July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of…
July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of…
July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated.…
July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment.…
July 26: The government has started distributing embossed number…
July 24: The price of gold has been increasing steadily in the market of…
July 24: The government has adopted a policy for the country to become self reliant on…
July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once…
July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower…
July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August…
July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related…
July 23: The Insurance Board (IB) is preparing to form a separate policy for natural calamities like flood and…
July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal.…
July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides.…
July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of…
July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the…
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According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">“The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,” he informed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11977', 'image' => '20200726040107_1595713340.4.jpg', 'article_date' => '2020-07-26 16:00:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12229', 'article_category_id' => '1', 'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">NRB’s decision to call the bank’s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). “The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,” he said, adding, “NRB can supervise and discuss with the banks and financial institutions at any time if necessary.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">One side has claimed that the CEO's resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel’s performance. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">“The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,” the source said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there’s no official decision about resignation. “Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There’s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,” Poudel told New Business Age. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11976', 'image' => '20200726023403_1595713284.Clipboard05.jpg', 'article_date' => '2020-07-26 14:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12228', 'article_category_id' => '1', 'title' => 'Investment Commitment Shrinks by 46 Percent ', 'sub_title' => '', 'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the 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:"Arial Unicode MS"">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country’s economy was paralyzed by 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:"Arial Unicode MS"">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11975', 'image' => '20200726111758_1595713489.1 copy.jpg', 'article_date' => '2020-07-26 11:16:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12227', 'article_category_id' => '1', 'title' => 'Government Starts Issuing Embossed Number Plates', 'sub_title' => '', 'summary' => 'July 26: The government has started distributing embossed number plates.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital on Friday (July 24).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,” Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11974', 'image' => '20200726104944_1595608051.number plate.jpg', 'article_date' => '2020-07-26 10:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12225', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All-time High in Nepal', 'sub_title' => 'One Tola of Gold being Traded at Rs 95,800', 'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Nepal Gold and Silver Dealer’s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11973', 'image' => '20200724022325_gold.jpg', 'article_date' => '2020-07-24 14:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12226', 'article_category_id' => '1', 'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ', 'sub_title' => '', 'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government’s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,” said Thapa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11972', 'image' => '20200724030427_1595541777.Clipboard05.jpg', 'article_date' => '2020-07-24 15:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12224', 'article_category_id' => '1', 'title' => 'FNCCI Election Postponed Again', 'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering', 'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Thursday’s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place across the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The term of current President Bhavani Rana will end after the General Assembly and Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation’s statute.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11971', 'image' => '20200724015400_1595541851.Clipboard03.jpg', 'article_date' => '2020-07-24 13:52:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12223', 'article_category_id' => '1', 'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ', 'sub_title' => '', 'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. “We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,” he said, “Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11970', 'image' => '20200724012310_1595541545.Clipboard04.jpg', 'article_date' => '2020-07-24 13:22:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12222', 'article_category_id' => '1', 'title' => 'CAAN Starts Internal Preparation to Resume Air Service', 'sub_title' => '', 'summary' => 'July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CAAN has formed a committee under the coordination of Tribhuvan International Airport’s spokesperson Dev Chandra Lal Karna to give suggestions regarding how to operate air service during the 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:"Arial Unicode MS"">The committee is mandated to submit a report within a week after conducting a study on the possibility of resuming air service and by including the necessary processes required to restart 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:"Arial Unicode MS"">The committee is expected to suggest necessary measures required to resume regular commercial flights that have been halted due to the lockdown imposed by the government to contain the spread of coronavirus since March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The flight schedule will be prepared base on the report submitted by the committee, informed Raj Kumar Chhetri, spokesperson at CAAN.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Culture, Tourism and Civil Aviation is preparing a protocol to curb the transmission of the virus during 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:"Arial Unicode MS"">Although the government has lifted the lockdown, the risk of coronavirus infection still remains high. Therefore, the domestic as well as international flights are not possible at the moment, said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CAAN, TIA and the air service providers have all prepared their own guidelines for safety measures during flight service. Although air service will resume from August 17, there will be limited number of flights and passengers,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The number of flights can be increased or decreased depending on the situation,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Chhetri, Tribhuvan International Airport observes around 500 movements (take off and landing) per day during peak season, including domestic and international flights. Meanwhile, the airport witnesses 370 movements during normal days.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11969', 'image' => '20200724122138_1595541466.Clipboard02.jpg', 'article_date' => '2020-07-24 12:20:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12221', 'article_category_id' => '1', 'title' => 'World Bank Projects Nepal’s Growth at 2.1 percent in FY2021 ', 'sub_title' => '', 'summary' => 'July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri">July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown, despite efforts by the government to curb the economic fallout from the crisis, states the World Bank’s latest Nepal Development Update. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank report, transitioning the economy from the relief stage through to restructuring and resilient recovery requires a strategic approach to get the country back on a sustainable and inclusive growth path.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Economic activity in the tourism sector will remain weak and inflow of remittances will be moderate. Supply chain disruptions will keep industrial and agricultural production low. Low economic activity and oil prices will also keep imports low and below the pre-crisis levels, leading to a projected narrowing of the current account deficit to 6.5 percent of GDP. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Lower imports will continue to limit revenue collection. However, fiscal measures announced as part of the FY2021 budget, including a revision of custom duties, will provide some support to the budget as spending levels on relief and recovery efforts remain elevated. Taken together, the fiscal deficit is projected to marginally decline to 6.6 percent of GDP in FY2021.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">While the government has adopted various relief measures to contain the pandemic, reduce the impact on households and provide economic support to the most vulnerable firms, the report highlights the importance of reforms to support a resilient recovery.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“For a resilient recovery and inclusive growth, economic support measures to firms and workers in the informal sector will be important,” said Dr. Kene Ezemenari, World Bank Senior Economist and author of the update. “Incentives to agribusiness-based and forest-based SMEs, with a focus on returnee migrants and youths, could help increase employment and food security. Inclusive growth could be further promoted through entrepreneurship support programs and grants to small and medium enterprises,” she added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">The report outlines four pillars in the areas of health, social support, economic support and cross-cutting priorities including fiscal sustainability and focus on digital and green economies. This includes measures to strengthen the health system and scale up social protection systems, including the adoption of a social registry to make these systems more resilient against future shocks. Enhanced school sanitation and health protocols including health screening, water and sanitation facilities would be needed to enable a return to schooling for children. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“In the rapidly unfolding global scenario brought by COVID-19, insights from the Nepal Development Update on Nepal’s outlook, challenges and way forward is very helpful. We need to address the crisis with macroeconomic and sectoral policy focused on fiscal sustainability, financial sector stability, a digitally-oriented green economy and resilient public services,” stated Minister for Finance Yuba Raj Khatiwada. “I appreciate the rapid action taken by our development partners including the World Bank, Asian Development Bank, IMF and others for providing us with tangible resources and support to maintain our fiscal balance and accelerate growth and inclusive development.”</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri">Expansionary fiscal and monetary policies will be important in the initial relief stage to support banking sector liquidity and provide relief to households and firms. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank, investments and reforms would be critical to expand coverage of digital services and infrastructure to support e-services and help promote e-commerce. This would also help expand the reach and coverage of mobile banking and digital financial services to underpin development of e-commerce. However, digitization is also limited across the economy. Addressing this will require removal of access restrictions to any under-utilized fiber optic backbone managed by the governments and public utilities and the introduction of appropriate rules to manage conditions of access, capacity allocation, and access pricing, the report further states. This would also help expand access in rural and remote areas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">For Nepal to emerge stronger from the crisis, it is important to adapt quickly to the new reality,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “We are encouraged to note the early start made by the government with the development of Nepal’s Relief, Restructuring and Resilience plan and are committed to work together with multilateral development banks and development partners in helping the country build back greener and better.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11968', 'image' => '20200724104456_1595542457.wb.jpg', 'article_date' => '2020-07-24 10:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12220', 'article_category_id' => '1', 'title' => 'IB Drafts Insurance Policy to Cover Natural Calamities', 'sub_title' => '', 'summary' => 'July 23: The Insurance Board (IB) is preparing to form a separate policy for natural calamities like flood and landslides.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">July 23: The Insurance Board Nepa (IBN) is preparing to form a separate policy for natural calamities like flood and landslides. The board has initiated the process to formulate a separate insurance policy for the financial security of losses incurred due to flood and landslides. The board realized the need of such policy due to increase in losses from natural calamities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">IBN said it is currently studying the prospect of the new policy and the insurance premium rate. The board confirmed that it is preparing the new policy to provide compensation to the victims of flood and landslides. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Once the policy is formed, insurance companies can start selling the policy. The proposed insurance policy includes a package of insurance for house and other properties as well as accidental insurance in case of natural disaster.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the IBN, the new policy will can be availed in coordination with the local units. Executive Director of IBN Raju Raman Poudel informed that they have prepared a draft of the policy which provides insurance package for all the residents of a particular local unit. The local unit has to submit the details of all the households within its jurisdiction as well as property details to the insurance companies to avail the insurance facility. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '11967', 'image' => '20200723052228_1595454631.Clipboard05.jpg', 'article_date' => '2020-07-23 17:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12219', 'article_category_id' => '1', 'title' => 'Government Urges Tourism Entrepreneurs to Follow WHO Guidelines', 'sub_title' => '', 'summary' => 'July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Speaking at a discussion program held in the capital on Wednesday (July 22), Minister Bhattarai informed tourism entrepreneurs that there will be no shortage of capital for the revival of the tourism industry. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the minister, the monetary policy unveiled by the Nepal Rastra Bank (NRB) along with a fund of Rs 50 billion allocated by the government for small and medium scale industries would help revive the tourism sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Government authorities assured that there will be no shortage of capital as the monetary policy has given priority to tourism sector in response to the demands made by the tourism entrepreneurs.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund of Rs 50 billion allocated by the government is the annual budget is expected to facilitate tourism entrepreneurs to make payments of wages to the staffers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund set up by the government will be released immediately after it is made available to Nepal Rastra Bank. In addition, soft loan will be available for tourism entrepreneurs at an interest rate of only 5 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai expressed his hope that the flow of tourists will gradually increase after the government resumes domestic and international flights after August 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, he also emphasized the need to adhere strictly to the guidelines set by the WHO for the operation of the tourism industry to overcome the risk of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">"Even though the coronavirus infection seems to be declining at present, the risk is far from over. So, if the tourism sector doesn’t follow the guidelines, there is a chance of resurgence of the virus," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11966', 'image' => '20200723050216_20200506031951_120_1571271950.jpg', 'article_date' => '2020-07-23 17:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12218', 'article_category_id' => '1', 'title' => 'Prices of Vegetables Skyrocketing due Road Obstruction ', 'sub_title' => '', 'summary' => 'July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. The prices of vegetables have started skyrocketing due to the short-supply.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Normally, the Kalimati vegetable market used to be receive supply of 700 to 800 tons of vegetables and fruits on a daily basis, but the daily supply was reduced to 400 to 500 tons during the lockdown. Likewise, it has now decreased to 200 tons after floods and landslides blocked roads in many parts of the country. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to Kalimati Fruits and Vegetables Development Board (KFVDB), only 327 tons vegetables were imported in the market on Monday, 297 ton on Tuesday and 170 ton till Wednesday afternoon. According to Binaya Shrestha, Information Officer at the board, although the lockdown was eased, the demand has decreased due to the closure of school, college, hotel, and restaurants. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">He further said that around 700 tons of vegetables should have been imported during this time but due to flood and landslide, the supply has decreased. “It is not suitable season for vegetable production as well. It is now certain that the price will increase as the supply reduced significantly,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The prices of most of the vegetables including tomato, potato, local cabbage, radish, beans, soybean, pointed gourd, and lady’s finger have increased in the last one week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The price of tomato, which was being sold at Rs 12 per kg on July 15, has increased by 50 percent to Rs 18 per kg on July 22. Likewise, the price of local cabbage has increased by 111% from Rs 18 to Rs 38 per kg within a week. The price of beans has increased by 105% from Rs 38 per kg to Rs 78 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In addition, the price of lady’s finger has increased by 52% from Rs 38 to Rs 58 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Similarly, with 40% increase, soybean is priced at Rs 98 per kg from Rs 68. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the production of vegetables decreases during the rainy season, the price of vegetables increases every year during this season. The development committee informed that the price of vegetables has inclined upwards as traders did not even bring vegetables from India due to the fear of coronavirus. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The supply of Indian vegetables has dropped by about 80 percent due to the fear of coronavirus. Gita Prasad Acharya, a member of the Kalimati Fruit and Vegetable Entrepreneurs' Association, said that the import of Indian vegetables has decreased as more priority is given to local vegetables. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11965', 'image' => '20200723012952_1595453904.Clipboard03.jpg', 'article_date' => '2020-07-23 13:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12216', 'article_category_id' => '1', 'title' => 'Tootle, Pathao to Resume Ride-Hailing Service from Today ', 'sub_title' => '', 'summary' => 'July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tootle and Pathao remained closed since March 24 following government decision to impose nationwide lockdown. These two apps have gained popularity in the capital within a short period of their launch. Tootle has been providing ride-sharing service since the last three years while Pathao came into operation around one and a half years ago. These two companies have become a reliable means of alternative transport in the capital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two companies decided to resume their service after the government lifted ban on short-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:"Arial Unicode MS"">In fact, Pathao had started providing limited service with 100 riders one week ago. Pathao said it will add 50 more riders from July 23 and gradually increase the number. During normal days, Pathao charges 20 percent commission from riders. But for the time being, it has decided not to charge any amount. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Tootle has decided to resume its service after providing mask, gloves and other protective gears to the riders. Tootle’s Executive Director Sixit Bhatta informed New Business Age that they will gradually increase the number of riders. He added that they have updated their app to help the customers during the current crisis. According to Bhatta, out of 30,000 riders, 1,500 have come into contact with them.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pathao has handed over Breathable Protective Gear (BPG) to all of its riders. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been providing service only after handing over protective gears to our riders. The supplier company is able to provide only 50 BPG per day so we have been adding only 50 new riders,” said Shashank Thapa, deputy manager of the company. He said that around 45,000 Patho riders have been granted permission to provide the service. Among them, 5,000 have contacted the office after lockdown.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11964', 'image' => '20200723124701_1595453826.Clipboard01.jpg', 'article_date' => '2020-07-23 12:46:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12215', 'article_category_id' => '1', 'title' => 'Central Bank Unveils Refinancing Work Procedure 2077 ', 'sub_title' => '', 'summary' => 'July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The refinancing facility which was earlier limited to only a few industries and entrepreneurs has now been made available for small and medium scale industries.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to NRB, the time period for the loan taken for refinancing will be a maximum of one year and this loan cannot be renewed. Only those customers who have been severely affected by coronavirus can avail such facility for up to one year. Those partially affected by the pandemic will have to clear their loan within six months. The maximum limit of refinancing facility is Rs 50 million. Small and medium scale industries can avail the loan for refinancing at 5 percent interest per annum. On the other hand, special refinancing facility can be availed at 3 percent interest rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The work procedure specifies loan up to Rs 1.5 million given to entrepreneurs who themselves operate their industry as small-scale loan. Likewise, the loan provided to some specific sector for some specific purpose has been categorized as special loan. Export businesses, women entrepreneurship, businesses run by differently abled persons, and loan provided to sectors affected by natural disasters have been categorized as special loan. The loan which do not fall under the above two categories have been classified as normal 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:"Arial Unicode MS"">The work procedure is in line with the Monetary Policy for the current fiscal year, which has a provision to provide refinancing facility of up to 70 percent through commercial banks, development banks and finance companies while 10 percent refinancing facility will be provided by micro finance companies.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11963', 'image' => '20200723115348_1595453970.Clipboard05.jpg', 'article_date' => '2020-07-23 11:51:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12232', 'article_category_id' => '1', 'title' => 'Government Liabilities to Social Security Fund Exceeds Rs 1 billion', 'sub_title' => '', 'summary' => 'July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to SSF, the government is yet to pay Rs 1.12 billion to the fund.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government anticipating meltdown of economy and business due to the lockdown had announced to contribute to the SSF on behalf of the employees under their relief program to facilitate the private sector .</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The finance ministry had announced that the government would contribute to the SSF on behalf of the affiliated industries and companies for the months of March, April, May and June. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Following the announcement, the government’s payable amount to the SSF has reached Rs 1.12 billion for the months of March, April, May and June. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">So far, the government has only deposited Rs 186.7 million for March. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Social Security Fund has already written to the ministry of finance to clear the pending amount. According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">“The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,” he informed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11977', 'image' => '20200726040107_1595713340.4.jpg', 'article_date' => '2020-07-26 16:00:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12229', 'article_category_id' => '1', 'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">NRB’s decision to call the bank’s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). “The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,” he said, adding, “NRB can supervise and discuss with the banks and financial institutions at any time if necessary.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">One side has claimed that the CEO's resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel’s performance. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">“The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,” the source said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there’s no official decision about resignation. “Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There’s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,” Poudel told New Business Age. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11976', 'image' => '20200726023403_1595713284.Clipboard05.jpg', 'article_date' => '2020-07-26 14:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12228', 'article_category_id' => '1', 'title' => 'Investment Commitment Shrinks by 46 Percent ', 'sub_title' => '', 'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the 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:"Arial Unicode MS"">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country’s economy was paralyzed by 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:"Arial Unicode MS"">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11975', 'image' => '20200726111758_1595713489.1 copy.jpg', 'article_date' => '2020-07-26 11:16:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12227', 'article_category_id' => '1', 'title' => 'Government Starts Issuing Embossed Number Plates', 'sub_title' => '', 'summary' => 'July 26: The government has started distributing embossed number plates.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital on Friday (July 24).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,” Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11974', 'image' => '20200726104944_1595608051.number plate.jpg', 'article_date' => '2020-07-26 10:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12225', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All-time High in Nepal', 'sub_title' => 'One Tola of Gold being Traded at Rs 95,800', 'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Nepal Gold and Silver Dealer’s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11973', 'image' => '20200724022325_gold.jpg', 'article_date' => '2020-07-24 14:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12226', 'article_category_id' => '1', 'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ', 'sub_title' => '', 'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government’s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,” said Thapa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11972', 'image' => '20200724030427_1595541777.Clipboard05.jpg', 'article_date' => '2020-07-24 15:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12224', 'article_category_id' => '1', 'title' => 'FNCCI Election Postponed Again', 'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering', 'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Thursday’s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place across the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The term of current President Bhavani Rana will end after the General Assembly and Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation’s statute.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11971', 'image' => '20200724015400_1595541851.Clipboard03.jpg', 'article_date' => '2020-07-24 13:52:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12223', 'article_category_id' => '1', 'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ', 'sub_title' => '', 'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. “We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,” he said, “Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11970', 'image' => '20200724012310_1595541545.Clipboard04.jpg', 'article_date' => '2020-07-24 13:22:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12222', 'article_category_id' => '1', 'title' => 'CAAN Starts Internal Preparation to Resume Air Service', 'sub_title' => '', 'summary' => 'July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CAAN has formed a committee under the coordination of Tribhuvan International Airport’s spokesperson Dev Chandra Lal Karna to give suggestions regarding how to operate air service during the 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:"Arial Unicode MS"">The committee is mandated to submit a report within a week after conducting a study on the possibility of resuming air service and by including the necessary processes required to restart 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:"Arial Unicode MS"">The committee is expected to suggest necessary measures required to resume regular commercial flights that have been halted due to the lockdown imposed by the government to contain the spread of coronavirus since March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The flight schedule will be prepared base on the report submitted by the committee, informed Raj Kumar Chhetri, spokesperson at CAAN.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Culture, Tourism and Civil Aviation is preparing a protocol to curb the transmission of the virus during 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:"Arial Unicode MS"">Although the government has lifted the lockdown, the risk of coronavirus infection still remains high. Therefore, the domestic as well as international flights are not possible at the moment, said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CAAN, TIA and the air service providers have all prepared their own guidelines for safety measures during flight service. Although air service will resume from August 17, there will be limited number of flights and passengers,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The number of flights can be increased or decreased depending on the situation,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Chhetri, Tribhuvan International Airport observes around 500 movements (take off and landing) per day during peak season, including domestic and international flights. Meanwhile, the airport witnesses 370 movements during normal days.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11969', 'image' => '20200724122138_1595541466.Clipboard02.jpg', 'article_date' => '2020-07-24 12:20:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12221', 'article_category_id' => '1', 'title' => 'World Bank Projects Nepal’s Growth at 2.1 percent in FY2021 ', 'sub_title' => '', 'summary' => 'July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri">July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown, despite efforts by the government to curb the economic fallout from the crisis, states the World Bank’s latest Nepal Development Update. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank report, transitioning the economy from the relief stage through to restructuring and resilient recovery requires a strategic approach to get the country back on a sustainable and inclusive growth path.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Economic activity in the tourism sector will remain weak and inflow of remittances will be moderate. Supply chain disruptions will keep industrial and agricultural production low. Low economic activity and oil prices will also keep imports low and below the pre-crisis levels, leading to a projected narrowing of the current account deficit to 6.5 percent of GDP. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Lower imports will continue to limit revenue collection. However, fiscal measures announced as part of the FY2021 budget, including a revision of custom duties, will provide some support to the budget as spending levels on relief and recovery efforts remain elevated. Taken together, the fiscal deficit is projected to marginally decline to 6.6 percent of GDP in FY2021.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">While the government has adopted various relief measures to contain the pandemic, reduce the impact on households and provide economic support to the most vulnerable firms, the report highlights the importance of reforms to support a resilient recovery.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“For a resilient recovery and inclusive growth, economic support measures to firms and workers in the informal sector will be important,” said Dr. Kene Ezemenari, World Bank Senior Economist and author of the update. “Incentives to agribusiness-based and forest-based SMEs, with a focus on returnee migrants and youths, could help increase employment and food security. Inclusive growth could be further promoted through entrepreneurship support programs and grants to small and medium enterprises,” she added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">The report outlines four pillars in the areas of health, social support, economic support and cross-cutting priorities including fiscal sustainability and focus on digital and green economies. This includes measures to strengthen the health system and scale up social protection systems, including the adoption of a social registry to make these systems more resilient against future shocks. Enhanced school sanitation and health protocols including health screening, water and sanitation facilities would be needed to enable a return to schooling for children. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“In the rapidly unfolding global scenario brought by COVID-19, insights from the Nepal Development Update on Nepal’s outlook, challenges and way forward is very helpful. We need to address the crisis with macroeconomic and sectoral policy focused on fiscal sustainability, financial sector stability, a digitally-oriented green economy and resilient public services,” stated Minister for Finance Yuba Raj Khatiwada. “I appreciate the rapid action taken by our development partners including the World Bank, Asian Development Bank, IMF and others for providing us with tangible resources and support to maintain our fiscal balance and accelerate growth and inclusive development.”</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri">Expansionary fiscal and monetary policies will be important in the initial relief stage to support banking sector liquidity and provide relief to households and firms. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank, investments and reforms would be critical to expand coverage of digital services and infrastructure to support e-services and help promote e-commerce. This would also help expand the reach and coverage of mobile banking and digital financial services to underpin development of e-commerce. However, digitization is also limited across the economy. Addressing this will require removal of access restrictions to any under-utilized fiber optic backbone managed by the governments and public utilities and the introduction of appropriate rules to manage conditions of access, capacity allocation, and access pricing, the report further states. This would also help expand access in rural and remote areas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">For Nepal to emerge stronger from the crisis, it is important to adapt quickly to the new reality,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “We are encouraged to note the early start made by the government with the development of Nepal’s Relief, Restructuring and Resilience plan and are committed to work together with multilateral development banks and development partners in helping the country build back greener and better.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11968', 'image' => '20200724104456_1595542457.wb.jpg', 'article_date' => '2020-07-24 10:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12220', 'article_category_id' => '1', 'title' => 'IB Drafts Insurance Policy to Cover Natural Calamities', 'sub_title' => '', 'summary' => 'July 23: The Insurance Board (IB) is preparing to form a separate policy for natural calamities like flood and landslides.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">July 23: The Insurance Board Nepa (IBN) is preparing to form a separate policy for natural calamities like flood and landslides. The board has initiated the process to formulate a separate insurance policy for the financial security of losses incurred due to flood and landslides. The board realized the need of such policy due to increase in losses from natural calamities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">IBN said it is currently studying the prospect of the new policy and the insurance premium rate. The board confirmed that it is preparing the new policy to provide compensation to the victims of flood and landslides. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Once the policy is formed, insurance companies can start selling the policy. The proposed insurance policy includes a package of insurance for house and other properties as well as accidental insurance in case of natural disaster.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the IBN, the new policy will can be availed in coordination with the local units. Executive Director of IBN Raju Raman Poudel informed that they have prepared a draft of the policy which provides insurance package for all the residents of a particular local unit. The local unit has to submit the details of all the households within its jurisdiction as well as property details to the insurance companies to avail the insurance facility. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '11967', 'image' => '20200723052228_1595454631.Clipboard05.jpg', 'article_date' => '2020-07-23 17:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12219', 'article_category_id' => '1', 'title' => 'Government Urges Tourism Entrepreneurs to Follow WHO Guidelines', 'sub_title' => '', 'summary' => 'July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Speaking at a discussion program held in the capital on Wednesday (July 22), Minister Bhattarai informed tourism entrepreneurs that there will be no shortage of capital for the revival of the tourism industry. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the minister, the monetary policy unveiled by the Nepal Rastra Bank (NRB) along with a fund of Rs 50 billion allocated by the government for small and medium scale industries would help revive the tourism sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Government authorities assured that there will be no shortage of capital as the monetary policy has given priority to tourism sector in response to the demands made by the tourism entrepreneurs.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund of Rs 50 billion allocated by the government is the annual budget is expected to facilitate tourism entrepreneurs to make payments of wages to the staffers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund set up by the government will be released immediately after it is made available to Nepal Rastra Bank. In addition, soft loan will be available for tourism entrepreneurs at an interest rate of only 5 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai expressed his hope that the flow of tourists will gradually increase after the government resumes domestic and international flights after August 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, he also emphasized the need to adhere strictly to the guidelines set by the WHO for the operation of the tourism industry to overcome the risk of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">"Even though the coronavirus infection seems to be declining at present, the risk is far from over. So, if the tourism sector doesn’t follow the guidelines, there is a chance of resurgence of the virus," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11966', 'image' => '20200723050216_20200506031951_120_1571271950.jpg', 'article_date' => '2020-07-23 17:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12218', 'article_category_id' => '1', 'title' => 'Prices of Vegetables Skyrocketing due Road Obstruction ', 'sub_title' => '', 'summary' => 'July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. The prices of vegetables have started skyrocketing due to the short-supply.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Normally, the Kalimati vegetable market used to be receive supply of 700 to 800 tons of vegetables and fruits on a daily basis, but the daily supply was reduced to 400 to 500 tons during the lockdown. Likewise, it has now decreased to 200 tons after floods and landslides blocked roads in many parts of the country. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to Kalimati Fruits and Vegetables Development Board (KFVDB), only 327 tons vegetables were imported in the market on Monday, 297 ton on Tuesday and 170 ton till Wednesday afternoon. According to Binaya Shrestha, Information Officer at the board, although the lockdown was eased, the demand has decreased due to the closure of school, college, hotel, and restaurants. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">He further said that around 700 tons of vegetables should have been imported during this time but due to flood and landslide, the supply has decreased. “It is not suitable season for vegetable production as well. It is now certain that the price will increase as the supply reduced significantly,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The prices of most of the vegetables including tomato, potato, local cabbage, radish, beans, soybean, pointed gourd, and lady’s finger have increased in the last one week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The price of tomato, which was being sold at Rs 12 per kg on July 15, has increased by 50 percent to Rs 18 per kg on July 22. Likewise, the price of local cabbage has increased by 111% from Rs 18 to Rs 38 per kg within a week. The price of beans has increased by 105% from Rs 38 per kg to Rs 78 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In addition, the price of lady’s finger has increased by 52% from Rs 38 to Rs 58 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Similarly, with 40% increase, soybean is priced at Rs 98 per kg from Rs 68. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the production of vegetables decreases during the rainy season, the price of vegetables increases every year during this season. The development committee informed that the price of vegetables has inclined upwards as traders did not even bring vegetables from India due to the fear of coronavirus. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The supply of Indian vegetables has dropped by about 80 percent due to the fear of coronavirus. Gita Prasad Acharya, a member of the Kalimati Fruit and Vegetable Entrepreneurs' Association, said that the import of Indian vegetables has decreased as more priority is given to local vegetables. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11965', 'image' => '20200723012952_1595453904.Clipboard03.jpg', 'article_date' => '2020-07-23 13:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12216', 'article_category_id' => '1', 'title' => 'Tootle, Pathao to Resume Ride-Hailing Service from Today ', 'sub_title' => '', 'summary' => 'July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tootle and Pathao remained closed since March 24 following government decision to impose nationwide lockdown. These two apps have gained popularity in the capital within a short period of their launch. Tootle has been providing ride-sharing service since the last three years while Pathao came into operation around one and a half years ago. These two companies have become a reliable means of alternative transport in the capital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two companies decided to resume their service after the government lifted ban on short-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:"Arial Unicode MS"">In fact, Pathao had started providing limited service with 100 riders one week ago. Pathao said it will add 50 more riders from July 23 and gradually increase the number. During normal days, Pathao charges 20 percent commission from riders. But for the time being, it has decided not to charge any amount. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Tootle has decided to resume its service after providing mask, gloves and other protective gears to the riders. Tootle’s Executive Director Sixit Bhatta informed New Business Age that they will gradually increase the number of riders. He added that they have updated their app to help the customers during the current crisis. According to Bhatta, out of 30,000 riders, 1,500 have come into contact with them.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pathao has handed over Breathable Protective Gear (BPG) to all of its riders. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been providing service only after handing over protective gears to our riders. The supplier company is able to provide only 50 BPG per day so we have been adding only 50 new riders,” said Shashank Thapa, deputy manager of the company. He said that around 45,000 Patho riders have been granted permission to provide the service. Among them, 5,000 have contacted the office after lockdown.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11964', 'image' => '20200723124701_1595453826.Clipboard01.jpg', 'article_date' => '2020-07-23 12:46:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12215', 'article_category_id' => '1', 'title' => 'Central Bank Unveils Refinancing Work Procedure 2077 ', 'sub_title' => '', 'summary' => 'July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The refinancing facility which was earlier limited to only a few industries and entrepreneurs has now been made available for small and medium scale industries.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to NRB, the time period for the loan taken for refinancing will be a maximum of one year and this loan cannot be renewed. Only those customers who have been severely affected by coronavirus can avail such facility for up to one year. Those partially affected by the pandemic will have to clear their loan within six months. The maximum limit of refinancing facility is Rs 50 million. Small and medium scale industries can avail the loan for refinancing at 5 percent interest per annum. On the other hand, special refinancing facility can be availed at 3 percent interest rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The work procedure specifies loan up to Rs 1.5 million given to entrepreneurs who themselves operate their industry as small-scale loan. Likewise, the loan provided to some specific sector for some specific purpose has been categorized as special loan. Export businesses, women entrepreneurship, businesses run by differently abled persons, and loan provided to sectors affected by natural disasters have been categorized as special loan. The loan which do not fall under the above two categories have been classified as normal 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:"Arial Unicode MS"">The work procedure is in line with the Monetary Policy for the current fiscal year, which has a provision to provide refinancing facility of up to 70 percent through commercial banks, development banks and finance companies while 10 percent refinancing facility will be provided by micro finance companies.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11963', 'image' => '20200723115348_1595453970.Clipboard05.jpg', 'article_date' => '2020-07-23 11:51:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12232', 'article_category_id' => '1', 'title' => 'Government Liabilities to Social Security Fund Exceeds Rs 1 billion', 'sub_title' => '', 'summary' => 'July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to SSF, the government is yet to pay Rs 1.12 billion to the fund.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government anticipating meltdown of economy and business due to the lockdown had announced to contribute to the SSF on behalf of the employees under their relief program to facilitate the private sector .</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The finance ministry had announced that the government would contribute to the SSF on behalf of the affiliated industries and companies for the months of March, April, May and June. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Following the announcement, the government’s payable amount to the SSF has reached Rs 1.12 billion for the months of March, April, May and June. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">So far, the government has only deposited Rs 186.7 million for March. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Social Security Fund has already written to the ministry of finance to clear the pending amount. According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">“The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,” he informed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11977', 'image' => '20200726040107_1595713340.4.jpg', 'article_date' => '2020-07-26 16:00:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12229', 'article_category_id' => '1', 'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">NRB’s decision to call the bank’s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). “The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,” he said, adding, “NRB can supervise and discuss with the banks and financial institutions at any time if necessary.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">One side has claimed that the CEO's resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel’s performance. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">“The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,” the source said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there’s no official decision about resignation. “Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There’s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,” Poudel told New Business Age. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11976', 'image' => '20200726023403_1595713284.Clipboard05.jpg', 'article_date' => '2020-07-26 14:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12228', 'article_category_id' => '1', 'title' => 'Investment Commitment Shrinks by 46 Percent ', 'sub_title' => '', 'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the 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:"Arial Unicode MS"">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country’s economy was paralyzed by 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:"Arial Unicode MS"">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11975', 'image' => '20200726111758_1595713489.1 copy.jpg', 'article_date' => '2020-07-26 11:16:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12227', 'article_category_id' => '1', 'title' => 'Government Starts Issuing Embossed Number Plates', 'sub_title' => '', 'summary' => 'July 26: The government has started distributing embossed number plates.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital on Friday (July 24).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,” Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11974', 'image' => '20200726104944_1595608051.number plate.jpg', 'article_date' => '2020-07-26 10:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12225', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All-time High in Nepal', 'sub_title' => 'One Tola of Gold being Traded at Rs 95,800', 'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Nepal Gold and Silver Dealer’s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11973', 'image' => '20200724022325_gold.jpg', 'article_date' => '2020-07-24 14:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12226', 'article_category_id' => '1', 'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ', 'sub_title' => '', 'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government’s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,” said Thapa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11972', 'image' => '20200724030427_1595541777.Clipboard05.jpg', 'article_date' => '2020-07-24 15:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12224', 'article_category_id' => '1', 'title' => 'FNCCI Election Postponed Again', 'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering', 'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Thursday’s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place across the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The term of current President Bhavani Rana will end after the General Assembly and Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation’s statute.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11971', 'image' => '20200724015400_1595541851.Clipboard03.jpg', 'article_date' => '2020-07-24 13:52:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12223', 'article_category_id' => '1', 'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ', 'sub_title' => '', 'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. “We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,” he said, “Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11970', 'image' => '20200724012310_1595541545.Clipboard04.jpg', 'article_date' => '2020-07-24 13:22:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12222', 'article_category_id' => '1', 'title' => 'CAAN Starts Internal Preparation to Resume Air Service', 'sub_title' => '', 'summary' => 'July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CAAN has formed a committee under the coordination of Tribhuvan International Airport’s spokesperson Dev Chandra Lal Karna to give suggestions regarding how to operate air service during the 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:"Arial Unicode MS"">The committee is mandated to submit a report within a week after conducting a study on the possibility of resuming air service and by including the necessary processes required to restart 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:"Arial Unicode MS"">The committee is expected to suggest necessary measures required to resume regular commercial flights that have been halted due to the lockdown imposed by the government to contain the spread of coronavirus since March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The flight schedule will be prepared base on the report submitted by the committee, informed Raj Kumar Chhetri, spokesperson at CAAN.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Culture, Tourism and Civil Aviation is preparing a protocol to curb the transmission of the virus during 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:"Arial Unicode MS"">Although the government has lifted the lockdown, the risk of coronavirus infection still remains high. Therefore, the domestic as well as international flights are not possible at the moment, said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CAAN, TIA and the air service providers have all prepared their own guidelines for safety measures during flight service. Although air service will resume from August 17, there will be limited number of flights and passengers,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The number of flights can be increased or decreased depending on the situation,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Chhetri, Tribhuvan International Airport observes around 500 movements (take off and landing) per day during peak season, including domestic and international flights. Meanwhile, the airport witnesses 370 movements during normal days.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11969', 'image' => '20200724122138_1595541466.Clipboard02.jpg', 'article_date' => '2020-07-24 12:20:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12221', 'article_category_id' => '1', 'title' => 'World Bank Projects Nepal’s Growth at 2.1 percent in FY2021 ', 'sub_title' => '', 'summary' => 'July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri">July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown, despite efforts by the government to curb the economic fallout from the crisis, states the World Bank’s latest Nepal Development Update. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank report, transitioning the economy from the relief stage through to restructuring and resilient recovery requires a strategic approach to get the country back on a sustainable and inclusive growth path.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Economic activity in the tourism sector will remain weak and inflow of remittances will be moderate. Supply chain disruptions will keep industrial and agricultural production low. Low economic activity and oil prices will also keep imports low and below the pre-crisis levels, leading to a projected narrowing of the current account deficit to 6.5 percent of GDP. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Lower imports will continue to limit revenue collection. However, fiscal measures announced as part of the FY2021 budget, including a revision of custom duties, will provide some support to the budget as spending levels on relief and recovery efforts remain elevated. Taken together, the fiscal deficit is projected to marginally decline to 6.6 percent of GDP in FY2021.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">While the government has adopted various relief measures to contain the pandemic, reduce the impact on households and provide economic support to the most vulnerable firms, the report highlights the importance of reforms to support a resilient recovery.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“For a resilient recovery and inclusive growth, economic support measures to firms and workers in the informal sector will be important,” said Dr. Kene Ezemenari, World Bank Senior Economist and author of the update. “Incentives to agribusiness-based and forest-based SMEs, with a focus on returnee migrants and youths, could help increase employment and food security. Inclusive growth could be further promoted through entrepreneurship support programs and grants to small and medium enterprises,” she added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">The report outlines four pillars in the areas of health, social support, economic support and cross-cutting priorities including fiscal sustainability and focus on digital and green economies. This includes measures to strengthen the health system and scale up social protection systems, including the adoption of a social registry to make these systems more resilient against future shocks. Enhanced school sanitation and health protocols including health screening, water and sanitation facilities would be needed to enable a return to schooling for children. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“In the rapidly unfolding global scenario brought by COVID-19, insights from the Nepal Development Update on Nepal’s outlook, challenges and way forward is very helpful. We need to address the crisis with macroeconomic and sectoral policy focused on fiscal sustainability, financial sector stability, a digitally-oriented green economy and resilient public services,” stated Minister for Finance Yuba Raj Khatiwada. “I appreciate the rapid action taken by our development partners including the World Bank, Asian Development Bank, IMF and others for providing us with tangible resources and support to maintain our fiscal balance and accelerate growth and inclusive development.”</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri">Expansionary fiscal and monetary policies will be important in the initial relief stage to support banking sector liquidity and provide relief to households and firms. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank, investments and reforms would be critical to expand coverage of digital services and infrastructure to support e-services and help promote e-commerce. This would also help expand the reach and coverage of mobile banking and digital financial services to underpin development of e-commerce. However, digitization is also limited across the economy. Addressing this will require removal of access restrictions to any under-utilized fiber optic backbone managed by the governments and public utilities and the introduction of appropriate rules to manage conditions of access, capacity allocation, and access pricing, the report further states. This would also help expand access in rural and remote areas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">For Nepal to emerge stronger from the crisis, it is important to adapt quickly to the new reality,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “We are encouraged to note the early start made by the government with the development of Nepal’s Relief, Restructuring and Resilience plan and are committed to work together with multilateral development banks and development partners in helping the country build back greener and better.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11968', 'image' => '20200724104456_1595542457.wb.jpg', 'article_date' => '2020-07-24 10:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12220', 'article_category_id' => '1', 'title' => 'IB Drafts Insurance Policy to Cover Natural Calamities', 'sub_title' => '', 'summary' => 'July 23: The Insurance Board (IB) is preparing to form a separate policy for natural calamities like flood and landslides.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">July 23: The Insurance Board Nepa (IBN) is preparing to form a separate policy for natural calamities like flood and landslides. The board has initiated the process to formulate a separate insurance policy for the financial security of losses incurred due to flood and landslides. The board realized the need of such policy due to increase in losses from natural calamities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">IBN said it is currently studying the prospect of the new policy and the insurance premium rate. The board confirmed that it is preparing the new policy to provide compensation to the victims of flood and landslides. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Once the policy is formed, insurance companies can start selling the policy. The proposed insurance policy includes a package of insurance for house and other properties as well as accidental insurance in case of natural disaster.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the IBN, the new policy will can be availed in coordination with the local units. Executive Director of IBN Raju Raman Poudel informed that they have prepared a draft of the policy which provides insurance package for all the residents of a particular local unit. The local unit has to submit the details of all the households within its jurisdiction as well as property details to the insurance companies to avail the insurance facility. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '11967', 'image' => '20200723052228_1595454631.Clipboard05.jpg', 'article_date' => '2020-07-23 17:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12219', 'article_category_id' => '1', 'title' => 'Government Urges Tourism Entrepreneurs to Follow WHO Guidelines', 'sub_title' => '', 'summary' => 'July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Speaking at a discussion program held in the capital on Wednesday (July 22), Minister Bhattarai informed tourism entrepreneurs that there will be no shortage of capital for the revival of the tourism industry. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the minister, the monetary policy unveiled by the Nepal Rastra Bank (NRB) along with a fund of Rs 50 billion allocated by the government for small and medium scale industries would help revive the tourism sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Government authorities assured that there will be no shortage of capital as the monetary policy has given priority to tourism sector in response to the demands made by the tourism entrepreneurs.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund of Rs 50 billion allocated by the government is the annual budget is expected to facilitate tourism entrepreneurs to make payments of wages to the staffers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund set up by the government will be released immediately after it is made available to Nepal Rastra Bank. In addition, soft loan will be available for tourism entrepreneurs at an interest rate of only 5 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai expressed his hope that the flow of tourists will gradually increase after the government resumes domestic and international flights after August 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, he also emphasized the need to adhere strictly to the guidelines set by the WHO for the operation of the tourism industry to overcome the risk of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">"Even though the coronavirus infection seems to be declining at present, the risk is far from over. So, if the tourism sector doesn’t follow the guidelines, there is a chance of resurgence of the virus," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11966', 'image' => '20200723050216_20200506031951_120_1571271950.jpg', 'article_date' => '2020-07-23 17:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12218', 'article_category_id' => '1', 'title' => 'Prices of Vegetables Skyrocketing due Road Obstruction ', 'sub_title' => '', 'summary' => 'July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. The prices of vegetables have started skyrocketing due to the short-supply.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Normally, the Kalimati vegetable market used to be receive supply of 700 to 800 tons of vegetables and fruits on a daily basis, but the daily supply was reduced to 400 to 500 tons during the lockdown. Likewise, it has now decreased to 200 tons after floods and landslides blocked roads in many parts of the country. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to Kalimati Fruits and Vegetables Development Board (KFVDB), only 327 tons vegetables were imported in the market on Monday, 297 ton on Tuesday and 170 ton till Wednesday afternoon. According to Binaya Shrestha, Information Officer at the board, although the lockdown was eased, the demand has decreased due to the closure of school, college, hotel, and restaurants. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">He further said that around 700 tons of vegetables should have been imported during this time but due to flood and landslide, the supply has decreased. “It is not suitable season for vegetable production as well. It is now certain that the price will increase as the supply reduced significantly,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The prices of most of the vegetables including tomato, potato, local cabbage, radish, beans, soybean, pointed gourd, and lady’s finger have increased in the last one week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The price of tomato, which was being sold at Rs 12 per kg on July 15, has increased by 50 percent to Rs 18 per kg on July 22. Likewise, the price of local cabbage has increased by 111% from Rs 18 to Rs 38 per kg within a week. The price of beans has increased by 105% from Rs 38 per kg to Rs 78 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In addition, the price of lady’s finger has increased by 52% from Rs 38 to Rs 58 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Similarly, with 40% increase, soybean is priced at Rs 98 per kg from Rs 68. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the production of vegetables decreases during the rainy season, the price of vegetables increases every year during this season. The development committee informed that the price of vegetables has inclined upwards as traders did not even bring vegetables from India due to the fear of coronavirus. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The supply of Indian vegetables has dropped by about 80 percent due to the fear of coronavirus. Gita Prasad Acharya, a member of the Kalimati Fruit and Vegetable Entrepreneurs' Association, said that the import of Indian vegetables has decreased as more priority is given to local vegetables. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11965', 'image' => '20200723012952_1595453904.Clipboard03.jpg', 'article_date' => '2020-07-23 13:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12216', 'article_category_id' => '1', 'title' => 'Tootle, Pathao to Resume Ride-Hailing Service from Today ', 'sub_title' => '', 'summary' => 'July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tootle and Pathao remained closed since March 24 following government decision to impose nationwide lockdown. These two apps have gained popularity in the capital within a short period of their launch. Tootle has been providing ride-sharing service since the last three years while Pathao came into operation around one and a half years ago. These two companies have become a reliable means of alternative transport in the capital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two companies decided to resume their service after the government lifted ban on short-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:"Arial Unicode MS"">In fact, Pathao had started providing limited service with 100 riders one week ago. Pathao said it will add 50 more riders from July 23 and gradually increase the number. During normal days, Pathao charges 20 percent commission from riders. But for the time being, it has decided not to charge any amount. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Tootle has decided to resume its service after providing mask, gloves and other protective gears to the riders. Tootle’s Executive Director Sixit Bhatta informed New Business Age that they will gradually increase the number of riders. He added that they have updated their app to help the customers during the current crisis. According to Bhatta, out of 30,000 riders, 1,500 have come into contact with them.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pathao has handed over Breathable Protective Gear (BPG) to all of its riders. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been providing service only after handing over protective gears to our riders. The supplier company is able to provide only 50 BPG per day so we have been adding only 50 new riders,” said Shashank Thapa, deputy manager of the company. He said that around 45,000 Patho riders have been granted permission to provide the service. Among them, 5,000 have contacted the office after lockdown.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11964', 'image' => '20200723124701_1595453826.Clipboard01.jpg', 'article_date' => '2020-07-23 12:46:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12215', 'article_category_id' => '1', 'title' => 'Central Bank Unveils Refinancing Work Procedure 2077 ', 'sub_title' => '', 'summary' => 'July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The refinancing facility which was earlier limited to only a few industries and entrepreneurs has now been made available for small and medium scale industries.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to NRB, the time period for the loan taken for refinancing will be a maximum of one year and this loan cannot be renewed. Only those customers who have been severely affected by coronavirus can avail such facility for up to one year. Those partially affected by the pandemic will have to clear their loan within six months. The maximum limit of refinancing facility is Rs 50 million. Small and medium scale industries can avail the loan for refinancing at 5 percent interest per annum. On the other hand, special refinancing facility can be availed at 3 percent interest rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The work procedure specifies loan up to Rs 1.5 million given to entrepreneurs who themselves operate their industry as small-scale loan. Likewise, the loan provided to some specific sector for some specific purpose has been categorized as special loan. Export businesses, women entrepreneurship, businesses run by differently abled persons, and loan provided to sectors affected by natural disasters have been categorized as special loan. The loan which do not fall under the above two categories have been classified as normal 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:"Arial Unicode MS"">The work procedure is in line with the Monetary Policy for the current fiscal year, which has a provision to provide refinancing facility of up to 70 percent through commercial banks, development banks and finance companies while 10 percent refinancing facility will be provided by micro finance companies.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11963', 'image' => '20200723115348_1595453970.Clipboard05.jpg', 'article_date' => '2020-07-23 11:51:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12232', 'article_category_id' => '1', 'title' => 'Government Liabilities to Social Security Fund Exceeds Rs 1 billion', 'sub_title' => '', 'summary' => 'July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 26: The government’s liability for Social Security Fund (SSF) has exceeded Rs 1 billion during the four months of lockdown.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to SSF, the government is yet to pay Rs 1.12 billion to the fund.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The government anticipating meltdown of economy and business due to the lockdown had announced to contribute to the SSF on behalf of the employees under their relief program to facilitate the private sector .</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The finance ministry had announced that the government would contribute to the SSF on behalf of the affiliated industries and companies for the months of March, April, May and June. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Following the announcement, the government’s payable amount to the SSF has reached Rs 1.12 billion for the months of March, April, May and June. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">So far, the government has only deposited Rs 186.7 million for March. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The Social Security Fund has already written to the ministry of finance to clear the pending amount. According to the fund, a total of Rs 940 million is yet to be paid by the government for the remaining three months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Kapil Mani Gyawali, executive director of SSF informed that the government has been requested to pay Rs 940 million for April, May and June.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">“The Ministry of Finance has assured SSF that it will deposit the pending amount within the month of July as the new fiscal year has started,” he informed.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Gyawali said that private establishments were reluctant to join the fund before the lockdown but now have gradually started joining the fund as the industry and business are affected by the pandemic.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11977', 'image' => '20200726040107_1595713340.4.jpg', 'article_date' => '2020-07-26 16:00:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12229', 'article_category_id' => '1', 'title' => 'Internal Dispute of Sunrise Bank Drags the Bank to NRB ', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 26: Nepal Rastra Bank has called the CEO and Board of Directors (BOD) of Sunrise Bank for discussion after the internal dispute between them escalated. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Unsatisfied with the performance of CEO Janak Sharma Poudel, the BOD had decided to seek his resignation. NRB has called both sides for discussion on Sunday after the BOD demanded resignation and Poudel refused to resign. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">NRB’s decision to call the bank’s officials in relation to the internal dispute is considered as an intervention by the central bank. The chairman of the bank should have looked after policy and the CEO should have looked at the implementation part. However, NRB intervened after seeing that the dispute between the two parties may get the bank into trouble. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Dev Kumar Dhakal, executive director of the regulatory department of NRB, informed that all parties of the bank will be questioned on Sunday (July 26). “The BOD of Sunrise Bank has demanded the resignation of the CEO. Therefore, we have called both the parties,” he said, adding, “NRB can supervise and discuss with the banks and financial institutions at any time if necessary.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">One side has claimed that the CEO's resignation was demanded as per the decision of the BOD while the other side has claimed that only the dissident group has demanded his resignation. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to a source close to the bank, some members of BOD (especially Malchand Dugad) were not satisfied with Poudel’s performance. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">“The dispute erupted after the chairman of the bank Moti Lal Dugad was in favor of the CEO,” the source said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In the meantime, CEO Poudel said that there is a internal misunderstanding with the board and there’s no official decision about resignation. “Neither there is an official decision about resignation nor will I resign. It has been a year since I started working. There’s still three years left in the four years tenure. I will take the bank to new heights till the end of my tenure,” Poudel told New Business Age. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11976', 'image' => '20200726023403_1595713284.Clipboard05.jpg', 'article_date' => '2020-07-26 14:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12228', 'article_category_id' => '1', 'title' => 'Investment Commitment Shrinks by 46 Percent ', 'sub_title' => '', 'summary' => 'July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: Investment commitment for Nepal in the last fiscal year was the lowest since the past three years despite the government’s claim that there has been an improvement in investment-friendly environment. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data from the Department of Industry show that the investment commitment in the Fiscal year 2019/20 decreased by 46.13 percent as the investors were in a wait and watch mood due to the 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:"Arial Unicode MS"">A total of 277 industries, including small-scale industries as well and medium and large industries, were registered with the Department of Industry in the last fiscal year. These industries had received investment commitment of Rs 152 billion. But the investment commitment as well as number of industries registered in the last fiscal year was significantly lower than that of FY 2018/19. In FY 2018/19, a total of 439 industries were registered with investment commitment of Rs 283 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The major reason for the decline in investment commitment is considered as the decrease in number of registration of industries. The registration of industries in the last few months of FY 2019/20 shrunk by 36.9 percent as the country’s economy was paralyzed by 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:"Arial Unicode MS"">Although the overall investment commitment in the last fiscal year declined significantly, there was an increase in foreign investment commitment. According to the Department of Industries, foreign investment commitment in FY 2019/20 increased by 51 percent compared to the previous fiscal year. Foreign companies had committed to invest Rs 38.35 billion in 223 companies in the last fiscal year. Such commitment from foreign investors in the previous fiscal year was 25.47 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Department of Industry, Binod Khadka, told New Business Age that the registration of new companies has come to a standstill in the last few months due to coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Department, sectors like energy, tourism and production are the first choice for investors. The energy sector received the largest share of investment commitment of Rs 100 billion followed by Rs 20 billion for tourism sector.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11975', 'image' => '20200726111758_1595713489.1 copy.jpg', 'article_date' => '2020-07-26 11:16:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12227', 'article_category_id' => '1', 'title' => 'Government Starts Issuing Embossed Number Plates', 'sub_title' => '', 'summary' => 'July 26: The government has started distributing embossed number plates.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 26: </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has started distributing embossed number plates. Minister for Physical Infrastructure and Transport Basanta Nembang and Physical Infrastructure Minister of Bagmati Province Rameshwar Phuyal jointly distributed the number plates amid a function in the capital on Friday (July 24).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Speaking at the function, Minister Nembang said that the government is working toward proper management of transportation system in the new federal setup by delegating powers to the provinces and local units.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the government is preparing to set up offices to test the condition of vehicles in all seven provinces with the objective of minimizing accidents. In this regard vehicle fitness test centres have already been established in Butwal and Hetauda, he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Nambang also said that the government had planned replacing the traditional number plates with embossed number plates long ago but was unable to do so due to legal obstacles. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The process to issue the smart number plates with digital information to 2.5 million vehicles has been initiated,” Minister Nembang announced, adding that all the vehicles will have to use embossed number plates within a few years.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-26', 'modified' => '2020-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '11974', 'image' => '20200726104944_1595608051.number plate.jpg', 'article_date' => '2020-07-26 10:49:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12225', 'article_category_id' => '1', 'title' => 'Price of Gold Reaches All-time High in Nepal', 'sub_title' => 'One Tola of Gold being Traded at Rs 95,800', 'summary' => 'July 24: The price of gold has been increasing steadily in the market of Nepal.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The price of gold has been increasing steadily in the market of Nepal. The price of gold increased by Rs 1300 per tola (11 grams approximately) on Friday to reach an all-time high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Nepal Gold and Silver Dealer’s Federation, gold is being traded at Rs 95,800 per tola as of Friday. On Thursday, the price of gold per tola was Rs 94,500, which too was Rs 500 more than the previous day.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, the price of silver also increased marginally on Friday. The price of silver was up by Rs 5 per tola. Silver is being traded for Rs 1150 per tola.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Investors are attracted toward gold due to the coronavirus pandemic. They are investing heavily on gold to secure their investment, thereby causing a sharp rise in the price of the precious yellow metal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11973', 'image' => '20200724022325_gold.jpg', 'article_date' => '2020-07-24 14:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12226', 'article_category_id' => '1', 'title' => 'Cement Industries Forced to Import Clinker due to Government Policy ', 'sub_title' => '', 'summary' => 'July 24: The government has adopted a policy for the country to become self reliant on cement.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The government has adopted a policy for the country to become self reliant on cement. On the other hand, the government’s policy itself forces cement manufacturers to import clinker from abroad.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Nepal Bureau of Standards and Metrology (NBSM) has set a criterion for Ordinary Portland Cement (OPC) to have not more than 5 percent of Magnesium Oxide (MGO). However, the content of MGO in locally-made clinker is more than 6 percent due to which cement producers are forced to import clinker from India.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Some local clinker industries have been manufacturing clinker by purchasing limestone from mines that have low content of magnesium. However, majority of cement industries import clinker. It has been found that the mines in western Nepal has high content of MGO.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the mines of eastern Nepal have low content of MGO which comply with the standard set by the government, mines of western Nepal in Palpa and Dang have high amount of MGO, according to Dhruba Thapa, chairman of Nepal Cement Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are forced to mix the clinker with high content of MGO with the ones with low content. This increases the cost of production,” said Thapa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Thapa claimed that the limestone of Palpa and Dang have 4 percent of MGO, which increases to 6 percent when they prepare clinker.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Communication officer at the NBSM Sanjeev Kumar Thakur said that they have received information that the content of MGO differ from one mine to the other, but they do not have proper data regarding it.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, there are 65 cement industries in operation in Nepal. Among them, 18 produce clinker on their own. The others import clinker. The government has announced plans to become self reliant on cement four years ago. But the industry is still relying on import to produce cement.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">NBSM claims that high content of MGO makes the cement weak.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11972', 'image' => '20200724030427_1595541777.Clipboard05.jpg', 'article_date' => '2020-07-24 15:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12224', 'article_category_id' => '1', 'title' => 'FNCCI Election Postponed Again', 'sub_title' => 'Office Bearers Decide to hold AGM within 15 Days after Government lifts Restriction on Mass Gathering', 'summary' => 'July 24: The upcoming 54th General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The upcoming 54<sup>th</sup> General Assembly of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has been postponed once again. FNCCI was scheduled to hold the General Assembly on August 10 and 11 to choose a new leadership. But a meeting of the office bearers of FNCCI and former presidents on Thursday (July 23) decided to defer the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A press statement issued by FNCCI states that the General Assembly will be held within 15 days after getting permission from the government to hold mass gatherings. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">With the latest decision, the election for office bearers of FNCCI has now been pushed further away indefinitely.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A recent cabinet meeting had decided to lift the ban on lockdown but the restrictions on mass gatherings and various other measures to prevent the spread of coronavirus still remains in place. Therefore, FNCCI has made it clear that they will not be able to organize the General Assembly.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During Thursday’s meeting, majority of the participants agreed that it is not the right time to hold the General Assembly due to the risk of coronavirus pandemic and the floods and landslides taking place across the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They concluded that it is not practical to gather more than 1000 industrialists for the General Assembly because the threat of coronavirus still persists despite the government lifting the lockdown.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The term of current President Bhavani Rana will end after the General Assembly and Senior Vice President Shekhar Golchha will take charge of the responsibilities of FNCCI as per the federation’s statute.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Vice President Chandra Dhakal and Kishor Pradhan will be vying for the post of Senior Vice President in the FNCCI election. There is a provision for the Senior Vice President to lead the federation during the next term.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11971', 'image' => '20200724015400_1595541851.Clipboard03.jpg', 'article_date' => '2020-07-24 13:52:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12223', 'article_category_id' => '1', 'title' => 'Parliamentary Committee Begins Probe into Khimti Hydropower Project ', 'sub_title' => '', 'summary' => 'July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 24: A parliamentary committee has decided to initiate a probe into the delay in transfer of ownership of Khimti Hydropower Project. The Agriculture, Cooperatives and Natural Resources Committee under the federal parliament has initiated the probe by obtaining documents related to Power Purchase Agreement (PPA) and Project Development Agreement (PDA) of the hydropower project. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The committee had sent a letter to the Ministry of Energy, Water Resource and Irrigation last Monday to submit the documents within three days. Following the directive, the ministry had sent the necessary documents by Wednesday, and subsequently, the committee started the probe from Thursday. The committee will complete studying the documents within a week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">A member of the probe committee said that they initiated the investigation after the ownership handover of the project was not done in time. “We have already started the probe after receiving PPA and PDA. We have taken this step to find out why the handover was not done in time,” he said, “Now we are studying the arrangement and agreement in PPA and PDA. We will then give necessary instruction to the concerned bodies.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">An official of the Nepal Electricity Authority admitted that the parliamentary committee has started investigation into the matter. Spokesperson of NEA Prabal Adhikari said that discussions with Himal Power Limited to finalise the handover of ownership is underway.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to the pre-agreement between the Nepal Government and Himal Power Limited, 50% share ownership of the 60 MW project was to be given to NEA. However, due to the four-month long lockdown, it did not happen. Both the ministry and NEA said discussions in this regard is still ongoing. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Prabin Raj Aryal, spokesperson of the ministry informed that they are working to resolve the issue as soon as possible. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the officials of Himal Power were abroad and stuck there due to the lockdown, a virtual meeting was held between Himal Power and NEA regarding transfer of ownership. However, the meeting could not reach a conclusion. NEA claims that the transfer of the ownership was not completed in time due to the same reason. </span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11970', 'image' => '20200724012310_1595541545.Clipboard04.jpg', 'article_date' => '2020-07-24 13:22:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12222', 'article_category_id' => '1', 'title' => 'CAAN Starts Internal Preparation to Resume Air Service', 'sub_title' => '', 'summary' => 'July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 24: The Civil Aviation Authority of Nepal (CAAN) has started internal preparations to resume air service after the government decided to lift the ban on domestic and international flights from August 17.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CAAN has formed a committee under the coordination of Tribhuvan International Airport’s spokesperson Dev Chandra Lal Karna to give suggestions regarding how to operate air service during the 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:"Arial Unicode MS"">The committee is mandated to submit a report within a week after conducting a study on the possibility of resuming air service and by including the necessary processes required to restart 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:"Arial Unicode MS"">The committee is expected to suggest necessary measures required to resume regular commercial flights that have been halted due to the lockdown imposed by the government to contain the spread of coronavirus since March 24.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The flight schedule will be prepared base on the report submitted by the committee, informed Raj Kumar Chhetri, spokesperson at CAAN.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Culture, Tourism and Civil Aviation is preparing a protocol to curb the transmission of the virus during 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:"Arial Unicode MS"">Although the government has lifted the lockdown, the risk of coronavirus infection still remains high. Therefore, the domestic as well as international flights are not possible at the moment, said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CAAN, TIA and the air service providers have all prepared their own guidelines for safety measures during flight service. Although air service will resume from August 17, there will be limited number of flights and passengers,” said Chhetri.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The number of flights can be increased or decreased depending on the situation,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Spokesperson Chhetri, Tribhuvan International Airport observes around 500 movements (take off and landing) per day during peak season, including domestic and international flights. Meanwhile, the airport witnesses 370 movements during normal days.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11969', 'image' => '20200724122138_1595541466.Clipboard02.jpg', 'article_date' => '2020-07-24 12:20:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12221', 'article_category_id' => '1', 'title' => 'World Bank Projects Nepal’s Growth at 2.1 percent in FY2021 ', 'sub_title' => '', 'summary' => 'July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri">July 24: Nepal’s economic growth is estimated to contract sharply to 2.1 percent in FY2021 due to the COVID-19 pandemic and related lockdown, despite efforts by the government to curb the economic fallout from the crisis, states the World Bank’s latest Nepal Development Update. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank report, transitioning the economy from the relief stage through to restructuring and resilient recovery requires a strategic approach to get the country back on a sustainable and inclusive growth path.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Economic activity in the tourism sector will remain weak and inflow of remittances will be moderate. Supply chain disruptions will keep industrial and agricultural production low. Low economic activity and oil prices will also keep imports low and below the pre-crisis levels, leading to a projected narrowing of the current account deficit to 6.5 percent of GDP. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">Lower imports will continue to limit revenue collection. However, fiscal measures announced as part of the FY2021 budget, including a revision of custom duties, will provide some support to the budget as spending levels on relief and recovery efforts remain elevated. Taken together, the fiscal deficit is projected to marginally decline to 6.6 percent of GDP in FY2021.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">While the government has adopted various relief measures to contain the pandemic, reduce the impact on households and provide economic support to the most vulnerable firms, the report highlights the importance of reforms to support a resilient recovery.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“For a resilient recovery and inclusive growth, economic support measures to firms and workers in the informal sector will be important,” said Dr. Kene Ezemenari, World Bank Senior Economist and author of the update. “Incentives to agribusiness-based and forest-based SMEs, with a focus on returnee migrants and youths, could help increase employment and food security. Inclusive growth could be further promoted through entrepreneurship support programs and grants to small and medium enterprises,” she added.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">The report outlines four pillars in the areas of health, social support, economic support and cross-cutting priorities including fiscal sustainability and focus on digital and green economies. This includes measures to strengthen the health system and scale up social protection systems, including the adoption of a social registry to make these systems more resilient against future shocks. Enhanced school sanitation and health protocols including health screening, water and sanitation facilities would be needed to enable a return to schooling for children. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">“In the rapidly unfolding global scenario brought by COVID-19, insights from the Nepal Development Update on Nepal’s outlook, challenges and way forward is very helpful. We need to address the crisis with macroeconomic and sectoral policy focused on fiscal sustainability, financial sector stability, a digitally-oriented green economy and resilient public services,” stated Minister for Finance Yuba Raj Khatiwada. “I appreciate the rapid action taken by our development partners including the World Bank, Asian Development Bank, IMF and others for providing us with tangible resources and support to maintain our fiscal balance and accelerate growth and inclusive development.”</span></span></p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri">Expansionary fiscal and monetary policies will be important in the initial relief stage to support banking sector liquidity and provide relief to households and firms. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">According to the World Bank, investments and reforms would be critical to expand coverage of digital services and infrastructure to support e-services and help promote e-commerce. This would also help expand the reach and coverage of mobile banking and digital financial services to underpin development of e-commerce. However, digitization is also limited across the economy. Addressing this will require removal of access restrictions to any under-utilized fiber optic backbone managed by the governments and public utilities and the introduction of appropriate rules to manage conditions of access, capacity allocation, and access pricing, the report further states. This would also help expand access in rural and remote areas.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri">For Nepal to emerge stronger from the crisis, it is important to adapt quickly to the new reality,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “We are encouraged to note the early start made by the government with the development of Nepal’s Relief, Restructuring and Resilience plan and are committed to work together with multilateral development banks and development partners in helping the country build back greener and better.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-24', 'modified' => '2020-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '11968', 'image' => '20200724104456_1595542457.wb.jpg', 'article_date' => '2020-07-24 10:44:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12220', 'article_category_id' => '1', 'title' => 'IB Drafts Insurance Policy to Cover Natural Calamities', 'sub_title' => '', 'summary' => 'July 23: The Insurance Board (IB) is preparing to form a separate policy for natural calamities like flood and landslides.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">July 23: The Insurance Board Nepa (IBN) is preparing to form a separate policy for natural calamities like flood and landslides. The board has initiated the process to formulate a separate insurance policy for the financial security of losses incurred due to flood and landslides. The board realized the need of such policy due to increase in losses from natural calamities.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">IBN said it is currently studying the prospect of the new policy and the insurance premium rate. The board confirmed that it is preparing the new policy to provide compensation to the victims of flood and landslides. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Once the policy is formed, insurance companies can start selling the policy. The proposed insurance policy includes a package of insurance for house and other properties as well as accidental insurance in case of natural disaster.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the IBN, the new policy will can be availed in coordination with the local units. Executive Director of IBN Raju Raman Poudel informed that they have prepared a draft of the policy which provides insurance package for all the residents of a particular local unit. The local unit has to submit the details of all the households within its jurisdiction as well as property details to the insurance companies to avail the insurance facility. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-08-04', 'keywords' => '', 'description' => '', 'sortorder' => '11967', 'image' => '20200723052228_1595454631.Clipboard05.jpg', 'article_date' => '2020-07-23 17:21:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12219', 'article_category_id' => '1', 'title' => 'Government Urges Tourism Entrepreneurs to Follow WHO Guidelines', 'sub_title' => '', 'summary' => 'July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">July 23: Minister of Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged tourism entrepreneurs to follow the health directives issued by the World Health Organisation (WHO) to ensure high standard of tourism in Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Speaking at a discussion program held in the capital on Wednesday (July 22), Minister Bhattarai informed tourism entrepreneurs that there will be no shortage of capital for the revival of the tourism industry. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">According to the minister, the monetary policy unveiled by the Nepal Rastra Bank (NRB) along with a fund of Rs 50 billion allocated by the government for small and medium scale industries would help revive the tourism sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Government authorities assured that there will be no shortage of capital as the monetary policy has given priority to tourism sector in response to the demands made by the tourism entrepreneurs.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund of Rs 50 billion allocated by the government is the annual budget is expected to facilitate tourism entrepreneurs to make payments of wages to the staffers.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">The fund set up by the government will be released immediately after it is made available to Nepal Rastra Bank. In addition, soft loan will be available for tourism entrepreneurs at an interest rate of only 5 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai expressed his hope that the flow of tourists will gradually increase after the government resumes domestic and international flights after August 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, he also emphasized the need to adhere strictly to the guidelines set by the WHO for the operation of the tourism industry to overcome the risk of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Calibri">"Even though the coronavirus infection seems to be declining at present, the risk is far from over. So, if the tourism sector doesn’t follow the guidelines, there is a chance of resurgence of the virus," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11966', 'image' => '20200723050216_20200506031951_120_1571271950.jpg', 'article_date' => '2020-07-23 17:01:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12218', 'article_category_id' => '1', 'title' => 'Prices of Vegetables Skyrocketing due Road Obstruction ', 'sub_title' => '', 'summary' => 'July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">July 23: The supply of vegetables in the Kalimati Fruit and Vegetable Market has decreased significantly due to the obstruction in road connectivity caused by floods and landslides. The prices of vegetables have started skyrocketing due to the short-supply.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Normally, the Kalimati vegetable market used to be receive supply of 700 to 800 tons of vegetables and fruits on a daily basis, but the daily supply was reduced to 400 to 500 tons during the lockdown. Likewise, it has now decreased to 200 tons after floods and landslides blocked roads in many parts of the country. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">According to Kalimati Fruits and Vegetables Development Board (KFVDB), only 327 tons vegetables were imported in the market on Monday, 297 ton on Tuesday and 170 ton till Wednesday afternoon. According to Binaya Shrestha, Information Officer at the board, although the lockdown was eased, the demand has decreased due to the closure of school, college, hotel, and restaurants. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">He further said that around 700 tons of vegetables should have been imported during this time but due to flood and landslide, the supply has decreased. “It is not suitable season for vegetable production as well. It is now certain that the price will increase as the supply reduced significantly,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The prices of most of the vegetables including tomato, potato, local cabbage, radish, beans, soybean, pointed gourd, and lady’s finger have increased in the last one week. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The price of tomato, which was being sold at Rs 12 per kg on July 15, has increased by 50 percent to Rs 18 per kg on July 22. Likewise, the price of local cabbage has increased by 111% from Rs 18 to Rs 38 per kg within a week. The price of beans has increased by 105% from Rs 38 per kg to Rs 78 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">In addition, the price of lady’s finger has increased by 52% from Rs 38 to Rs 58 per kg. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Similarly, with 40% increase, soybean is priced at Rs 98 per kg from Rs 68. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">As the production of vegetables decreases during the rainy season, the price of vegetables increases every year during this season. The development committee informed that the price of vegetables has inclined upwards as traders did not even bring vegetables from India due to the fear of coronavirus. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The supply of Indian vegetables has dropped by about 80 percent due to the fear of coronavirus. Gita Prasad Acharya, a member of the Kalimati Fruit and Vegetable Entrepreneurs' Association, said that the import of Indian vegetables has decreased as more priority is given to local vegetables. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11965', 'image' => '20200723012952_1595453904.Clipboard03.jpg', 'article_date' => '2020-07-23 13:29:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12216', 'article_category_id' => '1', 'title' => 'Tootle, Pathao to Resume Ride-Hailing Service from Today ', 'sub_title' => '', 'summary' => 'July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Ride-sharing apps like Tootle and Pathao have decided to resume their service from July 23 after the government lifted the lockdown imposed to stem the spread of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Tootle and Pathao remained closed since March 24 following government decision to impose nationwide lockdown. These two apps have gained popularity in the capital within a short period of their launch. Tootle has been providing ride-sharing service since the last three years while Pathao came into operation around one and a half years ago. These two companies have become a reliable means of alternative transport in the capital.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two companies decided to resume their service after the government lifted ban on short-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:"Arial Unicode MS"">In fact, Pathao had started providing limited service with 100 riders one week ago. Pathao said it will add 50 more riders from July 23 and gradually increase the number. During normal days, Pathao charges 20 percent commission from riders. But for the time being, it has decided not to charge any amount. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Meanwhile, Tootle has decided to resume its service after providing mask, gloves and other protective gears to the riders. Tootle’s Executive Director Sixit Bhatta informed New Business Age that they will gradually increase the number of riders. He added that they have updated their app to help the customers during the current crisis. According to Bhatta, out of 30,000 riders, 1,500 have come into contact with them.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Pathao has handed over Breathable Protective Gear (BPG) to all of its riders. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We have been providing service only after handing over protective gears to our riders. The supplier company is able to provide only 50 BPG per day so we have been adding only 50 new riders,” said Shashank Thapa, deputy manager of the company. He said that around 45,000 Patho riders have been granted permission to provide the service. Among them, 5,000 have contacted the office after lockdown.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11964', 'image' => '20200723124701_1595453826.Clipboard01.jpg', 'article_date' => '2020-07-23 12:46:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12215', 'article_category_id' => '1', 'title' => 'Central Bank Unveils Refinancing Work Procedure 2077 ', 'sub_title' => '', 'summary' => 'July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">July 23: Nepal Rastra Bank (NRB) has unveiled the Refinancing Work Procedure 2077 for the renewal of loan for businesses affected by coronavirus and the subsequent lockdown imposed by the government to contain the spread of the disease.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The refinancing facility which was earlier limited to only a few industries and entrepreneurs has now been made available for small and medium scale industries.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to NRB, the time period for the loan taken for refinancing will be a maximum of one year and this loan cannot be renewed. Only those customers who have been severely affected by coronavirus can avail such facility for up to one year. Those partially affected by the pandemic will have to clear their loan within six months. The maximum limit of refinancing facility is Rs 50 million. Small and medium scale industries can avail the loan for refinancing at 5 percent interest per annum. On the other hand, special refinancing facility can be availed at 3 percent interest rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The work procedure specifies loan up to Rs 1.5 million given to entrepreneurs who themselves operate their industry as small-scale loan. Likewise, the loan provided to some specific sector for some specific purpose has been categorized as special loan. Export businesses, women entrepreneurship, businesses run by differently abled persons, and loan provided to sectors affected by natural disasters have been categorized as special loan. The loan which do not fall under the above two categories have been classified as normal 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:"Arial Unicode MS"">The work procedure is in line with the Monetary Policy for the current fiscal year, which has a provision to provide refinancing facility of up to 70 percent through commercial banks, development banks and finance companies while 10 percent refinancing facility will be provided by micro finance companies.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-23', 'modified' => '2020-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '11963', 'image' => '20200723115348_1595453970.Clipboard05.jpg', 'article_date' => '2020-07-23 11:51:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
