November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery…
November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery…
November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19…
November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus…
November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade.…
November 17: The general public has been found to be confused about what a book building system is in the stock market.…
November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on…
November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to…
November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali…
November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market.…
November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to…
November 12: The Investment Board Nepal (IBN) has approved various projects worth Rs 242 billion in the last four…
November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector.…
November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel…
The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March.…
November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government.…
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), (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' => '12681', 'article_category_id' => '1', 'title' => 'Govt and World Bank sign financing agreements of $350 million ', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</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:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</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"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </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:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </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:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</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:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </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:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', '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"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</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"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </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"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</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"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</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"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</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"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</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"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</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"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</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"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</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"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</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"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</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"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</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 high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', '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"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</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"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</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"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</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"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</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"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</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 government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</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 government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</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 Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</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"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</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"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</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 cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</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"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</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"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</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 government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', '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"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</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 Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</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"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</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"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last 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"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</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"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of 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"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</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"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</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 Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</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 department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</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 testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</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 department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</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 department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</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 one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</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">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </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">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</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">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</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">“It's sort of a complementary element.” </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">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</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">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</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">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></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">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</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">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</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">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</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">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</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">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', '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"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</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"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</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"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</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 temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</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 early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</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"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</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"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12673', 'article_category_id' => '1', 'title' => 'Industries of Bara-Parsa Corridor Reviving ', 'sub_title' => '', 'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,” Kedia told New Business Age. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12419', 'image' => '20201112065516_1605136001.Clipboard09.jpg', 'article_date' => '2020-11-12 18:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12671', 'article_category_id' => '1', 'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 12: The Investment Board Nepal (IBN) has approved various projects worth Rs 242 billion in the last four months.', '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"">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved various projects worth Rs 242 billion in the last four months.</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 board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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"">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 billion).</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"">These projects will be undertaken on Public Private Partnership (PPP) model.</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"">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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 total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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 board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. </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"">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12418', 'image' => '20201112122602_1605135944.Clipboard07.jpg', 'article_date' => '2020-11-12 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12670', 'article_category_id' => '1', 'title' => 'Finance Minister Pledges to Support Private Sector', 'sub_title' => '', 'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country's economy.</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:Arial">During a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector’s involvement. </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:Arial">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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:Arial">He also said that the government and the private sector must collaborate with each other to face the current crisis.</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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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:Arial">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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:Arial">The government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12417', 'image' => '20201112120207_1605094776.finance_minister_chambers.jpg', 'article_date' => '2020-11-12 12:01:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12665', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Among World’s Top 10 Destinations', 'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List', 'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.</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:Arial">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal’s Annapurna massif, which has long been considered one of the world’s great treks. </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:Arial">“The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,” says the website, adding, “It’s everything a good trek should be – challenging, majestic and inspirational. And at the end of the day some of Nepal’s best lodges offer hot meals, apple pie and pots of milky tea.”</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:Arial"> However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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:Arial"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal – RSS – the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world’s tenth highest peak, says RSS.</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">Lonely Planet has placed the ‘Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni – the world’s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12416', 'image' => '20201111120221_1605007369.annapurna circuit.jpg', 'article_date' => '2020-11-11 12:00:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12669', 'article_category_id' => '1', 'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March', 'sub_title' => '', 'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ', '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"">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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 department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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 Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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"">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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 estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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"">“We are preparing the bidding document for issuing the tender,” said Sapkota, adding, “This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won’t be any problems with the process.”</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 government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12415', 'image' => '20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2020-11-11 16:34:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12668', 'article_category_id' => '1', 'title' => 'Shailung Group of Companies Fails to Import Fertilisers Again ', 'sub_title' => '', 'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Action will be taken as per the recommendation of specialists and legal experts,” he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12414', 'image' => '20201111041735_1605048894.3.jpg', 'article_date' => '2020-11-11 16:17:00', '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
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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' => '12681', 'article_category_id' => '1', 'title' => 'Govt and World Bank sign financing agreements of $350 million ', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</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:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</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"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </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:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </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:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</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:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </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:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', '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"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</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"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </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"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</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"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</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"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</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"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</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"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</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"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</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"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</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"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</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"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</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"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</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 high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', '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"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</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"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</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"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</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"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</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"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</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 government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</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 government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</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 Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</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"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</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"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</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 cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</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"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</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"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</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 government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', '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"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</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 Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</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"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</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"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last 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"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</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"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of 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"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</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"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</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 Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</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 department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</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 testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</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 department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</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 department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</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 one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</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">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </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">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</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">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</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">“It's sort of a complementary element.” </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">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</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">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</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">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></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">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</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">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</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">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</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">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</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">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', '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"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</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"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</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"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</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 temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</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 early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</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"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</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"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12673', 'article_category_id' => '1', 'title' => 'Industries of Bara-Parsa Corridor Reviving ', 'sub_title' => '', 'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,” Kedia told New Business Age. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12419', 'image' => '20201112065516_1605136001.Clipboard09.jpg', 'article_date' => '2020-11-12 18:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12671', 'article_category_id' => '1', 'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 12: The Investment Board Nepal (IBN) has approved various projects worth Rs 242 billion in the last four months.', '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"">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved various projects worth Rs 242 billion in the last four months.</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 board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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"">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 billion).</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"">These projects will be undertaken on Public Private Partnership (PPP) model.</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"">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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 total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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 board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. </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"">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12418', 'image' => '20201112122602_1605135944.Clipboard07.jpg', 'article_date' => '2020-11-12 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12670', 'article_category_id' => '1', 'title' => 'Finance Minister Pledges to Support Private Sector', 'sub_title' => '', 'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country's economy.</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:Arial">During a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector’s involvement. </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:Arial">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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:Arial">He also said that the government and the private sector must collaborate with each other to face the current crisis.</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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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:Arial">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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:Arial">The government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12417', 'image' => '20201112120207_1605094776.finance_minister_chambers.jpg', 'article_date' => '2020-11-12 12:01:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12665', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Among World’s Top 10 Destinations', 'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List', 'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.</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:Arial">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal’s Annapurna massif, which has long been considered one of the world’s great treks. </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:Arial">“The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,” says the website, adding, “It’s everything a good trek should be – challenging, majestic and inspirational. And at the end of the day some of Nepal’s best lodges offer hot meals, apple pie and pots of milky tea.”</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:Arial"> However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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:Arial"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal – RSS – the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world’s tenth highest peak, says RSS.</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">Lonely Planet has placed the ‘Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni – the world’s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12416', 'image' => '20201111120221_1605007369.annapurna circuit.jpg', 'article_date' => '2020-11-11 12:00:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12669', 'article_category_id' => '1', 'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March', 'sub_title' => '', 'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ', '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"">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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 department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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 Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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"">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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 estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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"">“We are preparing the bidding document for issuing the tender,” said Sapkota, adding, “This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won’t be any problems with the process.”</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 government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12415', 'image' => '20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2020-11-11 16:34:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12668', 'article_category_id' => '1', 'title' => 'Shailung Group of Companies Fails to Import Fertilisers Again ', 'sub_title' => '', 'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Action will be taken as per the recommendation of specialists and legal experts,” he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12414', 'image' => '20201111041735_1605048894.3.jpg', 'article_date' => '2020-11-11 16:17:00', '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
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) ), (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' => '12681', 'article_category_id' => '1', 'title' => 'Govt and World Bank sign financing agreements of $350 million ', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</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:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</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"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </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:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </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:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</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:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </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:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', '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"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</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"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </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"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</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"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</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"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</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"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</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"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</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"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</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"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</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"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</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"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</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"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</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 high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', '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"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</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"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</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"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</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"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</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"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</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 government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</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 government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</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 Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</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"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</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"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</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 cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</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"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</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"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</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 government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', '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"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</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 Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</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"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</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"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last 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"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</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"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of 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"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</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"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</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 Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</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 department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</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 testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</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 department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</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 department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</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 one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</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">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </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">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</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">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</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">“It's sort of a complementary element.” </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">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</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">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</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">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></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">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</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">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</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">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</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">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</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">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', '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"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</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"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</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"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</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 temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</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 early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</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"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</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"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12673', 'article_category_id' => '1', 'title' => 'Industries of Bara-Parsa Corridor Reviving ', 'sub_title' => '', 'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,” Kedia told New Business Age. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12419', 'image' => '20201112065516_1605136001.Clipboard09.jpg', 'article_date' => '2020-11-12 18:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12671', 'article_category_id' => '1', 'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 12: The Investment Board Nepal (IBN) has approved various projects worth Rs 242 billion in the last four months.', '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"">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved various projects worth Rs 242 billion in the last four months.</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 board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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"">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 billion).</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"">These projects will be undertaken on Public Private Partnership (PPP) model.</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"">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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 total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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 board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. </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"">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12418', 'image' => '20201112122602_1605135944.Clipboard07.jpg', 'article_date' => '2020-11-12 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12670', 'article_category_id' => '1', 'title' => 'Finance Minister Pledges to Support Private Sector', 'sub_title' => '', 'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country's economy.</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:Arial">During a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector’s involvement. </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:Arial">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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:Arial">He also said that the government and the private sector must collaborate with each other to face the current crisis.</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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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:Arial">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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:Arial">The government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12417', 'image' => '20201112120207_1605094776.finance_minister_chambers.jpg', 'article_date' => '2020-11-12 12:01:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12665', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Among World’s Top 10 Destinations', 'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List', 'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.</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:Arial">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal’s Annapurna massif, which has long been considered one of the world’s great treks. </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:Arial">“The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,” says the website, adding, “It’s everything a good trek should be – challenging, majestic and inspirational. And at the end of the day some of Nepal’s best lodges offer hot meals, apple pie and pots of milky tea.”</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:Arial"> However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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:Arial"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal – RSS – the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world’s tenth highest peak, says RSS.</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">Lonely Planet has placed the ‘Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni – the world’s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12416', 'image' => '20201111120221_1605007369.annapurna circuit.jpg', 'article_date' => '2020-11-11 12:00:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12669', 'article_category_id' => '1', 'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March', 'sub_title' => '', 'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ', '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"">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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 department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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 Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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"">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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 estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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"">“We are preparing the bidding document for issuing the tender,” said Sapkota, adding, “This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won’t be any problems with the process.”</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 government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12415', 'image' => '20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2020-11-11 16:34:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12668', 'article_category_id' => '1', 'title' => 'Shailung Group of Companies Fails to Import Fertilisers Again ', 'sub_title' => '', 'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Action will be taken as per the recommendation of specialists and legal experts,” he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12414', 'image' => '20201111041735_1605048894.3.jpg', 'article_date' => '2020-11-11 16:17:00', '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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and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</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:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</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"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </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:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </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:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</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:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </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:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', '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"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</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"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </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"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</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"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</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"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</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"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</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"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</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"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</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"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</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"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</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"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</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"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</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 high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', '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"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</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"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</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"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</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"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</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"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</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 government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</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 government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</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 Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</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"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</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"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</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 cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</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"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</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"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</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 government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', '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"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</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 Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</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"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</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"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last 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"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</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"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of 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"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</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"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</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 Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</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 department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</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 testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</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 department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</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 department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</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 one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</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">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </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">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</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">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</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">“It's sort of a complementary element.” </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">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</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">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</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">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></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">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</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">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</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">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</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">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</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">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', '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"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</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"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</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"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</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 temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</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 early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</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"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</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"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12673', 'article_category_id' => '1', 'title' => 'Industries of Bara-Parsa Corridor Reviving ', 'sub_title' => '', 'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,” Kedia told New Business Age. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12419', 'image' => '20201112065516_1605136001.Clipboard09.jpg', 'article_date' => '2020-11-12 18:54:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12671', 'article_category_id' => '1', 'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 12: The Investment Board Nepal (IBN) has approved various projects worth Rs 242 billion in the last four months.', '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"">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved various projects worth Rs 242 billion in the last four months.</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 board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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"">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 billion).</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"">These projects will be undertaken on Public Private Partnership (PPP) model.</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"">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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 total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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 board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. </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"">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12418', 'image' => '20201112122602_1605135944.Clipboard07.jpg', 'article_date' => '2020-11-12 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12670', 'article_category_id' => '1', 'title' => 'Finance Minister Pledges to Support Private Sector', 'sub_title' => '', 'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country's economy.</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:Arial">During a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector’s involvement. </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:Arial">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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:Arial">He also said that the government and the private sector must collaborate with each other to face the current crisis.</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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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:Arial">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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:Arial">The government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12417', 'image' => '20201112120207_1605094776.finance_minister_chambers.jpg', 'article_date' => '2020-11-12 12:01:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12665', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Among World’s Top 10 Destinations', 'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List', 'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.</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:Arial">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal’s Annapurna massif, which has long been considered one of the world’s great treks. </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:Arial">“The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,” says the website, adding, “It’s everything a good trek should be – challenging, majestic and inspirational. And at the end of the day some of Nepal’s best lodges offer hot meals, apple pie and pots of milky tea.”</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:Arial"> However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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:Arial"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal – RSS – the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world’s tenth highest peak, says RSS.</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">Lonely Planet has placed the ‘Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni – the world’s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p> <p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12416', 'image' => '20201111120221_1605007369.annapurna circuit.jpg', 'article_date' => '2020-11-11 12:00:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12669', 'article_category_id' => '1', 'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March', 'sub_title' => '', 'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ', '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"">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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 department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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 Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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"">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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 estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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"">“We are preparing the bidding document for issuing the tender,” said Sapkota, adding, “This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won’t be any problems with the process.”</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 government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12415', 'image' => '20201111043429_1605049013.Clipboard05.jpg', 'article_date' => '2020-11-11 16:34:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12668', 'article_category_id' => '1', 'title' => 'Shailung Group of Companies Fails to Import Fertilisers Again ', 'sub_title' => '', 'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Action will be taken as per the recommendation of specialists and legal experts,” he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-11', 'modified' => '2020-11-11', 'keywords' => '', 'description' => '', 'sortorder' => '12414', 'image' => '20201111041735_1605048894.3.jpg', 'article_date' => '2020-11-11 16:17:00', '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
