Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border

Oct 16, 2020 0 1 minutes 52 seconds to read

October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung…

Export of Tea up by 174 Percent

Oct 16, 2020 0 3 minutes 20 seconds to read

October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year.…

Ring Road Development Project to Complete Site Clearance within mid-January

Oct 16, 2020 0 1 minutes 44 seconds to read

October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road…

Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities

Oct 16, 2020 0 3 minutes 32 seconds to read

October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post.…

Demand for Personal Loans Increases with Dashain Approaching

Oct 15, 2020 0 4 minutes 12 seconds to read

October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.…

Cartel of Shipping Companies Troubling Nepal’s Overseas Trade

Oct 15, 2020 0 1 minutes 52 seconds to read

October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third…

Locals Agree to Remove Obstruction to Solu Corridor Transmission Line

Oct 15, 2020 0 2 minutes 7 seconds to read

October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as…

Government Instructs Cable Service Providers to Implement Clean Feed within October 23

Oct 15, 2020 0 1 minutes 32 seconds to read

October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in…

Prime Minister Oli Reshuffles Cabinet

Oct 15, 2020 0 2 minutes 16 seconds to read

October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of…

NRB Opens Door for Concessional Loan to Grade 12 Graduates

Oct 14, 2020 0 1 minutes 32 seconds to read

October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade…

2,000 Quintals of Expired Butter found at DDC’s Warehouse

Oct 14, 2020 0 2 minutes 27 seconds to read

October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju.…

Government Forms Technical Committee for Drafting Suggestions for Energy Sector

Oct 14, 2020 0 1 minutes 34 seconds to read

October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy…

FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics

Oct 14, 2020 0 1 minutes 26 seconds to read

October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market.…

World Economy to Shrink by 4.4 Percent in 2020: IMF

Oct 14, 2020 0 2 minutes 56 seconds to read

October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook…

Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products

Oct 14, 2020 0 1 minutes 4 seconds to read

October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
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NEPSE

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			'article_category_id' => '1',
			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12605',
			'article_category_id' => '1',
			'title' => 'Export of Tea up by 174 Percent',
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			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12603',
			'article_category_id' => '1',
			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12604',
			'article_category_id' => '1',
			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
			'sub_title' => '',
			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12601',
			'article_category_id' => '1',
			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
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			'image' => '20201015045140_1602717678.3 2.jpg',
			'article_date' => '2020-10-15 16:50:54',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'image' => '20201015012621_1602661483.cleanfeed.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12598',
			'article_category_id' => '1',
			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12596',
			'article_category_id' => '1',
			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; 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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12595',
			'article_category_id' => '1',
			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
			'sub_title' => '',
			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12593',
			'article_category_id' => '1',
			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12592',
			'article_category_id' => '1',
			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12594',
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			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12606',
			'article_category_id' => '1',
			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12605',
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			'title' => 'Export of Tea up by 174 Percent',
			'sub_title' => '',
			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12603',
			'article_category_id' => '1',
			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
			'sub_title' => '',
			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12598',
			'article_category_id' => '1',
			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12596',
			'article_category_id' => '1',
			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; 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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12595',
			'article_category_id' => '1',
			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
			'sub_title' => '',
			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12593',
			'article_category_id' => '1',
			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12592',
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			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12594',
			'article_category_id' => '1',
			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12606',
			'article_category_id' => '1',
			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12605',
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			'title' => 'Export of Tea up by 174 Percent',
			'sub_title' => '',
			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
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			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'created' => '2020-10-16',
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			'description' => '',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12601',
			'article_category_id' => '1',
			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'image' => '20201015012621_1602661483.cleanfeed.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12598',
			'article_category_id' => '1',
			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12596',
			'article_category_id' => '1',
			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; 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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12595',
			'article_category_id' => '1',
			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
			'sub_title' => '',
			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12593',
			'article_category_id' => '1',
			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12592',
			'article_category_id' => '1',
			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12594',
			'article_category_id' => '1',
			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12606',
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			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Export of Tea up by 174 Percent',
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			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12603',
			'article_category_id' => '1',
			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12604',
			'article_category_id' => '1',
			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
			'sub_title' => '',
			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12601',
			'article_category_id' => '1',
			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12598',
			'article_category_id' => '1',
			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12596',
			'article_category_id' => '1',
			'title' => '2,000 Quintals of Expired Butter found at DDC’s Warehouse ',
			'sub_title' => '',
			'summary' => 'October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 14: A joint monitoring team comprising of Consumer Protection Committee and human rights activists under the initiative of Kathmandu Metropolitan City has found around 2,000 quintals of expired butter in the warehouse of Dairy Development Corporation (DDC) at Balaju. </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:&quot;Times New Roman&quot;">According to the committee, the monitoring team found 194,975 kg of expired and unlabeled butter used for making ghee during the market monitoring conducted on Tuesday. Its market price is around Rs 160 million. </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:&quot;Times New Roman&quot;">Upon reaching the Balaju-based DDC plant, the monitoring team found a pile of garbage, foul smell and chemicals leaking from the machineries. </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:&quot;Times New Roman&quot;">Hari Bahadur Bhandari, chief of the market monitoring team, said that the four warehouses were monitored on the basis of a complaint that food items including ghee and butter sold from the warehouse of DDC in Balaju had expired. </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:&quot;Times New Roman&quot;">According to him, the amount of butter was brought by the DDC from Sujal Dairy in Pokhara in four lots. The butter was brought twice in November and December 2019. The other two lots were brought in January and February 2020. It has been more than eight months since the butter was produced. He informed that the DDC has been sending it for sale in the market even after the expiration date. </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:&quot;Times New Roman&quot;">&ldquo;We have collected the samples and sent for examination for confirmation as DDC has been claiming that the products have not expired,&rdquo; 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:&quot;Times New Roman&quot;">DDC, on the other hand, has been claiming that the products have not expired. General Manager of DDC Rudra Prasad Poudel has claimed that the butter can be used for one and a half years if it is kept at a temperature of -18 to -20 degrees Celcius. According to him, the milk bought by DDC from the farmers was sent to Sujal Dairy in Pokhara to be powdered and the butter was extracted from the milk. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12595',
			'article_category_id' => '1',
			'title' => 'Government Forms Technical Committee for Drafting Suggestions for Energy Sector',
			'sub_title' => '',
			'summary' => 'October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.',
			'content' => '<p><em><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:11.0pt"><span style="font-family:Calibri">Energy Minister Barsha Man Pun during a field visit in this file photo.</span></span></span></span></em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 14: A task force formed under the coordination of Minister for Energy, Water Resources and Irrigation Barshaman Pun to study the energy sector in detail and submit suggestions has formed a technical committee with the responsibility of drafting suggestions for the development of the energy sector.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The committee formed under the coordination of Joint Secretary of the Ministry of Energy Praveen Raj Aryal also has representatives from the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Ministry of Forest and Environment, National Planning Commission, Director-General of the Power Development Department and representatives of the Nepal Electricity Authority.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">The task force has directed the committee to submit the proposed draft of the policy by mid-November, including suggestions from independent energy producers and the private sector. Aryal, the coordinator of the committee, informed New Business Age that the study will be done by making necessary preparations.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">A meeting of the task force on Tuesday also appointed Energy Secretary Dinesh Ghimire as the member secretary of the task force. Spokesperson Aryal also informed that members of the National Planning Commission, Ministry of Finance, Ministry of Industry, Commerce and Supply and Secretary of the Ministry of Forest and Environment have been appointed as members of the task force.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12593',
			'article_category_id' => '1',
			'title' => 'FNCCI Urges Business Enterprises and Industries to Follow Proper Ethics',
			'sub_title' => '',
			'summary' => 'October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">October 14: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged all of its members to follow proper ethics while conducting their businesses and selling products in the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">FNCCI issued such directive to its members after receiving complaints that the industries in the country have been selling sub-standard products.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The FNCCI also urged the industries through a press statement to stop sending expired products to the market. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The umbrella body of industries and businesses enterprises of the country has also asked the concerned bodies to take appropriate actions against the violators. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation said it has received complaints of low quality products, products with weight below what is prescribed, products with re-written expiry dates among others. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">The federation has also urged everyone to be extremely careful with any products that directly impact the health of a consumer. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">It has also urged the government to conduct its market monitoring programs throughout the year instead of only during the festive season. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12592',
			'article_category_id' => '1',
			'title' => 'World Economy to Shrink by 4.4 Percent in 2020: IMF',
			'sub_title' => '',
			'summary' => 'October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times">October 14: The International Monetary Fund (IMF) has forecast a decline in global economic growth by 4.4 percent in its latest World Economic Outlook report.</span></span></p>

<h1><span style="font-size:18px"><span style="font-family:Times">The IMF acknowledged that the global economy is climbing out from the depths to which it had plummeted during the &ldquo;Great Lockdown&rdquo; in April. </span></span></h1>

<h1><span style="font-size:18px"><span style="font-family:Times">But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations, IMF said in the report published on its website. </span></span></h1>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">&ldquo;Global growth is projected at 4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than-anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report further states that the level of global GDP in 2021 is expected to be a modest 0.6 percent above that of 2019 following the contraction in 2020 and recovery in 2021.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria">While forecasting a global contraction this year after 2.8 percent growth last year, the IMF predicts a rebound to global growth of 5.2 percent next year, 0.2 percentage point lower than in its June forecast, reports the Associated Press.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">IMF further said that the growth projections imply wide negative output gaps and elevated unemployment rates this year and in 2021 across both advanced and emerging market economies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">According to AP, the contraction of global growth by 4.4 percent would be the worst annual plunge since the Great Depression of the 1930s. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;&ldquo;While the global economy is coming back, the ascent will be long, uneven and uncertain,&rdquo; Gita Gopinath, the IMF&rsquo;s chief economist, wrote in the new outlook. &ldquo;Recovery is not assured while the pandemic continues to spread.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Times">The report says the pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality. People who rely on daily wage labor and are outside the formal safety net faced sudden income losses when mobility restrictions were imposed.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">Poor countries have been hurt the most by the pandemic, AP reported citing the IMF outlook. The World Bank has estimated that the pandemic has thrown between 88 million and 114 million people into extreme poverty, which is defined as living on less than $1.90 a day. That would mark the largest increase in extreme poverty on data going back to 1990. And it would end a period of more than two decades in which the rate of extreme poverty had declined.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12594',
			'article_category_id' => '1',
			'title' => 'Central Bank Directs BFIs not to Provide Foreign Exchange Facility for Import of Banned Products',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">October 14: Nepal Rastra Bank (NRB) has directed all stakeholders not to provide foreign exchange facility to individual or organisation for the import of banned products. The products banned by the government include black pepper, beetle nuts, peas and dates as well as luxurious vehicles that cost more than US$ 50,000.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Concluding that the transaction of the products banned by the government is illegal, the central bank issued a circular to all foreign exchange outlets as well as banks and financial institutions (BFIs) not to get involved in it.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The central bank issued such circular by amending the Unified Directive 2076. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Foreign Exchange Management Department of NRB however has said that BFIs and other concerned institutions can provide foreign exchange facility to foreign diplomatic missions in Nepal and other international organisations working in the country for the purchase of luxurious vehicles.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00