August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO).…
August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO).…
August 13: Refined palm oil is the most exported item from Birgunj.…
August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years.…
August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights…
August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September…
August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several…
August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions.…
August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19…
August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the…
August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular…
…
August 11: Upaya City Cargo recently launched their new smartphone application amid a special event.…
August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation.…
August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal…
August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of…
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', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', '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"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </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 total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </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"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </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"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </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"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </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"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </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"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', '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"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these projects. </span></span></span></span></p> <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 will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration 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 Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <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 aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level 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">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The association said that thousands of employees in this sector have been badly affected by the ban on air service since the last five months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the association said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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 Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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">This is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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 Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', '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"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <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 inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <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 also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <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 amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12312', 'article_category_id' => '1', 'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents', 'sub_title' => '', 'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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 has been a year and a half since the provision for importers’ representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">“There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,” informed Temani.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12059', 'image' => '20200812022919_1597198328.Clipboard02.jpg', 'article_date' => '2020-08-12 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12311', 'article_category_id' => '1', 'title' => 'CDOs, Local Units Authorised to Impose Lockdown', 'sub_title' => '', 'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.', '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"">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p> <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 haven’t imposed nationwide lockdown. The cabinet decisions have not mentioned the word ‘lockdown’ anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,” said Minister Khatiwada.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the recent cabinet meeting decided to seal Nepal’s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p> <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 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12058', 'image' => '20200812123718_Finance.jpg', 'article_date' => '2020-08-12 12:36:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12310', 'article_category_id' => '1', 'title' => 'High Court Bars Investment Board’s CEO from Assuming Office', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board's CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </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">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</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">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12057', 'image' => '20200812104902_1597201344.Sushil_bhatta.jpg', 'article_date' => '2020-08-12 10:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12309', 'article_category_id' => '1', 'title' => 'Upaya City Cargo Launches New App for Logistics Delivery', 'sub_title' => '', 'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ', '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"">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company expressed its belief that the app, which it claimed to be “one of the pioneers of digital logistic service in the Nepalese industry,” will help make online delivery easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </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"">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company’s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one 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"">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal’s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s Product and Development Head Karan Basnet shared that “Auto connection through Platform” and “Tracking and Automated VAT Bills” are some of the key features in City Cargo’s Client App that make the booking process easy for customers. </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 app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </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 company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </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"">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </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"">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12056', 'image' => '20200811044021_HZh.jpg', 'article_date' => '2020-08-11 16:39:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12308', 'article_category_id' => '1', 'title' => 'Government Amends Building Code for First Time in 25 Years', 'sub_title' => '', 'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Devanagari Sangam MN"">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12055', 'image' => '20200811041415_1597095739.Clipboard07.jpg', 'article_date' => '2020-08-11 16:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12307', 'article_category_id' => '1', 'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains', 'sub_title' => '', 'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by 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">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the 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">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company’s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat at present. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12054', 'image' => '20200811035055_1597095697.Clipboard04.jpg', 'article_date' => '2020-08-11 15:50:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12306', 'article_category_id' => '1', 'title' => 'Nepal Tourism Board's Budget Shrinks by Half', 'sub_title' => 'Only Rs 820 million allocated for current fiscal year ', 'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.</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">NTB, which has been authorized with the main responsibility of promoting and developing the country's tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year's budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12053', 'image' => '20200811014735_1597095498.Clipboard06.jpg', 'article_date' => '2020-08-11 13:46:51', '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' => '12320', 'article_category_id' => '1', 'title' => 'SEBON Implements Book Building Method for the Issuance of IPO', 'sub_title' => 'Provision of a minimum of 50 units of shares with a discount of 10 per cent on the cut-off price for general investors ', 'summary' => 'August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', '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"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </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 total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </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"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </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"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </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"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </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"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </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"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', '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"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these projects. </span></span></span></span></p> <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 will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration 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 Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <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 aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level 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">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The association said that thousands of employees in this sector have been badly affected by the ban on air service since the last five months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the association said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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 Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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">This is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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 Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', '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"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <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 inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <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 also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <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 amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12312', 'article_category_id' => '1', 'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents', 'sub_title' => '', 'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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 has been a year and a half since the provision for importers’ representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">“There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,” informed Temani.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12059', 'image' => '20200812022919_1597198328.Clipboard02.jpg', 'article_date' => '2020-08-12 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12311', 'article_category_id' => '1', 'title' => 'CDOs, Local Units Authorised to Impose Lockdown', 'sub_title' => '', 'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.', '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"">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p> <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 haven’t imposed nationwide lockdown. The cabinet decisions have not mentioned the word ‘lockdown’ anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,” said Minister Khatiwada.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the recent cabinet meeting decided to seal Nepal’s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p> <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 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12058', 'image' => '20200812123718_Finance.jpg', 'article_date' => '2020-08-12 12:36:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12310', 'article_category_id' => '1', 'title' => 'High Court Bars Investment Board’s CEO from Assuming Office', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board's CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </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">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</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">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12057', 'image' => '20200812104902_1597201344.Sushil_bhatta.jpg', 'article_date' => '2020-08-12 10:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12309', 'article_category_id' => '1', 'title' => 'Upaya City Cargo Launches New App for Logistics Delivery', 'sub_title' => '', 'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ', '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"">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company expressed its belief that the app, which it claimed to be “one of the pioneers of digital logistic service in the Nepalese industry,” will help make online delivery easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </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"">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company’s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one 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"">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal’s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s Product and Development Head Karan Basnet shared that “Auto connection through Platform” and “Tracking and Automated VAT Bills” are some of the key features in City Cargo’s Client App that make the booking process easy for customers. </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 app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </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 company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </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"">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </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"">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12056', 'image' => '20200811044021_HZh.jpg', 'article_date' => '2020-08-11 16:39:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12308', 'article_category_id' => '1', 'title' => 'Government Amends Building Code for First Time in 25 Years', 'sub_title' => '', 'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Devanagari Sangam MN"">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12055', 'image' => '20200811041415_1597095739.Clipboard07.jpg', 'article_date' => '2020-08-11 16:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12307', 'article_category_id' => '1', 'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains', 'sub_title' => '', 'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by 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">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the 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">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company’s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat at present. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12054', 'image' => '20200811035055_1597095697.Clipboard04.jpg', 'article_date' => '2020-08-11 15:50:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12306', 'article_category_id' => '1', 'title' => 'Nepal Tourism Board's Budget Shrinks by Half', 'sub_title' => 'Only Rs 820 million allocated for current fiscal year ', 'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.</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">NTB, which has been authorized with the main responsibility of promoting and developing the country's tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year's budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12053', 'image' => '20200811014735_1597095498.Clipboard06.jpg', 'article_date' => '2020-08-11 13:46:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', '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"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </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 total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </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"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </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"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </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"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </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"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </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"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', '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"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these projects. </span></span></span></span></p> <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 will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration 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 Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <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 aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level 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">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The association said that thousands of employees in this sector have been badly affected by the ban on air service since the last five months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the association said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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 Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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">This is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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 Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', '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"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <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 inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <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 also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <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 amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12312', 'article_category_id' => '1', 'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents', 'sub_title' => '', 'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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 has been a year and a half since the provision for importers’ representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">“There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,” informed Temani.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12059', 'image' => '20200812022919_1597198328.Clipboard02.jpg', 'article_date' => '2020-08-12 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12311', 'article_category_id' => '1', 'title' => 'CDOs, Local Units Authorised to Impose Lockdown', 'sub_title' => '', 'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.', '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"">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p> <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 haven’t imposed nationwide lockdown. The cabinet decisions have not mentioned the word ‘lockdown’ anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,” said Minister Khatiwada.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the recent cabinet meeting decided to seal Nepal’s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p> <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 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12058', 'image' => '20200812123718_Finance.jpg', 'article_date' => '2020-08-12 12:36:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12310', 'article_category_id' => '1', 'title' => 'High Court Bars Investment Board’s CEO from Assuming Office', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board's CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </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">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</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">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12057', 'image' => '20200812104902_1597201344.Sushil_bhatta.jpg', 'article_date' => '2020-08-12 10:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12309', 'article_category_id' => '1', 'title' => 'Upaya City Cargo Launches New App for Logistics Delivery', 'sub_title' => '', 'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ', '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"">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company expressed its belief that the app, which it claimed to be “one of the pioneers of digital logistic service in the Nepalese industry,” will help make online delivery easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </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"">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company’s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one 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"">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal’s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s Product and Development Head Karan Basnet shared that “Auto connection through Platform” and “Tracking and Automated VAT Bills” are some of the key features in City Cargo’s Client App that make the booking process easy for customers. </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 app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </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 company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </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"">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </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"">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12056', 'image' => '20200811044021_HZh.jpg', 'article_date' => '2020-08-11 16:39:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12308', 'article_category_id' => '1', 'title' => 'Government Amends Building Code for First Time in 25 Years', 'sub_title' => '', 'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Devanagari Sangam MN"">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12055', 'image' => '20200811041415_1597095739.Clipboard07.jpg', 'article_date' => '2020-08-11 16:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12307', 'article_category_id' => '1', 'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains', 'sub_title' => '', 'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by 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">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the 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">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company’s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat at present. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12054', 'image' => '20200811035055_1597095697.Clipboard04.jpg', 'article_date' => '2020-08-11 15:50:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12306', 'article_category_id' => '1', 'title' => 'Nepal Tourism Board's Budget Shrinks by Half', 'sub_title' => 'Only Rs 820 million allocated for current fiscal year ', 'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.</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">NTB, which has been authorized with the main responsibility of promoting and developing the country's tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year's budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12053', 'image' => '20200811014735_1597095498.Clipboard06.jpg', 'article_date' => '2020-08-11 13:46:51', '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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', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman"">August 13: Securities Board of Nepal (SEBON) has implemented book building method for the issuance of Initial Public Offering (IPO). </span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">SEBON has brought into use the Book-Building Guidelines, 2077 for the application of the book building method for the issuance of IPO under its Securities Registration and Issuance Regulations.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Bhisma Raj Dungana, the chairman of SEBON, said that the general investors will get a minimum of 50 units of shares under this method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">He also clarified that this method would not be mandatory for all companies. He informed New Business Age that issuing of the IPO under this method would require the company to provide the general investors with a discount of 10 per cent on the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board has also prepared some guidelines about the book-building method before implementing it. The guidelines state that that the companies issuing their IPO through this method need to prepare a preliminary assessment that states the estimated value as well as the method of valuation of their IPO, in consultation with their issue manager.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will further have to take advices from a minimum of 10 qualified institutional investors about the minimum number of shares they want to purchase, their expected price of shares, and the basis for the valuation.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company issuing the IPO through the book-building method will then have to set a price of the IPO by analyzing the institutional investors’ expected price of the shares. They will then have to set a price ceiling and a price floor at 20 per cent above and below the price of the share respectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The IPO will then have to be issued to qualified institutional investors registered with SEBON, through bidding after the price of the share along with its upper and lower limits approved. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">Similarly, a capable institutional investor will not be permitted to bid for more than 20 per cent of the issued IPO. They will also have to either deposit the full amount of the auctioned price to the specified bank, present a Good-For-Payment cheque or have the full amount blocked in their bank account.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The automated electronic auction system operated by Nepal Stock Exchange (NEPSE) will have to be used for the book-building method. The companies can ask the board for a sealed-bid auction until the automated electronic auction system is introduced by NEPSE.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The company will have to determine the cut-off price once all of the issued shares are sold to the institutional investors, and will have to distribute the shares to all of the applicants whose bid was above the cut-off price.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">In case the number of shares is insufficient to meet the demanded quantity of applicants, whose bid was above the cut-off price, the shares will have to be distributed proportionally. The board has also arranged for the account to be cleared as required or for the unused amount to be returned to the applicants within three working days with its accrued interest in case of a proportional distribution of the shares.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board believes that the use of book-building method for issuing IPO will make the price of shares more transparent and competitive. The board aims to get the companies of the real sector to enter the capital market and believes that such companies will feel encouraged to enter the capital market after the implementation of the book-building method.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman"">The board is also confident that this method will enable the companies issuing their IPO to get a high price for their shares and the institutional investors to increase their ownership in the issuing company, which will help in increasing the corporate governance.</span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12067', 'image' => '20200813022215_sebon.jpg', 'article_date' => '2020-08-13 14:21:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12319', 'article_category_id' => '1', 'title' => 'Export of Palm Oil Closed since Three Months ', 'sub_title' => '', 'summary' => 'August 13: Refined palm oil is the most exported item from Birgunj. ', '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"">August 13: Refined palm oil is the most exported item from Birgunj. However, the export of palm oil has stopped recently. In the Fiscal Year 2076/77, 14 industries of Bara-Parsa Industrial Corridor exported 168,000 metric tons of refined palm oil to India through this checkpoint. According to the data of Birgunj Customs Office, processed palm oil was the most exported product. </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 total of 170,000 metric tons of processed palm oil worth Rs 11.72 billion was exported in the last fiscal year. Bimal Shah, Information Officer of Birgunj Customs Office, said the figure is 47% higher in comparison to the previous year. In the FY 2075/76, a total of 57,000 metric tons of palm oil was exported. </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"">Suresh Rungata, chairman of OCB Food, said that the export of palm oil has been closed since three months after India banned the import of refined palm oil. Entrepreneurs have complained that the government has not taken any initiative to open the export of this product. </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"">Rungata accused the government of being indifferent towards the problems of exporters. Entrepreneurs have claimed that the overall export will decline in the current fiscal year 2077/78 after the export of the main commodity was stopped. </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"">In the last one year, 61,550 metric tons of soybean oil were exported. According to the statistics at the customs department, refined soybean oil worth Rs 8.24 billion was exported to India during this period. In the previous year, the export was only 12,911 metric ton. </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"">However, the Ministry of Industry, Commerce and Supplies has said that an initiative is being taken to open the export of palm oil. </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"">"Efforts are being made with the Indian side at various levels. We are hopeful that we will be able to resume export soon,” said Nawaraj Dhakal, joint secretary at the ministry. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12066', 'image' => '20200813014937_1597274429.Clipboard01.jpg', 'article_date' => '2020-08-13 13:49:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12318', 'article_category_id' => '1', 'title' => 'Government Extends SDPs Under Grant from Indian Embassy', 'sub_title' => '', 'summary' => 'August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. ', '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"">August 13: The government had extended the deadline for small development projects (SDPs) with investment from the Indian Embassy by three years. A meeting of the Council of Ministers on Monday (August 3) decided to extend the time period for these projects. </span></span></span></span></p> <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 will now get continuity till August 2023.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, the Indian Embassy used to have direct involvement in these projects. But after the new constitution was promulgated in Nepal, a new clause has been added allowing the projects to run in collaboration 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 Ministry of Federal Affairs and Local Development oversees these projects. According to the ministry, the Indian Embassy can now move ahead with the projects only in collaboration with the local bodies. Joint Secretary at the ministry, Basanta Adhikari, informed New Business Age that the embassy used to finance the projects through the District Development Committees earlier but now the modality has been changed.</span></span></span></span></p> <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 aid used to be spent outside the budget of the Government of Nepal before. But the financial assistance for these projects will now onward be incorporated in the annual budget of the government. Such decision was taken by the cabinet more than seven months ago.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This project, which was initiated in 2003, needs to be renewed every three years.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12065', 'image' => '20200813012110_1597275927.jpg', 'article_date' => '2020-08-13 13:20:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12317', 'article_category_id' => '1', 'title' => 'NRB Restricts Issuance of Rights Shares to Put Pressure on Merger and Acquisition ', 'sub_title' => '', 'summary' => 'August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares.', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">August 13: Nepal Rastra Bank (NRB) has started to reject the proposals of banks and financial institutions (BFIs) to issue rights shares. NRB has adopted a strategy of increasing the capital of BFIs only through mergers and acquisitions. The central bank informed that it is discouraging the issuance of rights shares and promoting mergers instead. </span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank’s strategy of restricting the issuance of rights shares has compelled banks and financial institutions to opt for merger or acquisition in order to increase their capital. NRB Spokesperson Gunakar Batta said that the central bank’s next move is to reduce the number of banks down to a certain level. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“The capital base needs to be strengthened through merger or acquisition. Nepal Rastra Bank is prioritizing mergers over any other methods in order to reduce the number of banks,” he told New Business Age.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The Banks and Financial Institutions Regulation Department of NRB informed that the central bank has rejected proposals of issuance of rights shares of some institutions including Tinau, Mission and Shine Resunga development banks. Shine Resunga Development Bank that has a paid-up capital of Rs 3.1 Billion, had sought permission from the central bank to issue rights shares at a 4:1 ratio, as per the decision of the 11<sup>th</sup> annual general meeting of the bank. The proposal has however been rejected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">An official from the regulations department of Nepal Rastra Bank has said that it was inappropriate for the banks to ask for an approval for issuing their rights shares from the central bank after endorsing it by the AGM. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">“We are aiming to promote mergers and acquisitions. Issuing of rights shares is not an option for increasing the capital to strengthen the banks,” a high-level 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">The central bank has been rejecting proposals to issue rights shares but has not prohibited the issuance of rights shares. It hasn’t issued any circular to the commercial banks, development banks and micro finance companies to stop issuing rights shares. However, micro-finance companies will be given specific instructions prohibiting them from issuing rights shares. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The latest move of the central bank is in line with the monetary policy of the current fiscal year which encourages mergers and acquisition more than issuance of rights shares.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers believe that the issuance of rights shares should be tightened instead of a complete ban.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Bankers pointed that issuing of rights shares unnecessarily shouldn’t be approved but certain criteria need to be created to approve the issuance of necessary rights shares if required. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Basanta Raj Lamsal, the chairman of Nepal Microfinance Bankers’ Association, said that it would be more appropriate to grow the capital through both rights shares and mergers. Chairman Lamsal further informed that he is planning to request Rastra Bank to make necessary arrangements and criteria required to enable financial institutions to issue their rights shares.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12064', 'image' => '20200813123205_1597198983.Clipboard06.jpg', 'article_date' => '2020-08-13 12:31:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12316', 'article_category_id' => '1', 'title' => 'Airline Operators Warn of Protest if the Government Further Extends Ban on Flights', 'sub_title' => '', 'summary' => 'August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: Airline operators have warned of protest if the government does not allow them to resume flights from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government recently extended a ban on all commercial flights including domestic and international flights, except chartered flights for rescue operations, by 15 days due to a surge in coronavirus cases in the country after lifting lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The government had earlier said it would allow air service to resume from August 17. Airline companies had already started booking tickets. But the cabinet on Monday decided to extend the ban.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Following the latest decision of the government not to allow air service till August 31, the airline operators on Wednesday warned that they will be forced to protest if the government keeps on extending the ban on air service.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Regular flights in Nepal have come to a complete halt after the government imposed a lockdown on March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The airline operators of Nepal say that other countries have already resumed domestic flights despite the Covid-19 crisis. Therefore, they urged the Government of Nepal to follow suit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">President of the Airline Operators Association of Nepal Rameshwar Thapa said that the government’s decision to extend the ban on flights at a time when they were ready to resume service was inappropriate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“We have completed all the preparations to resume air service by following the protocols set by the International </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Civil Aviation Organization (ICAO) and the guidelines fixed by the Government of Nepal,” said Thapa. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">He added that they will have to close their companies if the government does not allow them to resume air service from September 1.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The association said that thousands of employees in this sector have been badly affected by the ban on air service since the last five months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">“The ban on flights has also affected rescue of people injured in floods and landslides. Pregnant women referred to the hospitals in the capital have not been able to get prompt service due to unavailability of flights,” the association said.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">It is estimated that the private airline companies have had to bear losses of around Rs 5 to 6 billion due to the closure of air service since the last five months.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12063', 'image' => '20200813115026_plane.jpg', 'article_date' => '2020-08-13 11:49:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12315', 'article_category_id' => '1', 'title' => 'Gold Takes a Massive Plunge and then Rises', 'sub_title' => '', 'summary' => 'August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 13: The price of gold took a nosedive in the Nepali market on Wednesday (August 12) after steady rise for several weeks.</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 price of the precious yellow metal dropped by a massive margin of Rs 6,200 per tola (11 grams approximately) in a single day.</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 Federation of Nepal Gold and Silver Dealers Association, gold was traded for Rs 95,400 on Wednesday. </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">This is the highest single-day drop in gold price since the market resumed after the nationwide lockdown was imposed on March 24.</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">On Thursday, gold is being traded for Rs 97,800 per tola, an increase of Rs 2,400 overnight.</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 Federation, the price of gold took a massive plunge in the domestic market after the price of the precious yellow metal declined in the international market. The price of gold in the international market had recently soared above US$ 2000 per ounce but it dropped to 1890 this week.</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 federation said it is studying the reason for the sudden plunge in price of gold in the international market.</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">Analysts believe that the price of gold went down in the international market after Russia claimed to have discovered the vaccine for coronavirus. This breakthrough is said to have attracted investors to other sectors. </span></span></span></span></p> <p> </p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Last week, the price of gold reached an all time high in the Nepali market as 11 grams of gold was traded for Rs 103,500. </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The price of gold in the Nepali market had remained above Rs 100,000 in the past two weeks.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-13', 'modified' => '2020-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '12062', 'image' => '20200813105413_gold.jpg', 'article_date' => '2020-08-13 10:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12314', 'article_category_id' => '1', 'title' => 'Handicraft Exporters Forced to Pay 3 Times High Fare ', 'sub_title' => '', 'summary' => 'August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">August 12: Handicraft entrepreneurs have been obliged to pay three times high fare while exporting their products through chartered flights operated from Nepal for international rescue missions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The handicraft products produced in Nepal are exported to more than 50 countries including China, Japan, the USA, and the UK. However, due to the coronavirus pandemic, the export has been badly affected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Some products like pashmina, felt and wood carvings, which were ordered before the lockdown, are being exported to limited countries even by paying high fare. Among 42 different types of handicraft items, only around 20-22 types are being exported at present. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The fare for each country has increased than during the normal situation. President of Export Council of Nepal, Hari Bahadur Karki, said that the fare has become expensive because only chartered flights are available at present. According to him, the previous fare to the US was $3 per kg but now it costs around $9-$10. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Likewise, the fare for Bhutan was $1 per kg which has increased to $4. The fare for Japan was $2 but now has shot up to $4, and the regular cost of $3 per kg to the UK, now costs $7 and it costs $8-$9 per kg to Germany instead of the normal fare of $3. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Surendra Bhai Shakya, of the Federation of Handicraft Association of Nepal (FHAN), says only 5 percent export is done at present to 18 countries including China, the USA, the UK, Germany, Bhutan, and Japan. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“We cannot look at the present situation alone. We have to think about the future as well, so we must export goods at any cost,” he said. Entrepreneurs are obliged to export some items made of metal craft, felt and fiber even by paying more than the production cost. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12061', 'image' => '20200812033232_1597197111.3.jpg', 'article_date' => '2020-08-12 15:31:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12313', 'article_category_id' => '1', 'title' => 'Remittance Inflow Above Average in Last Two Months', 'sub_title' => '', 'summary' => 'August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.', '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"">August 12: Remittance inflow to Nepal has been above average in the last two months despite projection of decline in remittance due to the Covid-19 crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Preliminary data collected by Nepal Remitters Association show that the inflow of remittance to Nepal between mid-May to mid-July was above average inflow of remittance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During normal situation, the average inflow of remittance to Nepal remains around Rs 73 billion per month. However, the remittance sent to Nepal between mid-June to mid-July was around Rs 80 billion. The figure was Rs 94 billion in the previous month (mid-May to mid-June). </span></span></span></span></p> <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 inflow of remittance had initially reduced after the government of Nepal as well as various other countries imposed lockdown in March to contain the spread of coronavirus. But there has been an improvement in the situation, according to remittance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by Nepal Rastra Bank show that the inflow of remittance to Nepal in mid-March to mid-April was Rs 34 billion and Rs 54 billion in mid-April to mid-May. Then onward, the remittance inflow has remained above average.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Nepal Remitters Association Ritesh Mittal says that people have started using legal channel to send remittance after the ‘hundi’ business collapsed during lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Inflow of remittance has increased after a slump in the hundi business,” said Mittal. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, a large amount of remittance from the UK, Australia, the UAE and South Korea used to arrive here through the illegal hundi business. However, remittance companies say that people have started sending money from these countries through official channel.</span></span></span></span></p> <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 also believed that the money which could not be sent during the lockdown period were sent in lump sum after the restrictions were lifted. This is also another reason for the encouraging result.</span></span></span></span></p> <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 amount withheld during the lockdown is still in the process of transfer. That is the reason why the inflow of remittance was encouraging last month,” said Suman Pokharel, president of Nepal Remitters Association.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12060', 'image' => '20200812031943_1597198775.Clipboard06.jpg', 'article_date' => '2020-08-12 15:19:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12312', 'article_category_id' => '1', 'title' => 'Transshipment Cost Still High despite Elimination of Middle Agents', 'sub_title' => '', 'summary' => 'August 12:Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 12: Although the government has adopted various measures and tactics to reduce the cost of overseas trade of Nepal, the importers have been forced to pay excessive amount in one pretext or the other.</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 has been a year and a half since the provision for importers’ representatives (customs house agent) was removed from the Kolkata port for import of goods to Nepal from third countries, but the transshipment cost has instead increased, according to the Nepali importers.</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 importers who once complained about the increase in shipping cost due to the involvement of the agents now claim that a cartel of shipping companies has not let the cost decline. A transshipment system has already replaced the agents at the Kolkata port in West Bengal, India.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that even though the transshipment system has replaced the agents the transportation cost has increased significantly.</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">“There is a syndicate due to involvement of limited companies and lack of regulation in transportation. Due to the lack of competition, the shipping companies are charging the transportation cost as per their will,” informed Temani.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12059', 'image' => '20200812022919_1597198328.Clipboard02.jpg', 'article_date' => '2020-08-12 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12311', 'article_category_id' => '1', 'title' => 'CDOs, Local Units Authorised to Impose Lockdown', 'sub_title' => '', 'summary' => 'August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area.', '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"">August 12: The Council of Ministers has authorised the chief district officers and local levels to impose lockdown after assessing the Covid-19 situation in that particular area. With this decision, the government has ruled out a nationwide lockdown for the second time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at a press briefing organised to make the decision of cabinet public, government spokesperson Yuba Raj Khatiwada informed that the cabinet has authorized the district administration offices and the local units to impose lockdown or prohibitory orders on the basis of risk assessment.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Khatiwada, who holds the portfolio of finance and communication ministries, said that the CDOs of the districts with more than 200 active cases of coronavirus have been delegated the right to impose lockdown if required. </span></span></span></span></p> <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 haven’t imposed nationwide lockdown. The cabinet decisions have not mentioned the word ‘lockdown’ anywhere. Therefore, the public can be assured that the central government will not impose a lockdown again,” said Minister Khatiwada.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the recent cabinet meeting decided to seal Nepal’s international borders till September 16. Earlier, the government had decided to open the borders from August 16. But the date was pushed further a month away due to the risk of infection from people entering the country from abroad, especially India. However, the government has decided to open 10 entry points for emergency visits.</span></span></span></span></p> <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 10 entry points through land route includes Kakarbhitta (Jhapa), Rani (Morang), Madar (Siraha), Gaur (Rautahat), Birgunj (Parsa), Belhaiya (Rupandehi), Krishnanagar (Kapilbastu), Jamunah (Banke), Gaurifanta (Kailali) and Gaddachauki (Kanchanpur).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government had earlier allowed hotels and restaurants to reopen from July 30, it has reverted its decision after finding people in the eateries without masks and proper precautions. The government has allowed only take-away service from hotels and restaurants.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, reopening of schools and educational institutions has been delayed until further notice.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has also banned all kinds of seminars and gatherings unless it is urgent stating that the disease has been increasing in the country of late.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers has also directed government and private organisations that deal directly with the public to operate with 50 percent staffers. The remaining 50 percent employees should be allowed to work from home, informed Minister Khatiwada.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12058', 'image' => '20200812123718_Finance.jpg', 'article_date' => '2020-08-12 12:36:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12310', 'article_category_id' => '1', 'title' => 'High Court Bars Investment Board’s CEO from Assuming Office', 'sub_title' => '', 'summary' => '', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">August 12: Patan High Court has issued an interim order to the government not to execute its decision of appointing Sushil Bhatta as the CEO of Investment Board Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The high court also issued an interim order against the newly appointed CEO not to perform any work in the capacity of the investment board's CEO. </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">A single bench of chief judge of high court Nahakul Subedi ordered the government not to implement its decision until the next hearing on August 16. </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">Spokesperson of the high court, Shambhu Regmi, confirmed to New Business Age that both sides have been called for the next hearing on August 16.</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">Advocate Jaya Bahadur Bhujel had filed a writ petition on Monday challenging the appointment of Bhatta as the CEO of investment board. Bhujel argued that Bhatta lacks the experience required to be appointed the CEO of investment board. </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">Patan High Court has also asked the Nepal Bar Association to provide two senior lawyers as amicus curie as this case is of public interest.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-08-12', 'modified' => '2020-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '12057', 'image' => '20200812104902_1597201344.Sushil_bhatta.jpg', 'article_date' => '2020-08-12 10:48:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12309', 'article_category_id' => '1', 'title' => 'Upaya City Cargo Launches New App for Logistics Delivery', 'sub_title' => '', 'summary' => 'August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. ', '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"">August 11: Upaya City Cargo recently launched their new smartphone application amid a special event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company expressed its belief that the app, which it claimed to be “one of the pioneers of digital logistic service in the Nepalese industry,” will help make online delivery easier.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company said in a statement that they had adopted precautionary measures of physical distance, mask and sanitization during the launch. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s chairman Suman Rayamajhi shed light on the mission, vision and core values of the company. </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"">Chief Operating Officer of Upaya City Cargo, Amigo Khadka, shared the company’s plans to expand its services outside Kathmandu valley to 10 major cities within a timeframe of one 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"">Considering the various issues associated with the lack of proper supply-chain logistics in Nepal, Khadka expressed that City Cargo aims to make several contributions towards transforming Nepal’s economy for the better by becoming a reliable logistics partner for all e-commerce and agribusinesses. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The company’s Product and Development Head Karan Basnet shared that “Auto connection through Platform” and “Tracking and Automated VAT Bills” are some of the key features in City Cargo’s Client App that make the booking process easy for customers. </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 app has provision for customers to hire vehicles on a trip-wise and daily hire basis. Furthermore, the drivers will be automatically notified regarding trips/bookings and they will be able to easily view their income details. </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 company, Upaya City Cargo is an online marketplace for intra-city logistics that connects individuals and businesses with pickup driver partners and integrates technology to ensure quick and hassle-free delivery of bulk goods. </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"">Upaya City Cargo said it has about 3500 clients and 500+ driver-partners. </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"">Upaya Citycargo provides vehicles like TATA Pickups, TATA Ace, Bolero and Maruti Cargo Van for trip-wise and daily hire basis to its customers. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12056', 'image' => '20200811044021_HZh.jpg', 'article_date' => '2020-08-11 16:39:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12308', 'article_category_id' => '1', 'title' => 'Government Amends Building Code for First Time in 25 Years', 'sub_title' => '', 'summary' => 'August 11: The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Devanagari Sangam MN"">August 11: </span>The government has amended the Earthquake Resistance Infrastructure Building Code almost after two and a half decades after its formation. The building code was introduced in the mid-90s to mitigate the risk of earthquakes in the country.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The government had given emphasis to earthquake resilient structures after the mega earthquake of 1990. It was in the wake of the major earthquake more than 30 years ago that the government for the first time had brought the building code. Amending the building code for the first time in 25 years, the government on Monday endorsed the Seismic Design of Building Code. The Ministry of Urban Development is planning to implement this new code as soon as possible.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Officials at the ministry informed that the government amended the building code because the old laws were not sufficient to address the current problems. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Joint Secretary at the ministry, Navaraj Pyakurel, the amended building code facilitates in preparing earthquake resilient engineering design of small buildings to skyscrapers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">He added that the new code was prepared after conducting a study on the impact of earthquake on land, which was done in collaboration with the Department of Mines and Mineralogy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Now onwards, buildings in Nepal do not have to take reference from India. The new building code has fixed the size of beam and pillars as well as the rods required for making buildings, informed Pyakurel. Following this code will help in making buildings earthquake resilient, added Pyakurel.</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12055', 'image' => '20200811041415_1597095739.Clipboard07.jpg', 'article_date' => '2020-08-11 16:13:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12307', 'article_category_id' => '1', 'title' => 'FMTCL to Purchase 100,000 Metric Tons of Food Grains', 'sub_title' => '', 'summary' => 'August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">August 11: The Food Management and Trade Company Limited (FMTCL) is preparing to purchase 100,000 metric tons of food for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Informed sources told New Business Age that FMTCL is planning to buy 60,000 metric tons of paddy, 25,000 metric tons of rice, 5,000 metric tons of wheat, 250 metric tons of lentil, 20 metric tons of soybean, and 10,000 metric tons of sugar.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the state-owned company is also preparing to buy 20,000 liters of edible oil and 3,000 goats for the upcoming Dashain festival.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Information officer of FMTCL, Sharmila Neupane Subedi, said that the company will be spending a total of Rs 4.97 billion for the purchase of aforementioned food items.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In the last fiscal year, FMTCL had set a target to purchase 30,000 metric tons of paddy but the actual purchase was only 22,000 metric tons. Similarly, it purchased 549 metric tons of wheat instead of 3,000 metric tons due to the crisis created by 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">According to Subedi, FMTCL is making such a large purchase for the first time to promote local products and to control price hike in the 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">Earlier, FMTCL used to make purchase from its centers in Bardiya, Kailali, Janakpur, Biratnagar and Birtamod. But this year, it is preparing to set up temporary centers for making the purchase.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">There is a legal provision for FMTCL to keep a stock of 33,000 metric tons of food grains just in case for natural disasters like earthquake, floods and other calamities. However, the company’s stock is much less than the provision. According to FMTCL officials, it has a stock of 11,000 metric tons of rice and 549 metric tons of wheat at present. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The officials informed that the stock got reduced during the lockdown and they were not able to replace it due to the pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12054', 'image' => '20200811035055_1597095697.Clipboard04.jpg', 'article_date' => '2020-08-11 15:50:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12306', 'article_category_id' => '1', 'title' => 'Nepal Tourism Board's Budget Shrinks by Half', 'sub_title' => 'Only Rs 820 million allocated for current fiscal year ', 'summary' => 'August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 11: The budget of Nepal Tourism Board (NTB) for the current fiscal year has almost shrunk by 50 percent due to the adverse impact of Covid-19.</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">NTB, which has been authorized with the main responsibility of promoting and developing the country's tourism sector, had announced its budget for the new fiscal year on Monday, August 10. The tourism board has announced a budget of around Rs 820 million for the fiscal year 2077/78.</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 budget was approved by the board meeting of NTB held on Monday. NTB in its new budget has prioritized promotion of domestic tourism and research on tourism.</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">Due to the Covid-19 pandemic, tourism activities have come to a standstill and its sources of revenue have declined drastically. This has forced NTB to cut its budget this year due to lack of resources. Last year, NTB had announced a budget of Rs 1.63 billion focusing on promotion of Visit Nepal 2020 campaign.</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 board in its official statement informed that the budget had to be reduced due to lack of resources at a time when Covid-19 has severely affected the entire tourism activities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Awadhesh Kumar Das, a member of the board and coordinator of the budget committee, informed that the size of the current year's budget has been reduced due to the complete closure of tourism activities and lack of cash reserves.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-08-11', 'modified' => '2020-08-11', 'keywords' => '', 'description' => '', 'sortorder' => '12053', 'image' => '20200811014735_1597095498.Clipboard06.jpg', 'article_date' => '2020-08-11 13:46:51', '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
