While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is seen fading.…
While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is seen fading.…
The government is preparing to formulate a law to regulate and monitor online shopping business.…
At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world.…
Chinese handset brand Realme has launched Realme C3 in the Nepali…
The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers.…
Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of…
A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial…
The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19…
Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’…
The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods.…
The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement…
Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24.…
Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12.…
The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August.…
CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to Chanki Chettri, general secretary of Nepal Insurers’ Association (NIA), the growth of Covid-19 insurance policy has decreased. “The number of people buying the insurance policy is increasing. But the growth is contracting,” he said. “The daily sales of the policies is declining.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11897', 'image' => '20200628023650_covid-19 insurance.jpg', 'article_date' => '2020-06-28 14:35:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12149', 'article_category_id' => '1', 'title' => 'Govt to Formulate Law to Regulate E-Commerce Business', 'sub_title' => '', 'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. “Our main goal is to protect the interests of consumers and regulate the online shopping service providers.” He said that the law will also promote and develop online business sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. “Currently, service providers are selling services or goods that they aren’t supposed to,” said Acharya, “Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11896', 'image' => '20200626044231_online shopping law nepal.jpg', 'article_date' => '2020-06-26 16:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12148', 'article_category_id' => '1', 'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ', 'sub_title' => '', 'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world’s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked ‘Sovereign Portfolio’ of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“MCC is proud to be recognized as the most transparent agency in the United States’ Government,” a statement issued by MCC quoted its CEO Sean Cairncross as saying. “We are committed to sharing the successes and lessons-learned from our unique model and our investments—through innovative reporting tools, like our Evaluation Briefs and Star Reports—making critical data from our programs accessible to policymakers and the development community around the world.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, “We congratulate MCC on ranking in the ‘very good’ category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world’s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the “Very Good” category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11895', 'image' => '20200626123213_MCC (1).jpg', 'article_date' => '2020-06-26 12:30:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12147', 'article_category_id' => '1', 'title' => 'Realme C3 Hits Market Shelves ', 'sub_title' => '', 'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25:<strong> </strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new ‘Triple Camera, Game Monster’ smartphone as the ‘most powerful’ entry-level smartphone available in the market currently under Rs 18,000 price range. “Realme C3 is an addition to realme’s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. “C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,” claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Triple AI Camera</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25μm pixel size. It can zoom up to 4X and supports PDAF autofocus. “This makes the pictures clear in daylight and bright in low light & dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it’s plants, animals or people,” said the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and slow-motion videos at 120 fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a ‘Pano-selfie’ feature that can take wider selfies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Design and Display</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5" HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">normal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">dewdrop, making the screen to body ratio as high as 89.8 percent. “This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">scrolling through social media,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. “The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,” informed the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CPU and GPU</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. “It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,” said the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11894', 'image' => '20200625040951_Maserati-C3-KV.jpg', 'article_date' => '2020-06-25 16:08:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12146', 'article_category_id' => '1', 'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Investors say that though NRB’s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11893', 'image' => '20200625032719_stock online payment.jpg', 'article_date' => '2020-06-25 15:26:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12145', 'article_category_id' => '1', 'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ', 'sub_title' => '', 'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. The Bill, which was supposed to get NA’s endorsement from Tuesday’s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> “The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">FNCCI and CNI claimed that instead of focusing on country’s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to private sector leaders, the country’s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments. “We need investment in the current situation. But, it is certain that the government’s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,” he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. “We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,” he said, adding, “The commission should effectively monitor those 14 bodies instead.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. “The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,” he said, adding, “What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.” Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11892', 'image' => '20200625012525_CIAA building.jpeg', 'article_date' => '2020-06-25 13:23:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12144', 'article_category_id' => '1', 'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ', 'sub_title' => '', 'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the report titled “Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges”, these countries </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it’s all the more vital for countries to embrace sustainable financial development to build resilience for the future,” the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">"The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken," the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,” the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, IFC’s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world’s most vulnerable and poorest countries. Last month, Mongolia’s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11891', 'image' => '20200625113520_IFC Green finance.jpg', 'article_date' => '2020-06-25 11:34:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12143', 'article_category_id' => '1', 'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank', 'sub_title' => '', 'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's energy sector. “These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal’s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,” the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. “Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector’s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,” the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11890', 'image' => '20200624041307_WB.jpeg', 'article_date' => '2020-06-24 16:08:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12142', 'article_category_id' => '1', 'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal', 'sub_title' => '', 'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">‘QuikBhuktani’ is Nepal’s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme. “Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model. F1Soft shall take the responsibility of platform management and technical support,” F1Soft said in a press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. “If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer’s bank through the same platform and request for instant payment from the bank,” reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,” the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11889', 'image' => '20200624022446_signing with Siddhartha[7191].jpg', 'article_date' => '2020-06-24 14:23:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12140', 'article_category_id' => '1', 'title' => 'Confusion Grows Over 500 Containers Held at Dry Port', 'sub_title' => '', 'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country’s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. “We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. “It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,” mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,” he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11888', 'image' => '20200624020915_Birgunj Dry Port.jpg', 'article_date' => '2020-06-24 14:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12139', 'article_category_id' => '1', 'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ', 'sub_title' => '', 'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to the committee, there has been widespread misuse of authority while awarding the contract. “In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,” said Bharat Kumar Shah, chairman of PAC, at the begining of the committee’s meeting on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister’s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. “Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,” they said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,” said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. “They haven’t answered this question yet,” said Rijal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11887', 'image' => '20200623053942_Omni Group medical supplies.jpg', 'article_date' => '2020-06-23 17:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12138', 'article_category_id' => '1', 'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions', 'sub_title' => '', 'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. “It is a weakness of SEBON,” said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. “The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,” says Dhungana, “Based on the committee’s report, the market will reopen properly.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stockbrokers also stressed on the need to open the market immediately. “The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,” said Ishwor Rimal, chairperson of the Nepal Stock House. “Closing the stock market that has been running for 27 years gives negative messages,” he said adding that the government has been losing millions in revenue every day while the market is closed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11886', 'image' => '20200623041330_NEPSE.jpg', 'article_date' => '2020-06-23 16:09:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12137', 'article_category_id' => '1', 'title' => 'Date Set for FNCCI AGM ', 'sub_title' => '', 'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation’s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">However, there are still doubts that the AGM will be organised on the given date. “We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,” said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, “Currently, protecting people from coronavirus contagion is more important than holding an event.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11885', 'image' => '20200623020501_FNCCI building teku.jpg', 'article_date' => '2020-06-23 14:03:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12136', 'article_category_id' => '1', 'title' => 'FNCCI AGM Proposed for August 2nd Week', 'sub_title' => '', 'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “Today’s meeting has proposed the date of AGM which will be decided by the executive committee meeting,” said Chandra Prasad Dhakal, vice president (associate) of FNCCI. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation’s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation’s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation’s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11884', 'image' => '20200622053259_FNCCI building.jpg', 'article_date' => '2020-06-22 17:31:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12135', 'article_category_id' => '1', 'title' => 'CDC Group Establishes Presence in Nepal', 'sub_title' => '', 'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, Rayamajhi will be based at CDC’s representative office in Kathmandu, where he will work closely with CDC teams across Asia. According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm’s</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> response to the COVID-19 pandemic has three areas of focus: ‘preserve’, ‘strengthen’ and ‘rebuild’, CDC said. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC’s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal’s economy,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Srini Nagarajan, head of Asia at CDC as saying. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “I welcome a stronger presence for CDC in Nepal – this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is ‘open for business’. While the current COVID crisis has adversely affected Nepal’s economy, there are also opportunities for investments to help ensure Nepal’s recovery is resilient to future shocks and promotes green growth. I hope CDC and others like them will seize these opportunities,”<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11883', 'image' => '20200622035412_CDC.jpg', 'article_date' => '2020-06-22 15:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $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
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to Chanki Chettri, general secretary of Nepal Insurers’ Association (NIA), the growth of Covid-19 insurance policy has decreased. “The number of people buying the insurance policy is increasing. But the growth is contracting,” he said. “The daily sales of the policies is declining.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11897', 'image' => '20200628023650_covid-19 insurance.jpg', 'article_date' => '2020-06-28 14:35:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12149', 'article_category_id' => '1', 'title' => 'Govt to Formulate Law to Regulate E-Commerce Business', 'sub_title' => '', 'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. “Our main goal is to protect the interests of consumers and regulate the online shopping service providers.” He said that the law will also promote and develop online business sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. “Currently, service providers are selling services or goods that they aren’t supposed to,” said Acharya, “Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11896', 'image' => '20200626044231_online shopping law nepal.jpg', 'article_date' => '2020-06-26 16:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12148', 'article_category_id' => '1', 'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ', 'sub_title' => '', 'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world’s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked ‘Sovereign Portfolio’ of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“MCC is proud to be recognized as the most transparent agency in the United States’ Government,” a statement issued by MCC quoted its CEO Sean Cairncross as saying. “We are committed to sharing the successes and lessons-learned from our unique model and our investments—through innovative reporting tools, like our Evaluation Briefs and Star Reports—making critical data from our programs accessible to policymakers and the development community around the world.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, “We congratulate MCC on ranking in the ‘very good’ category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world’s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the “Very Good” category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11895', 'image' => '20200626123213_MCC (1).jpg', 'article_date' => '2020-06-26 12:30:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12147', 'article_category_id' => '1', 'title' => 'Realme C3 Hits Market Shelves ', 'sub_title' => '', 'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25:<strong> </strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new ‘Triple Camera, Game Monster’ smartphone as the ‘most powerful’ entry-level smartphone available in the market currently under Rs 18,000 price range. “Realme C3 is an addition to realme’s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. “C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,” claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Triple AI Camera</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25μm pixel size. It can zoom up to 4X and supports PDAF autofocus. “This makes the pictures clear in daylight and bright in low light & dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it’s plants, animals or people,” said the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and slow-motion videos at 120 fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a ‘Pano-selfie’ feature that can take wider selfies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Design and Display</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5" HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">normal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">dewdrop, making the screen to body ratio as high as 89.8 percent. “This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">scrolling through social media,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. “The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,” informed the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CPU and GPU</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. “It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,” said the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11894', 'image' => '20200625040951_Maserati-C3-KV.jpg', 'article_date' => '2020-06-25 16:08:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12146', 'article_category_id' => '1', 'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Investors say that though NRB’s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11893', 'image' => '20200625032719_stock online payment.jpg', 'article_date' => '2020-06-25 15:26:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12145', 'article_category_id' => '1', 'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ', 'sub_title' => '', 'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. The Bill, which was supposed to get NA’s endorsement from Tuesday’s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> “The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">FNCCI and CNI claimed that instead of focusing on country’s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to private sector leaders, the country’s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments. “We need investment in the current situation. But, it is certain that the government’s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,” he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. “We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,” he said, adding, “The commission should effectively monitor those 14 bodies instead.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. “The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,” he said, adding, “What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.” Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11892', 'image' => '20200625012525_CIAA building.jpeg', 'article_date' => '2020-06-25 13:23:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12144', 'article_category_id' => '1', 'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ', 'sub_title' => '', 'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the report titled “Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges”, these countries </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it’s all the more vital for countries to embrace sustainable financial development to build resilience for the future,” the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">"The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken," the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,” the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, IFC’s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world’s most vulnerable and poorest countries. Last month, Mongolia’s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11891', 'image' => '20200625113520_IFC Green finance.jpg', 'article_date' => '2020-06-25 11:34:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12143', 'article_category_id' => '1', 'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank', 'sub_title' => '', 'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's energy sector. “These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal’s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,” the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. “Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector’s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,” the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11890', 'image' => '20200624041307_WB.jpeg', 'article_date' => '2020-06-24 16:08:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12142', 'article_category_id' => '1', 'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal', 'sub_title' => '', 'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">‘QuikBhuktani’ is Nepal’s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme. “Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model. F1Soft shall take the responsibility of platform management and technical support,” F1Soft said in a press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. “If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer’s bank through the same platform and request for instant payment from the bank,” reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,” the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11889', 'image' => '20200624022446_signing with Siddhartha[7191].jpg', 'article_date' => '2020-06-24 14:23:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12140', 'article_category_id' => '1', 'title' => 'Confusion Grows Over 500 Containers Held at Dry Port', 'sub_title' => '', 'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country’s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. “We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. “It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,” mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,” he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11888', 'image' => '20200624020915_Birgunj Dry Port.jpg', 'article_date' => '2020-06-24 14:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12139', 'article_category_id' => '1', 'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ', 'sub_title' => '', 'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to the committee, there has been widespread misuse of authority while awarding the contract. “In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,” said Bharat Kumar Shah, chairman of PAC, at the begining of the committee’s meeting on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister’s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. “Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,” they said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,” said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. “They haven’t answered this question yet,” said Rijal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11887', 'image' => '20200623053942_Omni Group medical supplies.jpg', 'article_date' => '2020-06-23 17:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12138', 'article_category_id' => '1', 'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions', 'sub_title' => '', 'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. “It is a weakness of SEBON,” said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. “The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,” says Dhungana, “Based on the committee’s report, the market will reopen properly.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stockbrokers also stressed on the need to open the market immediately. “The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,” said Ishwor Rimal, chairperson of the Nepal Stock House. “Closing the stock market that has been running for 27 years gives negative messages,” he said adding that the government has been losing millions in revenue every day while the market is closed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11886', 'image' => '20200623041330_NEPSE.jpg', 'article_date' => '2020-06-23 16:09:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12137', 'article_category_id' => '1', 'title' => 'Date Set for FNCCI AGM ', 'sub_title' => '', 'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation’s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">However, there are still doubts that the AGM will be organised on the given date. “We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,” said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, “Currently, protecting people from coronavirus contagion is more important than holding an event.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11885', 'image' => '20200623020501_FNCCI building teku.jpg', 'article_date' => '2020-06-23 14:03:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12136', 'article_category_id' => '1', 'title' => 'FNCCI AGM Proposed for August 2nd Week', 'sub_title' => '', 'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “Today’s meeting has proposed the date of AGM which will be decided by the executive committee meeting,” said Chandra Prasad Dhakal, vice president (associate) of FNCCI. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation’s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation’s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation’s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11884', 'image' => '20200622053259_FNCCI building.jpg', 'article_date' => '2020-06-22 17:31:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12135', 'article_category_id' => '1', 'title' => 'CDC Group Establishes Presence in Nepal', 'sub_title' => '', 'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, Rayamajhi will be based at CDC’s representative office in Kathmandu, where he will work closely with CDC teams across Asia. According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm’s</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> response to the COVID-19 pandemic has three areas of focus: ‘preserve’, ‘strengthen’ and ‘rebuild’, CDC said. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC’s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal’s economy,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Srini Nagarajan, head of Asia at CDC as saying. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “I welcome a stronger presence for CDC in Nepal – this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is ‘open for business’. While the current COVID crisis has adversely affected Nepal’s economy, there are also opportunities for investments to help ensure Nepal’s recovery is resilient to future shocks and promotes green growth. I hope CDC and others like them will seize these opportunities,”<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11883', 'image' => '20200622035412_CDC.jpg', 'article_date' => '2020-06-22 15:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to Chanki Chettri, general secretary of Nepal Insurers’ Association (NIA), the growth of Covid-19 insurance policy has decreased. “The number of people buying the insurance policy is increasing. But the growth is contracting,” he said. “The daily sales of the policies is declining.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11897', 'image' => '20200628023650_covid-19 insurance.jpg', 'article_date' => '2020-06-28 14:35:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12149', 'article_category_id' => '1', 'title' => 'Govt to Formulate Law to Regulate E-Commerce Business', 'sub_title' => '', 'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. “Our main goal is to protect the interests of consumers and regulate the online shopping service providers.” He said that the law will also promote and develop online business sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. “Currently, service providers are selling services or goods that they aren’t supposed to,” said Acharya, “Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11896', 'image' => '20200626044231_online shopping law nepal.jpg', 'article_date' => '2020-06-26 16:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12148', 'article_category_id' => '1', 'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ', 'sub_title' => '', 'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world’s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked ‘Sovereign Portfolio’ of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“MCC is proud to be recognized as the most transparent agency in the United States’ Government,” a statement issued by MCC quoted its CEO Sean Cairncross as saying. “We are committed to sharing the successes and lessons-learned from our unique model and our investments—through innovative reporting tools, like our Evaluation Briefs and Star Reports—making critical data from our programs accessible to policymakers and the development community around the world.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, “We congratulate MCC on ranking in the ‘very good’ category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world’s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the “Very Good” category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11895', 'image' => '20200626123213_MCC (1).jpg', 'article_date' => '2020-06-26 12:30:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12147', 'article_category_id' => '1', 'title' => 'Realme C3 Hits Market Shelves ', 'sub_title' => '', 'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25:<strong> </strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new ‘Triple Camera, Game Monster’ smartphone as the ‘most powerful’ entry-level smartphone available in the market currently under Rs 18,000 price range. “Realme C3 is an addition to realme’s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. “C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,” claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Triple AI Camera</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25μm pixel size. It can zoom up to 4X and supports PDAF autofocus. “This makes the pictures clear in daylight and bright in low light & dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it’s plants, animals or people,” said the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and slow-motion videos at 120 fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a ‘Pano-selfie’ feature that can take wider selfies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Design and Display</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5" HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">normal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">dewdrop, making the screen to body ratio as high as 89.8 percent. “This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">scrolling through social media,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. “The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,” informed the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CPU and GPU</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. “It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,” said the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11894', 'image' => '20200625040951_Maserati-C3-KV.jpg', 'article_date' => '2020-06-25 16:08:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12146', 'article_category_id' => '1', 'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Investors say that though NRB’s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11893', 'image' => '20200625032719_stock online payment.jpg', 'article_date' => '2020-06-25 15:26:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12145', 'article_category_id' => '1', 'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ', 'sub_title' => '', 'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. The Bill, which was supposed to get NA’s endorsement from Tuesday’s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> “The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">FNCCI and CNI claimed that instead of focusing on country’s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to private sector leaders, the country’s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments. “We need investment in the current situation. But, it is certain that the government’s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,” he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. “We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,” he said, adding, “The commission should effectively monitor those 14 bodies instead.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. “The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,” he said, adding, “What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.” Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11892', 'image' => '20200625012525_CIAA building.jpeg', 'article_date' => '2020-06-25 13:23:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12144', 'article_category_id' => '1', 'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ', 'sub_title' => '', 'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the report titled “Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges”, these countries </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it’s all the more vital for countries to embrace sustainable financial development to build resilience for the future,” the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">"The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken," the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,” the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, IFC’s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world’s most vulnerable and poorest countries. Last month, Mongolia’s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11891', 'image' => '20200625113520_IFC Green finance.jpg', 'article_date' => '2020-06-25 11:34:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12143', 'article_category_id' => '1', 'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank', 'sub_title' => '', 'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's energy sector. “These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal’s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,” the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. “Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector’s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,” the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11890', 'image' => '20200624041307_WB.jpeg', 'article_date' => '2020-06-24 16:08:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12142', 'article_category_id' => '1', 'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal', 'sub_title' => '', 'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">‘QuikBhuktani’ is Nepal’s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme. “Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model. F1Soft shall take the responsibility of platform management and technical support,” F1Soft said in a press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. “If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer’s bank through the same platform and request for instant payment from the bank,” reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,” the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11889', 'image' => '20200624022446_signing with Siddhartha[7191].jpg', 'article_date' => '2020-06-24 14:23:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12140', 'article_category_id' => '1', 'title' => 'Confusion Grows Over 500 Containers Held at Dry Port', 'sub_title' => '', 'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country’s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. “We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. “It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,” mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,” he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11888', 'image' => '20200624020915_Birgunj Dry Port.jpg', 'article_date' => '2020-06-24 14:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12139', 'article_category_id' => '1', 'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ', 'sub_title' => '', 'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to the committee, there has been widespread misuse of authority while awarding the contract. “In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,” said Bharat Kumar Shah, chairman of PAC, at the begining of the committee’s meeting on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister’s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. “Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,” they said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,” said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. “They haven’t answered this question yet,” said Rijal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11887', 'image' => '20200623053942_Omni Group medical supplies.jpg', 'article_date' => '2020-06-23 17:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12138', 'article_category_id' => '1', 'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions', 'sub_title' => '', 'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. “It is a weakness of SEBON,” said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. “The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,” says Dhungana, “Based on the committee’s report, the market will reopen properly.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stockbrokers also stressed on the need to open the market immediately. “The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,” said Ishwor Rimal, chairperson of the Nepal Stock House. “Closing the stock market that has been running for 27 years gives negative messages,” he said adding that the government has been losing millions in revenue every day while the market is closed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11886', 'image' => '20200623041330_NEPSE.jpg', 'article_date' => '2020-06-23 16:09:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12137', 'article_category_id' => '1', 'title' => 'Date Set for FNCCI AGM ', 'sub_title' => '', 'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation’s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">However, there are still doubts that the AGM will be organised on the given date. “We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,” said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, “Currently, protecting people from coronavirus contagion is more important than holding an event.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11885', 'image' => '20200623020501_FNCCI building teku.jpg', 'article_date' => '2020-06-23 14:03:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12136', 'article_category_id' => '1', 'title' => 'FNCCI AGM Proposed for August 2nd Week', 'sub_title' => '', 'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “Today’s meeting has proposed the date of AGM which will be decided by the executive committee meeting,” said Chandra Prasad Dhakal, vice president (associate) of FNCCI. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation’s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation’s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation’s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11884', 'image' => '20200622053259_FNCCI building.jpg', 'article_date' => '2020-06-22 17:31:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12135', 'article_category_id' => '1', 'title' => 'CDC Group Establishes Presence in Nepal', 'sub_title' => '', 'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, Rayamajhi will be based at CDC’s representative office in Kathmandu, where he will work closely with CDC teams across Asia. According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm’s</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> response to the COVID-19 pandemic has three areas of focus: ‘preserve’, ‘strengthen’ and ‘rebuild’, CDC said. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC’s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal’s economy,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Srini Nagarajan, head of Asia at CDC as saying. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “I welcome a stronger presence for CDC in Nepal – this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is ‘open for business’. While the current COVID crisis has adversely affected Nepal’s economy, there are also opportunities for investments to help ensure Nepal’s recovery is resilient to future shocks and promotes green growth. I hope CDC and others like them will seize these opportunities,”<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11883', 'image' => '20200622035412_CDC.jpg', 'article_date' => '2020-06-22 15:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to Chanki Chettri, general secretary of Nepal Insurers’ Association (NIA), the growth of Covid-19 insurance policy has decreased. “The number of people buying the insurance policy is increasing. But the growth is contracting,” he said. “The daily sales of the policies is declining.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11897', 'image' => '20200628023650_covid-19 insurance.jpg', 'article_date' => '2020-06-28 14:35:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12149', 'article_category_id' => '1', 'title' => 'Govt to Formulate Law to Regulate E-Commerce Business', 'sub_title' => '', 'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. “Our main goal is to protect the interests of consumers and regulate the online shopping service providers.” He said that the law will also promote and develop online business sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. “Currently, service providers are selling services or goods that they aren’t supposed to,” said Acharya, “Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11896', 'image' => '20200626044231_online shopping law nepal.jpg', 'article_date' => '2020-06-26 16:41:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12148', 'article_category_id' => '1', 'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ', 'sub_title' => '', 'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world’s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked ‘Sovereign Portfolio’ of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“MCC is proud to be recognized as the most transparent agency in the United States’ Government,” a statement issued by MCC quoted its CEO Sean Cairncross as saying. “We are committed to sharing the successes and lessons-learned from our unique model and our investments—through innovative reporting tools, like our Evaluation Briefs and Star Reports—making critical data from our programs accessible to policymakers and the development community around the world.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, “We congratulate MCC on ranking in the ‘very good’ category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world’s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the “Very Good” category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-26', 'modified' => '2020-06-26', 'keywords' => '', 'description' => '', 'sortorder' => '11895', 'image' => '20200626123213_MCC (1).jpg', 'article_date' => '2020-06-26 12:30:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12147', 'article_category_id' => '1', 'title' => 'Realme C3 Hits Market Shelves ', 'sub_title' => '', 'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25:<strong> </strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new ‘Triple Camera, Game Monster’ smartphone as the ‘most powerful’ entry-level smartphone available in the market currently under Rs 18,000 price range. “Realme C3 is an addition to realme’s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. “C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,” claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Triple AI Camera</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25μm pixel size. It can zoom up to 4X and supports PDAF autofocus. “This makes the pictures clear in daylight and bright in low light & dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it’s plants, animals or people,” said the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and slow-motion videos at 120 fps.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a ‘Pano-selfie’ feature that can take wider selfies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Design and Display</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5" HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">normal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">dewdrop, making the screen to body ratio as high as 89.8 percent. “This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">scrolling through social media,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. “The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,” informed the company. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CPU and GPU</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. “It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,” said the company. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11894', 'image' => '20200625040951_Maserati-C3-KV.jpg', 'article_date' => '2020-06-25 16:08:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12146', 'article_category_id' => '1', 'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Investors say that though NRB’s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11893', 'image' => '20200625032719_stock online payment.jpg', 'article_date' => '2020-06-25 15:26:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12145', 'article_category_id' => '1', 'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ', 'sub_title' => '', 'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. The Bill, which was supposed to get NA’s endorsement from Tuesday’s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> “The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">FNCCI and CNI claimed that instead of focusing on country’s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to private sector leaders, the country’s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments. “We need investment in the current situation. But, it is certain that the government’s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,” he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. “We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,” he said, adding, “The commission should effectively monitor those 14 bodies instead.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. “The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,” he said, adding, “What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.” Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11892', 'image' => '20200625012525_CIAA building.jpeg', 'article_date' => '2020-06-25 13:23:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12144', 'article_category_id' => '1', 'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ', 'sub_title' => '', 'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the report titled “Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges”, these countries </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it’s all the more vital for countries to embrace sustainable financial development to build resilience for the future,” the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">"The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken," the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,” the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the statement, IFC’s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world’s most vulnerable and poorest countries. Last month, Mongolia’s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-25', 'modified' => '2020-06-25', 'keywords' => '', 'description' => '', 'sortorder' => '11891', 'image' => '20200625113520_IFC Green finance.jpg', 'article_date' => '2020-06-25 11:34:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12143', 'article_category_id' => '1', 'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank', 'sub_title' => '', 'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal's energy sector. “These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal’s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,” reads the statement</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal’s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,” the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the World Bank, Nepal’s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. “Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector’s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,” the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,” the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11890', 'image' => '20200624041307_WB.jpeg', 'article_date' => '2020-06-24 16:08:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12142', 'article_category_id' => '1', 'title' => 'Siddhartha Bank and F1Soft Ink ‘Quickbhuktani’ Deal', 'sub_title' => '', 'summary' => 'Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: Siddhartha Bank Limited has signed an agreement with the fintech company F1Soft International for the execution of invoice discounting service through ‘QuikBhuktani’ platform.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">‘QuikBhuktani’ is Nepal’s first online invoice discounting platform, developed by F1Soft with support from UKaid Sakchyam Access to Finance Programme. “Through this platform, Siddhartha Bank shall provide the facility of invoice discounting to its business clients by using the reverse factoring model. F1Soft shall take the responsibility of platform management and technical support,” F1Soft said in a press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the statement, QuikBhuktani brings together buyers, suppliers and the bank in a secured web-based platform. Using this platform, a supplier digitally issues invoice to buyer and the buyer approves it for payment with a fixed timeline. “If the supplier needs that payment before the due date, the supplier can forward that bill to the buyer’s bank through the same platform and request for instant payment from the bank,” reads the statement. The bank makes discounted payment to supplier and later collects the full invoice amount from buyer at the end of the payment timeline.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Siddhartha Bank and F1Soft believe QuikBhuktani can be very relevant and beneficial, especially in context of Nepal where majority of business transactions are done in credit,” the statement said. According to the fintech company, it helps to improve the cash flow between businesses, which is particularly important in present situation when the whole economy is slowing down due to COVID 19 pandemic. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11889', 'image' => '20200624022446_signing with Siddhartha[7191].jpg', 'article_date' => '2020-06-24 14:23:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12140', 'article_category_id' => '1', 'title' => 'Confusion Grows Over 500 Containers Held at Dry Port', 'sub_title' => '', 'summary' => 'The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 24: The fate of 500 containers being held at the Birjung Dry Port for the last 30 days is increasingly becoming uncertain as the customs authority has become confused over the clearance of the goods. The containers are said to have items including </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">garden peas, dates, pepper and beetle nuts, which were imported after the government announced ban on import of dry fruits and some food items on fears that the Covid-19 pandemic will hit the country’s foreign currency reserve. The clearance of the consignments was denied after it was found that the importers have not taken approval from Food Technology and Quality Control Department (FTQCD). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Shishir Ghimire, director of Department of Customs (DoC), no decision has been taken yet regarding the consignments. “We are not able to decide as this issue is related to FTQCD and Ministry of Industry, Commerce and Supplies (MoICS). We are not sure either to confiscate or destroy the goods,” said Ghimire. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, FTQCD officials say that their duty is limited to providing permits to the importers after determining quality of the goods. “It is responsibility of the DoC and MoICS to decide on the goods if the importers have not taken permission,” mentioned Mohan Krishna Maharjan, spokesperson of FTQCD. According to him, the department has not issued permit after March 29 to import any goods that has been banned by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the FCQTD, the validity period of a permit is six months. The goods stuck at the dry port were imported based on the permission obtained before six months, said Umesh Shrestha, chief customs administrator. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">A few days ago, the office had seized a container of carrying beetle nuts. According to a Birgunj-based importer, exporters of the goods have increased inquiry about payment of the goods after the dry port authority denied clearance of the containers. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Additional 500-700 containers are stuck at the Indian ports. As the clearance processes are not taking place, we are confused about bringing more containers here,” he said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoC officials, the role of banks also looks doubtful ragarding the transactions of the consignment imported under Documents Against Payment (DAP) system. A DoC official said that though import permit is mandatory under DAP, the bank went ahead with the process without official papers. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-24', 'modified' => '2020-06-24', 'keywords' => '', 'description' => '', 'sortorder' => '11888', 'image' => '20200624020915_Birgunj Dry Port.jpg', 'article_date' => '2020-06-24 14:07:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12139', 'article_category_id' => '1', 'title' => 'PAC Begins Probe into Medical Supply Procurement Irregularities ', 'sub_title' => '', 'summary' => 'The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">June 23: The Public Accounts Committee (PAC) under the House of Representatives has labled the procurement of the essential medical supplies for treatment of Covid-19 carried out by Omni Business Pvt Ltd as against the Public Procurement Act. PAC made such comments after announcing to probe deeply into the allegation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to the committee, there has been widespread misuse of authority while awarding the contract. “In spite of including the department chief in procuring the supplies, involvement of unrelated individuals in the procurement process has been found,” said Bharat Kumar Shah, chairman of PAC, at the begining of the committee’s meeting on Monday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">PAC summoned Narayan Prasad Bidari, secretary of Prime Minister’s Office (PMO), Laxman Aryal, secretary of health and Dipendra Man Singh, director general of Health Services Department on Monday to testify regarding the controversies surrounding the procurement of medical supplies from Omni. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">On March 25, Ministry of Health formed a committee under the leadership of health ministry advisor Dr Khem Karki to procure medical supplies for coronavirus control and treatment. After Minister for Health Bhanubhakta Dhakal granted a go-ahead for the procurement, the Health Services Department signed formal agreement with Omni Group. PAC has found out that the evaluation committee provisioned as per the Public Procurement Act was given no role in the procurement process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">According to PAC members, the role of minister Dhakal and Dr Karki in this respect are doubtful. “Hurried behavior of high officials including the health minister to give the responsibility of procurement to Omni Group is pointing towards irregularities,” they said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">The alleged involvement of advisor of the ministry has provide a space for irregularity,” said Minendra Rijal, PAC member and parliamentarian from the opposition Nepali Congress party. According to him, the contract was given to someone who was not even in the preliminary discussion. Payment of the supplies was carried out in US dollars even though the agreement was signed for payment in Nepali rupees. “They haven’t answered this question yet,” said Rijal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">However, PMO secretary Bidari claimed that there are no irregularities in the Coronavirus Control and Treatment programme. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Mangal",serif">Health secretary Laxman Aryal said that he is unaware of the issue as he has just joined the ministry but hoped that truth will soon be discovered regarding the topic matter. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11887', 'image' => '20200623053942_Omni Group medical supplies.jpg', 'article_date' => '2020-06-23 17:38:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12138', 'article_category_id' => '1', 'title' => 'Indifference of MoF and SEBON Towards Resuming Stock Transactions', 'sub_title' => '', 'summary' => 'Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 23: Nepal Stock Exchange (Nepse), which has about 1.7 million investors and capitalization of more than Rs 1.5 trillion, has been closed for three months after the government impose lockdown on March 24. However, neither the regulator Securities Board of Nepal (SEBON) nor the Ministry of Finance (MoF) are showing any concern to opening it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">For many investors it is mysterious that MoF, which is putting its focus currently to collect taxes due to decline in revenue, has also become unconcerned when a market, which is itself a source of tax, is closed for such a long time. Even though the government has eased the lockdown, investors have become outraged due to the continuous closure of the stock market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">On Monday, SEBON formed a committee, comprising of representatives of NEPSE, CDS and Clearing Limited, and representatives of associations relate to securities brokers and stock investors, to study the possibility of opening the stock market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stakeholders say that it is not necessary for the regulatory body to form a committee and consult other agencies at a time when most of the business activities have resumed. “It is a weakness of SEBON,” said investor and stock market analyst Dilip Munankarmi. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, SEBON seems to open the market only by improving many aspects of the capital market including bank integration and T-plus-One transaction clearance. According to Bhisma Raj Dhungana, chairperson of SEBON, the board is working in a way to ensure that the market would not be closed again. He says that the board plans to move ahead only after identifying the current market situation and improvements that are necessary. According to him, the committee will submit the report by June 26. “The market has been closed for a long time. We are taking initiative to reopen it smoothly as soon as possible for this will also affect our future plans,” says Dhungana, “Based on the committee’s report, the market will reopen properly.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Investors, on the other hand, think that it is illogical to say that the market will only open after making improvements, as nothing was done during the three months of the lockdown. They claimed that the board has not paid attention to their suggestions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to investor and stock analyst Prakash Tiwari, closing the market indefinitely will not create capital and liquidity. He believes that this will send a negative message internationally while preparing to open investment to non-resident Nepalis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Chief Executive Officer of NEPSE Chandra Singh Saud said that no problems exist in the online trading system. He mentioned that they are ready to open the market once SEBON gives instruction. According to him, NEPSE is requesting for the username and password to be added to the system as the investors have to get it themselves. He has requested all the investors to integrate their bank accounts as many people are doing business online through connect IPS from abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Stockbrokers also stressed on the need to open the market immediately. “The market should have never been closed. But now that many businesses have come into operation, the stock market should also be opened,” said Ishwor Rimal, chairperson of the Nepal Stock House. “Closing the stock market that has been running for 27 years gives negative messages,” he said adding that the government has been losing millions in revenue every day while the market is closed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Meanwhile, investors are expressing divided opinions regarding the opening of the market. President of Nepal Stock Investors Association Uttam Aryal stressed on the need to operate the market based on policies and rules rather than the wishes of individuals. Furthermore, he also said that the concerned bodies need to take initiative to help at least 51 percent of nearly 300,000 investors to participate in the online trading system. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> He suggested that the authorities to implement necessary arrangements to safeguard the investors, who have already lost more than Rs 63 billion in stock investments during the lockdown, from hit by margin call when the market resumes. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11886', 'image' => '20200623041330_NEPSE.jpg', 'article_date' => '2020-06-23 16:09:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12137', 'article_category_id' => '1', 'title' => 'Date Set for FNCCI AGM ', 'sub_title' => '', 'summary' => 'Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">June 23: Ending months of uncertainty, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has decided to hold its annual general meeting (AGM) on August 11-12. A virtual meeting of executive committee of FNCCI held on Monday finalised the new date of AGM. The meeting which went onto six hours took the decision to this effect unanimously. According to Shekhar Golchha, senior vice president of FNCCI, a meeting of the organisation’s office bearers on Sunday proposed the AGM for August 10-11 which was deferred by a day to August 11-12 due to a technical reason. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The AGM, which was originally scheduled for April 10-11, was postponed to May 20-21 due to the lockdown. The second schedule was also not met because of extension of lockdown and Covid-19 fears. This situation led to increase in dispute between the various factions within FNCCI. As per the statute of the organisation, the AGM was to be organised within mid-April which can be extended for three months in case difficulties are encountered to hold the general meeting. The new date has been set using the special authority for resolving complications clause of the statute. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">However, there are still doubts that the AGM will be organised on the given date. “We hope that the situation will start to normalize by mid-August. If not, there will be postponement of AGM,” said Umesh Lal Shrestha, vice president (commodity) of FNCCI, adding, “Currently, protecting people from coronavirus contagion is more important than holding an event.” </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-23', 'modified' => '2020-06-23', 'keywords' => '', 'description' => '', 'sortorder' => '11885', 'image' => '20200623020501_FNCCI building teku.jpg', 'article_date' => '2020-06-23 14:03:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12136', 'article_category_id' => '1', 'title' => 'FNCCI AGM Proposed for August 2nd Week', 'sub_title' => '', 'summary' => 'The 54th Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: The 54<sup>th</sup> Annual general Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which was postponed twice due to disturbances created by Covid-19 pandemic, has been proposed for the second week of August. The new date was proposed during a meeting of FNCCI office bearers held on Sunday. If the proposal is approved by the executive committee meeting of the apex body of Nepali private sector scheduled for today, the AGM will be held on August 9 and 10 in Kathmandu. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “Today’s meeting has proposed the date of AGM which will be decided by the executive committee meeting,” said Chandra Prasad Dhakal, vice president (associate) of FNCCI. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Holding the AGM has become a matter of contention between the different factions within the largest private sector body. Some of its senior members are against organising AGM at the moment citing the risks due to the spread of coronavirus while some have been piling pressure on the organisation’s leadership to hold the event by June. FNCCI President Bhawani Rana had proposed not to hold the AGM for the next couple of months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the statute of FNCCI, the AGM should have been organised within mid-April. The AGM was scheduled for April 10-11, which was postponed to May 20-21 due to the lockdown. There is a provision in the federation’s statute that the event can be held after three months in exceptional circumstances. However, FNCCI leaders say that AGM can be held in August by finding necessary legal alternatives. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A faction within FNCCI led by past president and Distinguished Member Chandi Raj Dhakal, Vice President (Associate) Chandra Prasad Dhakal, Vice President (Commodity) Umesh Lal Shrestha and Treasurer Nirak Kc has been pressuring to hold AGM immediately. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The upcoming AGM will elect a new executive committee for three-year tenure. As per the organisation’s statute, the senior vice president will automatically become the president, according to which, the current Senior Vice President Shekhar Golchha will be the President from the upcoming AGM. Vice presidents Chandra Dhakal and Kishor Pradhan have already announced their candidacies for the post of senior vice president. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11884', 'image' => '20200622053259_FNCCI building.jpg', 'article_date' => '2020-06-22 17:31:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12135', 'article_category_id' => '1', 'title' => 'CDC Group Establishes Presence in Nepal', 'sub_title' => '', 'summary' => 'CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">June 22: CDC Group Plc, a UK-based impact investor focusing on investments in Africa and South Asia, has appointed Rabi Rayamajhi as its Country Representative for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Issuing a press statement, the company said that Rayamajhi has joined CDC from the Department for International Development (DFID), Nepal, where he was a private sector development advisor for four years and led projects in the financial and SME sectors. Prior to his role at DFID, Rayamajhi provided advisory support to the Investment Board of Nepal in promoting foreign investment and executing large-scale infrastructure projects in waste management, hydropower and cement sectors. He started his career at Standard Chartered Bank and has an MBA qualification from Singapore Management University.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, Rayamajhi will be based at CDC’s representative office in Kathmandu, where he will work closely with CDC teams across Asia. According to teh statement, with a mandate that includes providing counter-cyclical financing during financial crises, CDC is playing a role in protecting jobs and businesses. The firm’s</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> response to the COVID-19 pandemic has three areas of focus: ‘preserve’, ‘strengthen’ and ‘rebuild’, CDC said. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We welcome Rabi to CDC as our Country Representative in Nepal. His expertise in private sector development and extensive knowledge of the investment environment in Nepal will boost CDC’s priority of providing increased long-term capital support to businesses and bolstering sector growth in the country. Rabi will be instrumental in strengthening our partnership with businesses and broadening our presence in Nepal, as we work to enhance corporate governance, develop environmental and social strategies, promoting skills and job creation that power Nepal’s economy,” the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Srini Nagarajan, head of Asia at CDC as saying. </span></span> </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commenting on his appointment, Rayamajhi said that he is keen to get to work on developing local partnerships that will continue to boost business growth and improve the lives of millions of people.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “I welcome a stronger presence for CDC in Nepal – this is great news for the country. The UK continues is committed to playing a strong role in working with the Government of Nepal and all development stakeholders to ensure Nepal is ‘open for business’. While the current COVID crisis has adversely affected Nepal’s economy, there are also opportunities for investments to help ensure Nepal’s recovery is resilient to future shocks and promotes green growth. I hope CDC and others like them will seize these opportunities,”<strong> </strong>the statement quoted Lisa Honan, acting UK Ambassador and country director for DFID, Nepal as saying. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2020-06-22', 'modified' => '2020-06-22', 'keywords' => '', 'description' => '', 'sortorder' => '11883', 'image' => '20200622035412_CDC.jpg', 'article_date' => '2020-06-22 15:51:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $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
