Gold Dealers Purchasing Gold Despite Exorbitant Price

Aug 11, 2020 0 3 minutes 14 seconds to read

August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow…

Government Delays Resumption of Air Service by 15 Days

Aug 11, 2020 0 1 minutes 34 seconds to read

August 11: The government has decided to delay flight operations and long-route vehicle service by another 15…

Nepal Rastra Bank Studying Big Mergers

Aug 10, 2020 0 3 minutes 28 seconds to read

August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to…

DDA Allows Import of Emergency Drug after 2 Months

Aug 10, 2020 0 2 minutes 25 seconds to read

August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of…

Construction Companies Require Rs 65 billion to Resume Halted Projects

Aug 10, 2020 0 1 minutes 17 seconds to read

August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the…

Government Initiates Homework to Avail Concessional Loan

Aug 10, 2020 0 3 minutes 11 seconds to read

August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per…

CCMC in Favour of Delaying Operation of Air Service

Aug 10, 2020 0 1 minutes 57 seconds to read

August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the…

Central Bank Instructs BFIs to Operate in Shift-wise Routine

Aug 10, 2020 0 1 minutes 57 seconds to read

August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise…

Insurance Premium Exemption to Industries during Lockdown Period

Aug 09, 2020 0 2 minutes 23 seconds to read

August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance…

Production of Palm Oil takes a Nosedive

Aug 09, 2020 0 2 minutes 32 seconds to read

August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from…

Civil Aviation Authority of Nepal Downsizes its Budget

Aug 09, 2020 0 2 minutes 3 seconds to read

August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21.…

Hotels in Birgunj Turned into Isolation Wards

Aug 09, 2020 0 1 minutes 27 seconds to read

August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city.…

‘Government to Amend Hedging Regulation within a Month’

Aug 09, 2020 0 2 minutes 11 seconds to read

August 9: The government is all set to amend the Hedging Regulation 2075 within…

Shortage of Fertilizers Forces Farmers to Smuggle Urea from India

Aug 09, 2020 0 2 minutes 8 seconds to read

August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government.…

Around 150,000 Manpower Involved in Mountaineering Sector Unemployed

Aug 07, 2020 0 1 minutes 42 seconds to read

August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering sector…

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The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
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			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12302',
			'article_category_id' => '1',
			'title' => 'Construction Companies Require Rs 65 billion to Resume Halted Projects',
			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</span></span></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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</span></span></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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected 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:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12299',
			'article_category_id' => '1',
			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12300',
			'article_category_id' => '1',
			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12296',
			'article_category_id' => '1',
			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of 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:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '12043',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12295',
			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
',
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			'sortorder' => '12041',
			'image' => '20200809023223_20200504104410_20190511105700_Clipboard37 2.jpg',
			'article_date' => '2020-08-09 14:31:24',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12293',
			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
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			'id' => '12292',
			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
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			'created' => '2020-08-09',
			'modified' => '2020-08-09',
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			'description' => '',
			'sortorder' => '12039',
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		'Article' => array(
			'id' => '12291',
			'article_category_id' => '1',
			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to 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">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">However, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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">However, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12305',
			'article_category_id' => '1',
			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
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			'id' => '12304',
			'article_category_id' => '1',
			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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		'Article' => array(
			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</span></span></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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</span></span></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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected 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:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12299',
			'article_category_id' => '1',
			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12300',
			'article_category_id' => '1',
			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2020-08-10',
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			'description' => '',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12296',
			'article_category_id' => '1',
			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of 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:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12295',
			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12293',
			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
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		'Article' => array(
			'id' => '12292',
			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12291',
			'article_category_id' => '1',
			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to 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">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">However, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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">However, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12305',
			'article_category_id' => '1',
			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
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			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12302',
			'article_category_id' => '1',
			'title' => 'Construction Companies Require Rs 65 billion to Resume Halted Projects',
			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</span></span></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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</span></span></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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected 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:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12299',
			'article_category_id' => '1',
			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
',
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			'article_date' => '2020-08-10 11:02:45',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12300',
			'article_category_id' => '1',
			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12296',
			'article_category_id' => '1',
			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of 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:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
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			'sortorder' => '12043',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12295',
			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
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		'Article' => array(
			'id' => '12293',
			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
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			'id' => '12292',
			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12291',
			'article_category_id' => '1',
			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to 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">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">However, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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">However, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12305',
			'article_category_id' => '1',
			'title' => 'Gold Dealers Purchasing Gold Despite Exorbitant Price',
			'sub_title' => '',
			'summary' => 'August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: Gold dealers have purchased 140 kilograms of gold from banks in the last two weeks despite the gold business coming to a standstill due to skyrocketing price of the precious yellow metal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The gold dealers reportedly bought the gold expecting the price of gold to rise further. The price of gold has crossed the mark of Rs 100,000 per 11 grams in the Nepali market due to the increase in price of gold in the international market. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Gold dealers say their business has come to a halt due to the sharp increase in price and low demand from customers. However, they have been purchasing gold from bank in abnormally high quantity in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Commercial banks had a stock of 320 kilograms of gold as of July 24. But they are left with only 180 kgs of gold by this Sunday (August 9). Nepal Bankers Association confirmed that they have sold 140 kgs of gold in the last two weeks.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tej Ratna&nbsp; Shakya, former chairman of the Federation of Nepal Gold and Silver Dealers Association, says it is unusual for the dealers to purchase such a large quantity of gold at a time when the business has come to a standstill.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The demand for gold has dropped significantly due to the increase in price. I don&rsquo;t think our fellow gold dealers purchased gold from banks in such a situation,&rdquo; says Shakya, adding, &ldquo;But we are making effort to seek information in this regard from the federation.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, executive director of Nepal Bankers Association Anil Sharma informed that they sold the gold to the dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government has authorised only commercial banks to sell gold to the dealers. The gold dealers are required to submit a recommendation from the federation to the banks to purchase gold. But the federation says it has not issued any recommendation recently. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The federation believes that the gold dealers might have purchased gold from the banks for the upcoming Teej and other festivals.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal Rastra Bank has prohibited commercial banks to sell gold to any other individuals except gold dealers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Bankers have not imported any gold since the government imposed lockdown on March 24.</span></span></span></span></p>
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			'title' => 'Government Delays Resumption of Air Service by 15 Days',
			'sub_title' => 'Long-route Vehicles to Operate from August 31',
			'summary' => 'August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 11: The government has decided to delay flight operations and long-route vehicle service by another 15 days.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Reverting its earlier decision, a meeting of the Council of Ministers on Monday (August 10) decided to resume air service and long-route vehicles only from August 31. The cabinet had earlier decided to resume air service and inter-district transportation service from August 17. The decision taken on July 20 also includes admission of students for the new academic session. However, a surge in coronavirus cases has forced the government to review its earlier decisions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Covid-19 Crisis Management Centre (CCMC) had recommended the government on Sunday to delay the date for resuming air service and operation of long-route vehicles.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Amid speculations that the lockdown measures would be imposed again, government authorities have made it clear that it would not impose lockdown again. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">In order to resume their business, air service providers had started training their staffers by maintaining safety standards. Some airline companies had also fixed the air fare and started taking bookings </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'image' => '20200811111514_1597077952.cabiate_.jpg',
			'article_date' => '2020-08-11 11:14:34',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12303',
			'article_category_id' => '1',
			'title' => 'Nepal Rastra Bank Studying Big Mergers ',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal.',
			'content' => '<h1><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 10: Nepal Rastra Bank (NRB) has decided to implement the policy of merging commercial banks once the adverse situation created by coronavirus pandemic returns back to normal. The central bank is enforcing the merger of commercial banks, especially the ones that have cross holdings. NRB informed that it has started a study for big mergers. </span></span></h1>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The monetary policy requires merger or acquisition of banks and financial institutions that are promoted by the same person or group; or financial institutions that are directly or indirectly owned or controlled by a single family or a business group. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">According to Dr Gunakar Bhatta, executive director of the Banks and Financial Institutions Regulation Department of NRB, the central bank has already collected the data about the ownership and the cross holdings of all financial institutions. He also informed that Nepal Rastra Bank will study the mergers and acquisitions on this basis. Commercial banks have not presented any propositions to the central bank regarding the mergers so far.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The banks will have to merge anyway. Nepal Rastra Bank wants to reduce the number of private banks,&rdquo; he told New Business Age, adding, &ldquo;We are walking towards the direction of a liberal economy, that is why Nepal Rastra Bank is encouraging commercial banks to merge voluntarily instead of being forced into merger.&rdquo; </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It is believed that NRB is pressing for big mergers because a single bank is currently not capable of fully investing in infrastructure projects. NRB Governor Maha Prasad Adhikari said that the monetary policy of the fiscal year &nbsp;2077/78 encourages mergers between commercial banks for strengthening the financial sector in Nepal. He further explained that the operator and the executives of commercial banks were notified about the mergers as soon as the monetary policy was made public. Governor Adhikari also informed that the commercial banks will be pressured to enter into a merger once the situation risen by coronavirus goes back to normal. He however admitted that the regulations for mergers and acquisitions require some amendment too.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Banking experts noted that private banks would start merging once the government banks merge first. Nepal Rastra Bank and Nepal Banijya Bank, both government-owned entities, have claimed that they are ready to merge if the government directs them to do so. Bankers believe that Nepal Rastra Bank does not want merger of government-owned banks as the current monetary policy envisages turning the government-owned Agricultural Development Bank Limited into an agricultural hub.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">Global IME Bank, which was merged with Janata Bank due the pressure from former NRB Governor Dr Chiranjiwi Nepal, does not face any compulsion for new mergers now. Nepal Rastra Bank said that the rest of the 22 commercial banks are open to opt for a big merger. An emphasis is being given for mergers between a weaker and a stronger bank. Nepal Rastra Bank believes that more problems may arise if mergers happen between weaker banks. Everest Bank and Laxmi Bank had begun the procedure for a merger almost three years ago but the merger did not materialize as both the banks couldn&rsquo;t reach an agreement even after the Due Diligence Audit (DDA) was completed. Keshav Poudel, the Public Relations Officer of Laxmi Bank, said that while the board has had some unofficial discussions, the bank still hasn&rsquo;t officially prepared for entering into any merger so far. </span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;</span></span></p>
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			'created' => '2020-08-10',
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			'description' => '',
			'sortorder' => '12050',
			'image' => '20200810055708_nrb.jpg',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12301',
			'article_category_id' => '1',
			'title' => 'DDA Allows Import of Emergency Drug after 2 Months',
			'sub_title' => '',
			'summary' => 'August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">August 10: It took almost two months for the Department of Drug Administration to clear the way for importing emergency medicine which is considered effective in the treatment of coronavirus. Remdicivir injection is being imported after the department completed all the procedure for the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Some importers approached the department last May seeking permission for import. The medical sector has been criticizing the department for delaying the emergency import of medicines. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The department had requested for permission from the Ministry of Health and Population on June 24 for the import of Remdesivir and Favipiravir. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The ministry took a month to give permission to the department. The ministry had directed the department to move ahead with the import process of Remdicivir by a secretary-level decision on July 20. The department took almost the same amount of time to prepare the procedure as well. Santosh KC, spokesperson of the department, informed that the procedure for importing drugs was passed on Sunday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&ldquo;The importers need to complete the due process because the government has not officially approved the drug for treatment of coronavirus, although it is considered effective for treating the disease,&rdquo; KC told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The demand for importing the drug has increased as the number of deaths from coronavirus has climbed in Nepal. It is seen that this drug has been effective in treating coronavirus in countries including India, Bangladesh, and Pakistan. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">It was being imported illegally as the department did not allow the import. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Doctors say that the drug that is available in India for IRs 5,000 costs more than Rs 50,000 here because of the shortage. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12302',
			'article_category_id' => '1',
			'title' => 'Construction Companies Require Rs 65 billion to Resume Halted Projects',
			'sub_title' => '',
			'summary' => 'August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 10: Construction works at most of the national projects are stagnating due to Covid-19 crisis and lockdown to stop the spread of the infection. &nbsp;In addition to that, the rainy season has obstructed the work progress at various construction sites.</span></span></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">Construction companies say that around Rs 65 billion is required between August to November for resuming the construction work. However, they also inform that they will not be able to move ahead with the projects due to lack of capital and in absence of government support.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">Federation of Contractors&#39; Associations of Nepal (FCAN) informed that Rs 65 billion is needed within next three months to resume the construction works. So, they have demanded the government for refinancing to support their expenditure.</span></span></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">Ravi Singh, president of FCAN informed that contractors are ready to resume their construction works in some of the projects. &ldquo;However, they need money to pay the labourers, daily wage workers and for bringing construction materials to the project sites,&rdquo; he added.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12298',
			'article_category_id' => '1',
			'title' => 'Government Initiates Homework to Avail Concessional Loan ',
			'sub_title' => '',
			'summary' => 'August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government has started homework to avail concessional loan to the businesses and industries affected by coronavirus at an interest rate of 5 percent per annum.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The government intends to provide the concessional loan from the fund of Rs 50 billion announced while unveiling the budget of the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ministry of Finance has started homework to seek funds from various donor agencies. Finance Minister Yuba Raj Khatiwada has especially urged the World Bank and ADB to provide concessional loan for the sectors affected 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:&quot;Arial Unicode MS&quot;">A high-ranking official at the ministry informed New Business Age that the ministry has received positive response to the appeal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the source, donor agencies are also discussing about the possibility of diverting foreign investment to the fund.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;It is difficult to continue with the ongoing projects during the current crisis. Therefore, we are discussing about the possibility to channeling the investment of the projects toward the fund,&rdquo; said the source requesting anonymity. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, the finance ministry is not certain how much amount will be deposited in the fund. The government is expecting to collect half the pledged amount from donor agencies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Officials at the ministry said that the government is making efforts to execute the plans and policies announced to support the businesses and organisations badly affected by coronavirus pandemic and the subsequent lockdown imposed by the government.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Another official at the finance ministry said they are preparing a work procedure to authorize Nepal Rastra Bank to provide the concessional loans to the affected groups.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Once the work procedure is complete, the ministry will deposit the amount and seek applications from the private sector for availing the loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The work procedure is focused on supporting small and medium scale industries and to facilitate the tourism sector to pay the salary of the workers, said the source requesting anonymity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We will finalize everything within a month,&rdquo; said the official.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12299',
			'article_category_id' => '1',
			'title' => 'CCMC in Favour of Delaying Operation of Air Service ',
			'sub_title' => '',
			'summary' => 'August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: The government is likely to revert its decision to allow operation of air service and long-route vehicles from August 17 due to a surge in cases of coronavirus in the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the Covid-19 Crisis Management Centre (CCMC) on Sunday decided to recommend the government to postpone the date for resuming public transportation service along long routes as well as domestic and international flights.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The CCMC meeting decided to urge the Council of Ministers to resume the services 15 days later than the date fixed earlier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The cabinet had decided on July 20 to resume air service along with inter-district transportation and schools from August 17.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, resuming air service and transportation have come under scrutiny due to the community level transmission of coronavirus, prompting more than 14 districts to issue prohibitory order.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Sunday&rsquo;s meeting also concluded that the surge in coronavirus cases in the capital as well as other parts of the country could lead to a shortage of isolation wards and therefore instructed the concerned authorities to make preparations accordingly.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The meeting also decided to urge the government to adopt strict measures at the international border points of the country. CCMC has recommended the government to reduce the entry points along India border to 10.</span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12300',
			'article_category_id' => '1',
			'title' => 'Central Bank Instructs BFIs to Operate in Shift-wise Routine',
			'sub_title' => '',
			'summary' => 'August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 10: Nepal Rastra Bank (NRB) has once again directed banks and financial institution (BFIs) to make arrangement for their employees to work from home or in shift-wise routine.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a circular on Sunday (August 9), the central bank instructed the BFIs to allow the staffers to work from home as much as possible because of high risk of coronavirus infection in Kathmandu and other districts.&nbsp; </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">NRB has also asked the banking institutes to form a &lsquo;business contingency plan&rsquo; to provide quality service by adopting precautionary measures during the current 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:&quot;Arial Unicode MS&quot;">In the circular, NRB has told the BFIs to divide the workers in different groups and deploy them in shift-wise routine to minimize the risk of Covid-19 infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank noted that the employees are facing problems due to shutdown, prohibitory orders as well as odd-even number system for vehicles. Considering the adverse situation, the central bank urged the banks and financial institutions to create an environment for the staffers to work from home. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, NRB has instructed the branch offices of BFIs in provinces to operate as per the decision taken by the provincial and the local governments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The central bank urged BFIs to promote digital transaction.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12297',
			'article_category_id' => '1',
			'title' => 'Insurance Premium Exemption to Industries during Lockdown Period ',
			'sub_title' => '',
			'summary' => 'August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">August 9: Industrial enterprises will be receiving an exemption of one-third (33.33%) of their total insurance premium. This exemption will be valid for the premium paid during the lockdown period from March 24 to June 13. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">This decision was taken after a meeting between the Insurance Board, insurance companies and the representatives of private sector on Friday. The provision will be implemented after the Insurance Board issues an official circular to the concerned bodies.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The budget announced for the current fiscal year has a provision regarding the payment of insurance premiums by the industrialists. The decision about granting a discount on the insurance premiums to the industrial establishments was taken in relation to the implementation of this provision. In addition to this, a preliminary agreement has also been reached about the adjustments of the insurance premium for terrorism and riots.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), and Nepal Insurers&rsquo; Association had also attended the meeting on Friday. Shekhar Golcha, Senior Vice-President of FNCCI, said, &ldquo;A preliminary understanding of providing one-third discount on the insurance premium for the period of lockdown has been reached, which is very beneficial to the industrialists.&rdquo;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The government has enforced the nation-wide lockdown since March 24 to control the spreading of coronavirus. All of the industries except those providing essential services had been shut down during this period. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">An official from the Insurance Board informed about the reduction in the industries&rsquo; exposures to risks, which was the reason for the subsequent discount on the insurance premium. The official also said that the circular will probably be issued within this week. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">The premium per day for the related industrial establishments will have to be calculated by dividing the annual premium by 365. The industrialists will get a discount on their premium for the period of the lockdown on the basis of the same per-day premium. The industrialists have already paid the insurance premium for the period of the lockdown.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:&quot;Times New Roman&quot;">It has been informed by the Insurance Board that this exemption will be carried out once the insurance policy is renewed. </span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12296',
			'article_category_id' => '1',
			'title' => 'Production of Palm Oil takes a Nosedive',
			'sub_title' => '',
			'summary' => 'August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The production of palm oil, one of the major export products of Nepal, has declined by almost 80 percent after India re-imposed a ban on import of palm oil from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">India&rsquo;s Directorate General of Foreign Trade (DGFT) had imposed a ban of import of palm oil on second week of January. One month later, India allowed its businessmen to import palm oil by issuing license. The government of Nepal then imposed lockdown on March 24 to contain the spread of coronavirus. During the lockdown period, DGFT decided to scrap the license provided to the importers to bring refined palm oil from Nepal. Such decision was taken on the second week of May.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Despite having adequate raw materials, Nepali businessmen reduced the production of palm oil taking into consideration the lack of market for their refined product.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">There are altogether 18 industries in Birgunj and Biratnagar for refining palm oil. Those industries currently have a stock of more than 100,000 metric tons of raw materials for producing palm oil. Nepal&rsquo;s internal demand for palm oil is only 15 to 20 percent of production. All the rest is sold in India.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">However, industrialist Pradeep Muraraka says they have lowered the production due to lack of 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:&quot;Arial Unicode MS&quot;">&ldquo;We have ample of stock of refined palm oil but there is no market. Although the industry has reopened, we don&rsquo;t have much work,&rdquo; says Muraraka.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to him, palm oil industry has given employment to more than 3000 workers. But the industrialists have not been able to pay the workers because the production has stopped.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;We are now in a situation to lay off the staff because we cannot afford to pay them because the industry is closed and we are unable to generate income,&rdquo; he added.</span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12295',
			'article_category_id' => '1',
			'title' => 'Civil Aviation Authority of Nepal Downsizes its Budget',
			'sub_title' => 'Rs 22.77 billion allocated for four major airport projects ',
			'summary' => 'August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">August 9: The Civil Aviation Authority of Nepal (CAAN) has downsized its budget for the current fiscal year 2020/21. The aviation regulatory body has reduced its budget compared to the previous fiscal year, allocating Rs 22.77 billion for four major under-construction airport projects this year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Due to the ongoing Covid-19 crisis, CAAN has cut off its new budget by Rs 5.85 billion compared to last year. CAAN has allocated Rs 41.11 billion for the FY 2020/21.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The regulatory body has given priority to the under-construction international airports in its new program and policies announced on Friday, August 7.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Director General of CAAN Rajan Pokharel informed that CAAN aims to operate Gautam Buddha International Airport and finish the construction of Pokhara Regional International Airport within the current fiscal year.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;CAAN will spend the allocated amount of Rs 22.77 billion for the four major airports on land acquisition, construction of physical infrastructure and purchase of airport equipment,&rdquo; Pokharel informed.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The aviation body has allocated Rs 6.45 billion for the Gautam Buddha International Airport which is under-construction in Bhairahawa.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Out of the total budget, Rs 2.16 billion has been allocated for land acquisition, Rs 3.28 billion for new terminal building and other infrastructure, Rs 600 million for equipment, Rs 410 million for fire control vehicles and Rs 10 million for other equipment.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Similarly, Rs 11.3 billion has been allocated for the Regional International Airport which is under-construction in Pokhara and Rs 5.1 billion has been allocated for upgrading and renovating Tribhuvan International Airport.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">CAAN has allocated Rs 280 million to Nijgadh International Airport for providing compensation for land and cutting down trees.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12294',
			'article_category_id' => '1',
			'title' => 'Hotels in Birgunj Turned into Isolation Wards ',
			'sub_title' => '',
			'summary' => 'August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. ',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria">August 9: Hotels in Birgunj have turned into isolation wards due to a rapid surge in coronavirus cases in the city. The government has been using four hotels in the city as isolation wards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The District Disaster Management Centre (DDMC) has decided to transform hotels and religious places into isolation&nbsp; ward for treatment of coronavirus patients, informed Assistant Chief District Officer (CDO) of Parsa Lalit Kumar Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Currently, Hotel Rani Pokhari, Gopal Mandali &nbsp;and Rani Sati Dharmashala have been turned into isolation wards, according to Assistant CDO Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Basnet informed that health authorities are having problems in treating patients after the number of Covid-19 cases reached almost 1000 in Parsa.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">&ldquo;The isolation wards of temporarily set up Gandak and Birgunj Health Care aren&rsquo;t sufficient. We decided to set up isolation wards with capacity of 280 beds at various hotels, religious places and schools after concluding that it would be unsafe to isolate the infected persons at their homes,&rdquo; said Basnet.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Cambria">The two temporary hospitals set up in Birgunj to treat Covid-19 patients have altogether 150 beds.</span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:20px"><span style="font-family:Cambria">Hotel entrepreneur Hari Panta says that Birgunj-based hotels including Bijay Jyoti, Kum Kum Palace and Pujan Hotel were transformed into isolation wards much earlier. </span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12293',
			'article_category_id' => '1',
			'title' => '‘Government to Amend Hedging Regulation within a Month’',
			'sub_title' => '',
			'summary' => 'August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The government is all set to amend the Hedging Regulation 2075 within mid-September. The regulation was introduced one and a half years ago to minimize the risk of fluctuation in foreign exchange rate for those who invest in foreign currency. However, local businessmen and investors have complained that the regulation is not clear and satisfactory. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, Nepal Rastra Bank had submitted a proposal to the Ministry of Finance to amend the regulation.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The finance ministry says preparing the amendment draft is taking some time. According to spokesperson at the ministry Uttar Kumar Khatri, the amendment will be complete within mid-September.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The finance ministry has already prepared the amendment draft after discussing with stakeholders. Now the Council of Ministers needs to take a decision,&rdquo; said Khatri, adding, &ldquo;The amendment will be completed by mid-September.&rdquo;</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">The regulation has a provision for the finance ministry to set the hedging rate, which NRB has outright rejected. The central bank has drawn the attention of the finance ministry that the foreign exchange rate is subject to change every day or any moment and therefore the hedging rate should be fixed on real time. The regulation also has a provision for the investors to sign an agreement with the ministry while fixing the rate. But the stakeholders say that the exchange rate might change while they are engaged in the lengthy process of agreement with the ministry.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">Therefore, NRB officials say that the central bank must be authorised to fix the hedging rate so that it is adjusted in a systematic way with the fluctuation in foreign exchange rate. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">However, a source at the central bank informed New Business Age that the finance ministry has not decided who will fix the hedging rate.</span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12292',
			'article_category_id' => '1',
			'title' => 'Shortage of Fertilizers Forces Farmers to Smuggle Urea from India',
			'sub_title' => '',
			'summary' => 'August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">August 9: The Salt Trading Corporation and Krishi Samagri Company Limited have run out of stock of chemical fertilizers due to the delay in import of fertilizers by the government. The warehouses of the two organisations, which have been authorised to supply fertilizers across the country, have become empty due to the government&rsquo;s failure to import the fertilziers.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">This has forced the locals of border areas to risk their lives in bringing chemical fertilizers from India amid coronavirus pandemic.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Farmers require 40,000 metric tons of urea after planting paddy. But the government organisations have already run out of stock of urea while they are left with only 13,000 metric tons of DAP and Potassium.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The entire country is reeling under shortage of chemical fertilizers as the bodies authorised to supply the fertilizers do not have any more fertilizers left. In the meantime, most of the districts that share border with India have witnessed a surge in farmers crossing the border to smuggle fertilizers despite the high risk of infection.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chief of the Food Security Division of Province 1 Rajendra Upreti confirmed that the farmers of Jhapa, Morang and Sunsari have been importing fertilizers from India themselves.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The farmers are risking their lives because they are left with no other option,&rdquo; said Upreti.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The farmers of Western Terai including Banke, Bardiya and Kailali are also facing similar problem. Extreme shortage of urea has forced the farmers of this region to illegally import fertilizers from India. </span></span></span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12291',
			'article_category_id' => '1',
			'title' => 'Around 150,000 Manpower Involved in Mountaineering Sector Unemployed',
			'sub_title' => '',
			'summary' => 'August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering  sector unemployed.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">August 7: The impact of coronavirus has left more than 150,000 people involved in the trekking and mountaineering &nbsp;sector unemployed.</span></span></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">Both mountaineering and trekking activities were completely halted for four and a half months during the peak season of the year due to Covid-19.&nbsp; It is estimated that the mountaineering industry of Nepal might have lost around Rs 10 billion worth of income. Both the trekking and mountaineering agencies say that more than Rs 10 billion has been lost due to 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">Nepal Mountaineering Association (NMA) estimates that more than 125,000 people are involved in the mountaineering sector, directly and indirectly.</span></span></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">Similarly, Trekking Agencies Association of Nepal (TAAN) informs that trekking activities provide employment to more than 25,000 people in the trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">However, Nepal Tourism Board estimates that around 90,000 workers are involved in Nepal&#39;s mountaineering and trekking sector.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">At the same time, Secretary at the Ministry of Tourism Kedar Bahadur Adhikari said that plans have been made to create 4,000 jobs for 30 days by identifying areas that can create employment immediately.</span></span></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">However, it is not likely to be implemented as the situation has not improved completely.</span></span></span></span></p>

<p>&nbsp;</p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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