Rs 56 million. During last FY, Nepal had exported soybean oil worth Rs 4.29 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Export of soybean oil to India in fiscal year 2018/19 was worth Rs 86.86million. According to government data, industries stepped up the production of soybean oil after facing restriction on export of palm oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Soybean oil is being exported to India at zero percent customs duty in accordance to the provisions of the South Asian Free Trade Agreement (SAFTA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A total of seven industries including Bagmati Oil of Agrawal Group, Sriram Refinery of Pradip Murarka, Everest Vegetable of Avinash Bohara, Quality Oil of Ghanashyam Kabara are currently engaged in export of soybean oil through Biratnagar customs. </span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12774', 'image' => '20210210020432_1612912582.Clipboard17.jpg', 'article_date' => '2021-02-10 14:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13027', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in 2 Weeks', 'sub_title' => '', 'summary' => 'February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks. The concerned authorities of the government have informed that all the processes for importing 50,000 metric tons of urea has been completed and the fertilizer will be loaded from Thursday (February 11) onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The fertilizer will first be sent to Kolkata from Chatgaun of Bangladesh and then to Nepal. The state-owned Agriculture Inputs Company Limited, which has been handed the responsibility to import the fertilizer, has procured the urea for a price which is less than the market price. The price of urea is US$ 259.19 per metric ton in the market but the company has signed a deal to procure it for US$ 100 less than the market price.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the understanding between the two countries, the fertilizer will be imported in two ways – one through bulk transport and another through cargo.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“As all the processes have been completed, the fertilizer will be loaded from Thursday,” said Bishnu Pokharel, chief of the procurement division of the company. He added that it will take around two weeks for the fertilizer to arrive in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had initially reached an understanding with Bangladesh to borrow the fertilizer but Bangladesh later retracted from the decision. After the attempt failed, the Government of Nepal decided to procure fertilizer from Bangladesh. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12773', 'image' => '20210210122458_1612912820.Clipboard14.jpg', 'article_date' => '2021-02-10 12:24:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13026', 'article_category_id' => '1', 'title' => 'Exports to China Decline by 50 Percent in Six Months', 'sub_title' => '', 'summary' => 'February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to the Nepal Rastra Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">As per the Current Macroeconomic and Financial Situation Report unveiled recently by the central bank, exports to India and other countries have increased by 8.4 percent and 4.0 percent respectively while exports to Nepal’s northern neighbor, China, has decreased by 50 percent. Import from China has also declined by 18.5 per cent. Export of items like cardamom, pashmina, noodles, polyester thread, jute has gone up while the export of palm oil, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">pulses, zinc sheet, juice, wire, among others, decreased in the review period</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In six months of 2020/21, merchandise exports increased 6.1 percent to Rs.60.80 billion compared to an increase of 26.1 percent in the same period of the previous year</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, states the report. Meanwhile, merchandise import has dropped down by 4.8 percent to Rs 661.25 billion against the decrease of 4.0 percent in the corresponding period of last fiscal year. Country-wise, import from India has increased by 3.5 percent. Import of items like rice, raw soybean oil, gold, MS billet, telecommunication equipment and machinery parts increased in the first six months of this fiscal year whereas </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, silver, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, Nepal’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 5.8 percent to Rs.600.45 billion in six months of 2020/21. Such deficit had decreased 6.1 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The export-import ratio increased to 9.2 percent in the review period from 8.2 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, remittance inflow increased by 11.1 percent to Rs 495.31 billion. Last year, the inflow of remittance had increased by 0.6 percent in the corresponding period. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12772', 'image' => '20210210090922_20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-02-10 09:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13025', 'article_category_id' => '1', 'title' => 'Sale of Roses Expected to Decline by Rs 6 million on Valentines’ Day', 'sub_title' => '', 'summary' => 'February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). The Covid-19 pandemic has affected every sector and flower business remains no exception. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A report of FAN shows that it had sold roses worth Rs 16 million on Valentines’ Day last year. This year, the sale is expected to be around Rs 10 million only. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Flowers entrepreneurs share that the demand for roses is exceptionally high on February 14. The sale of roses on Valentines’ Day account for the highest sale of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Kumar Kasaju Shrestha, president of FAN, said that the sale of roses is expected to go down this year because of Covid-19 pandemic. According to him, the same kind of enthusiasm like in the past is not visible this year. In the previous years, people used to buy gifts and flowers a week ahead of the Valentines’ Day. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to impact of Covid-19, the demand for roses and domestic production has also gone down by 40 percent, informed FAN. There is a demand for 120,000 sticks of roses this year of which 96,000 sticks are being imported from India and the remaining roses are produced within the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Besides the festive season, there is a daily demand for 8,000 sticks of roses. Customers have to pay around Rs 60 to Rs 100 per rose stick, says FAN.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Around 72,000 stick of roses are expected to be sold in the Kathmandu Valley alone during Valentine’s Day. Likewise, 48,000 sticks of roses will be sold outside the valley. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Comparison with the past records show that the demand for roses is the lowest this year. The sales data of 2076 show that around 200,000 sticks of roses were consumed on February 14 and 160,000 roses were consumed in the year 2075. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Production of roses is low in the country due to the cold weather so domestic production solely can’t meet the market demand. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to FAN, Rs 6 billion has been invested into the flower business. Floriculture is done in over 153 hectares of land in 43 districts across the country. Meanwhile commercial farming is done in Kathmandu, Bhaktapur, Lalitpur, Kavre and Chitwan only. More than 700 people are involved in flower business and 40 thousand are employed directly or indirectly. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12771', 'image' => '20210208023928_20190214042338_rose.jpg', 'article_date' => '2021-02-08 14:37:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13024', 'article_category_id' => '1', 'title' => 'Local Units Flout Criteria while Recommending Projects under Indian Grant ', 'sub_title' => '', 'summary' => 'February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria.', 'content' => '<h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria. </span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As local units are selecting and recommending projects for the scheme that do not fall under prescribed sectors, the federal government officials say that they have to reject such proposals. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Along with their project proposals, local bodies are also required to submit Detailed Project Report (DPR), cost sharing commitment of respective local unit and evidence confirming availability of land for infrastructure development, among other documents.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Though infrastructure development projects like construction of school, hospital, child care center and library are funded through the SSP, many local governments are selecting projects that do not qualify under this scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As a result, the Ministry of Federal Affairs and General Administration (MoFAGA) is declining those recommended projects, according to officials at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">“Local units should follow certain criteria while submitting their projects under the SDP. Many local units do not pay attention to these criteria. Those incomplete proposals are returned to the respective local units. We have been drawing their attention about this issue which is yet to be resolved,” said Bishnu Dutta Gautam, a joint secretary at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Many projects recommended by local units are related to those areas that are different than those allowed under the scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Going against the upper limit set for the funding under the SDP, some local units have also been found recommending projects with estimated cost higher than Rs 50 million, according to MoFAGA officials. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">After receiving proposals from local governments, the MoFAGA forwards the eligible projects for the funding to the Embassy of India in Kathmandu via the Ministry of Finance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">The Embassy of India in Kathmandu has allocated a budget of Rs 500 million for the SDP for the current fiscal year 2020/21. The Indian government directly releases the budget to the respective local governments based on the progress of the projects selected under this scheme. </span></span></span></p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12770', 'image' => '20210208020500_20160628012102_flag.jpg', 'article_date' => '2021-02-08 14:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13023', 'article_category_id' => '1', 'title' => 'CAAN Gives 30-day Ultimatum for Airline Companies to Clear their Dues', 'sub_title' => '', 'summary' => 'February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Tamish Giri</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.<br /> Issuing a public notice on February 8, CAAN warned the airline companies that it would take severe action if they fail to clear the dues within the deadline.<br /> Raj Kumar Chhetri, deputy director-general and spokesperson of CAAN, informed New Business Age that the regulatory body had previously issued the notice three months ago and had informed the stakeholders about it. However, none of the airlines paid the dues. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“We received enquiries from some airline operators who mentioned that they had sold the company long back and requested to remove their name from the list. We have requested them to bring their documents and meet our finance department regarding it. We want to help them, but they have to clear their pending dues to the government. They don’t have any other alternatives,” he said.<br /> CAAN has warned the airline companies that it would blacklist them and their owners under the Civil Aviation Airport Management Regulation 2011, prohibiting them from operating flights, entering airports and participating in any businesses associated with CAAN in the future, if they don’t clear the pending dues in time.<br /> CAAN has also warned of confiscating the properties of those who guaranteed to pay the dues in case the operators failed to do so.<br /> The regulatory body published the first public notice on February 8 after the airline companies did not clear their dues even after repeated notification.<br /> CAAN has asked to pay the outstanding amount and late fee within 30 days.<br /> The airlines that have not cleared the dues include Necon Air, Shivani Air, Alpine Air, Gorkha Air, Karnali Air, Mountain Air, Cosmic Air, Shangrila Air, Skyline Airways, Air Kasthamandap and Nepal Airways. None of these airlines has been in operation since 2008.<br /> The airlines have to pay a combined fee of Rs 96.874 million to the CAAN.<br /> According to the public notice published by CAAN, Neccon has to pay Rs 47 million, Shiwani Air Rs 5.5 million, Alpine Air Rs 72,728, Gorkha Air Rs 2.03 million, Karnali Air Rs 1.74 million, Mountain Air Rs 1.2 million, Cosmic Air Rs 34.7 million, Shangrila Air Rs 1.53 million, Skyline Air Rs 1.55 million, Air Kasthamandap Rs 0.73 million and Nepal Airways Rs 0.55 million.<br /> “Some international operators also have not cleared their dues, and we will make a public statement soon regarding them,” Chhetri informed.<br /> Sahara, Kingfisher and Jet Airways are yet to clear their pending bills to the CAAN.<br /> "We urge the airline operators to clear the dues abiding by the law," Chhetri added.</span></span></span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/CAAN%281%29.jpeg" style="height:1024px; width:802px" /></p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12769', 'image' => '20210208012832_20200827042104_1598477546.Clipboard08.jpg', 'article_date' => '2021-02-08 13:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13022', 'article_category_id' => '1', 'title' => '17.57 Million People have Access to Internet via Smartphones ', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Manisha Balami</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">February 8: With the rise in use of smartphones, more than half of the population of Nepal has access to internet at their fingertips. The latest Management Information System (MIS) report published by Nepal Telecommunication Authority (NTA) shows that 23.92 million has access to internet. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Of the total internet users, 17.57 million are using mobile data. Meanwhile, 6.1 million users are using broadband and 226,662 are using wireless internet service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Min Prasad Aryal, spokesperson of NTA, states that the 4G expansion by telecom service providers has helped to increase its mobile broadband users. “4G expansion in urban as well as rural areas has resulted in a surge in the use of internet,” he said, adding fund from Rural Telecommunication Development Fund (RTDF) has been granted to the internet service providers to expand the internet service in remote areas of the country.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the telecommunication authority’s data, 11.9 million users are Nepal Telecom subscribers. Among them, 2.04 million are 4G users while 8.43 million are using 3G service of NTC. In the meantime, 6.75 million are using broadband service of Ncell. Among them, 2.67 million are using 3G services while 4.08 million are using 4G service. Likewise, 199,761 are using 4G service of SmartCell. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Aryal further says that the internet consumption has also increased after people were locked down in their houses to avoid coronavirus. As everything was done virtually, the use of internet has increased during the lockdown period. “This trend will increase further in the coming days as digital transactions have also increased and the use of data will also grow exponentially,” said Aryal. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12768', 'image' => '20210208112726_wi-fi-internet-connection-on-a-smartphone-icon-vector-7350115.jpg', 'article_date' => '2021-02-08 11:26:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13021', 'article_category_id' => '1', 'title' => 'One Stop Service Center Fails to Deliver Promises of Removing Hassles for Investors ', 'sub_title' => 'Investors are pushed from pillar to post for paperwork as half a dozen government agencies do not have presence at One Stop Service Center ', 'summary' => '', 'content' => '<h1><span style="font-size:18px"><span style="font-family:Cambria">SAGAR GHIMIRE</span></span></h1> <p><span style="font-size:18px"><span style="font-family:Cambria">February 8: Even after one and a half years of establishment, the One Stop Service Center (OSSC) set up by the government to deal with investors is operating in the absence of representatives of over half a dozen government agencies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to a long delay by these government agencies in sending their representatives to the OSSC, investors continue to face trouble to get their work done. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The OSSC was established at the premises of the Department of Industry (DoI) in May 2019 with an objective of providing all services—ranging from approval of investments to exit of an industry—for investors from a single place. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">To offer all services required for investors, the government promised to house 13 government agencies in the One Stop Service Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, seven agencies are yet to show their presence at the OSSC, requiring investors to visit the respective office of these agencies for the paperwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Despite promises from the government that the single-window would cut hassles, cost and time for investors, the reality is different at the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Crucial government agencies like the Ministry of Physical Infrastructure and Transportation, Ministry of Forest and Environment, Office of the Company Registrar and Nepal Electricity Authority have not sent their representatives to the OSSC yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Investors and experts say that the OSSC cannot meet its objectives without bringing all government agencies dealing with investment on board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“It was said that all services are available from the OSSC. But, that’s not the case here. I was told that we should visit offices of some agencies that are not here to get their services,” a lawyer visiting the OSSC to get information for a Japanese investor told New Business Age. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Even the Office of the Company Registrar does not have a representative here. If asked, staff here would point towards the building of the Office of the Company Registrar nearby. Establishment of the OSSC should have ended the hassle of visiting various government agencies,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, Gyanendra Parajuli, director at the Department of Industry, claims that the absence of various agencies have not made a significant impact on the overall work of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Investors rarely seek services of those agencies which have not sent their representatives yet. But, these agencies will also send their representatives gradually in line with the spirit of the OSSC,” said Parajuli, who is also the spokesperson of the DoI. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A study carried out by the DoI recently concluded that the absence of representatives of seven agencies at the OSSC is a managerial issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Absence of various government agencies is not the only issue hampering the performance of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Even the representatives of various agencies who have been deputed at the OSSC cannot make decision in all cases. As they do not have the authority to decide themselves in all cases, they have to forward those files to the respective agencies for approval. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“The intention of setting up OSSC is good. However, investors have not been able to experience anything worthwhile after this mechanism came into operation,” Shabda Gyawali, Investment Director at Dolma Impact Fund, told New Business Age. “While there are some government agencies that are yet to send their representatives to the OSSC, those who already have their desks cannot promptly make decision in many cases. What’s the difference now and then? Earlier, investors had to visit Nepal Rastra Bank whereas staff at their desk of the OSSC forwards the files now,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Dolma Impact Fund is the first international private equity and impact fund dedicated to Nepal and provides capital and expertise to growth companies related to sectors like renewable energy, agriculture, health and tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Gyawali said that the government should implement a system that approves investment on certain sectors through automatic route to end hassles for foreign investors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Admitting that staff working at the OSSC cannot make decision themselves in certain cases, DoI’s Director Parajuli said that respective agencies should delegate them full authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to the DoI, it has approved 129 projects in the first six months of the current fiscal year 2020/21 for foreign direct investments worth Rs 25.26 billion. </span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"><strong><em>Government agencies yet to send representatives: </em></strong></span></span></p> <ol> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Physical Infrastructure and Transport</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Forests and Environment</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Labor, Employment and Social Security </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Department of Commerce, Supplies and Consumer Interest Protection</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Office of Company Registrar </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Electricity Authority </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Telecommunication Authority </span></span></li> </ol> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12767', 'image' => '20210208111509_20160513034506_editor.jpg', 'article_date' => '2021-02-08 11:13:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13020', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in January ', 'sub_title' => '', 'summary' => 'February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">Tamish Giri</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.<br /> According to the data provided by the Department of Immigration, a total of 8,874 foreign nationals visited Nepal in the first month of 2021. Among them, 6,225 were male, 2,635 were female, while 14 were unverified, as per the department’s data.<br /> The reported number of tourist arrival is the highest since March 2020, when 42,776 tourists had visited Nepal.<br /> Mani Raj Lamichhane, director of Nepal Tourism Board, informed that the number of foreigners arriving in Nepal has increased following the air bubble agreement between Nepal and India and the drastic fall in Covid-19 cases.<br /> "News about Covid-19 vaccination in the western countries, the introduction of vaccination in Nepal and a drastic decline in Covid-19 casualties have motivated the foreigners to travel to Nepal," Lamichhane added. <br /> Likewise, online promotions of NTB through various channels and virtual meets have also attracted the foreigners to Nepal.<br /> Nepal recorded the lowest number of tourist arrival with just 14 visitors in April last year and 9,420 foreigners between April and December 2020.<br /> According to the Department of Immigration, foreign nationals of 121 different nations had visited Nepal in January this year, while 39,946 Nepalis left the country.<br /> Altogether 4,028 Indian nationals, 1,877 Chinese and 874 Americans and 39 UN officials had entered Nepal in January along with 47,267 Nepalis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-05', 'modified' => '2021-02-05', 'keywords' => '', 'description' => '', 'sortorder' => '12766', 'image' => '20210205105042_20201125014618_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-02-05 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13019', 'article_category_id' => '1', 'title' => 'Base Rate of All Commercial Banks Decline', 'sub_title' => '', 'summary' => 'February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. It has been learnt that the base rate has dropped as a result of banks reducing the cost of deposits. As the base rate has dropped, customers of the banks have started getting loans at a cheaper rate of interest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of 27 commercial banks have dropped to a minimum of 5.61 percent and a maximum of 8.45 percent as of mid-January. The lowest base rate is of the state-owned Rastriya Banijya Bank while Civil Bank has the highest base rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks were in double digits until a year ago. Due to this, the rate of interest on loan was high during last year. But the base rates of all the banks have dropped to single digit this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks have dropped between 0.00 percentage points to 2.53 percentage points in the second quarter of the current fiscal year compared to the corresponding period of last FY. The average base rate of commercial banks is 7.19 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the decline in base rate, the floating interest will also decline but it will not have any impact on fixed interest rate, says Bhuvan Kumar Dahal, chairman of Nepal Bankers’ Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The base rates of all banks have declined. Now the customers can avail loan at cheaper floating interest rate,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12765', 'image' => '20210203045517_20200824042834_INTEREST-RATE.jpg', 'article_date' => '2021-02-03 16:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13018', 'article_category_id' => '1', 'title' => 'Footwear Business Expo Kicks Off ', 'sub_title' => '', 'summary' => 'February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria">February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3. The 20-day long event is being organised with the slogan ‘Our Campaign- Promotion of domestic products’. The expo will end on 22<sup>nd</sup> March.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Krishna Kumar Phuyal, chairman of the Footwear Manufacturers’ Association of Nepal (FMAN) and coordinator of the expo said, “This expo has been organized to uplift the economy that has been badly affected by COVID-19”. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Phuyal added that the customers are becoming increasingly aware about the value of locally-made products. “They are more affectionate about it so this is our attempt to present locally made footwear from various brands among the customers,” he further added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">The expo is offering shoes of about 3000 models with prices ranging from Rs 300 to Rs 10,000. The organizers of the expo are expecting 500,000 visitors during the expo. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Homnath Poudel, former president of FMAN, claimed that all the Nepalese brands have participated in the event and asked visitors to visit the event and promote Nepali products. He also informed that FMAN will be organizing footwear expo in each province from this year. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12764', 'image' => '20210203043705_20181225010006_Clipboard01.jpg', 'article_date' => '2021-02-03 16:36:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13015', 'article_category_id' => '1', 'title' => '42 Companies Shortlisted for Upgrading Nagdhunga-Malekhu-Muglin Road Section', 'sub_title' => '', 'summary' => 'February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. Majority of those companies that made it to the pre-qualification round of selection process are Chinese companies. According to the DoR, a total of 30 Chinese companies were shortlisted in response to a global tender issued by the department while the remaining 12 companies are from Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The government has allocated Rs 16 billion for upgrading the 96 km section of the highway but only Rs 9 billion has been released for the current upgradation work. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The department is preparing to complete the project in three packages and these 42 companies have been shortlisted to upgrade the Nagdhunga-Naubise and Naubise-Malekhu sections of the highway under the first and second packages respectively. A total of 56 kilometers of road fall under these two packages. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Deputy Director General of the Development Support Implementation Division of the Department of Roads, Arjun Jung Thapa informed that all the companies that fulfilled the criteria mentioned in the tender have been selected in the pre-qualification round. Thapa added that there will be competition among the shortlisted companies to select the best among them. The department will now seek financial proposals from the shortlisted companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">A tender for upgrading the Malekhu-Muglin section under the third package worth Rs 7 billion will be announced soon, added Thapa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The process of upgrading the road section has started after the World Bank released funds for the project some eight months ago. The same road was earlier upgraded with the financial assistance of the World Bank about 29 years ago.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12763', 'image' => '20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2021-02-03 12:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13017', 'article_category_id' => '1', 'title' => 'Samrat Cement to Produce 7 MW Electricity within 3 Months', 'sub_title' => '', 'summary' => 'February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. The company, which was formally launched on November 30, 2020, will be utilizing the byproducts like hot air and garbage to produce electricity.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company has been producing both cement and clinker. According to the company, it will be able to to produce 7 megawatts of electricity while producing 4,500 metric tons of clinker from all its plants. Chairman of the industry Mukunda Timilsina informed that preparations are underway to produce 7 megawatts of electricity within three months. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Once the industry starts producing electricity on its own, it plans to reduce the purchase of electricity from the Nepal Electricity Authority.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The cement industry currently requires 22 megawatts of electricity on a daily basis for its operation.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Within two months of operation, Samrat Cement Industry has started producing 2,000 metric tons of clinker per day which is half of its total capacity. The industry plans to produce 2,500 metric tons of additional clinker within a month.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Samrat Cement has been using limestone from mines in Dang and Rolpa district.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12762', 'image' => '20210203023030_My Effect.jpg', 'article_date' => '2021-02-03 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13016', 'article_category_id' => '1', 'title' => ' Rain and Snowfall in Forecast ', 'sub_title' => '', 'summary' => 'February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. ', 'content' => '<p><em>This file photo taken from the archives of New Business Age shows heavy snowfall in Dolakha.</em></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Light rainfall will take place in most of the areas of the country while snowfall will likely occur in the high hills and mountainous areas as the westerly wind will become active from Thursday, RSS quoted meteorologist Shanti Kandel as saying. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Kandel, the temperature will start rising after this weather system exits and it will be hotter. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather was partly cloudy in the hill areas while it was fair in the rest of the country on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather update shared by the Meteorological Forecasting Division shows the minimum temperature of Kathmandu at 2.7 degrees Celsius and the maximum temperature at 18.8 degrees Celsius on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the lowest minimum temperature was recorded in Jumla. The lowest minimum temperature in Jumla was minus 4.5 degrees Celsius while Birendranagar recorded the highest minimum temperature of 8.2 degrees Celsius on Tuesday. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12761', 'image' => '20210203122659_20181230033201_2222.jpg', 'article_date' => '2021-02-03 12:25:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13013', 'article_category_id' => '1', 'title' => 'Over a Dozen Commercial Banks Report Increase in NPL', 'sub_title' => '', 'summary' => 'February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Out of the 27 commercial banks, 14 have stated that the nonperforming loans in the second quarter of the current fiscal year have increased compared to the corresponding period of last fiscal year. Other 12 commercial banks have reported that their NPL is under control while Century Commercial Bank has reported NPL equal to that of the previous year. In the first quarter of the current fiscal year, 18 commercial banks had reported increase in NPL.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The state-owned Rastriya Banijya Bank has the highest amount of NPL among all commercial banks this year. The bank’s NPL was 4.23 percent in the second quarter of the current FY, which is still better than 4.77 percent during the corresponding period of last fiscal year. Rastriya Banijya Bank has stated that it is facing problem in collecting installments of loan due to the impact of Covid-19. Other two state-owned banks – Agriculture Development Bank and Nepal Bank Limited – stand second and third among the commercial banks with high non-performing loans. The non-performing loan of Agriculture Development Bank was 3.14 percent during the review period while that of Nepal Bank Limited was 2.88 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Citizen’s Bank has reported a rise in NPL this year compared to last year. The bank’s NPL during the review period was 2.42 percent against 0.99 percent last year. Similarly, Standard Chartered Bank also reported an increase in NPL from 0.17 percent last year to 1.54 percent this year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The NPL of other commercial banks during the review period are as follows: NMB Bank (2.38 percent), Nepal Bangladesh Bank (2.37 percent), Himalayan Bank (2.13 percent), Siddhartha Bank (1.91 percent), Global IME Bank (1.72 percent), Mega Bank (1.71 percent), and Kumari Bank (1.06 percent).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The financial reports issued by Machhapuchchhre Bank, Sanima Bank, Nepal SBI Bank and Everest Bank also reported increase in NPL below 1 percentage point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-02', 'modified' => '2021-02-02', 'keywords' => '', 'description' => '', 'sortorder' => '12760', 'image' => '20210202041717_PIMCO_Blog_NPL_Nov17_55361_670x440.jpg', 'article_date' => '2021-02-02 16:16:39', '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' => '13028', 'article_category_id' => '1', 'title' => 'Export of Soybean Oil Increases Three Folds in Second Quarter of Current FY', 'sub_title' => '', 'summary' => 'February 10: Biratnagar customs alone has exported soybean oil worth Rs 4.85 billion in the second quarter of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">February 10: Biratnagar customs alone has exported soybean oil worth Rs 4.85 billion in the second quarter of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">This is a three-fold increment compared to the export of soybean oil during the last fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The country is expected to export soybean oil worth Rs 10 billion by the end of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Nepali entrepreneurs used to import raw palm oil, process it and export the refined product. Ever since the Indian government imposed a ban on import of refined palm oil, producers in Nepal have shifted their focus to export of soybean oil. This has resulted in a increase in export of soybean oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to Biratnagar customs, soybean oil worth Rs 4.85 billion has been exported to India in the second quarter of current fiscal year. Soybean oil worth Rs 1.52 billion was exported in the corresponding period of last fiscal year. Export of soybean oil in the second quarter of the current fiscal year is more than the export during the whole of last fiscal year by Rs 56 million. During last FY, Nepal had exported soybean oil worth Rs 4.29 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Export of soybean oil to India in fiscal year 2018/19 was worth Rs 86.86million. According to government data, industries stepped up the production of soybean oil after facing restriction on export of palm oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Soybean oil is being exported to India at zero percent customs duty in accordance to the provisions of the South Asian Free Trade Agreement (SAFTA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A total of seven industries including Bagmati Oil of Agrawal Group, Sriram Refinery of Pradip Murarka, Everest Vegetable of Avinash Bohara, Quality Oil of Ghanashyam Kabara are currently engaged in export of soybean oil through Biratnagar customs. </span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12774', 'image' => '20210210020432_1612912582.Clipboard17.jpg', 'article_date' => '2021-02-10 14:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13027', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in 2 Weeks', 'sub_title' => '', 'summary' => 'February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks. The concerned authorities of the government have informed that all the processes for importing 50,000 metric tons of urea has been completed and the fertilizer will be loaded from Thursday (February 11) onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The fertilizer will first be sent to Kolkata from Chatgaun of Bangladesh and then to Nepal. The state-owned Agriculture Inputs Company Limited, which has been handed the responsibility to import the fertilizer, has procured the urea for a price which is less than the market price. The price of urea is US$ 259.19 per metric ton in the market but the company has signed a deal to procure it for US$ 100 less than the market price.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the understanding between the two countries, the fertilizer will be imported in two ways – one through bulk transport and another through cargo.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“As all the processes have been completed, the fertilizer will be loaded from Thursday,” said Bishnu Pokharel, chief of the procurement division of the company. He added that it will take around two weeks for the fertilizer to arrive in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had initially reached an understanding with Bangladesh to borrow the fertilizer but Bangladesh later retracted from the decision. After the attempt failed, the Government of Nepal decided to procure fertilizer from Bangladesh. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12773', 'image' => '20210210122458_1612912820.Clipboard14.jpg', 'article_date' => '2021-02-10 12:24:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13026', 'article_category_id' => '1', 'title' => 'Exports to China Decline by 50 Percent in Six Months', 'sub_title' => '', 'summary' => 'February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to the Nepal Rastra Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">As per the Current Macroeconomic and Financial Situation Report unveiled recently by the central bank, exports to India and other countries have increased by 8.4 percent and 4.0 percent respectively while exports to Nepal’s northern neighbor, China, has decreased by 50 percent. Import from China has also declined by 18.5 per cent. Export of items like cardamom, pashmina, noodles, polyester thread, jute has gone up while the export of palm oil, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">pulses, zinc sheet, juice, wire, among others, decreased in the review period</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In six months of 2020/21, merchandise exports increased 6.1 percent to Rs.60.80 billion compared to an increase of 26.1 percent in the same period of the previous year</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, states the report. Meanwhile, merchandise import has dropped down by 4.8 percent to Rs 661.25 billion against the decrease of 4.0 percent in the corresponding period of last fiscal year. Country-wise, import from India has increased by 3.5 percent. Import of items like rice, raw soybean oil, gold, MS billet, telecommunication equipment and machinery parts increased in the first six months of this fiscal year whereas </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, silver, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, Nepal’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 5.8 percent to Rs.600.45 billion in six months of 2020/21. Such deficit had decreased 6.1 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The export-import ratio increased to 9.2 percent in the review period from 8.2 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, remittance inflow increased by 11.1 percent to Rs 495.31 billion. Last year, the inflow of remittance had increased by 0.6 percent in the corresponding period. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12772', 'image' => '20210210090922_20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-02-10 09:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13025', 'article_category_id' => '1', 'title' => 'Sale of Roses Expected to Decline by Rs 6 million on Valentines’ Day', 'sub_title' => '', 'summary' => 'February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). The Covid-19 pandemic has affected every sector and flower business remains no exception. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A report of FAN shows that it had sold roses worth Rs 16 million on Valentines’ Day last year. This year, the sale is expected to be around Rs 10 million only. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Flowers entrepreneurs share that the demand for roses is exceptionally high on February 14. The sale of roses on Valentines’ Day account for the highest sale of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Kumar Kasaju Shrestha, president of FAN, said that the sale of roses is expected to go down this year because of Covid-19 pandemic. According to him, the same kind of enthusiasm like in the past is not visible this year. In the previous years, people used to buy gifts and flowers a week ahead of the Valentines’ Day. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to impact of Covid-19, the demand for roses and domestic production has also gone down by 40 percent, informed FAN. There is a demand for 120,000 sticks of roses this year of which 96,000 sticks are being imported from India and the remaining roses are produced within the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Besides the festive season, there is a daily demand for 8,000 sticks of roses. Customers have to pay around Rs 60 to Rs 100 per rose stick, says FAN.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Around 72,000 stick of roses are expected to be sold in the Kathmandu Valley alone during Valentine’s Day. Likewise, 48,000 sticks of roses will be sold outside the valley. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Comparison with the past records show that the demand for roses is the lowest this year. The sales data of 2076 show that around 200,000 sticks of roses were consumed on February 14 and 160,000 roses were consumed in the year 2075. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Production of roses is low in the country due to the cold weather so domestic production solely can’t meet the market demand. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to FAN, Rs 6 billion has been invested into the flower business. Floriculture is done in over 153 hectares of land in 43 districts across the country. Meanwhile commercial farming is done in Kathmandu, Bhaktapur, Lalitpur, Kavre and Chitwan only. More than 700 people are involved in flower business and 40 thousand are employed directly or indirectly. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12771', 'image' => '20210208023928_20190214042338_rose.jpg', 'article_date' => '2021-02-08 14:37:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13024', 'article_category_id' => '1', 'title' => 'Local Units Flout Criteria while Recommending Projects under Indian Grant ', 'sub_title' => '', 'summary' => 'February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria.', 'content' => '<h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria. </span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As local units are selecting and recommending projects for the scheme that do not fall under prescribed sectors, the federal government officials say that they have to reject such proposals. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Along with their project proposals, local bodies are also required to submit Detailed Project Report (DPR), cost sharing commitment of respective local unit and evidence confirming availability of land for infrastructure development, among other documents.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Though infrastructure development projects like construction of school, hospital, child care center and library are funded through the SSP, many local governments are selecting projects that do not qualify under this scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As a result, the Ministry of Federal Affairs and General Administration (MoFAGA) is declining those recommended projects, according to officials at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">“Local units should follow certain criteria while submitting their projects under the SDP. Many local units do not pay attention to these criteria. Those incomplete proposals are returned to the respective local units. We have been drawing their attention about this issue which is yet to be resolved,” said Bishnu Dutta Gautam, a joint secretary at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Many projects recommended by local units are related to those areas that are different than those allowed under the scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Going against the upper limit set for the funding under the SDP, some local units have also been found recommending projects with estimated cost higher than Rs 50 million, according to MoFAGA officials. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">After receiving proposals from local governments, the MoFAGA forwards the eligible projects for the funding to the Embassy of India in Kathmandu via the Ministry of Finance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">The Embassy of India in Kathmandu has allocated a budget of Rs 500 million for the SDP for the current fiscal year 2020/21. The Indian government directly releases the budget to the respective local governments based on the progress of the projects selected under this scheme. </span></span></span></p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12770', 'image' => '20210208020500_20160628012102_flag.jpg', 'article_date' => '2021-02-08 14:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13023', 'article_category_id' => '1', 'title' => 'CAAN Gives 30-day Ultimatum for Airline Companies to Clear their Dues', 'sub_title' => '', 'summary' => 'February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Tamish Giri</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.<br /> Issuing a public notice on February 8, CAAN warned the airline companies that it would take severe action if they fail to clear the dues within the deadline.<br /> Raj Kumar Chhetri, deputy director-general and spokesperson of CAAN, informed New Business Age that the regulatory body had previously issued the notice three months ago and had informed the stakeholders about it. However, none of the airlines paid the dues. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“We received enquiries from some airline operators who mentioned that they had sold the company long back and requested to remove their name from the list. We have requested them to bring their documents and meet our finance department regarding it. We want to help them, but they have to clear their pending dues to the government. They don’t have any other alternatives,” he said.<br /> CAAN has warned the airline companies that it would blacklist them and their owners under the Civil Aviation Airport Management Regulation 2011, prohibiting them from operating flights, entering airports and participating in any businesses associated with CAAN in the future, if they don’t clear the pending dues in time.<br /> CAAN has also warned of confiscating the properties of those who guaranteed to pay the dues in case the operators failed to do so.<br /> The regulatory body published the first public notice on February 8 after the airline companies did not clear their dues even after repeated notification.<br /> CAAN has asked to pay the outstanding amount and late fee within 30 days.<br /> The airlines that have not cleared the dues include Necon Air, Shivani Air, Alpine Air, Gorkha Air, Karnali Air, Mountain Air, Cosmic Air, Shangrila Air, Skyline Airways, Air Kasthamandap and Nepal Airways. None of these airlines has been in operation since 2008.<br /> The airlines have to pay a combined fee of Rs 96.874 million to the CAAN.<br /> According to the public notice published by CAAN, Neccon has to pay Rs 47 million, Shiwani Air Rs 5.5 million, Alpine Air Rs 72,728, Gorkha Air Rs 2.03 million, Karnali Air Rs 1.74 million, Mountain Air Rs 1.2 million, Cosmic Air Rs 34.7 million, Shangrila Air Rs 1.53 million, Skyline Air Rs 1.55 million, Air Kasthamandap Rs 0.73 million and Nepal Airways Rs 0.55 million.<br /> “Some international operators also have not cleared their dues, and we will make a public statement soon regarding them,” Chhetri informed.<br /> Sahara, Kingfisher and Jet Airways are yet to clear their pending bills to the CAAN.<br /> "We urge the airline operators to clear the dues abiding by the law," Chhetri added.</span></span></span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/CAAN%281%29.jpeg" style="height:1024px; width:802px" /></p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12769', 'image' => '20210208012832_20200827042104_1598477546.Clipboard08.jpg', 'article_date' => '2021-02-08 13:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13022', 'article_category_id' => '1', 'title' => '17.57 Million People have Access to Internet via Smartphones ', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Manisha Balami</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">February 8: With the rise in use of smartphones, more than half of the population of Nepal has access to internet at their fingertips. The latest Management Information System (MIS) report published by Nepal Telecommunication Authority (NTA) shows that 23.92 million has access to internet. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Of the total internet users, 17.57 million are using mobile data. Meanwhile, 6.1 million users are using broadband and 226,662 are using wireless internet service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Min Prasad Aryal, spokesperson of NTA, states that the 4G expansion by telecom service providers has helped to increase its mobile broadband users. “4G expansion in urban as well as rural areas has resulted in a surge in the use of internet,” he said, adding fund from Rural Telecommunication Development Fund (RTDF) has been granted to the internet service providers to expand the internet service in remote areas of the country.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the telecommunication authority’s data, 11.9 million users are Nepal Telecom subscribers. Among them, 2.04 million are 4G users while 8.43 million are using 3G service of NTC. In the meantime, 6.75 million are using broadband service of Ncell. Among them, 2.67 million are using 3G services while 4.08 million are using 4G service. Likewise, 199,761 are using 4G service of SmartCell. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Aryal further says that the internet consumption has also increased after people were locked down in their houses to avoid coronavirus. As everything was done virtually, the use of internet has increased during the lockdown period. “This trend will increase further in the coming days as digital transactions have also increased and the use of data will also grow exponentially,” said Aryal. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12768', 'image' => '20210208112726_wi-fi-internet-connection-on-a-smartphone-icon-vector-7350115.jpg', 'article_date' => '2021-02-08 11:26:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13021', 'article_category_id' => '1', 'title' => 'One Stop Service Center Fails to Deliver Promises of Removing Hassles for Investors ', 'sub_title' => 'Investors are pushed from pillar to post for paperwork as half a dozen government agencies do not have presence at One Stop Service Center ', 'summary' => '', 'content' => '<h1><span style="font-size:18px"><span style="font-family:Cambria">SAGAR GHIMIRE</span></span></h1> <p><span style="font-size:18px"><span style="font-family:Cambria">February 8: Even after one and a half years of establishment, the One Stop Service Center (OSSC) set up by the government to deal with investors is operating in the absence of representatives of over half a dozen government agencies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to a long delay by these government agencies in sending their representatives to the OSSC, investors continue to face trouble to get their work done. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The OSSC was established at the premises of the Department of Industry (DoI) in May 2019 with an objective of providing all services—ranging from approval of investments to exit of an industry—for investors from a single place. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">To offer all services required for investors, the government promised to house 13 government agencies in the One Stop Service Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, seven agencies are yet to show their presence at the OSSC, requiring investors to visit the respective office of these agencies for the paperwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Despite promises from the government that the single-window would cut hassles, cost and time for investors, the reality is different at the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Crucial government agencies like the Ministry of Physical Infrastructure and Transportation, Ministry of Forest and Environment, Office of the Company Registrar and Nepal Electricity Authority have not sent their representatives to the OSSC yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Investors and experts say that the OSSC cannot meet its objectives without bringing all government agencies dealing with investment on board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“It was said that all services are available from the OSSC. But, that’s not the case here. I was told that we should visit offices of some agencies that are not here to get their services,” a lawyer visiting the OSSC to get information for a Japanese investor told New Business Age. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Even the Office of the Company Registrar does not have a representative here. If asked, staff here would point towards the building of the Office of the Company Registrar nearby. Establishment of the OSSC should have ended the hassle of visiting various government agencies,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, Gyanendra Parajuli, director at the Department of Industry, claims that the absence of various agencies have not made a significant impact on the overall work of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Investors rarely seek services of those agencies which have not sent their representatives yet. But, these agencies will also send their representatives gradually in line with the spirit of the OSSC,” said Parajuli, who is also the spokesperson of the DoI. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A study carried out by the DoI recently concluded that the absence of representatives of seven agencies at the OSSC is a managerial issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Absence of various government agencies is not the only issue hampering the performance of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Even the representatives of various agencies who have been deputed at the OSSC cannot make decision in all cases. As they do not have the authority to decide themselves in all cases, they have to forward those files to the respective agencies for approval. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“The intention of setting up OSSC is good. However, investors have not been able to experience anything worthwhile after this mechanism came into operation,” Shabda Gyawali, Investment Director at Dolma Impact Fund, told New Business Age. “While there are some government agencies that are yet to send their representatives to the OSSC, those who already have their desks cannot promptly make decision in many cases. What’s the difference now and then? Earlier, investors had to visit Nepal Rastra Bank whereas staff at their desk of the OSSC forwards the files now,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Dolma Impact Fund is the first international private equity and impact fund dedicated to Nepal and provides capital and expertise to growth companies related to sectors like renewable energy, agriculture, health and tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Gyawali said that the government should implement a system that approves investment on certain sectors through automatic route to end hassles for foreign investors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Admitting that staff working at the OSSC cannot make decision themselves in certain cases, DoI’s Director Parajuli said that respective agencies should delegate them full authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to the DoI, it has approved 129 projects in the first six months of the current fiscal year 2020/21 for foreign direct investments worth Rs 25.26 billion. </span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"><strong><em>Government agencies yet to send representatives: </em></strong></span></span></p> <ol> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Physical Infrastructure and Transport</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Forests and Environment</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Labor, Employment and Social Security </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Department of Commerce, Supplies and Consumer Interest Protection</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Office of Company Registrar </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Electricity Authority </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Telecommunication Authority </span></span></li> </ol> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12767', 'image' => '20210208111509_20160513034506_editor.jpg', 'article_date' => '2021-02-08 11:13:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13020', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in January ', 'sub_title' => '', 'summary' => 'February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">Tamish Giri</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.<br /> According to the data provided by the Department of Immigration, a total of 8,874 foreign nationals visited Nepal in the first month of 2021. Among them, 6,225 were male, 2,635 were female, while 14 were unverified, as per the department’s data.<br /> The reported number of tourist arrival is the highest since March 2020, when 42,776 tourists had visited Nepal.<br /> Mani Raj Lamichhane, director of Nepal Tourism Board, informed that the number of foreigners arriving in Nepal has increased following the air bubble agreement between Nepal and India and the drastic fall in Covid-19 cases.<br /> "News about Covid-19 vaccination in the western countries, the introduction of vaccination in Nepal and a drastic decline in Covid-19 casualties have motivated the foreigners to travel to Nepal," Lamichhane added. <br /> Likewise, online promotions of NTB through various channels and virtual meets have also attracted the foreigners to Nepal.<br /> Nepal recorded the lowest number of tourist arrival with just 14 visitors in April last year and 9,420 foreigners between April and December 2020.<br /> According to the Department of Immigration, foreign nationals of 121 different nations had visited Nepal in January this year, while 39,946 Nepalis left the country.<br /> Altogether 4,028 Indian nationals, 1,877 Chinese and 874 Americans and 39 UN officials had entered Nepal in January along with 47,267 Nepalis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-05', 'modified' => '2021-02-05', 'keywords' => '', 'description' => '', 'sortorder' => '12766', 'image' => '20210205105042_20201125014618_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-02-05 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13019', 'article_category_id' => '1', 'title' => 'Base Rate of All Commercial Banks Decline', 'sub_title' => '', 'summary' => 'February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. It has been learnt that the base rate has dropped as a result of banks reducing the cost of deposits. As the base rate has dropped, customers of the banks have started getting loans at a cheaper rate of interest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of 27 commercial banks have dropped to a minimum of 5.61 percent and a maximum of 8.45 percent as of mid-January. The lowest base rate is of the state-owned Rastriya Banijya Bank while Civil Bank has the highest base rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks were in double digits until a year ago. Due to this, the rate of interest on loan was high during last year. But the base rates of all the banks have dropped to single digit this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks have dropped between 0.00 percentage points to 2.53 percentage points in the second quarter of the current fiscal year compared to the corresponding period of last FY. The average base rate of commercial banks is 7.19 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the decline in base rate, the floating interest will also decline but it will not have any impact on fixed interest rate, says Bhuvan Kumar Dahal, chairman of Nepal Bankers’ Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The base rates of all banks have declined. Now the customers can avail loan at cheaper floating interest rate,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12765', 'image' => '20210203045517_20200824042834_INTEREST-RATE.jpg', 'article_date' => '2021-02-03 16:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13018', 'article_category_id' => '1', 'title' => 'Footwear Business Expo Kicks Off ', 'sub_title' => '', 'summary' => 'February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria">February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3. The 20-day long event is being organised with the slogan ‘Our Campaign- Promotion of domestic products’. The expo will end on 22<sup>nd</sup> March.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Krishna Kumar Phuyal, chairman of the Footwear Manufacturers’ Association of Nepal (FMAN) and coordinator of the expo said, “This expo has been organized to uplift the economy that has been badly affected by COVID-19”. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Phuyal added that the customers are becoming increasingly aware about the value of locally-made products. “They are more affectionate about it so this is our attempt to present locally made footwear from various brands among the customers,” he further added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">The expo is offering shoes of about 3000 models with prices ranging from Rs 300 to Rs 10,000. The organizers of the expo are expecting 500,000 visitors during the expo. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Homnath Poudel, former president of FMAN, claimed that all the Nepalese brands have participated in the event and asked visitors to visit the event and promote Nepali products. He also informed that FMAN will be organizing footwear expo in each province from this year. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12764', 'image' => '20210203043705_20181225010006_Clipboard01.jpg', 'article_date' => '2021-02-03 16:36:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13015', 'article_category_id' => '1', 'title' => '42 Companies Shortlisted for Upgrading Nagdhunga-Malekhu-Muglin Road Section', 'sub_title' => '', 'summary' => 'February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. Majority of those companies that made it to the pre-qualification round of selection process are Chinese companies. According to the DoR, a total of 30 Chinese companies were shortlisted in response to a global tender issued by the department while the remaining 12 companies are from Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The government has allocated Rs 16 billion for upgrading the 96 km section of the highway but only Rs 9 billion has been released for the current upgradation work. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The department is preparing to complete the project in three packages and these 42 companies have been shortlisted to upgrade the Nagdhunga-Naubise and Naubise-Malekhu sections of the highway under the first and second packages respectively. A total of 56 kilometers of road fall under these two packages. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Deputy Director General of the Development Support Implementation Division of the Department of Roads, Arjun Jung Thapa informed that all the companies that fulfilled the criteria mentioned in the tender have been selected in the pre-qualification round. Thapa added that there will be competition among the shortlisted companies to select the best among them. The department will now seek financial proposals from the shortlisted companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">A tender for upgrading the Malekhu-Muglin section under the third package worth Rs 7 billion will be announced soon, added Thapa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The process of upgrading the road section has started after the World Bank released funds for the project some eight months ago. The same road was earlier upgraded with the financial assistance of the World Bank about 29 years ago.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12763', 'image' => '20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2021-02-03 12:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13017', 'article_category_id' => '1', 'title' => 'Samrat Cement to Produce 7 MW Electricity within 3 Months', 'sub_title' => '', 'summary' => 'February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. The company, which was formally launched on November 30, 2020, will be utilizing the byproducts like hot air and garbage to produce electricity.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company has been producing both cement and clinker. According to the company, it will be able to to produce 7 megawatts of electricity while producing 4,500 metric tons of clinker from all its plants. Chairman of the industry Mukunda Timilsina informed that preparations are underway to produce 7 megawatts of electricity within three months. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Once the industry starts producing electricity on its own, it plans to reduce the purchase of electricity from the Nepal Electricity Authority.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The cement industry currently requires 22 megawatts of electricity on a daily basis for its operation.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Within two months of operation, Samrat Cement Industry has started producing 2,000 metric tons of clinker per day which is half of its total capacity. The industry plans to produce 2,500 metric tons of additional clinker within a month.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Samrat Cement has been using limestone from mines in Dang and Rolpa district.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12762', 'image' => '20210203023030_My Effect.jpg', 'article_date' => '2021-02-03 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13016', 'article_category_id' => '1', 'title' => ' Rain and Snowfall in Forecast ', 'sub_title' => '', 'summary' => 'February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. ', 'content' => '<p><em>This file photo taken from the archives of New Business Age shows heavy snowfall in Dolakha.</em></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Light rainfall will take place in most of the areas of the country while snowfall will likely occur in the high hills and mountainous areas as the westerly wind will become active from Thursday, RSS quoted meteorologist Shanti Kandel as saying. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Kandel, the temperature will start rising after this weather system exits and it will be hotter. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather was partly cloudy in the hill areas while it was fair in the rest of the country on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather update shared by the Meteorological Forecasting Division shows the minimum temperature of Kathmandu at 2.7 degrees Celsius and the maximum temperature at 18.8 degrees Celsius on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the lowest minimum temperature was recorded in Jumla. The lowest minimum temperature in Jumla was minus 4.5 degrees Celsius while Birendranagar recorded the highest minimum temperature of 8.2 degrees Celsius on Tuesday. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12761', 'image' => '20210203122659_20181230033201_2222.jpg', 'article_date' => '2021-02-03 12:25:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13013', 'article_category_id' => '1', 'title' => 'Over a Dozen Commercial Banks Report Increase in NPL', 'sub_title' => '', 'summary' => 'February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Out of the 27 commercial banks, 14 have stated that the nonperforming loans in the second quarter of the current fiscal year have increased compared to the corresponding period of last fiscal year. Other 12 commercial banks have reported that their NPL is under control while Century Commercial Bank has reported NPL equal to that of the previous year. In the first quarter of the current fiscal year, 18 commercial banks had reported increase in NPL.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The state-owned Rastriya Banijya Bank has the highest amount of NPL among all commercial banks this year. The bank’s NPL was 4.23 percent in the second quarter of the current FY, which is still better than 4.77 percent during the corresponding period of last fiscal year. Rastriya Banijya Bank has stated that it is facing problem in collecting installments of loan due to the impact of Covid-19. Other two state-owned banks – Agriculture Development Bank and Nepal Bank Limited – stand second and third among the commercial banks with high non-performing loans. The non-performing loan of Agriculture Development Bank was 3.14 percent during the review period while that of Nepal Bank Limited was 2.88 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Citizen’s Bank has reported a rise in NPL this year compared to last year. The bank’s NPL during the review period was 2.42 percent against 0.99 percent last year. Similarly, Standard Chartered Bank also reported an increase in NPL from 0.17 percent last year to 1.54 percent this year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The NPL of other commercial banks during the review period are as follows: NMB Bank (2.38 percent), Nepal Bangladesh Bank (2.37 percent), Himalayan Bank (2.13 percent), Siddhartha Bank (1.91 percent), Global IME Bank (1.72 percent), Mega Bank (1.71 percent), and Kumari Bank (1.06 percent).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The financial reports issued by Machhapuchchhre Bank, Sanima Bank, Nepal SBI Bank and Everest Bank also reported increase in NPL below 1 percentage point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-02', 'modified' => '2021-02-02', 'keywords' => '', 'description' => '', 'sortorder' => '12760', 'image' => '20210202041717_PIMCO_Blog_NPL_Nov17_55361_670x440.jpg', 'article_date' => '2021-02-02 16:16:39', '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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Ever since the Indian government imposed a ban on import of refined palm oil, producers in Nepal have shifted their focus to export of soybean oil. This has resulted in a increase in export of soybean oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to Biratnagar customs, soybean oil worth Rs 4.85 billion has been exported to India in the second quarter of current fiscal year. Soybean oil worth Rs 1.52 billion was exported in the corresponding period of last fiscal year. Export of soybean oil in the second quarter of the current fiscal year is more than the export during the whole of last fiscal year by Rs 56 million. During last FY, Nepal had exported soybean oil worth Rs 4.29 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Export of soybean oil to India in fiscal year 2018/19 was worth Rs 86.86million. According to government data, industries stepped up the production of soybean oil after facing restriction on export of palm oil. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Soybean oil is being exported to India at zero percent customs duty in accordance to the provisions of the South Asian Free Trade Agreement (SAFTA).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A total of seven industries including Bagmati Oil of Agrawal Group, Sriram Refinery of Pradip Murarka, Everest Vegetable of Avinash Bohara, Quality Oil of Ghanashyam Kabara are currently engaged in export of soybean oil through Biratnagar customs. </span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12774', 'image' => '20210210020432_1612912582.Clipboard17.jpg', 'article_date' => '2021-02-10 14:03:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13027', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in 2 Weeks', 'sub_title' => '', 'summary' => 'February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 10: Chemical fertilizer purchased by the government from Bangladesh under a G2G deal is likely to arrive after two more weeks. The concerned authorities of the government have informed that all the processes for importing 50,000 metric tons of urea has been completed and the fertilizer will be loaded from Thursday (February 11) onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The fertilizer will first be sent to Kolkata from Chatgaun of Bangladesh and then to Nepal. The state-owned Agriculture Inputs Company Limited, which has been handed the responsibility to import the fertilizer, has procured the urea for a price which is less than the market price. The price of urea is US$ 259.19 per metric ton in the market but the company has signed a deal to procure it for US$ 100 less than the market price.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the understanding between the two countries, the fertilizer will be imported in two ways – one through bulk transport and another through cargo.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“As all the processes have been completed, the fertilizer will be loaded from Thursday,” said Bishnu Pokharel, chief of the procurement division of the company. He added that it will take around two weeks for the fertilizer to arrive in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal had initially reached an understanding with Bangladesh to borrow the fertilizer but Bangladesh later retracted from the decision. After the attempt failed, the Government of Nepal decided to procure fertilizer from Bangladesh. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12773', 'image' => '20210210122458_1612912820.Clipboard14.jpg', 'article_date' => '2021-02-10 12:24:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '13026', 'article_category_id' => '1', 'title' => 'Exports to China Decline by 50 Percent in Six Months', 'sub_title' => '', 'summary' => 'February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">February 10: Nepal’s merchandise exports to China have declined by 50 percent in the first six months of the current fiscal year, according to the Nepal Rastra Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">As per the Current Macroeconomic and Financial Situation Report unveiled recently by the central bank, exports to India and other countries have increased by 8.4 percent and 4.0 percent respectively while exports to Nepal’s northern neighbor, China, has decreased by 50 percent. Import from China has also declined by 18.5 per cent. Export of items like cardamom, pashmina, noodles, polyester thread, jute has gone up while the export of palm oil, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">pulses, zinc sheet, juice, wire, among others, decreased in the review period</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In six months of 2020/21, merchandise exports increased 6.1 percent to Rs.60.80 billion compared to an increase of 26.1 percent in the same period of the previous year</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, states the report. Meanwhile, merchandise import has dropped down by 4.8 percent to Rs 661.25 billion against the decrease of 4.0 percent in the corresponding period of last fiscal year. Country-wise, import from India has increased by 3.5 percent. Import of items like rice, raw soybean oil, gold, MS billet, telecommunication equipment and machinery parts increased in the first six months of this fiscal year whereas </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">imports of petroleum products, aircraft spareparts, crude palm oil, other machinery and parts, silver, among others, decreased in the review period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, Nepal’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 5.8 percent to Rs.600.45 billion in six months of 2020/21. Such deficit had decreased 6.1 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The export-import ratio increased to 9.2 percent in the review period from 8.2 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, remittance inflow increased by 11.1 percent to Rs 495.31 billion. Last year, the inflow of remittance had increased by 0.6 percent in the corresponding period. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-10', 'modified' => '2021-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '12772', 'image' => '20210210090922_20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-02-10 09:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '13025', 'article_category_id' => '1', 'title' => 'Sale of Roses Expected to Decline by Rs 6 million on Valentines’ Day', 'sub_title' => '', 'summary' => 'February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">February 8: The sale of roses is expected to decline by Rs 6 million during this Valentines’ Day, according to the Floriculture Association of Nepal (FAN). The Covid-19 pandemic has affected every sector and flower business remains no exception. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A report of FAN shows that it had sold roses worth Rs 16 million on Valentines’ Day last year. This year, the sale is expected to be around Rs 10 million only. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Flowers entrepreneurs share that the demand for roses is exceptionally high on February 14. The sale of roses on Valentines’ Day account for the highest sale of the year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Kumar Kasaju Shrestha, president of FAN, said that the sale of roses is expected to go down this year because of Covid-19 pandemic. According to him, the same kind of enthusiasm like in the past is not visible this year. In the previous years, people used to buy gifts and flowers a week ahead of the Valentines’ Day. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to impact of Covid-19, the demand for roses and domestic production has also gone down by 40 percent, informed FAN. There is a demand for 120,000 sticks of roses this year of which 96,000 sticks are being imported from India and the remaining roses are produced within the country. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Besides the festive season, there is a daily demand for 8,000 sticks of roses. Customers have to pay around Rs 60 to Rs 100 per rose stick, says FAN.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Around 72,000 stick of roses are expected to be sold in the Kathmandu Valley alone during Valentine’s Day. Likewise, 48,000 sticks of roses will be sold outside the valley. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Comparison with the past records show that the demand for roses is the lowest this year. The sales data of 2076 show that around 200,000 sticks of roses were consumed on February 14 and 160,000 roses were consumed in the year 2075. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Production of roses is low in the country due to the cold weather so domestic production solely can’t meet the market demand. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to FAN, Rs 6 billion has been invested into the flower business. Floriculture is done in over 153 hectares of land in 43 districts across the country. Meanwhile commercial farming is done in Kathmandu, Bhaktapur, Lalitpur, Kavre and Chitwan only. More than 700 people are involved in flower business and 40 thousand are employed directly or indirectly. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12771', 'image' => '20210208023928_20190214042338_rose.jpg', 'article_date' => '2021-02-08 14:37:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13024', 'article_category_id' => '1', 'title' => 'Local Units Flout Criteria while Recommending Projects under Indian Grant ', 'sub_title' => '', 'summary' => 'February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria.', 'content' => '<h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">February 8: Local governments are found to be recommending projects under the Small Development Project (SDP)—a scheme financed by the Government of India—by going against set criteria. </span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As local units are selecting and recommending projects for the scheme that do not fall under prescribed sectors, the federal government officials say that they have to reject such proposals. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Along with their project proposals, local bodies are also required to submit Detailed Project Report (DPR), cost sharing commitment of respective local unit and evidence confirming availability of land for infrastructure development, among other documents.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Though infrastructure development projects like construction of school, hospital, child care center and library are funded through the SSP, many local governments are selecting projects that do not qualify under this scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">As a result, the Ministry of Federal Affairs and General Administration (MoFAGA) is declining those recommended projects, according to officials at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">“Local units should follow certain criteria while submitting their projects under the SDP. Many local units do not pay attention to these criteria. Those incomplete proposals are returned to the respective local units. We have been drawing their attention about this issue which is yet to be resolved,” said Bishnu Dutta Gautam, a joint secretary at the MoFAGA. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Many projects recommended by local units are related to those areas that are different than those allowed under the scheme. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">Going against the upper limit set for the funding under the SDP, some local units have also been found recommending projects with estimated cost higher than Rs 50 million, according to MoFAGA officials. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">After receiving proposals from local governments, the MoFAGA forwards the eligible projects for the funding to the Embassy of India in Kathmandu via the Ministry of Finance. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:15.0pt">The Embassy of India in Kathmandu has allocated a budget of Rs 500 million for the SDP for the current fiscal year 2020/21. The Indian government directly releases the budget to the respective local governments based on the progress of the projects selected under this scheme. </span></span></span></p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12770', 'image' => '20210208020500_20160628012102_flag.jpg', 'article_date' => '2021-02-08 14:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13023', 'article_category_id' => '1', 'title' => 'CAAN Gives 30-day Ultimatum for Airline Companies to Clear their Dues', 'sub_title' => '', 'summary' => 'February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Tamish Giri</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">February 8: The Civil Aviation Authority of Nepal (CAAN), the aviation regulatory body of Nepal, on Monday (February 8) issued an ultimatum to 11 defunct airline companies to clear their pending dues of Rs 90 million within 30 days.<br /> Issuing a public notice on February 8, CAAN warned the airline companies that it would take severe action if they fail to clear the dues within the deadline.<br /> Raj Kumar Chhetri, deputy director-general and spokesperson of CAAN, informed New Business Age that the regulatory body had previously issued the notice three months ago and had informed the stakeholders about it. However, none of the airlines paid the dues. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“We received enquiries from some airline operators who mentioned that they had sold the company long back and requested to remove their name from the list. We have requested them to bring their documents and meet our finance department regarding it. We want to help them, but they have to clear their pending dues to the government. They don’t have any other alternatives,” he said.<br /> CAAN has warned the airline companies that it would blacklist them and their owners under the Civil Aviation Airport Management Regulation 2011, prohibiting them from operating flights, entering airports and participating in any businesses associated with CAAN in the future, if they don’t clear the pending dues in time.<br /> CAAN has also warned of confiscating the properties of those who guaranteed to pay the dues in case the operators failed to do so.<br /> The regulatory body published the first public notice on February 8 after the airline companies did not clear their dues even after repeated notification.<br /> CAAN has asked to pay the outstanding amount and late fee within 30 days.<br /> The airlines that have not cleared the dues include Necon Air, Shivani Air, Alpine Air, Gorkha Air, Karnali Air, Mountain Air, Cosmic Air, Shangrila Air, Skyline Airways, Air Kasthamandap and Nepal Airways. None of these airlines has been in operation since 2008.<br /> The airlines have to pay a combined fee of Rs 96.874 million to the CAAN.<br /> According to the public notice published by CAAN, Neccon has to pay Rs 47 million, Shiwani Air Rs 5.5 million, Alpine Air Rs 72,728, Gorkha Air Rs 2.03 million, Karnali Air Rs 1.74 million, Mountain Air Rs 1.2 million, Cosmic Air Rs 34.7 million, Shangrila Air Rs 1.53 million, Skyline Air Rs 1.55 million, Air Kasthamandap Rs 0.73 million and Nepal Airways Rs 0.55 million.<br /> “Some international operators also have not cleared their dues, and we will make a public statement soon regarding them,” Chhetri informed.<br /> Sahara, Kingfisher and Jet Airways are yet to clear their pending bills to the CAAN.<br /> "We urge the airline operators to clear the dues abiding by the law," Chhetri added.</span></span></span></span></p> <p> </p> <p><img alt="" src="/app/webroot/userfiles/images/CAAN%281%29.jpeg" style="height:1024px; width:802px" /></p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12769', 'image' => '20210208012832_20200827042104_1598477546.Clipboard08.jpg', 'article_date' => '2021-02-08 13:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13022', 'article_category_id' => '1', 'title' => '17.57 Million People have Access to Internet via Smartphones ', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Manisha Balami</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">February 8: With the rise in use of smartphones, more than half of the population of Nepal has access to internet at their fingertips. The latest Management Information System (MIS) report published by Nepal Telecommunication Authority (NTA) shows that 23.92 million has access to internet. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Of the total internet users, 17.57 million are using mobile data. Meanwhile, 6.1 million users are using broadband and 226,662 are using wireless internet service. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Min Prasad Aryal, spokesperson of NTA, states that the 4G expansion by telecom service providers has helped to increase its mobile broadband users. “4G expansion in urban as well as rural areas has resulted in a surge in the use of internet,” he said, adding fund from Rural Telecommunication Development Fund (RTDF) has been granted to the internet service providers to expand the internet service in remote areas of the country.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the telecommunication authority’s data, 11.9 million users are Nepal Telecom subscribers. Among them, 2.04 million are 4G users while 8.43 million are using 3G service of NTC. In the meantime, 6.75 million are using broadband service of Ncell. Among them, 2.67 million are using 3G services while 4.08 million are using 4G service. Likewise, 199,761 are using 4G service of SmartCell. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Aryal further says that the internet consumption has also increased after people were locked down in their houses to avoid coronavirus. As everything was done virtually, the use of internet has increased during the lockdown period. “This trend will increase further in the coming days as digital transactions have also increased and the use of data will also grow exponentially,” said Aryal. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12768', 'image' => '20210208112726_wi-fi-internet-connection-on-a-smartphone-icon-vector-7350115.jpg', 'article_date' => '2021-02-08 11:26:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13021', 'article_category_id' => '1', 'title' => 'One Stop Service Center Fails to Deliver Promises of Removing Hassles for Investors ', 'sub_title' => 'Investors are pushed from pillar to post for paperwork as half a dozen government agencies do not have presence at One Stop Service Center ', 'summary' => '', 'content' => '<h1><span style="font-size:18px"><span style="font-family:Cambria">SAGAR GHIMIRE</span></span></h1> <p><span style="font-size:18px"><span style="font-family:Cambria">February 8: Even after one and a half years of establishment, the One Stop Service Center (OSSC) set up by the government to deal with investors is operating in the absence of representatives of over half a dozen government agencies. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Due to a long delay by these government agencies in sending their representatives to the OSSC, investors continue to face trouble to get their work done. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The OSSC was established at the premises of the Department of Industry (DoI) in May 2019 with an objective of providing all services—ranging from approval of investments to exit of an industry—for investors from a single place. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">To offer all services required for investors, the government promised to house 13 government agencies in the One Stop Service Center. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, seven agencies are yet to show their presence at the OSSC, requiring investors to visit the respective office of these agencies for the paperwork.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Despite promises from the government that the single-window would cut hassles, cost and time for investors, the reality is different at the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Crucial government agencies like the Ministry of Physical Infrastructure and Transportation, Ministry of Forest and Environment, Office of the Company Registrar and Nepal Electricity Authority have not sent their representatives to the OSSC yet. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Investors and experts say that the OSSC cannot meet its objectives without bringing all government agencies dealing with investment on board. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“It was said that all services are available from the OSSC. But, that’s not the case here. I was told that we should visit offices of some agencies that are not here to get their services,” a lawyer visiting the OSSC to get information for a Japanese investor told New Business Age. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Even the Office of the Company Registrar does not have a representative here. If asked, staff here would point towards the building of the Office of the Company Registrar nearby. Establishment of the OSSC should have ended the hassle of visiting various government agencies,” he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">However, Gyanendra Parajuli, director at the Department of Industry, claims that the absence of various agencies have not made a significant impact on the overall work of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“Investors rarely seek services of those agencies which have not sent their representatives yet. But, these agencies will also send their representatives gradually in line with the spirit of the OSSC,” said Parajuli, who is also the spokesperson of the DoI. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">A study carried out by the DoI recently concluded that the absence of representatives of seven agencies at the OSSC is a managerial issue. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Absence of various government agencies is not the only issue hampering the performance of the OSSC. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Even the representatives of various agencies who have been deputed at the OSSC cannot make decision in all cases. As they do not have the authority to decide themselves in all cases, they have to forward those files to the respective agencies for approval. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">“The intention of setting up OSSC is good. However, investors have not been able to experience anything worthwhile after this mechanism came into operation,” Shabda Gyawali, Investment Director at Dolma Impact Fund, told New Business Age. “While there are some government agencies that are yet to send their representatives to the OSSC, those who already have their desks cannot promptly make decision in many cases. What’s the difference now and then? Earlier, investors had to visit Nepal Rastra Bank whereas staff at their desk of the OSSC forwards the files now,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Dolma Impact Fund is the first international private equity and impact fund dedicated to Nepal and provides capital and expertise to growth companies related to sectors like renewable energy, agriculture, health and tourism. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Gyawali said that the government should implement a system that approves investment on certain sectors through automatic route to end hassles for foreign investors. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">Admitting that staff working at the OSSC cannot make decision themselves in certain cases, DoI’s Director Parajuli said that respective agencies should delegate them full authority. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">According to the DoI, it has approved 129 projects in the first six months of the current fiscal year 2020/21 for foreign direct investments worth Rs 25.26 billion. </span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Cambria"><strong><em>Government agencies yet to send representatives: </em></strong></span></span></p> <ol> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Physical Infrastructure and Transport</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Forests and Environment</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Ministry of Labor, Employment and Social Security </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Department of Commerce, Supplies and Consumer Interest Protection</span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Office of Company Registrar </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Electricity Authority </span></span></li> <li><span style="font-size:18px"><span style="font-family:Cambria">Nepal Telecommunication Authority </span></span></li> </ol> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-08', 'modified' => '2021-02-08', 'keywords' => '', 'description' => '', 'sortorder' => '12767', 'image' => '20210208111509_20160513034506_editor.jpg', 'article_date' => '2021-02-08 11:13:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13020', 'article_category_id' => '1', 'title' => 'Arrival of Tourists up in January ', 'sub_title' => '', 'summary' => 'February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">Tamish Giri</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">February 5: With the fall in number of Covid-19 cases in Nepal, the number of foreign nationals arriving in the country has grown in January compared to the previous months.<br /> According to the data provided by the Department of Immigration, a total of 8,874 foreign nationals visited Nepal in the first month of 2021. Among them, 6,225 were male, 2,635 were female, while 14 were unverified, as per the department’s data.<br /> The reported number of tourist arrival is the highest since March 2020, when 42,776 tourists had visited Nepal.<br /> Mani Raj Lamichhane, director of Nepal Tourism Board, informed that the number of foreigners arriving in Nepal has increased following the air bubble agreement between Nepal and India and the drastic fall in Covid-19 cases.<br /> "News about Covid-19 vaccination in the western countries, the introduction of vaccination in Nepal and a drastic decline in Covid-19 casualties have motivated the foreigners to travel to Nepal," Lamichhane added. <br /> Likewise, online promotions of NTB through various channels and virtual meets have also attracted the foreigners to Nepal.<br /> Nepal recorded the lowest number of tourist arrival with just 14 visitors in April last year and 9,420 foreigners between April and December 2020.<br /> According to the Department of Immigration, foreign nationals of 121 different nations had visited Nepal in January this year, while 39,946 Nepalis left the country.<br /> Altogether 4,028 Indian nationals, 1,877 Chinese and 874 Americans and 39 UN officials had entered Nepal in January along with 47,267 Nepalis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-05', 'modified' => '2021-02-05', 'keywords' => '', 'description' => '', 'sortorder' => '12766', 'image' => '20210205105042_20201125014618_20201016032657_1602804123.Clipboard13.jpg', 'article_date' => '2021-02-05 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13019', 'article_category_id' => '1', 'title' => 'Base Rate of All Commercial Banks Decline', 'sub_title' => '', 'summary' => 'February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The base rate of commercial banks has dropped in the second quarter of the current fiscal year. It has been learnt that the base rate has dropped as a result of banks reducing the cost of deposits. As the base rate has dropped, customers of the banks have started getting loans at a cheaper rate of interest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of 27 commercial banks have dropped to a minimum of 5.61 percent and a maximum of 8.45 percent as of mid-January. The lowest base rate is of the state-owned Rastriya Banijya Bank while Civil Bank has the highest base rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks were in double digits until a year ago. Due to this, the rate of interest on loan was high during last year. But the base rates of all the banks have dropped to single digit this year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The base rates of commercial banks have dropped between 0.00 percentage points to 2.53 percentage points in the second quarter of the current fiscal year compared to the corresponding period of last FY. The average base rate of commercial banks is 7.19 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the decline in base rate, the floating interest will also decline but it will not have any impact on fixed interest rate, says Bhuvan Kumar Dahal, chairman of Nepal Bankers’ Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The base rates of all banks have declined. Now the customers can avail loan at cheaper floating interest rate,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12765', 'image' => '20210203045517_20200824042834_INTEREST-RATE.jpg', 'article_date' => '2021-02-03 16:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13018', 'article_category_id' => '1', 'title' => 'Footwear Business Expo Kicks Off ', 'sub_title' => '', 'summary' => 'February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria">February 3: The Footwear Business Expo, organized by the Footwear Manufacturers’ Association of Nepal, has kicked off at the Exhibition Hall in Bhrikutimandap, Kathmandu from Wednesday, February 3. The 20-day long event is being organised with the slogan ‘Our Campaign- Promotion of domestic products’. The expo will end on 22<sup>nd</sup> March.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Krishna Kumar Phuyal, chairman of the Footwear Manufacturers’ Association of Nepal (FMAN) and coordinator of the expo said, “This expo has been organized to uplift the economy that has been badly affected by COVID-19”. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Phuyal added that the customers are becoming increasingly aware about the value of locally-made products. “They are more affectionate about it so this is our attempt to present locally made footwear from various brands among the customers,” he further added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">The expo is offering shoes of about 3000 models with prices ranging from Rs 300 to Rs 10,000. The organizers of the expo are expecting 500,000 visitors during the expo. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria">Homnath Poudel, former president of FMAN, claimed that all the Nepalese brands have participated in the event and asked visitors to visit the event and promote Nepali products. He also informed that FMAN will be organizing footwear expo in each province from this year. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12764', 'image' => '20210203043705_20181225010006_Clipboard01.jpg', 'article_date' => '2021-02-03 16:36:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13015', 'article_category_id' => '1', 'title' => '42 Companies Shortlisted for Upgrading Nagdhunga-Malekhu-Muglin Road Section', 'sub_title' => '', 'summary' => 'February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">February 3: The Department of Roads (DoR) has shortlisted 42 companies for upgrading the Nagdhunga-Malekhu-Muglin section of Prithvi Highway. Majority of those companies that made it to the pre-qualification round of selection process are Chinese companies. According to the DoR, a total of 30 Chinese companies were shortlisted in response to a global tender issued by the department while the remaining 12 companies are from Nepal and India. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The government has allocated Rs 16 billion for upgrading the 96 km section of the highway but only Rs 9 billion has been released for the current upgradation work. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The department is preparing to complete the project in three packages and these 42 companies have been shortlisted to upgrade the Nagdhunga-Naubise and Naubise-Malekhu sections of the highway under the first and second packages respectively. A total of 56 kilometers of road fall under these two packages. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Deputy Director General of the Development Support Implementation Division of the Department of Roads, Arjun Jung Thapa informed that all the companies that fulfilled the criteria mentioned in the tender have been selected in the pre-qualification round. Thapa added that there will be competition among the shortlisted companies to select the best among them. The department will now seek financial proposals from the shortlisted companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">A tender for upgrading the Malekhu-Muglin section under the third package worth Rs 7 billion will be announced soon, added Thapa. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The process of upgrading the road section has started after the World Bank released funds for the project some eight months ago. The same road was earlier upgraded with the financial assistance of the World Bank about 29 years ago.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12763', 'image' => '20210203120420_20200611120202_WB Road Project.jpg', 'article_date' => '2021-02-03 12:03:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13017', 'article_category_id' => '1', 'title' => 'Samrat Cement to Produce 7 MW Electricity within 3 Months', 'sub_title' => '', 'summary' => 'February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">February 3: Samrat Cement Industry is preparing to produce 7 megawatts of electricity a day in addition to 2,000 metric tons of clinker per day. The company, which was formally launched on November 30, 2020, will be utilizing the byproducts like hot air and garbage to produce electricity.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company has been producing both cement and clinker. According to the company, it will be able to to produce 7 megawatts of electricity while producing 4,500 metric tons of clinker from all its plants. Chairman of the industry Mukunda Timilsina informed that preparations are underway to produce 7 megawatts of electricity within three months. </span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Once the industry starts producing electricity on its own, it plans to reduce the purchase of electricity from the Nepal Electricity Authority.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The cement industry currently requires 22 megawatts of electricity on a daily basis for its operation.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Within two months of operation, Samrat Cement Industry has started producing 2,000 metric tons of clinker per day which is half of its total capacity. The industry plans to produce 2,500 metric tons of additional clinker within a month.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Samrat Cement has been using limestone from mines in Dang and Rolpa district.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12762', 'image' => '20210203023030_My Effect.jpg', 'article_date' => '2021-02-03 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13016', 'article_category_id' => '1', 'title' => ' Rain and Snowfall in Forecast ', 'sub_title' => '', 'summary' => 'February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. ', 'content' => '<p><em>This file photo taken from the archives of New Business Age shows heavy snowfall in Dolakha.</em></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">February 3: The weather will be cloudy throughout the country from Thursday to Saturday (February 4 to 6) with chances of precipitation in many places, the state-owned national news agency RSS reported citing the Department of Hydrology and Meteorology. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Light rainfall will take place in most of the areas of the country while snowfall will likely occur in the high hills and mountainous areas as the westerly wind will become active from Thursday, RSS quoted meteorologist Shanti Kandel as saying. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Kandel, the temperature will start rising after this weather system exits and it will be hotter. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather was partly cloudy in the hill areas while it was fair in the rest of the country on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The weather update shared by the Meteorological Forecasting Division shows the minimum temperature of Kathmandu at 2.7 degrees Celsius and the maximum temperature at 18.8 degrees Celsius on Tuesday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the lowest minimum temperature was recorded in Jumla. The lowest minimum temperature in Jumla was minus 4.5 degrees Celsius while Birendranagar recorded the highest minimum temperature of 8.2 degrees Celsius on Tuesday. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-02-03', 'modified' => '2021-02-03', 'keywords' => '', 'description' => '', 'sortorder' => '12761', 'image' => '20210203122659_20181230033201_2222.jpg', 'article_date' => '2021-02-03 12:25:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13013', 'article_category_id' => '1', 'title' => 'Over a Dozen Commercial Banks Report Increase in NPL', 'sub_title' => '', 'summary' => 'February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">February 2: The non-performing loans (NPL) of more than a dozen commercial banks have increased in the second quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Out of the 27 commercial banks, 14 have stated that the nonperforming loans in the second quarter of the current fiscal year have increased compared to the corresponding period of last fiscal year. Other 12 commercial banks have reported that their NPL is under control while Century Commercial Bank has reported NPL equal to that of the previous year. In the first quarter of the current fiscal year, 18 commercial banks had reported increase in NPL.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The state-owned Rastriya Banijya Bank has the highest amount of NPL among all commercial banks this year. The bank’s NPL was 4.23 percent in the second quarter of the current FY, which is still better than 4.77 percent during the corresponding period of last fiscal year. Rastriya Banijya Bank has stated that it is facing problem in collecting installments of loan due to the impact of Covid-19. Other two state-owned banks – Agriculture Development Bank and Nepal Bank Limited – stand second and third among the commercial banks with high non-performing loans. The non-performing loan of Agriculture Development Bank was 3.14 percent during the review period while that of Nepal Bank Limited was 2.88 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">Citizen’s Bank has reported a rise in NPL this year compared to last year. The bank’s NPL during the review period was 2.42 percent against 0.99 percent last year. Similarly, Standard Chartered Bank also reported an increase in NPL from 0.17 percent last year to 1.54 percent this year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The NPL of other commercial banks during the review period are as follows: NMB Bank (2.38 percent), Nepal Bangladesh Bank (2.37 percent), Himalayan Bank (2.13 percent), Siddhartha Bank (1.91 percent), Global IME Bank (1.72 percent), Mega Bank (1.71 percent), and Kumari Bank (1.06 percent).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Arial Unicode MS"">The financial reports issued by Machhapuchchhre Bank, Sanima Bank, Nepal SBI Bank and Everest Bank also reported increase in NPL below 1 percentage point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-02-02', 'modified' => '2021-02-02', 'keywords' => '', 'description' => '', 'sortorder' => '12760', 'image' => '20210202041717_PIMCO_Blog_NPL_Nov17_55361_670x440.jpg', 'article_date' => '2021-02-02 16:16:39', '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
