October 9: The Insurance Board is making preparations for a one-door-system for settling insurance claims for Covid-19 after facing severe backlash for the delay in making…
October 9: The Insurance Board is making preparations for a one-door-system for settling insurance claims for Covid-19 after facing severe backlash for the delay in making…
October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season.…
October 8: Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj…
October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses.…
October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan.…
October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says the World Bank’s latest South Asia Economic Focus.…
October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local…
October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6.…
October 7: Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint in…
October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises.…
October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular…
October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit.…
October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6).…
October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent.…
October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry…
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The board informed that necessary preparations are being made in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Executive director of the Insurance Board Rajuraman Poudel informed that the one-door system will be implemented from the coming week. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The Insurance Board has been closed after an employee was diagnosed with coronavirus. The office is planning to open from next Sunday (October 11),” said Poudel, adding, “Probably, we will implement it from Sunday or Monday.” After the implementation of this provision, the previous claims and the new claims will be settled through one-door system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The board says that the one-door system is being implemented as there are chances that the insurance claim can be repeated. Similarly, there is a possibility that the claim will be paid even if fake report is submitted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The settlement issue has been lengthy because the insurance company has to seek approval from the insurers’ association after receiving an application for insurance claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> As a result, the settlement of insurance claims was delayed due to lengthy and bothersome process. Now, the board believes that the one-door system will speed up the process of insurance claim.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12323', 'image' => '20201009025121_1602200332.Clipboard06.jpg', 'article_date' => '2020-10-09 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12575', 'article_category_id' => '1', 'title' => 'Brick Industries Looking for Local Workers to Fill the Void', 'sub_title' => '', 'summary' => 'October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian workers used to constitute a large part of the workforce in brick kilns across the country. However, most of the workers have returned home in India due to the coronavirus crisis and there is lack of workers at the moment. In order to run the brick kilns efficiently, the Federation of Nepal Brick Industries is looking for local workers in the absence of skilled Indian workers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that more than 70 percent of the workers in more than 1200 brick kilns of Nepal are Indian nationals. Normally, the peak season for production of bricks is during the winter. Since the production will start in massive scale after two months, the factory owners have started looking for local workers right from now, says Mahendra Bahadur Chitrakar, chairman of the federation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making preparations to recruit Nepali migrant workers who have returned from abroad. We will be coordinating with the private sector to train the workers,” said Chitrakar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Industry, Commerce and Supplies has also announced to collaborate with the private sector to provide employment-oriented training to those who have lost jobs due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chitrakar says they are in talks with the ministry as well as other stakeholders like FNCCI, CNI among others to train the workers.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12322', 'image' => '20201009123504_1602200733.Clipboard07.jpg', 'article_date' => '2020-10-09 12:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12574', 'article_category_id' => '1', 'title' => 'Fixed Interest Rate Not Practical: Bankers’ Association', 'sub_title' => '', 'summary' => 'October 8: Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 8:<strong><span style="font-size:14.0pt"> </span></strong>Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank after adopting a fixed interest rate policy, had directed the BFIs to fix their interest rates on personal loans by mid-October due to the unstable fluctuations on the rates of interest. However, Nepal Bankers' Association had recently suggested Governor Maha Prasad Adhikari that this may not be practical. However, Nepal Rastra Bank has stated that the suggestions could be addressed through the monetary policy of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Since the maturity of home loans are up to 25-30 years, the Bankers’ Association believes that it will not be practical to fix the interest rates for such a long term. Anil Sharma, executive director of the Bankers' Association, suggests that it would be better to fix the interest rates on personal loans for only 5 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Rastra Bank’s directive on fixing the interest rates seems to have made things difficult for the banks. We suggest fixing the interest rates for 5 years at a time instead of fixing it for a very long term,” he told New Business Age, adding, “We are expecting clear arrangements to be made by the central bank in order to make the banks more comfortable.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He firmly believes that fixing the interest rate for a long time may be turn out to be more expensive for the customers.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to a source from the Governor's Office, the suggestions received from the Association cannot be addressed immediately. However, it will be brought into discussion during the first quarterly review of the monetary policy. The source added that the complaints and feedbacks received so far will also be included and discussed on the basis of their importance. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“However, the banks will have to continue implementing the directives given by the central bank so far. The central bank will take care of any problems that arises during the implementation,” the source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatt, the spokesperson of Nepal Rastra Bank, stresses on the need to introduce the fixed interest rates from the month of Kartik (after mid-October). He says that decisions haven’t yet been made on the suggestions received from the association. The central bank came up with the fixed interest rates policy to protect the customers from repetitive increase in the interest rates. However, the implementation of this policy is likely to be weak since the bankers are dissatisfied with the system.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had issued the Unified Directive, 2077 on September 8, directing the BFIs to maintain a fixed interest rate on personal term loans that have a repayment period of more than one year. Since the bankers had demanded more time to study the issue before fixing their interest rates, the central bank gave them an extension to implement the fixed interest rate policy till the end of Ashoj (mid-October). The Bankers' Association however, wants a clear arrangement on the policy despite the extension given by Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Apart from the fixed interest rate, the association has also drawn the attention towards the central bank's directive on not charging interbank fee in ATMS, priority sector lending limit, liquidity and loan advance payment through their letter.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the association's executive director Sharma, they have also suggested loosening the lending limits on priority sectors such as agriculture, energy, deprived group, and tourism because the banks are not in a position to reach the prescribed limits. The central bank has made it mandatory for banks to disburse 25 percent of their total credit to the priority sector by lending 10 percent to the agriculture sector, 15 percent to the energy and tourism sector and 5 percent to the deprived sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">"Banks have not been able to meet the limits set in some priority sectors. The effects of COVID-19 has made things more difficult. This is why we have requested to not make the priority sector lending mandatory," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, suggestions have also been made to review the loan advance payment fees as this has led to an unhealthy competition between BFIs in the market.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12321', 'image' => '20201008054458_1602114379.Clipboard05.jpg', 'article_date' => '2020-10-08 17:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12573', 'article_category_id' => '1', 'title' => 'Government Finalizes Specifications for Electric Buses ', 'sub_title' => '', 'summary' => 'October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. Although the budget for the current fiscal year has not allocated any amount under this particular head, the ministry has decided to issue a tender for purchasing the buses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to purchase electric buses for operation in Kathmandu Valley on December 18, 2018. Prior to this, Prime Minister KP Sharma Oli had inaugurated five electric buses that were purchased by the Ministry of Tourism with the financial assistance of Asian Development Bank. The BYD buses that were inaugurated by KP Oli were later stalled due to a dispute. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had claimed to operate electric buses in Kathmandu Valley from April 14, 2019 and had allocated budget for this purpose the same year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A cabinet decision in June announced that the government-owned Sajha Yatayat would be given Rs 3 billion. However, after three months, a letter was written to Sajha to stop the procurement process, alleging that the bus could not be purchased on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to hand over the responsibility of purchasing the bus to the ministry by withdrawing the amount given to Sajha in mid-January. However, even after eight months after the decision was made, the ministry has not been able to purchase the bus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> The ministry had formed a committee to finalize the specifications under the leadership of Joint Secretary Pramila Bajracharya. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Shankar Singh Dhami, a member of the committee and chief of the transport management section of the ministry, said that the tender process has already started as the work of finalizing the specifications has been completed. The ministry had decided to open the tender before Dashain. However, the ministry said that the process was postponed after a staff of the ministry tested positive for coronavirus. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12320', 'image' => '20201008040011_1602111677.Clipboard03.jpg', 'article_date' => '2020-10-08 15:59:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12572', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive after at least 2 Months ', 'sub_title' => '', 'summary' => 'October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. </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">The obligation to complete the procurement process under the Public Procurement Act has been seen as the delaying factor for the arrival of the chemical fertilizer.</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">The government-owned Agricultural Inputs Company Limited had announced a tender for the procurement process on September 20 for bringing in urea from Bangladesh. Although five companies had participated in the bidding process, Gentrade FZF, a UAE-based company was awarded the contract for making the lowest bid.</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">Gentrade has the deadline of next Friday for signing the agreement. The agreement is likely to be signed on Sunday, October 11, the Agricultural Inputs Company Limited 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">According to Bishnu Pokhrel, head of the company's procurement division, the Bangladesh government has given permission to bring the fretilizer to Nepal from Chittagong port in Bangladesh. He informed that the contractor company will start transporting the fertilizer to Nepal after the Bangladesh government transports them to Chittagong port and all the fertilizer will reach Nepal within 70 days.</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 first batch of urea will arrive in Nepal within 20 days after the Bangladesh government releases the fertilizer. So far, however, the Bangladesh government has not transported fertilizer to the port. The government of Nepal had sought the fertilizers from Bangladesh on loan after there was an acute shortage of urea in the country during paddy plantation. The government has made a commitment to return the same amount of urea to Bangladesh next year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12319', 'image' => '20201008021535_1602114711.Clipboard16.jpg', 'article_date' => '2020-10-08 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12571', 'article_category_id' => '1', 'title' => 'World Bank Estimates Nepal's GDP to Grow by 0.2% in 2020', 'sub_title' => '', 'summary' => 'October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says the World Bank’s latest South Asia Economic Focus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the World Bank’s latest South Asia Economic Focus. </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">Released on October 8, the twice-a-year-regional update notes that South Asia is set to plunge this year into its worst-ever recession as the devastating impacts of the pandemic on the region’s economies linger on, taking a disproportionate toll on informal workers and pushing millions of South Asians into extreme poverty. </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 report forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 percent in 2020, after topping 6 percent annually in the past five years. Regional growth is projected to rebound to 4.5 percent in 2021. Factoring in population growth, however, income-per-capita in the region will remain 6 percent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Arial">In previous recessions, falling investment and exports led the downturn. This time is different as private consumption, traditionally the backbone of demand in South Asia and a core indicator of economic welfare, will decline by more than 10 percent, further spiking poverty rates. A decline in remittances is also expected to accelerate loss of livelihoods for the poorest in some countries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/faris-hadad-zervos-worldbank-new-director.jpg" style="height:240px; width:320px" /></span></span></span></span></p> <p><span style="font-size:12px"><em><span style="font-family:Cambria"><span style="font-family:Arial">Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka.</span> </span></em></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 economic consequences of the pandemic and impact on livelihoods across Nepal is expected to be the most acute for informal workers or those without social security or assistance, who are more at risk of falling into extreme poverty,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “Swift action is needed to provide incomes, social protection, and employment to support them. This includes key investment climate reforms to promote physical infrastructure and access to finance for the informal sector to shorten the transition to recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">I</span><span style="font-size:14.0pt"><span style="font-family:Arial">nformal businesses make up around 50 percent of enterprises in Nepal and are the main source of income for most of the labor force, the World Bank stated. Within this group, urban informal sector workers and self-employed households in urban areas are more vulnerable than rural households who can fall back on subsistence farming. Most informal firms operate with limited savings, and owners may face the difficult choice of staying home and facing starvation during the lockdown or running their business and risking infection. These scenarios accentuate financial difficulties as well as the spread of COVID-19.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report urges governments to design universal social protection as well as policies that support greater productivity, skills development, and human capital. In that effort, securing international and domestic financing will help governments fund crucial programs to speed up recovery. In the long-term, digital technologies can play an essential role in creating new opportunities for informal workers, making South Asia more competitive and better integrated into markets—if countries improve digital access and support workers to take advantage of online platforms. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“COVID-19 will profoundly transform Nepal and the rest of South Asia for years to come and leave lasting scars in its economies. But there is a silver lining toward resilient recovery: the pandemic could spur innovations that improve South Asia’s future participation in global value chains, as its comparative advantage in tech services and niche tourism will likely be in higher demand as the global economy becomes more digital,” said Hans Timmer, World Bank’s chief economist for the South Asia Region.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12318', 'image' => '20201008123642_20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-10-08 12:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12570', 'article_category_id' => '1', 'title' => 'Government Expands Scope of Investment in Small Projects backed by India', 'sub_title' => '', 'summary' => 'October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian government has been investing in various small development projects (SDPs) in Nepal ranging from waste management to construction of school buildings in villages.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and General Administration is the handles all the matters related to SDPs. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A ministerial-level decision taken by Minister for Federal Affairs and General Administration Hridayesh Tripathi last week decided to change the programmes and expand the scope of SDPs run on investment made by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the amendment, India can now invest on SDPs including construction of community school buildings, child development centres, libraries, hospitals, health posts, blood collection centres, maternity wards among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The scope of SDPs have been increased with the objective of bringing in more investment from India in projects like waste management, drinking water projects, agriculture among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the government had not clearly specified the areas of investment due to which India had been investing in projects at its will, insist officials at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After the government clearly identified areas of investment by India, the Indian government will now have to invest in those specific projects in coordination with the local units. The local levels have been given the authority to select the projects and implementing them as well.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The SDPs were initiated in 2003. Initially, the Indian Embassy in Nepal used to be directly involved in the projects. But after the promulgation of the new constitution of Nepal in 2015, a provision was included for the projects to be run in coordination with the local units.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12317', 'image' => '20201008120230_1602113759.Clipboard11.jpg', 'article_date' => '2020-10-08 12:01:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12569', 'article_category_id' => '218', 'title' => 'Nabil Bank Appoints Upendra Poudyal as its new Chairman', 'sub_title' => '', 'summary' => 'October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank said in a statement that Poudyal has been serving as the director of the bank since 1st December 2017. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Poudyal will take the place of outgoing chairman Shambhu Prasad Poudyal, who completed his four-year term on October 3, 2020.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">The current chairman started his banking career in 1986 when he joined Nepal Grindlays Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book""> He later engaged himself in NMB Finance and led the company as CEO, says the statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">“He played crucial role in upgrading NMB Finance to a commercial bank and served as CEO of the NMB Bank till 2017. Poudyal is an established leader in the banking sector of Nepal with experience of more than 30 years as a successful banker and former president of Nepal Banker’s Association,” the statement added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"> Poudyal also represents the Asia pacific region of the Global Alliance for Banking on Values (GABV), with its headquarters in the Netherlands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">GABV is a network of banking leaders from around the world committed to advancing positive change in the banking sector. According to the statement, the collective goal of GABV is to change the banking system so that it is more transparent, and supports economic, social and environmental sustainability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank further said it is confident that bank will progress to new heights of success under the able leadership of Poudyal as its chairman.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12316', 'image' => '20201008110910_CM Nabil.jpg', 'article_date' => '2020-10-08 11:08:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12568', 'article_category_id' => '236', 'title' => 'Classic Legends Announces its Foray into Nepal', 'sub_title' => 'Appoints Agni MotoInc Pvt Ltd as its official distributor-partner in Nepal', 'summary' => 'October 7: Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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 7:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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">Classic Legends said in a statement it has appointed Agni MotoInc Pvt Ltd as its official distributor-partner in the country. It is the subsidiary of Agni Group and the sole authorized distributor of Mahindra utility vehicles, tractors, three-wheelers, electric cars and Powerol generators in Nepal. The operations will commence in the month of October 2020, added the statement.</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 company said it will initially be launching its Jawa and Jawa forty two models in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Making the announcement, Ashish Singh Joshi, CEO of Classic Legends Pvt Ltd said, “When we registered success in India in the form of unprecedented love, interest and demand for the new Jawa models, we knew they would also be loved in Nepal. As we expand our operations to Nepal and offer our Jawa and Jawa forty two models here, we reaffirm our commitment towards offering, along with a piece of history, an unparalleled ownership experience to all classic motorcycle lovers in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Speaking at the event Cabinet Shrestha, managing director, Agni Group, said, “It gives us great pride to bring Classic Legends’ Jawa Motorcycles in Nepal. We are quite upbeat to offer these classics to the motorcycle enthusiasts in our country. I am very optimistic that Jawa being an authentic and iconic brand It will definitely cater to the free spirit of motorcycle enthusiasts and I am confident that the New Jawa's legendary classic yet trendy looks and its strong build features will be an instant hit with our customers 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">According to the company, Jawa Motorcycles will be available in dealerships located at Uttardhoka and Teku in Kathmandu, and the network will gradually expand across the country. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The motorcycles will be brought into Nepal through the Completely Built Units (CBU) route. With the planned outlets becoming fully operational in the near future, customers across major cities like Kathmandu, Pokhara, Itahari, Dharan, Narayanghat, Lahan, Nepalgunj and Butwal will be able to book and test ride the iconic models Jawa and Jawa Forty Two motorcycles in their own cities.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12315', 'image' => '20201007060213_Jawa Bike IMG-20201005-WA0000.jpg', 'article_date' => '2020-10-07 18:01:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12567', 'article_category_id' => '266', 'title' => 'Hotel Yak & Yeti Reopens Spice Room Restaurant ', 'sub_title' => '', 'summary' => 'October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“We gladly announced that we are ready to safely welcome guests to dine at our Indian Fine Dining Restaurant, Spice Room,” the five-star hotel wrote in a press statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel is operating<strong> </strong>the restaurant between 1700 hours and 2200 hours every day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“The health and safety of our guests and associates will always be our top-most priority. We have fully embraced the notion that our restaurants and hotel operation standards need to change with regards to the current situation,” the statement adds.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Over the past few months, Hotel Yak and Yeti team has invested the requisite time and effort to adopt rigorously procedures and redefine cleanliness standards as the hotel re-opens its doors and step into the new normal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel has been adopting European standard disinfectants approved by the WHO and EPA (Environmental Protection Agency) during its routine cleaning of all hotel areas to ensure public safety.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Likewise, the administration also has been adopting contact tracing and temperature screening process of both guests and associates before entering hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Additionally, wearing a mask at public spaces has been made mandatory for all guests and associates within the hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">“Food & Beverage Safety Guidelines are adopted<strong> </strong>to ensure health and hygiene standard is maintained from procurement of raw materials, to receiving of procured goods, to preparation, to guest service, and sanitization of outlets and kitchen areas. Likewise, spaced table seating and thorough cleaning between seating is maintained in our dining areas,” the statement reads.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12314', 'image' => '20201007055145_My Effect.jpg', 'article_date' => '2020-10-07 17:50:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12566', 'article_category_id' => '1', 'title' => 'Hong Kong Bars NAC for Two Weeks', 'sub_title' => '', 'summary' => 'October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight. The Covid-19 cases were confirmed on Monday. The passengers arriving in Hong Kong from the NAC’s RA 4099 flight on October 3 from Nepal were infected with coronavirus, the NAC 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">Archana Khadka, spokesperson of NAC, informed that the PCR report of the passengers was negative in Nepal while testing for Covid-19. However, the same passengers showed positive result during tests in Hong Kong. </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">Passengers are allowed to enter Hong Kong if the present report taken 72 hours before arrival.</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">"From here, we completed all the procedures and sent them as per the health protocol. Only the passengers with PCR negative report have left the country through this airlines. We have learnt that they their report turned out positive in Hong Kong. Therefore, the corporation's flight to Hong Kong has been postponed for two weeks,” informed Spokesperson Khadka.</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">According to her, the ban imposed by the Civil Aviation Department (CAD) of Hong Kong from October 4 will be lifted only on October 17. A total of 11 Covid-19 cases were reported in Hong Kong on Monday while six of them were passengers of NAC. One of the passengers is said to be a passenger from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12313', 'image' => '20201007043802_1602027461.Clipboard17.jpg', 'article_date' => '2020-10-07 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12565', 'article_category_id' => '1', 'title' => 'Central Bank Caps Limit for Distribution of Cash Dividend by BFIs', 'sub_title' => 'BFI can now distribute Cash Dividend up to 30 Percent of Distributable Profit ', 'summary' => 'October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. ', 'content' => '<p><span style="font-size:18px">October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. </span></p> <p><span style="font-size:18px">The central bank has clearly stated that the BFIs can distribute cash dividend up to 30 percent of their distributable profit earned in fiscal year 2019/20 irrespective of the capacity to distribute the amount. The central bank made such arrangement by introducing a new work procedure. </span></p> <p><span style="font-size:18px">With the approval of the new work procedure, the earlier provision for distributing cash dividend issued five years ago has effectively come to an end. Meanwhile, the new work procedure has a provision than mandates BFIs with net distributable profit less than 5 percent of the paid-up capital not to distribute cash dividend except for paying taxes. </span></p> <p><span style="font-size:18px">As per the new provision, BFIs have to follow nearly half a dozen rules in order to distribute cash dividend and bonus shares. The central bank has also barred BFIs from distributing cash dividend unless they sell their shares in cross holding. However, this rule will not be applicable for microfinance companies.</span></p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12312', 'image' => '20201007023010_1602027918.Clipboard03.jpg', 'article_date' => '2020-10-07 14:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12564', 'article_category_id' => '1', 'title' => 'Tatopani Customs Closed Again after Workers Test Positive for Covid-19 ', 'sub_title' => '', 'summary' => 'October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the chief of Tatopani Customs Office Lal Bahadur Khatri, the Chinese side has been reluctant to send goods via the checkpoint after seven of the 33 workers who went to the border to load and unload the goods tested positive for coronavirus. China did not send the container after three of the infected workers tested positive on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The report of the workers was negative when tested in Nepal. However, the import was halted on Monday after they tested positive in China. While testing all the drivers and workers in 5/5 days, four of them who were found positive are being treated in isolation at the district headquarters Chautara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Twelve containers of goods have been imported from China from Sunday evening till Monday morning. In particular, the containers were loaded with clothes, garments materials and some ready-made items. Earlier, the customs office had expected goods to arrive in more than 15 containers daily. The officials were also expecting collection of average revenue of Rs 10 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:"Times New Roman"">According to Khatri, 29 people, including drivers and laborers, used to reach the Friendship Bridge with 12 containers to collect the goods stored by China across the Bridge. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Around 800 containers of ready-made garments, clothes, various electronic goods, apples, garlic, onions, cosmetics and toys are stuck in the middle of the road. Chief District Officer of Sindhupalchowk, Umesh Kumar Dhakal informed that discussions have been started on how to bring the closed Tatopani checkpoint into operation. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12311', 'image' => '20201007124800_1602028245.Clipboard04.jpg', 'article_date' => '2020-10-07 12:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12563', 'article_category_id' => '1', 'title' => 'Price of Edible Oil Increases by 10 Percent', 'sub_title' => '', 'summary' => 'October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Local businessmen say that the price hike in a result of increase in price of these products in the international market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price of soybean oil, which was being sold for Rs 150 per litre just ten days ago in retail stores, has increased to Rs 165 per litre. Likewise, the retail price of sunflower oil which was Rs 180 per litre has increased to Rs 200. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Immediate past president of the Nepal Retailers’ Association Pabitra Bajracharya informed that the price of edible oil has increased by 10 percent and that of pulses and legumes is up by 17 percent. The prices of biscuits, packed foods, jam and other daily essentials have also gone up, says Bajracharya. He added that the price hike is likely to continue until Dashain.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been forced to increase the price after the wholesale rate increased,” said Bajracharya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Businessmen say that the demand for edible oil is high during the festive season and therefore the price has increased. It is also due to the increase of price in the international market, insists Subodh Kumar Gupra, chairman of Association of Nepal Rice, Oil and Pulses Industries. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""> Meanwhile, consumer rights activists say that the businessmen are cheating the people in the name of price hike in international market. They say it is not fair for the businessmen to keep stock of goods since one month and declare price hike.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Consumer Rights Forum Madhav Timilsina says that the local businessmen have arbitrarily increased the price of essential goods in the pretext of price hike in the international market. He argues that the consumers have been at the receiving end due to the poor monitoring from the government authorities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Besides the local products, businessmen in Nepal also unrefined oil from countries like Australia, Malaysia, Canada and India to meet the internal demand of the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12310', 'image' => '20201007115016_1602027067.Clipboard15.jpg', 'article_date' => '2020-10-07 11:49:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12562', 'article_category_id' => '1', 'title' => 'Brigunj Dry Port Operator to Supply Labor for Loading and Unloading Goods', 'sub_title' => '', 'summary' => 'October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port. Pristine Valley Dry Port Pvt. Ltd. has started loading and unloading cargo arriving at the port from Monday, October 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, the importers had been paying additional amount for the loaders even after paying the terminal service charge to the operator. "From now on, customers will not have to pay extra for labor charge,” informed Aditya Raya, chief executive of Pristine Valley Dry Port. “Likewise, the port itself will manage the workers for loading and unloading the cargo,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The importer pays the port operator Rs 109 per metric ton for the cargo arriving at the dry port. Likewise, they pay Rs 150 for loading and unloading of the cargo additionally. Nepal Intermodal Transport Development Committee (NITDB) stated that such a contract was against the agreement and had asked Pristine for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As per the agreement, the port operator should have charged a terminal service fee of Rs 246. But Pristine had lowered the fare because the importers had to pay additional charge to the workers for loading and unloading of goods. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-06', 'modified' => '2020-10-06', 'keywords' => '', 'description' => '', 'sortorder' => '12309', 'image' => '20201006055217_1601942765.Clipboard10.jpg', 'article_date' => '2020-10-06 17:51:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12576', 'article_category_id' => '1', 'title' => 'Insurance Board to Introduce One-Door System for Covid-19 Insurance Settlement', 'sub_title' => '', 'summary' => 'October 9: The Insurance Board is making preparations for a one-door-system for settling insurance claims for Covid-19 after facing severe backlash for the delay in making payment.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 9: The Insurance Board is making preparations for a one-door-system for settling insurance claims for Covid-19 after facing severe backlash for the delay in making payment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The board is preparing a one-door system to make the settlement easier and faster. The board informed that necessary preparations are being made in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Executive director of the Insurance Board Rajuraman Poudel informed that the one-door system will be implemented from the coming week. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The Insurance Board has been closed after an employee was diagnosed with coronavirus. The office is planning to open from next Sunday (October 11),” said Poudel, adding, “Probably, we will implement it from Sunday or Monday.” After the implementation of this provision, the previous claims and the new claims will be settled through one-door system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The board says that the one-door system is being implemented as there are chances that the insurance claim can be repeated. Similarly, there is a possibility that the claim will be paid even if fake report is submitted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The settlement issue has been lengthy because the insurance company has to seek approval from the insurers’ association after receiving an application for insurance claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> As a result, the settlement of insurance claims was delayed due to lengthy and bothersome process. Now, the board believes that the one-door system will speed up the process of insurance claim.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12323', 'image' => '20201009025121_1602200332.Clipboard06.jpg', 'article_date' => '2020-10-09 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12575', 'article_category_id' => '1', 'title' => 'Brick Industries Looking for Local Workers to Fill the Void', 'sub_title' => '', 'summary' => 'October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian workers used to constitute a large part of the workforce in brick kilns across the country. However, most of the workers have returned home in India due to the coronavirus crisis and there is lack of workers at the moment. In order to run the brick kilns efficiently, the Federation of Nepal Brick Industries is looking for local workers in the absence of skilled Indian workers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that more than 70 percent of the workers in more than 1200 brick kilns of Nepal are Indian nationals. Normally, the peak season for production of bricks is during the winter. Since the production will start in massive scale after two months, the factory owners have started looking for local workers right from now, says Mahendra Bahadur Chitrakar, chairman of the federation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making preparations to recruit Nepali migrant workers who have returned from abroad. We will be coordinating with the private sector to train the workers,” said Chitrakar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Industry, Commerce and Supplies has also announced to collaborate with the private sector to provide employment-oriented training to those who have lost jobs due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chitrakar says they are in talks with the ministry as well as other stakeholders like FNCCI, CNI among others to train the workers.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12322', 'image' => '20201009123504_1602200733.Clipboard07.jpg', 'article_date' => '2020-10-09 12:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12574', 'article_category_id' => '1', 'title' => 'Fixed Interest Rate Not Practical: Bankers’ Association', 'sub_title' => '', 'summary' => 'October 8: Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 8:<strong><span style="font-size:14.0pt"> </span></strong>Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank after adopting a fixed interest rate policy, had directed the BFIs to fix their interest rates on personal loans by mid-October due to the unstable fluctuations on the rates of interest. However, Nepal Bankers' Association had recently suggested Governor Maha Prasad Adhikari that this may not be practical. However, Nepal Rastra Bank has stated that the suggestions could be addressed through the monetary policy of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Since the maturity of home loans are up to 25-30 years, the Bankers’ Association believes that it will not be practical to fix the interest rates for such a long term. Anil Sharma, executive director of the Bankers' Association, suggests that it would be better to fix the interest rates on personal loans for only 5 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Rastra Bank’s directive on fixing the interest rates seems to have made things difficult for the banks. We suggest fixing the interest rates for 5 years at a time instead of fixing it for a very long term,” he told New Business Age, adding, “We are expecting clear arrangements to be made by the central bank in order to make the banks more comfortable.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He firmly believes that fixing the interest rate for a long time may be turn out to be more expensive for the customers.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to a source from the Governor's Office, the suggestions received from the Association cannot be addressed immediately. However, it will be brought into discussion during the first quarterly review of the monetary policy. The source added that the complaints and feedbacks received so far will also be included and discussed on the basis of their importance. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“However, the banks will have to continue implementing the directives given by the central bank so far. The central bank will take care of any problems that arises during the implementation,” the source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatt, the spokesperson of Nepal Rastra Bank, stresses on the need to introduce the fixed interest rates from the month of Kartik (after mid-October). He says that decisions haven’t yet been made on the suggestions received from the association. The central bank came up with the fixed interest rates policy to protect the customers from repetitive increase in the interest rates. However, the implementation of this policy is likely to be weak since the bankers are dissatisfied with the system.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had issued the Unified Directive, 2077 on September 8, directing the BFIs to maintain a fixed interest rate on personal term loans that have a repayment period of more than one year. Since the bankers had demanded more time to study the issue before fixing their interest rates, the central bank gave them an extension to implement the fixed interest rate policy till the end of Ashoj (mid-October). The Bankers' Association however, wants a clear arrangement on the policy despite the extension given by Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Apart from the fixed interest rate, the association has also drawn the attention towards the central bank's directive on not charging interbank fee in ATMS, priority sector lending limit, liquidity and loan advance payment through their letter.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the association's executive director Sharma, they have also suggested loosening the lending limits on priority sectors such as agriculture, energy, deprived group, and tourism because the banks are not in a position to reach the prescribed limits. The central bank has made it mandatory for banks to disburse 25 percent of their total credit to the priority sector by lending 10 percent to the agriculture sector, 15 percent to the energy and tourism sector and 5 percent to the deprived sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">"Banks have not been able to meet the limits set in some priority sectors. The effects of COVID-19 has made things more difficult. This is why we have requested to not make the priority sector lending mandatory," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, suggestions have also been made to review the loan advance payment fees as this has led to an unhealthy competition between BFIs in the market.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12321', 'image' => '20201008054458_1602114379.Clipboard05.jpg', 'article_date' => '2020-10-08 17:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12573', 'article_category_id' => '1', 'title' => 'Government Finalizes Specifications for Electric Buses ', 'sub_title' => '', 'summary' => 'October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. Although the budget for the current fiscal year has not allocated any amount under this particular head, the ministry has decided to issue a tender for purchasing the buses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to purchase electric buses for operation in Kathmandu Valley on December 18, 2018. Prior to this, Prime Minister KP Sharma Oli had inaugurated five electric buses that were purchased by the Ministry of Tourism with the financial assistance of Asian Development Bank. The BYD buses that were inaugurated by KP Oli were later stalled due to a dispute. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had claimed to operate electric buses in Kathmandu Valley from April 14, 2019 and had allocated budget for this purpose the same year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A cabinet decision in June announced that the government-owned Sajha Yatayat would be given Rs 3 billion. However, after three months, a letter was written to Sajha to stop the procurement process, alleging that the bus could not be purchased on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to hand over the responsibility of purchasing the bus to the ministry by withdrawing the amount given to Sajha in mid-January. However, even after eight months after the decision was made, the ministry has not been able to purchase the bus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> The ministry had formed a committee to finalize the specifications under the leadership of Joint Secretary Pramila Bajracharya. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Shankar Singh Dhami, a member of the committee and chief of the transport management section of the ministry, said that the tender process has already started as the work of finalizing the specifications has been completed. The ministry had decided to open the tender before Dashain. However, the ministry said that the process was postponed after a staff of the ministry tested positive for coronavirus. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12320', 'image' => '20201008040011_1602111677.Clipboard03.jpg', 'article_date' => '2020-10-08 15:59:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12572', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive after at least 2 Months ', 'sub_title' => '', 'summary' => 'October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. </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">The obligation to complete the procurement process under the Public Procurement Act has been seen as the delaying factor for the arrival of the chemical fertilizer.</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">The government-owned Agricultural Inputs Company Limited had announced a tender for the procurement process on September 20 for bringing in urea from Bangladesh. Although five companies had participated in the bidding process, Gentrade FZF, a UAE-based company was awarded the contract for making the lowest bid.</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">Gentrade has the deadline of next Friday for signing the agreement. The agreement is likely to be signed on Sunday, October 11, the Agricultural Inputs Company Limited 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">According to Bishnu Pokhrel, head of the company's procurement division, the Bangladesh government has given permission to bring the fretilizer to Nepal from Chittagong port in Bangladesh. He informed that the contractor company will start transporting the fertilizer to Nepal after the Bangladesh government transports them to Chittagong port and all the fertilizer will reach Nepal within 70 days.</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 first batch of urea will arrive in Nepal within 20 days after the Bangladesh government releases the fertilizer. So far, however, the Bangladesh government has not transported fertilizer to the port. The government of Nepal had sought the fertilizers from Bangladesh on loan after there was an acute shortage of urea in the country during paddy plantation. The government has made a commitment to return the same amount of urea to Bangladesh next year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12319', 'image' => '20201008021535_1602114711.Clipboard16.jpg', 'article_date' => '2020-10-08 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12571', 'article_category_id' => '1', 'title' => 'World Bank Estimates Nepal's GDP to Grow by 0.2% in 2020', 'sub_title' => '', 'summary' => 'October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says the World Bank’s latest South Asia Economic Focus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the World Bank’s latest South Asia Economic Focus. </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">Released on October 8, the twice-a-year-regional update notes that South Asia is set to plunge this year into its worst-ever recession as the devastating impacts of the pandemic on the region’s economies linger on, taking a disproportionate toll on informal workers and pushing millions of South Asians into extreme poverty. </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 report forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 percent in 2020, after topping 6 percent annually in the past five years. Regional growth is projected to rebound to 4.5 percent in 2021. Factoring in population growth, however, income-per-capita in the region will remain 6 percent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Arial">In previous recessions, falling investment and exports led the downturn. This time is different as private consumption, traditionally the backbone of demand in South Asia and a core indicator of economic welfare, will decline by more than 10 percent, further spiking poverty rates. A decline in remittances is also expected to accelerate loss of livelihoods for the poorest in some countries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/faris-hadad-zervos-worldbank-new-director.jpg" style="height:240px; width:320px" /></span></span></span></span></p> <p><span style="font-size:12px"><em><span style="font-family:Cambria"><span style="font-family:Arial">Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka.</span> </span></em></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 economic consequences of the pandemic and impact on livelihoods across Nepal is expected to be the most acute for informal workers or those without social security or assistance, who are more at risk of falling into extreme poverty,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “Swift action is needed to provide incomes, social protection, and employment to support them. This includes key investment climate reforms to promote physical infrastructure and access to finance for the informal sector to shorten the transition to recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">I</span><span style="font-size:14.0pt"><span style="font-family:Arial">nformal businesses make up around 50 percent of enterprises in Nepal and are the main source of income for most of the labor force, the World Bank stated. Within this group, urban informal sector workers and self-employed households in urban areas are more vulnerable than rural households who can fall back on subsistence farming. Most informal firms operate with limited savings, and owners may face the difficult choice of staying home and facing starvation during the lockdown or running their business and risking infection. These scenarios accentuate financial difficulties as well as the spread of COVID-19.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report urges governments to design universal social protection as well as policies that support greater productivity, skills development, and human capital. In that effort, securing international and domestic financing will help governments fund crucial programs to speed up recovery. In the long-term, digital technologies can play an essential role in creating new opportunities for informal workers, making South Asia more competitive and better integrated into markets—if countries improve digital access and support workers to take advantage of online platforms. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“COVID-19 will profoundly transform Nepal and the rest of South Asia for years to come and leave lasting scars in its economies. But there is a silver lining toward resilient recovery: the pandemic could spur innovations that improve South Asia’s future participation in global value chains, as its comparative advantage in tech services and niche tourism will likely be in higher demand as the global economy becomes more digital,” said Hans Timmer, World Bank’s chief economist for the South Asia Region.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12318', 'image' => '20201008123642_20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-10-08 12:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12570', 'article_category_id' => '1', 'title' => 'Government Expands Scope of Investment in Small Projects backed by India', 'sub_title' => '', 'summary' => 'October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian government has been investing in various small development projects (SDPs) in Nepal ranging from waste management to construction of school buildings in villages.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and General Administration is the handles all the matters related to SDPs. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A ministerial-level decision taken by Minister for Federal Affairs and General Administration Hridayesh Tripathi last week decided to change the programmes and expand the scope of SDPs run on investment made by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the amendment, India can now invest on SDPs including construction of community school buildings, child development centres, libraries, hospitals, health posts, blood collection centres, maternity wards among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The scope of SDPs have been increased with the objective of bringing in more investment from India in projects like waste management, drinking water projects, agriculture among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the government had not clearly specified the areas of investment due to which India had been investing in projects at its will, insist officials at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After the government clearly identified areas of investment by India, the Indian government will now have to invest in those specific projects in coordination with the local units. The local levels have been given the authority to select the projects and implementing them as well.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The SDPs were initiated in 2003. Initially, the Indian Embassy in Nepal used to be directly involved in the projects. But after the promulgation of the new constitution of Nepal in 2015, a provision was included for the projects to be run in coordination with the local units.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12317', 'image' => '20201008120230_1602113759.Clipboard11.jpg', 'article_date' => '2020-10-08 12:01:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12569', 'article_category_id' => '218', 'title' => 'Nabil Bank Appoints Upendra Poudyal as its new Chairman', 'sub_title' => '', 'summary' => 'October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank said in a statement that Poudyal has been serving as the director of the bank since 1st December 2017. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Poudyal will take the place of outgoing chairman Shambhu Prasad Poudyal, who completed his four-year term on October 3, 2020.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">The current chairman started his banking career in 1986 when he joined Nepal Grindlays Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book""> He later engaged himself in NMB Finance and led the company as CEO, says the statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">“He played crucial role in upgrading NMB Finance to a commercial bank and served as CEO of the NMB Bank till 2017. Poudyal is an established leader in the banking sector of Nepal with experience of more than 30 years as a successful banker and former president of Nepal Banker’s Association,” the statement added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"> Poudyal also represents the Asia pacific region of the Global Alliance for Banking on Values (GABV), with its headquarters in the Netherlands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">GABV is a network of banking leaders from around the world committed to advancing positive change in the banking sector. According to the statement, the collective goal of GABV is to change the banking system so that it is more transparent, and supports economic, social and environmental sustainability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank further said it is confident that bank will progress to new heights of success under the able leadership of Poudyal as its chairman.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12316', 'image' => '20201008110910_CM Nabil.jpg', 'article_date' => '2020-10-08 11:08:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12568', 'article_category_id' => '236', 'title' => 'Classic Legends Announces its Foray into Nepal', 'sub_title' => 'Appoints Agni MotoInc Pvt Ltd as its official distributor-partner in Nepal', 'summary' => 'October 7: Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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 7:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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">Classic Legends said in a statement it has appointed Agni MotoInc Pvt Ltd as its official distributor-partner in the country. It is the subsidiary of Agni Group and the sole authorized distributor of Mahindra utility vehicles, tractors, three-wheelers, electric cars and Powerol generators in Nepal. The operations will commence in the month of October 2020, added the statement.</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 company said it will initially be launching its Jawa and Jawa forty two models in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Making the announcement, Ashish Singh Joshi, CEO of Classic Legends Pvt Ltd said, “When we registered success in India in the form of unprecedented love, interest and demand for the new Jawa models, we knew they would also be loved in Nepal. As we expand our operations to Nepal and offer our Jawa and Jawa forty two models here, we reaffirm our commitment towards offering, along with a piece of history, an unparalleled ownership experience to all classic motorcycle lovers in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Speaking at the event Cabinet Shrestha, managing director, Agni Group, said, “It gives us great pride to bring Classic Legends’ Jawa Motorcycles in Nepal. We are quite upbeat to offer these classics to the motorcycle enthusiasts in our country. I am very optimistic that Jawa being an authentic and iconic brand It will definitely cater to the free spirit of motorcycle enthusiasts and I am confident that the New Jawa's legendary classic yet trendy looks and its strong build features will be an instant hit with our customers 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">According to the company, Jawa Motorcycles will be available in dealerships located at Uttardhoka and Teku in Kathmandu, and the network will gradually expand across the country. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The motorcycles will be brought into Nepal through the Completely Built Units (CBU) route. With the planned outlets becoming fully operational in the near future, customers across major cities like Kathmandu, Pokhara, Itahari, Dharan, Narayanghat, Lahan, Nepalgunj and Butwal will be able to book and test ride the iconic models Jawa and Jawa Forty Two motorcycles in their own cities.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12315', 'image' => '20201007060213_Jawa Bike IMG-20201005-WA0000.jpg', 'article_date' => '2020-10-07 18:01:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12567', 'article_category_id' => '266', 'title' => 'Hotel Yak & Yeti Reopens Spice Room Restaurant ', 'sub_title' => '', 'summary' => 'October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“We gladly announced that we are ready to safely welcome guests to dine at our Indian Fine Dining Restaurant, Spice Room,” the five-star hotel wrote in a press statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel is operating<strong> </strong>the restaurant between 1700 hours and 2200 hours every day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“The health and safety of our guests and associates will always be our top-most priority. We have fully embraced the notion that our restaurants and hotel operation standards need to change with regards to the current situation,” the statement adds.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Over the past few months, Hotel Yak and Yeti team has invested the requisite time and effort to adopt rigorously procedures and redefine cleanliness standards as the hotel re-opens its doors and step into the new normal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel has been adopting European standard disinfectants approved by the WHO and EPA (Environmental Protection Agency) during its routine cleaning of all hotel areas to ensure public safety.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Likewise, the administration also has been adopting contact tracing and temperature screening process of both guests and associates before entering hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Additionally, wearing a mask at public spaces has been made mandatory for all guests and associates within the hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">“Food & Beverage Safety Guidelines are adopted<strong> </strong>to ensure health and hygiene standard is maintained from procurement of raw materials, to receiving of procured goods, to preparation, to guest service, and sanitization of outlets and kitchen areas. Likewise, spaced table seating and thorough cleaning between seating is maintained in our dining areas,” the statement reads.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12314', 'image' => '20201007055145_My Effect.jpg', 'article_date' => '2020-10-07 17:50:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12566', 'article_category_id' => '1', 'title' => 'Hong Kong Bars NAC for Two Weeks', 'sub_title' => '', 'summary' => 'October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight. The Covid-19 cases were confirmed on Monday. The passengers arriving in Hong Kong from the NAC’s RA 4099 flight on October 3 from Nepal were infected with coronavirus, the NAC 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">Archana Khadka, spokesperson of NAC, informed that the PCR report of the passengers was negative in Nepal while testing for Covid-19. However, the same passengers showed positive result during tests in Hong Kong. </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">Passengers are allowed to enter Hong Kong if the present report taken 72 hours before arrival.</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">"From here, we completed all the procedures and sent them as per the health protocol. Only the passengers with PCR negative report have left the country through this airlines. We have learnt that they their report turned out positive in Hong Kong. Therefore, the corporation's flight to Hong Kong has been postponed for two weeks,” informed Spokesperson Khadka.</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">According to her, the ban imposed by the Civil Aviation Department (CAD) of Hong Kong from October 4 will be lifted only on October 17. A total of 11 Covid-19 cases were reported in Hong Kong on Monday while six of them were passengers of NAC. One of the passengers is said to be a passenger from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12313', 'image' => '20201007043802_1602027461.Clipboard17.jpg', 'article_date' => '2020-10-07 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12565', 'article_category_id' => '1', 'title' => 'Central Bank Caps Limit for Distribution of Cash Dividend by BFIs', 'sub_title' => 'BFI can now distribute Cash Dividend up to 30 Percent of Distributable Profit ', 'summary' => 'October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. ', 'content' => '<p><span style="font-size:18px">October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. </span></p> <p><span style="font-size:18px">The central bank has clearly stated that the BFIs can distribute cash dividend up to 30 percent of their distributable profit earned in fiscal year 2019/20 irrespective of the capacity to distribute the amount. The central bank made such arrangement by introducing a new work procedure. </span></p> <p><span style="font-size:18px">With the approval of the new work procedure, the earlier provision for distributing cash dividend issued five years ago has effectively come to an end. Meanwhile, the new work procedure has a provision than mandates BFIs with net distributable profit less than 5 percent of the paid-up capital not to distribute cash dividend except for paying taxes. </span></p> <p><span style="font-size:18px">As per the new provision, BFIs have to follow nearly half a dozen rules in order to distribute cash dividend and bonus shares. The central bank has also barred BFIs from distributing cash dividend unless they sell their shares in cross holding. However, this rule will not be applicable for microfinance companies.</span></p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12312', 'image' => '20201007023010_1602027918.Clipboard03.jpg', 'article_date' => '2020-10-07 14:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12564', 'article_category_id' => '1', 'title' => 'Tatopani Customs Closed Again after Workers Test Positive for Covid-19 ', 'sub_title' => '', 'summary' => 'October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the chief of Tatopani Customs Office Lal Bahadur Khatri, the Chinese side has been reluctant to send goods via the checkpoint after seven of the 33 workers who went to the border to load and unload the goods tested positive for coronavirus. China did not send the container after three of the infected workers tested positive on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The report of the workers was negative when tested in Nepal. However, the import was halted on Monday after they tested positive in China. While testing all the drivers and workers in 5/5 days, four of them who were found positive are being treated in isolation at the district headquarters Chautara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Twelve containers of goods have been imported from China from Sunday evening till Monday morning. In particular, the containers were loaded with clothes, garments materials and some ready-made items. Earlier, the customs office had expected goods to arrive in more than 15 containers daily. The officials were also expecting collection of average revenue of Rs 10 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:"Times New Roman"">According to Khatri, 29 people, including drivers and laborers, used to reach the Friendship Bridge with 12 containers to collect the goods stored by China across the Bridge. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Around 800 containers of ready-made garments, clothes, various electronic goods, apples, garlic, onions, cosmetics and toys are stuck in the middle of the road. Chief District Officer of Sindhupalchowk, Umesh Kumar Dhakal informed that discussions have been started on how to bring the closed Tatopani checkpoint into operation. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12311', 'image' => '20201007124800_1602028245.Clipboard04.jpg', 'article_date' => '2020-10-07 12:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12563', 'article_category_id' => '1', 'title' => 'Price of Edible Oil Increases by 10 Percent', 'sub_title' => '', 'summary' => 'October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Local businessmen say that the price hike in a result of increase in price of these products in the international market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price of soybean oil, which was being sold for Rs 150 per litre just ten days ago in retail stores, has increased to Rs 165 per litre. Likewise, the retail price of sunflower oil which was Rs 180 per litre has increased to Rs 200. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Immediate past president of the Nepal Retailers’ Association Pabitra Bajracharya informed that the price of edible oil has increased by 10 percent and that of pulses and legumes is up by 17 percent. The prices of biscuits, packed foods, jam and other daily essentials have also gone up, says Bajracharya. He added that the price hike is likely to continue until Dashain.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been forced to increase the price after the wholesale rate increased,” said Bajracharya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Businessmen say that the demand for edible oil is high during the festive season and therefore the price has increased. It is also due to the increase of price in the international market, insists Subodh Kumar Gupra, chairman of Association of Nepal Rice, Oil and Pulses Industries. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""> Meanwhile, consumer rights activists say that the businessmen are cheating the people in the name of price hike in international market. They say it is not fair for the businessmen to keep stock of goods since one month and declare price hike.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Consumer Rights Forum Madhav Timilsina says that the local businessmen have arbitrarily increased the price of essential goods in the pretext of price hike in the international market. He argues that the consumers have been at the receiving end due to the poor monitoring from the government authorities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Besides the local products, businessmen in Nepal also unrefined oil from countries like Australia, Malaysia, Canada and India to meet the internal demand of the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12310', 'image' => '20201007115016_1602027067.Clipboard15.jpg', 'article_date' => '2020-10-07 11:49:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12562', 'article_category_id' => '1', 'title' => 'Brigunj Dry Port Operator to Supply Labor for Loading and Unloading Goods', 'sub_title' => '', 'summary' => 'October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port. Pristine Valley Dry Port Pvt. Ltd. has started loading and unloading cargo arriving at the port from Monday, October 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, the importers had been paying additional amount for the loaders even after paying the terminal service charge to the operator. "From now on, customers will not have to pay extra for labor charge,” informed Aditya Raya, chief executive of Pristine Valley Dry Port. “Likewise, the port itself will manage the workers for loading and unloading the cargo,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The importer pays the port operator Rs 109 per metric ton for the cargo arriving at the dry port. Likewise, they pay Rs 150 for loading and unloading of the cargo additionally. Nepal Intermodal Transport Development Committee (NITDB) stated that such a contract was against the agreement and had asked Pristine for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As per the agreement, the port operator should have charged a terminal service fee of Rs 246. But Pristine had lowered the fare because the importers had to pay additional charge to the workers for loading and unloading of goods. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-06', 'modified' => '2020-10-06', 'keywords' => '', 'description' => '', 'sortorder' => '12309', 'image' => '20201006055217_1601942765.Clipboard10.jpg', 'article_date' => '2020-10-06 17:51:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12576', 'article_category_id' => '1', 'title' => 'Insurance Board to Introduce One-Door System for Covid-19 Insurance Settlement', 'sub_title' => '', 'summary' => 'October 9: The Insurance Board is making preparations for a one-door-system for settling insurance claims for Covid-19 after facing severe backlash for the delay in making payment.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 9: The Insurance Board is making preparations for a one-door-system for settling insurance claims for Covid-19 after facing severe backlash for the delay in making payment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The board is preparing a one-door system to make the settlement easier and faster. The board informed that necessary preparations are being made in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Executive director of the Insurance Board Rajuraman Poudel informed that the one-door system will be implemented from the coming week. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The Insurance Board has been closed after an employee was diagnosed with coronavirus. The office is planning to open from next Sunday (October 11),” said Poudel, adding, “Probably, we will implement it from Sunday or Monday.” After the implementation of this provision, the previous claims and the new claims will be settled through one-door system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The board says that the one-door system is being implemented as there are chances that the insurance claim can be repeated. Similarly, there is a possibility that the claim will be paid even if fake report is submitted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The settlement issue has been lengthy because the insurance company has to seek approval from the insurers’ association after receiving an application for insurance claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> As a result, the settlement of insurance claims was delayed due to lengthy and bothersome process. Now, the board believes that the one-door system will speed up the process of insurance claim.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12323', 'image' => '20201009025121_1602200332.Clipboard06.jpg', 'article_date' => '2020-10-09 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12575', 'article_category_id' => '1', 'title' => 'Brick Industries Looking for Local Workers to Fill the Void', 'sub_title' => '', 'summary' => 'October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian workers used to constitute a large part of the workforce in brick kilns across the country. However, most of the workers have returned home in India due to the coronavirus crisis and there is lack of workers at the moment. In order to run the brick kilns efficiently, the Federation of Nepal Brick Industries is looking for local workers in the absence of skilled Indian workers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that more than 70 percent of the workers in more than 1200 brick kilns of Nepal are Indian nationals. Normally, the peak season for production of bricks is during the winter. Since the production will start in massive scale after two months, the factory owners have started looking for local workers right from now, says Mahendra Bahadur Chitrakar, chairman of the federation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making preparations to recruit Nepali migrant workers who have returned from abroad. We will be coordinating with the private sector to train the workers,” said Chitrakar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Industry, Commerce and Supplies has also announced to collaborate with the private sector to provide employment-oriented training to those who have lost jobs due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chitrakar says they are in talks with the ministry as well as other stakeholders like FNCCI, CNI among others to train the workers.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12322', 'image' => '20201009123504_1602200733.Clipboard07.jpg', 'article_date' => '2020-10-09 12:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12574', 'article_category_id' => '1', 'title' => 'Fixed Interest Rate Not Practical: Bankers’ Association', 'sub_title' => '', 'summary' => 'October 8: Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 8:<strong><span style="font-size:14.0pt"> </span></strong>Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank after adopting a fixed interest rate policy, had directed the BFIs to fix their interest rates on personal loans by mid-October due to the unstable fluctuations on the rates of interest. However, Nepal Bankers' Association had recently suggested Governor Maha Prasad Adhikari that this may not be practical. However, Nepal Rastra Bank has stated that the suggestions could be addressed through the monetary policy of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Since the maturity of home loans are up to 25-30 years, the Bankers’ Association believes that it will not be practical to fix the interest rates for such a long term. Anil Sharma, executive director of the Bankers' Association, suggests that it would be better to fix the interest rates on personal loans for only 5 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Rastra Bank’s directive on fixing the interest rates seems to have made things difficult for the banks. We suggest fixing the interest rates for 5 years at a time instead of fixing it for a very long term,” he told New Business Age, adding, “We are expecting clear arrangements to be made by the central bank in order to make the banks more comfortable.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He firmly believes that fixing the interest rate for a long time may be turn out to be more expensive for the customers.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to a source from the Governor's Office, the suggestions received from the Association cannot be addressed immediately. However, it will be brought into discussion during the first quarterly review of the monetary policy. The source added that the complaints and feedbacks received so far will also be included and discussed on the basis of their importance. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“However, the banks will have to continue implementing the directives given by the central bank so far. The central bank will take care of any problems that arises during the implementation,” the source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatt, the spokesperson of Nepal Rastra Bank, stresses on the need to introduce the fixed interest rates from the month of Kartik (after mid-October). He says that decisions haven’t yet been made on the suggestions received from the association. The central bank came up with the fixed interest rates policy to protect the customers from repetitive increase in the interest rates. However, the implementation of this policy is likely to be weak since the bankers are dissatisfied with the system.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had issued the Unified Directive, 2077 on September 8, directing the BFIs to maintain a fixed interest rate on personal term loans that have a repayment period of more than one year. Since the bankers had demanded more time to study the issue before fixing their interest rates, the central bank gave them an extension to implement the fixed interest rate policy till the end of Ashoj (mid-October). The Bankers' Association however, wants a clear arrangement on the policy despite the extension given by Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Apart from the fixed interest rate, the association has also drawn the attention towards the central bank's directive on not charging interbank fee in ATMS, priority sector lending limit, liquidity and loan advance payment through their letter.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the association's executive director Sharma, they have also suggested loosening the lending limits on priority sectors such as agriculture, energy, deprived group, and tourism because the banks are not in a position to reach the prescribed limits. The central bank has made it mandatory for banks to disburse 25 percent of their total credit to the priority sector by lending 10 percent to the agriculture sector, 15 percent to the energy and tourism sector and 5 percent to the deprived sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">"Banks have not been able to meet the limits set in some priority sectors. The effects of COVID-19 has made things more difficult. This is why we have requested to not make the priority sector lending mandatory," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, suggestions have also been made to review the loan advance payment fees as this has led to an unhealthy competition between BFIs in the market.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12321', 'image' => '20201008054458_1602114379.Clipboard05.jpg', 'article_date' => '2020-10-08 17:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12573', 'article_category_id' => '1', 'title' => 'Government Finalizes Specifications for Electric Buses ', 'sub_title' => '', 'summary' => 'October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. Although the budget for the current fiscal year has not allocated any amount under this particular head, the ministry has decided to issue a tender for purchasing the buses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to purchase electric buses for operation in Kathmandu Valley on December 18, 2018. Prior to this, Prime Minister KP Sharma Oli had inaugurated five electric buses that were purchased by the Ministry of Tourism with the financial assistance of Asian Development Bank. The BYD buses that were inaugurated by KP Oli were later stalled due to a dispute. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had claimed to operate electric buses in Kathmandu Valley from April 14, 2019 and had allocated budget for this purpose the same year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A cabinet decision in June announced that the government-owned Sajha Yatayat would be given Rs 3 billion. However, after three months, a letter was written to Sajha to stop the procurement process, alleging that the bus could not be purchased on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to hand over the responsibility of purchasing the bus to the ministry by withdrawing the amount given to Sajha in mid-January. However, even after eight months after the decision was made, the ministry has not been able to purchase the bus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> The ministry had formed a committee to finalize the specifications under the leadership of Joint Secretary Pramila Bajracharya. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Shankar Singh Dhami, a member of the committee and chief of the transport management section of the ministry, said that the tender process has already started as the work of finalizing the specifications has been completed. The ministry had decided to open the tender before Dashain. However, the ministry said that the process was postponed after a staff of the ministry tested positive for coronavirus. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12320', 'image' => '20201008040011_1602111677.Clipboard03.jpg', 'article_date' => '2020-10-08 15:59:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12572', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive after at least 2 Months ', 'sub_title' => '', 'summary' => 'October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. </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">The obligation to complete the procurement process under the Public Procurement Act has been seen as the delaying factor for the arrival of the chemical fertilizer.</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">The government-owned Agricultural Inputs Company Limited had announced a tender for the procurement process on September 20 for bringing in urea from Bangladesh. Although five companies had participated in the bidding process, Gentrade FZF, a UAE-based company was awarded the contract for making the lowest bid.</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">Gentrade has the deadline of next Friday for signing the agreement. The agreement is likely to be signed on Sunday, October 11, the Agricultural Inputs Company Limited 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">According to Bishnu Pokhrel, head of the company's procurement division, the Bangladesh government has given permission to bring the fretilizer to Nepal from Chittagong port in Bangladesh. He informed that the contractor company will start transporting the fertilizer to Nepal after the Bangladesh government transports them to Chittagong port and all the fertilizer will reach Nepal within 70 days.</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 first batch of urea will arrive in Nepal within 20 days after the Bangladesh government releases the fertilizer. So far, however, the Bangladesh government has not transported fertilizer to the port. The government of Nepal had sought the fertilizers from Bangladesh on loan after there was an acute shortage of urea in the country during paddy plantation. The government has made a commitment to return the same amount of urea to Bangladesh next year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12319', 'image' => '20201008021535_1602114711.Clipboard16.jpg', 'article_date' => '2020-10-08 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12571', 'article_category_id' => '1', 'title' => 'World Bank Estimates Nepal's GDP to Grow by 0.2% in 2020', 'sub_title' => '', 'summary' => 'October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says the World Bank’s latest South Asia Economic Focus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the World Bank’s latest South Asia Economic Focus. </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">Released on October 8, the twice-a-year-regional update notes that South Asia is set to plunge this year into its worst-ever recession as the devastating impacts of the pandemic on the region’s economies linger on, taking a disproportionate toll on informal workers and pushing millions of South Asians into extreme poverty. </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 report forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 percent in 2020, after topping 6 percent annually in the past five years. Regional growth is projected to rebound to 4.5 percent in 2021. Factoring in population growth, however, income-per-capita in the region will remain 6 percent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Arial">In previous recessions, falling investment and exports led the downturn. This time is different as private consumption, traditionally the backbone of demand in South Asia and a core indicator of economic welfare, will decline by more than 10 percent, further spiking poverty rates. A decline in remittances is also expected to accelerate loss of livelihoods for the poorest in some countries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/faris-hadad-zervos-worldbank-new-director.jpg" style="height:240px; width:320px" /></span></span></span></span></p> <p><span style="font-size:12px"><em><span style="font-family:Cambria"><span style="font-family:Arial">Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka.</span> </span></em></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 economic consequences of the pandemic and impact on livelihoods across Nepal is expected to be the most acute for informal workers or those without social security or assistance, who are more at risk of falling into extreme poverty,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “Swift action is needed to provide incomes, social protection, and employment to support them. This includes key investment climate reforms to promote physical infrastructure and access to finance for the informal sector to shorten the transition to recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">I</span><span style="font-size:14.0pt"><span style="font-family:Arial">nformal businesses make up around 50 percent of enterprises in Nepal and are the main source of income for most of the labor force, the World Bank stated. Within this group, urban informal sector workers and self-employed households in urban areas are more vulnerable than rural households who can fall back on subsistence farming. Most informal firms operate with limited savings, and owners may face the difficult choice of staying home and facing starvation during the lockdown or running their business and risking infection. These scenarios accentuate financial difficulties as well as the spread of COVID-19.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report urges governments to design universal social protection as well as policies that support greater productivity, skills development, and human capital. In that effort, securing international and domestic financing will help governments fund crucial programs to speed up recovery. In the long-term, digital technologies can play an essential role in creating new opportunities for informal workers, making South Asia more competitive and better integrated into markets—if countries improve digital access and support workers to take advantage of online platforms. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“COVID-19 will profoundly transform Nepal and the rest of South Asia for years to come and leave lasting scars in its economies. But there is a silver lining toward resilient recovery: the pandemic could spur innovations that improve South Asia’s future participation in global value chains, as its comparative advantage in tech services and niche tourism will likely be in higher demand as the global economy becomes more digital,” said Hans Timmer, World Bank’s chief economist for the South Asia Region.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12318', 'image' => '20201008123642_20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-10-08 12:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12570', 'article_category_id' => '1', 'title' => 'Government Expands Scope of Investment in Small Projects backed by India', 'sub_title' => '', 'summary' => 'October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian government has been investing in various small development projects (SDPs) in Nepal ranging from waste management to construction of school buildings in villages.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and General Administration is the handles all the matters related to SDPs. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A ministerial-level decision taken by Minister for Federal Affairs and General Administration Hridayesh Tripathi last week decided to change the programmes and expand the scope of SDPs run on investment made by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the amendment, India can now invest on SDPs including construction of community school buildings, child development centres, libraries, hospitals, health posts, blood collection centres, maternity wards among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The scope of SDPs have been increased with the objective of bringing in more investment from India in projects like waste management, drinking water projects, agriculture among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the government had not clearly specified the areas of investment due to which India had been investing in projects at its will, insist officials at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After the government clearly identified areas of investment by India, the Indian government will now have to invest in those specific projects in coordination with the local units. The local levels have been given the authority to select the projects and implementing them as well.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The SDPs were initiated in 2003. Initially, the Indian Embassy in Nepal used to be directly involved in the projects. But after the promulgation of the new constitution of Nepal in 2015, a provision was included for the projects to be run in coordination with the local units.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12317', 'image' => '20201008120230_1602113759.Clipboard11.jpg', 'article_date' => '2020-10-08 12:01:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12569', 'article_category_id' => '218', 'title' => 'Nabil Bank Appoints Upendra Poudyal as its new Chairman', 'sub_title' => '', 'summary' => 'October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank said in a statement that Poudyal has been serving as the director of the bank since 1st December 2017. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Poudyal will take the place of outgoing chairman Shambhu Prasad Poudyal, who completed his four-year term on October 3, 2020.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">The current chairman started his banking career in 1986 when he joined Nepal Grindlays Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book""> He later engaged himself in NMB Finance and led the company as CEO, says the statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">“He played crucial role in upgrading NMB Finance to a commercial bank and served as CEO of the NMB Bank till 2017. Poudyal is an established leader in the banking sector of Nepal with experience of more than 30 years as a successful banker and former president of Nepal Banker’s Association,” the statement added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"> Poudyal also represents the Asia pacific region of the Global Alliance for Banking on Values (GABV), with its headquarters in the Netherlands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">GABV is a network of banking leaders from around the world committed to advancing positive change in the banking sector. According to the statement, the collective goal of GABV is to change the banking system so that it is more transparent, and supports economic, social and environmental sustainability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank further said it is confident that bank will progress to new heights of success under the able leadership of Poudyal as its chairman.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12316', 'image' => '20201008110910_CM Nabil.jpg', 'article_date' => '2020-10-08 11:08:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12568', 'article_category_id' => '236', 'title' => 'Classic Legends Announces its Foray into Nepal', 'sub_title' => 'Appoints Agni MotoInc Pvt Ltd as its official distributor-partner in Nepal', 'summary' => 'October 7: Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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 7:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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">Classic Legends said in a statement it has appointed Agni MotoInc Pvt Ltd as its official distributor-partner in the country. It is the subsidiary of Agni Group and the sole authorized distributor of Mahindra utility vehicles, tractors, three-wheelers, electric cars and Powerol generators in Nepal. The operations will commence in the month of October 2020, added the statement.</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 company said it will initially be launching its Jawa and Jawa forty two models in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Making the announcement, Ashish Singh Joshi, CEO of Classic Legends Pvt Ltd said, “When we registered success in India in the form of unprecedented love, interest and demand for the new Jawa models, we knew they would also be loved in Nepal. As we expand our operations to Nepal and offer our Jawa and Jawa forty two models here, we reaffirm our commitment towards offering, along with a piece of history, an unparalleled ownership experience to all classic motorcycle lovers in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Speaking at the event Cabinet Shrestha, managing director, Agni Group, said, “It gives us great pride to bring Classic Legends’ Jawa Motorcycles in Nepal. We are quite upbeat to offer these classics to the motorcycle enthusiasts in our country. I am very optimistic that Jawa being an authentic and iconic brand It will definitely cater to the free spirit of motorcycle enthusiasts and I am confident that the New Jawa's legendary classic yet trendy looks and its strong build features will be an instant hit with our customers 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">According to the company, Jawa Motorcycles will be available in dealerships located at Uttardhoka and Teku in Kathmandu, and the network will gradually expand across the country. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The motorcycles will be brought into Nepal through the Completely Built Units (CBU) route. With the planned outlets becoming fully operational in the near future, customers across major cities like Kathmandu, Pokhara, Itahari, Dharan, Narayanghat, Lahan, Nepalgunj and Butwal will be able to book and test ride the iconic models Jawa and Jawa Forty Two motorcycles in their own cities.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12315', 'image' => '20201007060213_Jawa Bike IMG-20201005-WA0000.jpg', 'article_date' => '2020-10-07 18:01:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12567', 'article_category_id' => '266', 'title' => 'Hotel Yak & Yeti Reopens Spice Room Restaurant ', 'sub_title' => '', 'summary' => 'October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“We gladly announced that we are ready to safely welcome guests to dine at our Indian Fine Dining Restaurant, Spice Room,” the five-star hotel wrote in a press statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel is operating<strong> </strong>the restaurant between 1700 hours and 2200 hours every day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“The health and safety of our guests and associates will always be our top-most priority. We have fully embraced the notion that our restaurants and hotel operation standards need to change with regards to the current situation,” the statement adds.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Over the past few months, Hotel Yak and Yeti team has invested the requisite time and effort to adopt rigorously procedures and redefine cleanliness standards as the hotel re-opens its doors and step into the new normal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel has been adopting European standard disinfectants approved by the WHO and EPA (Environmental Protection Agency) during its routine cleaning of all hotel areas to ensure public safety.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Likewise, the administration also has been adopting contact tracing and temperature screening process of both guests and associates before entering hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Additionally, wearing a mask at public spaces has been made mandatory for all guests and associates within the hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">“Food & Beverage Safety Guidelines are adopted<strong> </strong>to ensure health and hygiene standard is maintained from procurement of raw materials, to receiving of procured goods, to preparation, to guest service, and sanitization of outlets and kitchen areas. Likewise, spaced table seating and thorough cleaning between seating is maintained in our dining areas,” the statement reads.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12314', 'image' => '20201007055145_My Effect.jpg', 'article_date' => '2020-10-07 17:50:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12566', 'article_category_id' => '1', 'title' => 'Hong Kong Bars NAC for Two Weeks', 'sub_title' => '', 'summary' => 'October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight. The Covid-19 cases were confirmed on Monday. The passengers arriving in Hong Kong from the NAC’s RA 4099 flight on October 3 from Nepal were infected with coronavirus, the NAC 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">Archana Khadka, spokesperson of NAC, informed that the PCR report of the passengers was negative in Nepal while testing for Covid-19. However, the same passengers showed positive result during tests in Hong Kong. </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">Passengers are allowed to enter Hong Kong if the present report taken 72 hours before arrival.</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">"From here, we completed all the procedures and sent them as per the health protocol. Only the passengers with PCR negative report have left the country through this airlines. We have learnt that they their report turned out positive in Hong Kong. Therefore, the corporation's flight to Hong Kong has been postponed for two weeks,” informed Spokesperson Khadka.</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">According to her, the ban imposed by the Civil Aviation Department (CAD) of Hong Kong from October 4 will be lifted only on October 17. A total of 11 Covid-19 cases were reported in Hong Kong on Monday while six of them were passengers of NAC. One of the passengers is said to be a passenger from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12313', 'image' => '20201007043802_1602027461.Clipboard17.jpg', 'article_date' => '2020-10-07 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12565', 'article_category_id' => '1', 'title' => 'Central Bank Caps Limit for Distribution of Cash Dividend by BFIs', 'sub_title' => 'BFI can now distribute Cash Dividend up to 30 Percent of Distributable Profit ', 'summary' => 'October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. ', 'content' => '<p><span style="font-size:18px">October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. </span></p> <p><span style="font-size:18px">The central bank has clearly stated that the BFIs can distribute cash dividend up to 30 percent of their distributable profit earned in fiscal year 2019/20 irrespective of the capacity to distribute the amount. The central bank made such arrangement by introducing a new work procedure. </span></p> <p><span style="font-size:18px">With the approval of the new work procedure, the earlier provision for distributing cash dividend issued five years ago has effectively come to an end. Meanwhile, the new work procedure has a provision than mandates BFIs with net distributable profit less than 5 percent of the paid-up capital not to distribute cash dividend except for paying taxes. </span></p> <p><span style="font-size:18px">As per the new provision, BFIs have to follow nearly half a dozen rules in order to distribute cash dividend and bonus shares. The central bank has also barred BFIs from distributing cash dividend unless they sell their shares in cross holding. However, this rule will not be applicable for microfinance companies.</span></p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12312', 'image' => '20201007023010_1602027918.Clipboard03.jpg', 'article_date' => '2020-10-07 14:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12564', 'article_category_id' => '1', 'title' => 'Tatopani Customs Closed Again after Workers Test Positive for Covid-19 ', 'sub_title' => '', 'summary' => 'October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the chief of Tatopani Customs Office Lal Bahadur Khatri, the Chinese side has been reluctant to send goods via the checkpoint after seven of the 33 workers who went to the border to load and unload the goods tested positive for coronavirus. China did not send the container after three of the infected workers tested positive on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The report of the workers was negative when tested in Nepal. However, the import was halted on Monday after they tested positive in China. While testing all the drivers and workers in 5/5 days, four of them who were found positive are being treated in isolation at the district headquarters Chautara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Twelve containers of goods have been imported from China from Sunday evening till Monday morning. In particular, the containers were loaded with clothes, garments materials and some ready-made items. Earlier, the customs office had expected goods to arrive in more than 15 containers daily. The officials were also expecting collection of average revenue of Rs 10 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:"Times New Roman"">According to Khatri, 29 people, including drivers and laborers, used to reach the Friendship Bridge with 12 containers to collect the goods stored by China across the Bridge. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Around 800 containers of ready-made garments, clothes, various electronic goods, apples, garlic, onions, cosmetics and toys are stuck in the middle of the road. Chief District Officer of Sindhupalchowk, Umesh Kumar Dhakal informed that discussions have been started on how to bring the closed Tatopani checkpoint into operation. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12311', 'image' => '20201007124800_1602028245.Clipboard04.jpg', 'article_date' => '2020-10-07 12:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12563', 'article_category_id' => '1', 'title' => 'Price of Edible Oil Increases by 10 Percent', 'sub_title' => '', 'summary' => 'October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Local businessmen say that the price hike in a result of increase in price of these products in the international market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price of soybean oil, which was being sold for Rs 150 per litre just ten days ago in retail stores, has increased to Rs 165 per litre. Likewise, the retail price of sunflower oil which was Rs 180 per litre has increased to Rs 200. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Immediate past president of the Nepal Retailers’ Association Pabitra Bajracharya informed that the price of edible oil has increased by 10 percent and that of pulses and legumes is up by 17 percent. The prices of biscuits, packed foods, jam and other daily essentials have also gone up, says Bajracharya. He added that the price hike is likely to continue until Dashain.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been forced to increase the price after the wholesale rate increased,” said Bajracharya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Businessmen say that the demand for edible oil is high during the festive season and therefore the price has increased. It is also due to the increase of price in the international market, insists Subodh Kumar Gupra, chairman of Association of Nepal Rice, Oil and Pulses Industries. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""> Meanwhile, consumer rights activists say that the businessmen are cheating the people in the name of price hike in international market. They say it is not fair for the businessmen to keep stock of goods since one month and declare price hike.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Consumer Rights Forum Madhav Timilsina says that the local businessmen have arbitrarily increased the price of essential goods in the pretext of price hike in the international market. He argues that the consumers have been at the receiving end due to the poor monitoring from the government authorities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Besides the local products, businessmen in Nepal also unrefined oil from countries like Australia, Malaysia, Canada and India to meet the internal demand of the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12310', 'image' => '20201007115016_1602027067.Clipboard15.jpg', 'article_date' => '2020-10-07 11:49:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12562', 'article_category_id' => '1', 'title' => 'Brigunj Dry Port Operator to Supply Labor for Loading and Unloading Goods', 'sub_title' => '', 'summary' => 'October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port. Pristine Valley Dry Port Pvt. Ltd. has started loading and unloading cargo arriving at the port from Monday, October 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, the importers had been paying additional amount for the loaders even after paying the terminal service charge to the operator. "From now on, customers will not have to pay extra for labor charge,” informed Aditya Raya, chief executive of Pristine Valley Dry Port. “Likewise, the port itself will manage the workers for loading and unloading the cargo,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The importer pays the port operator Rs 109 per metric ton for the cargo arriving at the dry port. Likewise, they pay Rs 150 for loading and unloading of the cargo additionally. Nepal Intermodal Transport Development Committee (NITDB) stated that such a contract was against the agreement and had asked Pristine for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As per the agreement, the port operator should have charged a terminal service fee of Rs 246. But Pristine had lowered the fare because the importers had to pay additional charge to the workers for loading and unloading of goods. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-06', 'modified' => '2020-10-06', 'keywords' => '', 'description' => '', 'sortorder' => '12309', 'image' => '20201006055217_1601942765.Clipboard10.jpg', 'article_date' => '2020-10-06 17:51:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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The board informed that necessary preparations are being made in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Executive director of the Insurance Board Rajuraman Poudel informed that the one-door system will be implemented from the coming week. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“The Insurance Board has been closed after an employee was diagnosed with coronavirus. The office is planning to open from next Sunday (October 11),” said Poudel, adding, “Probably, we will implement it from Sunday or Monday.” After the implementation of this provision, the previous claims and the new claims will be settled through one-door system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The board says that the one-door system is being implemented as there are chances that the insurance claim can be repeated. Similarly, there is a possibility that the claim will be paid even if fake report is submitted. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The settlement issue has been lengthy because the insurance company has to seek approval from the insurers’ association after receiving an application for insurance claim.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> As a result, the settlement of insurance claims was delayed due to lengthy and bothersome process. Now, the board believes that the one-door system will speed up the process of insurance claim.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12323', 'image' => '20201009025121_1602200332.Clipboard06.jpg', 'article_date' => '2020-10-09 14:50:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12575', 'article_category_id' => '1', 'title' => 'Brick Industries Looking for Local Workers to Fill the Void', 'sub_title' => '', 'summary' => 'October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 9: Brick industries of Nepal are looking for local workers for production for the upcoming season. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian workers used to constitute a large part of the workforce in brick kilns across the country. However, most of the workers have returned home in India due to the coronavirus crisis and there is lack of workers at the moment. In order to run the brick kilns efficiently, the Federation of Nepal Brick Industries is looking for local workers in the absence of skilled Indian workers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that more than 70 percent of the workers in more than 1200 brick kilns of Nepal are Indian nationals. Normally, the peak season for production of bricks is during the winter. Since the production will start in massive scale after two months, the factory owners have started looking for local workers right from now, says Mahendra Bahadur Chitrakar, chairman of the federation.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making preparations to recruit Nepali migrant workers who have returned from abroad. We will be coordinating with the private sector to train the workers,” said Chitrakar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Industry, Commerce and Supplies has also announced to collaborate with the private sector to provide employment-oriented training to those who have lost jobs due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chitrakar says they are in talks with the ministry as well as other stakeholders like FNCCI, CNI among others to train the workers.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-09', 'modified' => '2020-10-09', 'keywords' => '', 'description' => '', 'sortorder' => '12322', 'image' => '20201009123504_1602200733.Clipboard07.jpg', 'article_date' => '2020-10-09 12:34:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12574', 'article_category_id' => '1', 'title' => 'Fixed Interest Rate Not Practical: Bankers’ Association', 'sub_title' => '', 'summary' => 'October 8: Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">October 8:<strong><span style="font-size:14.0pt"> </span></strong>Nepal Rastra Bank (NRB) will be clarifying about the fixed interest rates through the quarterly review of monetary policy even though it has allowed the Banks and Financial Institutions (BFIs) to determine the fixed interest rates on personal term loans, including home and auto loan by the end of Ashoj (mid-October).</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The central bank after adopting a fixed interest rate policy, had directed the BFIs to fix their interest rates on personal loans by mid-October due to the unstable fluctuations on the rates of interest. However, Nepal Bankers' Association had recently suggested Governor Maha Prasad Adhikari that this may not be practical. However, Nepal Rastra Bank has stated that the suggestions could be addressed through the monetary policy of the current fiscal year.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Since the maturity of home loans are up to 25-30 years, the Bankers’ Association believes that it will not be practical to fix the interest rates for such a long term. Anil Sharma, executive director of the Bankers' Association, suggests that it would be better to fix the interest rates on personal loans for only 5 years.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“Rastra Bank’s directive on fixing the interest rates seems to have made things difficult for the banks. We suggest fixing the interest rates for 5 years at a time instead of fixing it for a very long term,” he told New Business Age, adding, “We are expecting clear arrangements to be made by the central bank in order to make the banks more comfortable.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">He firmly believes that fixing the interest rate for a long time may be turn out to be more expensive for the customers.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to a source from the Governor's Office, the suggestions received from the Association cannot be addressed immediately. However, it will be brought into discussion during the first quarterly review of the monetary policy. The source added that the complaints and feedbacks received so far will also be included and discussed on the basis of their importance. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“However, the banks will have to continue implementing the directives given by the central bank so far. The central bank will take care of any problems that arises during the implementation,” the source said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Dr Gunakar Bhatt, the spokesperson of Nepal Rastra Bank, stresses on the need to introduce the fixed interest rates from the month of Kartik (after mid-October). He says that decisions haven’t yet been made on the suggestions received from the association. The central bank came up with the fixed interest rates policy to protect the customers from repetitive increase in the interest rates. However, the implementation of this policy is likely to be weak since the bankers are dissatisfied with the system.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had issued the Unified Directive, 2077 on September 8, directing the BFIs to maintain a fixed interest rate on personal term loans that have a repayment period of more than one year. Since the bankers had demanded more time to study the issue before fixing their interest rates, the central bank gave them an extension to implement the fixed interest rate policy till the end of Ashoj (mid-October). The Bankers' Association however, wants a clear arrangement on the policy despite the extension given by Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Apart from the fixed interest rate, the association has also drawn the attention towards the central bank's directive on not charging interbank fee in ATMS, priority sector lending limit, liquidity and loan advance payment through their letter.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to the association's executive director Sharma, they have also suggested loosening the lending limits on priority sectors such as agriculture, energy, deprived group, and tourism because the banks are not in a position to reach the prescribed limits. The central bank has made it mandatory for banks to disburse 25 percent of their total credit to the priority sector by lending 10 percent to the agriculture sector, 15 percent to the energy and tourism sector and 5 percent to the deprived sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">"Banks have not been able to meet the limits set in some priority sectors. The effects of COVID-19 has made things more difficult. This is why we have requested to not make the priority sector lending mandatory," he said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Similarly, suggestions have also been made to review the loan advance payment fees as this has led to an unhealthy competition between BFIs in the market.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12321', 'image' => '20201008054458_1602114379.Clipboard05.jpg', 'article_date' => '2020-10-08 17:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12573', 'article_category_id' => '1', 'title' => 'Government Finalizes Specifications for Electric Buses ', 'sub_title' => '', 'summary' => 'October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 8: The Ministry of Physical Infrastructure and Transport has finalized the specifications required for the purchase 300 electric buses. Although the budget for the current fiscal year has not allocated any amount under this particular head, the ministry has decided to issue a tender for purchasing the buses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to purchase electric buses for operation in Kathmandu Valley on December 18, 2018. Prior to this, Prime Minister KP Sharma Oli had inaugurated five electric buses that were purchased by the Ministry of Tourism with the financial assistance of Asian Development Bank. The BYD buses that were inaugurated by KP Oli were later stalled due to a dispute. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had claimed to operate electric buses in Kathmandu Valley from April 14, 2019 and had allocated budget for this purpose the same year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A cabinet decision in June announced that the government-owned Sajha Yatayat would be given Rs 3 billion. However, after three months, a letter was written to Sajha to stop the procurement process, alleging that the bus could not be purchased on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government had decided to hand over the responsibility of purchasing the bus to the ministry by withdrawing the amount given to Sajha in mid-January. However, even after eight months after the decision was made, the ministry has not been able to purchase the bus. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman""> The ministry had formed a committee to finalize the specifications under the leadership of Joint Secretary Pramila Bajracharya. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Shankar Singh Dhami, a member of the committee and chief of the transport management section of the ministry, said that the tender process has already started as the work of finalizing the specifications has been completed. The ministry had decided to open the tender before Dashain. However, the ministry said that the process was postponed after a staff of the ministry tested positive for coronavirus. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12320', 'image' => '20201008040011_1602111677.Clipboard03.jpg', 'article_date' => '2020-10-08 15:59:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12572', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive after at least 2 Months ', 'sub_title' => '', 'summary' => 'October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 8: It is estimated that it will take at least another two months for the government of Nepal to bring in 50,000 metric tons of urea from Bangladesh on loan. </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">The obligation to complete the procurement process under the Public Procurement Act has been seen as the delaying factor for the arrival of the chemical fertilizer.</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">The government-owned Agricultural Inputs Company Limited had announced a tender for the procurement process on September 20 for bringing in urea from Bangladesh. Although five companies had participated in the bidding process, Gentrade FZF, a UAE-based company was awarded the contract for making the lowest bid.</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">Gentrade has the deadline of next Friday for signing the agreement. The agreement is likely to be signed on Sunday, October 11, the Agricultural Inputs Company Limited 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">According to Bishnu Pokhrel, head of the company's procurement division, the Bangladesh government has given permission to bring the fretilizer to Nepal from Chittagong port in Bangladesh. He informed that the contractor company will start transporting the fertilizer to Nepal after the Bangladesh government transports them to Chittagong port and all the fertilizer will reach Nepal within 70 days.</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 first batch of urea will arrive in Nepal within 20 days after the Bangladesh government releases the fertilizer. So far, however, the Bangladesh government has not transported fertilizer to the port. The government of Nepal had sought the fertilizers from Bangladesh on loan after there was an acute shortage of urea in the country during paddy plantation. The government has made a commitment to return the same amount of urea to Bangladesh next year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12319', 'image' => '20201008021535_1602114711.Clipboard16.jpg', 'article_date' => '2020-10-08 14:14:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12571', 'article_category_id' => '1', 'title' => 'World Bank Estimates Nepal's GDP to Grow by 0.2% in 2020', 'sub_title' => '', 'summary' => 'October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says the World Bank’s latest South Asia Economic Focus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 8: Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the World Bank’s latest South Asia Economic Focus. </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">Released on October 8, the twice-a-year-regional update notes that South Asia is set to plunge this year into its worst-ever recession as the devastating impacts of the pandemic on the region’s economies linger on, taking a disproportionate toll on informal workers and pushing millions of South Asians into extreme poverty. </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 report forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 percent in 2020, after topping 6 percent annually in the past five years. Regional growth is projected to rebound to 4.5 percent in 2021. Factoring in population growth, however, income-per-capita in the region will remain 6 percent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Arial">In previous recessions, falling investment and exports led the downturn. This time is different as private consumption, traditionally the backbone of demand in South Asia and a core indicator of economic welfare, will decline by more than 10 percent, further spiking poverty rates. A decline in remittances is also expected to accelerate loss of livelihoods for the poorest in some countries. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><img alt="" src="/app/webroot/userfiles/images/faris-hadad-zervos-worldbank-new-director.jpg" style="height:240px; width:320px" /></span></span></span></span></p> <p><span style="font-size:12px"><em><span style="font-family:Cambria"><span style="font-family:Arial">Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka.</span> </span></em></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 economic consequences of the pandemic and impact on livelihoods across Nepal is expected to be the most acute for informal workers or those without social security or assistance, who are more at risk of falling into extreme poverty,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal and Sri Lanka. “Swift action is needed to provide incomes, social protection, and employment to support them. This includes key investment climate reforms to promote physical infrastructure and access to finance for the informal sector to shorten the transition to recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">I</span><span style="font-size:14.0pt"><span style="font-family:Arial">nformal businesses make up around 50 percent of enterprises in Nepal and are the main source of income for most of the labor force, the World Bank stated. Within this group, urban informal sector workers and self-employed households in urban areas are more vulnerable than rural households who can fall back on subsistence farming. Most informal firms operate with limited savings, and owners may face the difficult choice of staying home and facing starvation during the lockdown or running their business and risking infection. These scenarios accentuate financial difficulties as well as the spread of COVID-19.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report urges governments to design universal social protection as well as policies that support greater productivity, skills development, and human capital. In that effort, securing international and domestic financing will help governments fund crucial programs to speed up recovery. In the long-term, digital technologies can play an essential role in creating new opportunities for informal workers, making South Asia more competitive and better integrated into markets—if countries improve digital access and support workers to take advantage of online platforms. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“COVID-19 will profoundly transform Nepal and the rest of South Asia for years to come and leave lasting scars in its economies. But there is a silver lining toward resilient recovery: the pandemic could spur innovations that improve South Asia’s future participation in global value chains, as its comparative advantage in tech services and niche tourism will likely be in higher demand as the global economy becomes more digital,” said Hans Timmer, World Bank’s chief economist for the South Asia Region.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12318', 'image' => '20201008123642_20200920100437_WORLD-BANK-696x447.jpg', 'article_date' => '2020-10-08 12:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12570', 'article_category_id' => '1', 'title' => 'Government Expands Scope of Investment in Small Projects backed by India', 'sub_title' => '', 'summary' => 'October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 8: The government has decided to increase the scope of small projects backed by India’s investment in coordination with the local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Indian government has been investing in various small development projects (SDPs) in Nepal ranging from waste management to construction of school buildings in villages.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Federal Affairs and General Administration is the handles all the matters related to SDPs. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A ministerial-level decision taken by Minister for Federal Affairs and General Administration Hridayesh Tripathi last week decided to change the programmes and expand the scope of SDPs run on investment made by India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the amendment, India can now invest on SDPs including construction of community school buildings, child development centres, libraries, hospitals, health posts, blood collection centres, maternity wards among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The scope of SDPs have been increased with the objective of bringing in more investment from India in projects like waste management, drinking water projects, agriculture among others.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, the government had not clearly specified the areas of investment due to which India had been investing in projects at its will, insist officials at the ministry. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After the government clearly identified areas of investment by India, the Indian government will now have to invest in those specific projects in coordination with the local units. The local levels have been given the authority to select the projects and implementing them as well.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The SDPs were initiated in 2003. Initially, the Indian Embassy in Nepal used to be directly involved in the projects. But after the promulgation of the new constitution of Nepal in 2015, a provision was included for the projects to be run in coordination with the local units.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12317', 'image' => '20201008120230_1602113759.Clipboard11.jpg', 'article_date' => '2020-10-08 12:01:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12569', 'article_category_id' => '218', 'title' => 'Nabil Bank Appoints Upendra Poudyal as its new Chairman', 'sub_title' => '', 'summary' => 'October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">October 8: Nabil Bank has appointed Upendra Poudyal as the bank’s chairman effective from October 6. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank said in a statement that Poudyal has been serving as the director of the bank since 1st December 2017. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Poudyal will take the place of outgoing chairman Shambhu Prasad Poudyal, who completed his four-year term on October 3, 2020.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">The current chairman started his banking career in 1986 when he joined Nepal Grindlays Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book""> He later engaged himself in NMB Finance and led the company as CEO, says the statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">“He played crucial role in upgrading NMB Finance to a commercial bank and served as CEO of the NMB Bank till 2017. Poudyal is an established leader in the banking sector of Nepal with experience of more than 30 years as a successful banker and former president of Nepal Banker’s Association,” the statement added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"> Poudyal also represents the Asia pacific region of the Global Alliance for Banking on Values (GABV), with its headquarters in the Netherlands. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">GABV is a network of banking leaders from around the world committed to advancing positive change in the banking sector. According to the statement, the collective goal of GABV is to change the banking system so that it is more transparent, and supports economic, social and environmental sustainability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:"Futura LT Book"">Nabil Bank further said it is confident that bank will progress to new heights of success under the able leadership of Poudyal as its chairman.</span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-08', 'modified' => '2020-10-08', 'keywords' => '', 'description' => '', 'sortorder' => '12316', 'image' => '20201008110910_CM Nabil.jpg', 'article_date' => '2020-10-08 11:08:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12568', 'article_category_id' => '236', 'title' => 'Classic Legends Announces its Foray into Nepal', 'sub_title' => 'Appoints Agni MotoInc Pvt Ltd as its official distributor-partner in Nepal', 'summary' => 'October 7: Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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 7:</span></span><span style="font-size:14.0pt"><span style="font-family:Arial"> Riding high on the massive response and success received by its three new Jawa models and a widespread dealership network spread across India, Classic Legends is all set to expand its retail footprint 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">Classic Legends said in a statement it has appointed Agni MotoInc Pvt Ltd as its official distributor-partner in the country. It is the subsidiary of Agni Group and the sole authorized distributor of Mahindra utility vehicles, tractors, three-wheelers, electric cars and Powerol generators in Nepal. The operations will commence in the month of October 2020, added the statement.</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 company said it will initially be launching its Jawa and Jawa forty two models in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Making the announcement, Ashish Singh Joshi, CEO of Classic Legends Pvt Ltd said, “When we registered success in India in the form of unprecedented love, interest and demand for the new Jawa models, we knew they would also be loved in Nepal. As we expand our operations to Nepal and offer our Jawa and Jawa forty two models here, we reaffirm our commitment towards offering, along with a piece of history, an unparalleled ownership experience to all classic motorcycle lovers in the country.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Speaking at the event Cabinet Shrestha, managing director, Agni Group, said, “It gives us great pride to bring Classic Legends’ Jawa Motorcycles in Nepal. We are quite upbeat to offer these classics to the motorcycle enthusiasts in our country. I am very optimistic that Jawa being an authentic and iconic brand It will definitely cater to the free spirit of motorcycle enthusiasts and I am confident that the New Jawa's legendary classic yet trendy looks and its strong build features will be an instant hit with our customers 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">According to the company, Jawa Motorcycles will be available in dealerships located at Uttardhoka and Teku in Kathmandu, and the network will gradually expand across the country. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The motorcycles will be brought into Nepal through the Completely Built Units (CBU) route. With the planned outlets becoming fully operational in the near future, customers across major cities like Kathmandu, Pokhara, Itahari, Dharan, Narayanghat, Lahan, Nepalgunj and Butwal will be able to book and test ride the iconic models Jawa and Jawa Forty Two motorcycles in their own cities.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12315', 'image' => '20201007060213_Jawa Bike IMG-20201005-WA0000.jpg', 'article_date' => '2020-10-07 18:01:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12567', 'article_category_id' => '266', 'title' => 'Hotel Yak & Yeti Reopens Spice Room Restaurant ', 'sub_title' => '', 'summary' => 'October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">October 7: Hotel Yak and Yeti has reopened its Indian restaurant outlet, Spice Room, on the hotel premises. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“We gladly announced that we are ready to safely welcome guests to dine at our Indian Fine Dining Restaurant, Spice Room,” the five-star hotel wrote in a press statement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel is operating<strong> </strong>the restaurant between 1700 hours and 2200 hours every day.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">“The health and safety of our guests and associates will always be our top-most priority. We have fully embraced the notion that our restaurants and hotel operation standards need to change with regards to the current situation,” the statement adds.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Over the past few months, Hotel Yak and Yeti team has invested the requisite time and effort to adopt rigorously procedures and redefine cleanliness standards as the hotel re-opens its doors and step into the new normal. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The hotel has been adopting European standard disinfectants approved by the WHO and EPA (Environmental Protection Agency) during its routine cleaning of all hotel areas to ensure public safety.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"> <span style="font-family:"Times New Roman"">Likewise, the administration also has been adopting contact tracing and temperature screening process of both guests and associates before entering hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Additionally, wearing a mask at public spaces has been made mandatory for all guests and associates within the hotel premises.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">“Food & Beverage Safety Guidelines are adopted<strong> </strong>to ensure health and hygiene standard is maintained from procurement of raw materials, to receiving of procured goods, to preparation, to guest service, and sanitization of outlets and kitchen areas. Likewise, spaced table seating and thorough cleaning between seating is maintained in our dining areas,” the statement reads.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12314', 'image' => '20201007055145_My Effect.jpg', 'article_date' => '2020-10-07 17:50:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12566', 'article_category_id' => '1', 'title' => 'Hong Kong Bars NAC for Two Weeks', 'sub_title' => '', 'summary' => 'October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 7: The Civil Aviation Department (CAD) of Hong Kong has postponed the flight of Nepal Airlines Corporation (NAC) for two weeks after the airlines confirmed coronavirus infection among six passengers who traveled to Hong Kong from Nepal on a regular flight. The Covid-19 cases were confirmed on Monday. The passengers arriving in Hong Kong from the NAC’s RA 4099 flight on October 3 from Nepal were infected with coronavirus, the NAC 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">Archana Khadka, spokesperson of NAC, informed that the PCR report of the passengers was negative in Nepal while testing for Covid-19. However, the same passengers showed positive result during tests in Hong Kong. </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">Passengers are allowed to enter Hong Kong if the present report taken 72 hours before arrival.</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">"From here, we completed all the procedures and sent them as per the health protocol. Only the passengers with PCR negative report have left the country through this airlines. We have learnt that they their report turned out positive in Hong Kong. Therefore, the corporation's flight to Hong Kong has been postponed for two weeks,” informed Spokesperson Khadka.</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">According to her, the ban imposed by the Civil Aviation Department (CAD) of Hong Kong from October 4 will be lifted only on October 17. A total of 11 Covid-19 cases were reported in Hong Kong on Monday while six of them were passengers of NAC. One of the passengers is said to be a passenger from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12313', 'image' => '20201007043802_1602027461.Clipboard17.jpg', 'article_date' => '2020-10-07 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12565', 'article_category_id' => '1', 'title' => 'Central Bank Caps Limit for Distribution of Cash Dividend by BFIs', 'sub_title' => 'BFI can now distribute Cash Dividend up to 30 Percent of Distributable Profit ', 'summary' => 'October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. ', 'content' => '<p><span style="font-size:18px">October 7: Nepal Rastra Bank has capped the maximum limit of cash dividend to be distributed by banks and financial institutions (BFIs) at 30 percent of their profit. </span></p> <p><span style="font-size:18px">The central bank has clearly stated that the BFIs can distribute cash dividend up to 30 percent of their distributable profit earned in fiscal year 2019/20 irrespective of the capacity to distribute the amount. The central bank made such arrangement by introducing a new work procedure. </span></p> <p><span style="font-size:18px">With the approval of the new work procedure, the earlier provision for distributing cash dividend issued five years ago has effectively come to an end. Meanwhile, the new work procedure has a provision than mandates BFIs with net distributable profit less than 5 percent of the paid-up capital not to distribute cash dividend except for paying taxes. </span></p> <p><span style="font-size:18px">As per the new provision, BFIs have to follow nearly half a dozen rules in order to distribute cash dividend and bonus shares. The central bank has also barred BFIs from distributing cash dividend unless they sell their shares in cross holding. However, this rule will not be applicable for microfinance companies.</span></p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12312', 'image' => '20201007023010_1602027918.Clipboard03.jpg', 'article_date' => '2020-10-07 14:27:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12564', 'article_category_id' => '1', 'title' => 'Tatopani Customs Closed Again after Workers Test Positive for Covid-19 ', 'sub_title' => '', 'summary' => 'October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 7: Tatopani customs, which was reopened on Monday after 80 days, has been closed again from Tuesday (October 6). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the chief of Tatopani Customs Office Lal Bahadur Khatri, the Chinese side has been reluctant to send goods via the checkpoint after seven of the 33 workers who went to the border to load and unload the goods tested positive for coronavirus. China did not send the container after three of the infected workers tested positive on Tuesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The report of the workers was negative when tested in Nepal. However, the import was halted on Monday after they tested positive in China. While testing all the drivers and workers in 5/5 days, four of them who were found positive are being treated in isolation at the district headquarters Chautara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Twelve containers of goods have been imported from China from Sunday evening till Monday morning. In particular, the containers were loaded with clothes, garments materials and some ready-made items. Earlier, the customs office had expected goods to arrive in more than 15 containers daily. The officials were also expecting collection of average revenue of Rs 10 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:"Times New Roman"">According to Khatri, 29 people, including drivers and laborers, used to reach the Friendship Bridge with 12 containers to collect the goods stored by China across the Bridge. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Around 800 containers of ready-made garments, clothes, various electronic goods, apples, garlic, onions, cosmetics and toys are stuck in the middle of the road. Chief District Officer of Sindhupalchowk, Umesh Kumar Dhakal informed that discussions have been started on how to bring the closed Tatopani checkpoint into operation. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12311', 'image' => '20201007124800_1602028245.Clipboard04.jpg', 'article_date' => '2020-10-07 12:47:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12563', 'article_category_id' => '1', 'title' => 'Price of Edible Oil Increases by 10 Percent', 'sub_title' => '', 'summary' => 'October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">October 7: In the last ten days, the price of edible oil has increased by 10 percent while that of lentil, pulses and legumes have soared by 17 percent. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Local businessmen say that the price hike in a result of increase in price of these products in the international market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price of soybean oil, which was being sold for Rs 150 per litre just ten days ago in retail stores, has increased to Rs 165 per litre. Likewise, the retail price of sunflower oil which was Rs 180 per litre has increased to Rs 200. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Immediate past president of the Nepal Retailers’ Association Pabitra Bajracharya informed that the price of edible oil has increased by 10 percent and that of pulses and legumes is up by 17 percent. The prices of biscuits, packed foods, jam and other daily essentials have also gone up, says Bajracharya. He added that the price hike is likely to continue until Dashain.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been forced to increase the price after the wholesale rate increased,” said Bajracharya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Businessmen say that the demand for edible oil is high during the festive season and therefore the price has increased. It is also due to the increase of price in the international market, insists Subodh Kumar Gupra, chairman of Association of Nepal Rice, Oil and Pulses Industries. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""> Meanwhile, consumer rights activists say that the businessmen are cheating the people in the name of price hike in international market. They say it is not fair for the businessmen to keep stock of goods since one month and declare price hike.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Consumer Rights Forum Madhav Timilsina says that the local businessmen have arbitrarily increased the price of essential goods in the pretext of price hike in the international market. He argues that the consumers have been at the receiving end due to the poor monitoring from the government authorities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Besides the local products, businessmen in Nepal also unrefined oil from countries like Australia, Malaysia, Canada and India to meet the internal demand of the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-10-07', 'modified' => '2020-10-07', 'keywords' => '', 'description' => '', 'sortorder' => '12310', 'image' => '20201007115016_1602027067.Clipboard15.jpg', 'article_date' => '2020-10-07 11:49:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12562', 'article_category_id' => '1', 'title' => 'Brigunj Dry Port Operator to Supply Labor for Loading and Unloading Goods', 'sub_title' => '', 'summary' => 'October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">October 6: Pristine Valley Dry Port Pvt Ltd, the operator of Birgunj Dry Port, has taken the responsibility of loading and unloading of goods at Birgunj Dry Port. Pristine Valley Dry Port Pvt. Ltd. has started loading and unloading cargo arriving at the port from Monday, October 5.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, the importers had been paying additional amount for the loaders even after paying the terminal service charge to the operator. "From now on, customers will not have to pay extra for labor charge,” informed Aditya Raya, chief executive of Pristine Valley Dry Port. “Likewise, the port itself will manage the workers for loading and unloading the cargo,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The importer pays the port operator Rs 109 per metric ton for the cargo arriving at the dry port. Likewise, they pay Rs 150 for loading and unloading of the cargo additionally. Nepal Intermodal Transport Development Committee (NITDB) stated that such a contract was against the agreement and had asked Pristine for clarification.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As per the agreement, the port operator should have charged a terminal service fee of Rs 246. But Pristine had lowered the fare because the importers had to pay additional charge to the workers for loading and unloading of goods. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-10-06', 'modified' => '2020-10-06', 'keywords' => '', 'description' => '', 'sortorder' => '12309', 'image' => '20201006055217_1601942765.Clipboard10.jpg', 'article_date' => '2020-10-06 17:51:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
