500 Containers with Unauthorised Goods Held at Birgunj Dry Port

Jun 22, 2020 0 3 minutes 34 seconds to read

500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry…

IBN Approves Investment Proposals worth Rs 185.43 Billion

Jun 21, 2020 0 3 minutes 10 seconds to read

The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion.…

Rs 5.50 Billion Revenue collected in 6 days

Jun 21, 2020 0 3 minutes 17 seconds to read

While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues.…

Sastodeal Raises USD 1 Million in Additional Investment

Jun 19, 2020 0 1 minutes 44 seconds to read

E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising…

Collect Taxes 1 Month After Lockdown is Fully Lifted: SC

Jun 12, 2020 0 1 minutes 53 seconds to read

The Supreme Court has directed the government not to collect taxes during the lockdown.…

Salary Payment Dispute Between Employers and Workers Intensifies

Jun 11, 2020 0 2 minutes 38 seconds to read

As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue.…

World Bank’s USD 450 Million Grant for Road Project in Nepal

Jun 11, 2020 0 3 minutes 4 seconds to read

The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety.…

KCM Concludes KuberWiz program 2019/20

Jun 10, 2020 0 4 minutes 40 seconds to read

Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7.…

3.7 Million Jobs in Nepal at Risk: ILO

Jun 10, 2020 0 4 minutes 24 seconds to read

The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at…

Nepal’s GDP to Slump to 1.8% in 2020: World Bank

Jun 09, 2020 0 5 minutes 14 seconds to read

The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19…

FNCCI Executive Committee to Meet on June 22

Jun 09, 2020 0 2 minutes 27 seconds to read

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation.…

Travel Agents Ask Govt to Resume Regular International Flights

Jun 08, 2020 0 1 minutes 49 seconds to read

Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad.…

Lockdown Puts Serious Dent on Government’s Income

Jun 07, 2020 0 2 minutes 49 seconds to read

The protracted lockdown has adversely impacted the government’s income.…

UK Announces Additional Support for Nepal’s Covid-19 Response

Jun 07, 2020 0 59 seconds to read

The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country.…

Rs 3 Billion Investment Realised During Lockdown

Jun 06, 2020 0 1 minutes 10 seconds to read

Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month.…

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			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
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			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-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:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;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,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
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			'id' => '12131',
			'article_category_id' => '1',
			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work 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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12127',
			'article_category_id' => '1',
			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12126',
			'article_category_id' => '1',
			'title' => '3.7 Million Jobs in Nepal at Risk: ILO',
			'sub_title' => '',
			'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled &lsquo;Covid-19 Labour Market Impact in Nepal&rsquo;, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. &ldquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,&rdquo; the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO&rsquo;s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. &ldquo;Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,&rdquo; the report reads. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. &ldquo;Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),&rdquo; said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. &ldquo;If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,&rdquo; the report said. &nbsp;Similarly, another category of precarious workers are home-based workers, according to the report. &ldquo;There are approximately 1.4 million home based workers in Nepal &ndash; nearly all women &ndash; producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,&rdquo; said ILO. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ILO study has found that employment of men in Nepal is at more risk than women employment. &ldquo;Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men&rsquo;s employment at risk of disruption due to Covid-19 is higher than women&rsquo;s,&rdquo; the report said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Business community members, however, disagree with the numbers presented by ILO. &ldquo;It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,&rdquo; said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. &ldquo;The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,&rdquo; said Murarka. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. &ldquo;The true picture of job market in Nepal will emerge after the lockdown is lifted,&rdquo; he mentioned. </span></span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12125',
			'article_category_id' => '1',
			'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank',
			'sub_title' => '',
			'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank has forecasted that Nepal&rsquo;s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal&rsquo;s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. &ldquo;In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, Nepal will also be impacted by economic slump in India. &ldquo;Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,&rdquo; said the bank. &nbsp;Besides, Nepal&rsquo;s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. &ldquo;That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,&rdquo; said the bank. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. &ldquo;Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,&rdquo; </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. &ldquo;Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan&rsquo;s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&quot;The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,&quot;</span></span>&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. &ldquo;The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. &ldquo;Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,&rdquo; said the bank. </span></span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '11873',
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			'article_date' => '2020-06-09 16:44:45',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12124',
			'article_category_id' => '1',
			'title' => 'FNCCI Executive Committee to Meet on June 22',
			'sub_title' => '',
			'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening&nbsp;its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI&rsquo;s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">FNCCI&rsquo;s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening&nbsp;AGM at a time of crisis would relay negative message. A group comprising of FNCCI&rsquo;s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene&nbsp;the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation&rsquo;s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI&rsquo;s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming&nbsp;AGM. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of &lsquo;forgetting her past status&rsquo; and that its is because of his efforts that Rana enjoys her current position. &nbsp;&nbsp;</span></span></span></span></h1>
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			'published' => true,
			'created' => '2020-06-09',
			'modified' => '2020-06-09',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11872',
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			'article_date' => '2020-06-09 15:15:18',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12123',
			'article_category_id' => '1',
			'title' => 'Travel Agents Ask Govt to Resume Regular International Flights',
			'sub_title' => '',
			'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,&rdquo; said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. &ldquo;This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,&rdquo; mentioned Guragain. </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:&quot;Cambria&quot;,&quot;serif&quot;">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p>
',
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			'created' => '2020-06-08',
			'modified' => '2020-06-08',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11871',
			'image' => '20200608013121_nepal.jpg',
			'article_date' => '2020-06-08 13:30:02',
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		'Article' => array(
			'id' => '12122',
			'article_category_id' => '1',
			'title' => 'Lockdown Puts Serious Dent on Government’s Income ',
			'sub_title' => '',
			'summary' => 'The protracted lockdown has adversely impacted the government’s income. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The protracted lockdown has adversely impacted the government&rsquo;s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government&rsquo;s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Mandatory liabilities of the government such as payments related to employees&rsquo; salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,&rdquo; said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. &ldquo;Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,&rdquo; warned Mainali. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Acharya said that the government now needs to lift the lockdown in a careful manner. &ldquo;Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,&rdquo; he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. &nbsp;</span></span></span></span></p>
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			'created' => '2020-06-07',
			'modified' => '2020-06-07',
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			'description' => '',
			'sortorder' => '11870',
			'image' => '20200607020358_govt tax.jpg',
			'article_date' => '2020-06-07 14:02:30',
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		'Article' => array(
			'id' => '12121',
			'article_category_id' => '1',
			'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ',
			'sub_title' => '',
			'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government&rsquo;s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal&rsquo;s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal&rsquo;s Embassy in London reads.&nbsp;&nbsp;DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'created' => '2020-06-07',
			'modified' => '2020-06-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11869',
			'image' => '20200607020210_covid-19 response nepal.jpg',
			'article_date' => '2020-06-07 14:00:54',
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	(int) 14 => array(
		'Article' => array(
			'id' => '12120',
			'article_category_id' => '1',
			'title' => 'Rs 3 Billion Investment Realised During Lockdown',
			'sub_title' => '',
			'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </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:&quot;Cambria&quot;,serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries.&nbsp;&nbsp;Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia.&nbsp;&nbsp;&nbsp;&nbsp;</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:&quot;Cambria&quot;,serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'article_date' => '2020-06-06 13:40:58',
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		'Article' => array(
			'id' => '12134',
			'article_category_id' => '1',
			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
			'sub_title' => '',
			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-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:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;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,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12133',
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			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12131',
			'article_category_id' => '1',
			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
',
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			'created' => '2020-06-19',
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			'description' => '',
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			'image' => '20200619031010_sastodeal USD 1M deal.jpg',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-12',
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			'keywords' => '',
			'description' => '',
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			'article_date' => '2020-06-12 14:37:06',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12129',
			'article_category_id' => '1',
			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work 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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
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			'created' => '2020-06-11',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12127',
			'article_category_id' => '1',
			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12126',
			'article_category_id' => '1',
			'title' => '3.7 Million Jobs in Nepal at Risk: ILO',
			'sub_title' => '',
			'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled &lsquo;Covid-19 Labour Market Impact in Nepal&rsquo;, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. &ldquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,&rdquo; the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO&rsquo;s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. &ldquo;Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,&rdquo; the report reads. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. &ldquo;Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),&rdquo; said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. &ldquo;If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,&rdquo; the report said. &nbsp;Similarly, another category of precarious workers are home-based workers, according to the report. &ldquo;There are approximately 1.4 million home based workers in Nepal &ndash; nearly all women &ndash; producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,&rdquo; said ILO. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ILO study has found that employment of men in Nepal is at more risk than women employment. &ldquo;Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men&rsquo;s employment at risk of disruption due to Covid-19 is higher than women&rsquo;s,&rdquo; the report said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Business community members, however, disagree with the numbers presented by ILO. &ldquo;It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,&rdquo; said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. &ldquo;The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,&rdquo; said Murarka. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. &ldquo;The true picture of job market in Nepal will emerge after the lockdown is lifted,&rdquo; he mentioned. </span></span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12125',
			'article_category_id' => '1',
			'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank',
			'sub_title' => '',
			'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank has forecasted that Nepal&rsquo;s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal&rsquo;s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. &ldquo;In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, Nepal will also be impacted by economic slump in India. &ldquo;Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,&rdquo; said the bank. &nbsp;Besides, Nepal&rsquo;s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. &ldquo;That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,&rdquo; said the bank. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. &ldquo;Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,&rdquo; </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. &ldquo;Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan&rsquo;s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&quot;The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,&quot;</span></span>&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. &ldquo;The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. &ldquo;Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,&rdquo; said the bank. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12124',
			'article_category_id' => '1',
			'title' => 'FNCCI Executive Committee to Meet on June 22',
			'sub_title' => '',
			'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening&nbsp;its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI&rsquo;s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">FNCCI&rsquo;s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening&nbsp;AGM at a time of crisis would relay negative message. A group comprising of FNCCI&rsquo;s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene&nbsp;the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation&rsquo;s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI&rsquo;s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming&nbsp;AGM. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of &lsquo;forgetting her past status&rsquo; and that its is because of his efforts that Rana enjoys her current position. &nbsp;&nbsp;</span></span></span></span></h1>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12123',
			'article_category_id' => '1',
			'title' => 'Travel Agents Ask Govt to Resume Regular International Flights',
			'sub_title' => '',
			'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,&rdquo; said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. &ldquo;This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,&rdquo; mentioned Guragain. </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:&quot;Cambria&quot;,&quot;serif&quot;">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12122',
			'article_category_id' => '1',
			'title' => 'Lockdown Puts Serious Dent on Government’s Income ',
			'sub_title' => '',
			'summary' => 'The protracted lockdown has adversely impacted the government’s income. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The protracted lockdown has adversely impacted the government&rsquo;s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government&rsquo;s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Mandatory liabilities of the government such as payments related to employees&rsquo; salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,&rdquo; said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. &ldquo;Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,&rdquo; warned Mainali. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Acharya said that the government now needs to lift the lockdown in a careful manner. &ldquo;Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,&rdquo; he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. &nbsp;</span></span></span></span></p>
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			'id' => '12121',
			'article_category_id' => '1',
			'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ',
			'sub_title' => '',
			'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government&rsquo;s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal&rsquo;s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal&rsquo;s Embassy in London reads.&nbsp;&nbsp;DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'article_date' => '2020-06-07 14:00:54',
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		'Article' => array(
			'id' => '12120',
			'article_category_id' => '1',
			'title' => 'Rs 3 Billion Investment Realised During Lockdown',
			'sub_title' => '',
			'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </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:&quot;Cambria&quot;,serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries.&nbsp;&nbsp;Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia.&nbsp;&nbsp;&nbsp;&nbsp;</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:&quot;Cambria&quot;,serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'id' => '12134',
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			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
			'sub_title' => '',
			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-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:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;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,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12133',
			'article_category_id' => '1',
			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
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			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-06-19',
			'modified' => '2020-06-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11879',
			'image' => '20200619031010_sastodeal USD 1M deal.jpg',
			'article_date' => '2020-06-19 15:08:41',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-12',
			'modified' => '2020-06-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11878',
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			'article_date' => '2020-06-12 14:37:06',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12129',
			'article_category_id' => '1',
			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work 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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-06-11',
			'modified' => '2020-06-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11877',
			'image' => '20200611030031_salary.jpg',
			'article_date' => '2020-06-11 14:58:28',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
',
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			'created' => '2020-06-11',
			'modified' => '2020-06-11',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11876',
			'image' => '20200611120202_WB Road Project.jpg',
			'article_date' => '2020-06-11 12:00:05',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12127',
			'article_category_id' => '1',
			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
',
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			'created' => '2020-06-10',
			'modified' => '2020-06-10',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11875',
			'image' => '20200610050806_KWP 2020.1 (1).jpeg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12126',
			'article_category_id' => '1',
			'title' => '3.7 Million Jobs in Nepal at Risk: ILO',
			'sub_title' => '',
			'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled &lsquo;Covid-19 Labour Market Impact in Nepal&rsquo;, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. &ldquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,&rdquo; the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO&rsquo;s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. &ldquo;Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,&rdquo; the report reads. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. &ldquo;Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),&rdquo; said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. &ldquo;If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,&rdquo; the report said. &nbsp;Similarly, another category of precarious workers are home-based workers, according to the report. &ldquo;There are approximately 1.4 million home based workers in Nepal &ndash; nearly all women &ndash; producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,&rdquo; said ILO. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ILO study has found that employment of men in Nepal is at more risk than women employment. &ldquo;Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men&rsquo;s employment at risk of disruption due to Covid-19 is higher than women&rsquo;s,&rdquo; the report said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Business community members, however, disagree with the numbers presented by ILO. &ldquo;It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,&rdquo; said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. &ldquo;The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,&rdquo; said Murarka. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. &ldquo;The true picture of job market in Nepal will emerge after the lockdown is lifted,&rdquo; he mentioned. </span></span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12125',
			'article_category_id' => '1',
			'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank',
			'sub_title' => '',
			'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank has forecasted that Nepal&rsquo;s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal&rsquo;s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. &ldquo;In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, Nepal will also be impacted by economic slump in India. &ldquo;Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,&rdquo; said the bank. &nbsp;Besides, Nepal&rsquo;s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. &ldquo;That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,&rdquo; said the bank. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. &ldquo;Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,&rdquo; </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. &ldquo;Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan&rsquo;s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&quot;The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,&quot;</span></span>&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. &ldquo;The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. &ldquo;Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,&rdquo; said the bank. </span></span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2020-06-09 16:44:45',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12124',
			'article_category_id' => '1',
			'title' => 'FNCCI Executive Committee to Meet on June 22',
			'sub_title' => '',
			'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening&nbsp;its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI&rsquo;s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">FNCCI&rsquo;s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening&nbsp;AGM at a time of crisis would relay negative message. A group comprising of FNCCI&rsquo;s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene&nbsp;the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation&rsquo;s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI&rsquo;s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming&nbsp;AGM. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of &lsquo;forgetting her past status&rsquo; and that its is because of his efforts that Rana enjoys her current position. &nbsp;&nbsp;</span></span></span></span></h1>
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			'description' => '',
			'sortorder' => '11872',
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			'article_date' => '2020-06-09 15:15:18',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12123',
			'article_category_id' => '1',
			'title' => 'Travel Agents Ask Govt to Resume Regular International Flights',
			'sub_title' => '',
			'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,&rdquo; said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. &ldquo;This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,&rdquo; mentioned Guragain. </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:&quot;Cambria&quot;,&quot;serif&quot;">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-06-08',
			'modified' => '2020-06-08',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11871',
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			'article_date' => '2020-06-08 13:30:02',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12122',
			'article_category_id' => '1',
			'title' => 'Lockdown Puts Serious Dent on Government’s Income ',
			'sub_title' => '',
			'summary' => 'The protracted lockdown has adversely impacted the government’s income. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The protracted lockdown has adversely impacted the government&rsquo;s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government&rsquo;s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Mandatory liabilities of the government such as payments related to employees&rsquo; salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,&rdquo; said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. &ldquo;Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,&rdquo; warned Mainali. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Acharya said that the government now needs to lift the lockdown in a careful manner. &ldquo;Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,&rdquo; he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. &nbsp;</span></span></span></span></p>
',
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			'created' => '2020-06-07',
			'modified' => '2020-06-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11870',
			'image' => '20200607020358_govt tax.jpg',
			'article_date' => '2020-06-07 14:02:30',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12121',
			'article_category_id' => '1',
			'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ',
			'sub_title' => '',
			'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government&rsquo;s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal&rsquo;s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal&rsquo;s Embassy in London reads.&nbsp;&nbsp;DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'created' => '2020-06-07',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11869',
			'image' => '20200607020210_covid-19 response nepal.jpg',
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	(int) 14 => array(
		'Article' => array(
			'id' => '12120',
			'article_category_id' => '1',
			'title' => 'Rs 3 Billion Investment Realised During Lockdown',
			'sub_title' => '',
			'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </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:&quot;Cambria&quot;,serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries.&nbsp;&nbsp;Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia.&nbsp;&nbsp;&nbsp;&nbsp;</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:&quot;Cambria&quot;,serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'title' => '500 Containers with Unauthorised Goods Held at Birgunj Dry Port ',
			'sub_title' => '',
			'summary' => '500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 22: 500 containers with goods including garden peas, dates, pepper and beetle nuts, which were imported unauthorised, are stuck at the Birgunj Dry port. The importers of the goods have not taken permission from Food Technology and Quality Control Department (FTQCD) and the containers having the items have been held at the port for last one month. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">On March 29, the government announced ban on import of dry fruits and other expensive edible items to avoid possible depletion of the country&rsquo;s foreign currency reserve with the Covid-19. However, the imports of such items under DAP, CAD, draft and TT systems, that had already moved ahead prior to March 29, have been allowed. It is also mandatory for importers to obtain FTQCD approval to import goods under such arrangements. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">According to Umesh Shrestha, chief customs administrator of Dry Port Customs Office, the clearance of the containers was stopped though the importers started the process to import the goods started before March 29. &ldquo;It was found that they had not obtained permission from FTQCD,&rdquo; Shrestha told New Business Age.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Almost all goods imported from third countries enter Nepal via the Birgunj Dry Port. According to the Customs Office, the clearance of consignments under DAP have been halted. After importers receive the goods, payments of consignment from Kolkata and Visakhapatnam ports are carried out at the Birgunj Dry Port. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As the containers have been lying at the yard for many days, Himalayan Terminal is preparing to move the containers to the warehouse. According to the port authority, most of the containers held at the port are carrying dry peas. &nbsp;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">As per existing arrangements, the customs office can seize goods if found imported illegally. A few days ago, the office had seized a container of carrying beetle nuts. According to a Birjung-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:&quot;Arial&quot;,&quot;sans-serif&quot;">&ldquo;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,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government banned the import of dry fruits and some other food items citing the pressure on the country&rsquo;s forex reserve created by the Covid-19 pandemic. According to customs officials, import of dry peas has remained highest followed by dates, pepper and beetle nuts. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">These items are mostly imported unauthorised from third countries to export to India. Dry peas are imported from Canada and Indonesia whereas dates come from Pakistan and pepper from Vietnam. Similarly, beetle nuts are imported from Indonesia and Thailand. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 1 => array(
		'Article' => array(
			'id' => '12133',
			'article_category_id' => '1',
			'title' => 'IBN Approves Investment Proposals worth Rs 185.43 Billion ',
			'sub_title' => '',
			'summary' => 'The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 21: The 44<sup>th</sup> meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board&rsquo;s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2 &nbsp;has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,&rdquo; informed Balaram Rijal, spokesperson of IBN. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country&rsquo;s private sector were also present in the meeting. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">CEO appointment process begins after 2 months </span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN&rsquo;s CEO within the next 15 days. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-21',
			'modified' => '2020-06-21',
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			'sortorder' => '11881',
			'image' => '20200621092348_meeting.jpg',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12132',
			'article_category_id' => '1',
			'title' => 'Rs 5.50 Billion Revenue collected in 6 days',
			'sub_title' => '',
			'summary' => 'While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. ',
			'content' => '<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 21: While the government is struggling to meet current expenditure due to the difficulties created by the Covid-19 pandemic, the collection of revenue has started to improve as soon as the banks and financial institutions (BFIs) and business houses have started clearing their tax dues. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Jhalak Ram Adhikari, chief tax administrator at Large Taxpayers Office (LTO), a total of Rs 5.50 billion has been collected in the last six days from 234 taxpayers. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;We have observed that taxpayers are coming spontaneously to pay taxes with the intention of helping the state at a time of crisis,&rdquo; he said. According to him, the number of BFIs, private and public sector institutions coming to submit their revenue has increased over the last few days. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Officials at the Inland Revenue Department (IRD) have also said that the enthusiasm of the taxpayers is increasing. Deputy Director General of the department Mukti Prasad Pandey said the number of payments in VAT, second installment of estimated income tax and advance tax is on the rise. According to him, Rs 9.21 billion revenue has been collected till June 19.&rdquo;About Rs 50 billion has been collected during the period from March 24 to June 20,&rdquo; he informed. &nbsp;</span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Bankers&rsquo; Association (NBA), the organization of chief executive officers of commercial banks, had recently urged banks to clear their tax dues. Bhuvan Dahal, president of NBA said that the meeting held last Wednesday had agreed to pay taxes. He informed that that commercial banks will clear all kinds of their tax dues by today.&nbsp; </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It was not possible to pay taxes due to the lockdown and it seems the government is in trouble in terms of revenue collection. Therefore, we are paying taxes on time,&rdquo; he said. The government has been distressed after the Supreme Court ordered to collect taxes only after 30 days of lifting the lockdown. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Even though the lockdown has eased, there still is not favorable environment for the private sector companies to pay taxes. According to the industrialists, the three-month long lockdown has crippled the business sector and it will take some time for companies to pay taxes smoothly. Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the order of the court has given relief to the people. </span></span></span></h2>

<h2><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It is the responsibility of citizens to pay the revenue. The order of the Supreme Court has made us somewhat comfortable in difficult situations. But, I request businesspersons who can pay taxes to help the government in this difficult time,&rdquo; he mentioned. He believes that the government should listen to the problems of the industrialists who are unable to pay taxes immediately and resolve the crisis through cooperation. </span></span></span></h2>

<h2>&nbsp;</h2>
',
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			'sortorder' => '11880',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12131',
			'article_category_id' => '1',
			'title' => 'Sastodeal Raises USD 1 Million in Additional Investment',
			'sub_title' => '',
			'summary' => 'E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal&rsquo;s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months. &nbsp;&ldquo;This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,&rdquo; the statement quoted Amun Thapa, CEO of Sastodeal as saying. &ldquo;Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal. </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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal&rsquo;s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,&rdquo; says Tim Gocher, CEO, Dolma Impact Fund. </span></span></span></span></p>
',
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			'created' => '2020-06-19',
			'modified' => '2020-06-19',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11879',
			'image' => '20200619031010_sastodeal USD 1M deal.jpg',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12130',
			'article_category_id' => '1',
			'title' => 'Collect Taxes 1 Month After Lockdown is Fully Lifted: SC',
			'sub_title' => '',
			'summary' => 'The Supreme Court has directed the government not to collect taxes during the lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Supreme Court has directed the government not to collect taxes during the lockdown. A division bench of justices Anil Kumar Sinha and Manoj Kumar Sharma issued an interim order yesterday directing the authorities to make necessary arrangements for taxpayers so that they can pay taxes and submit details within a month from the date of full lifting of the lockdown. Last week, the Inland Revenue Department (IRD) published a notice asking taxpayers to clear their tax dues and file tax details by June 21 and 29 respectively. Supreme Court&rsquo;s order came as a response to two separate writ petitions file by advocates Thaneshwar Kaphle and Srijana Adhikari against the Ministry of Finance and IRD. &nbsp;</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:&quot;Cambria&quot;,serif">The court has directed the government to simplify tax payment procedures keeping in mind that social distancing and other health safety measures are to be maintained for some time after the restrictions are lifted. Similarly, the court has also ordered to make reviews and arrangements in justifiable ways to set new tax paying deadlines should difficulties arise in particular areas or across the country for taxpayers to operate their businesses and continue jobs. </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:&quot;Cambria&quot;,serif">The private sector has welcomed the Supreme Court&rsquo;s order. Shekhar Golchha, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that easing of the lockdown by the government and the ruling of the Supreme Court have been encouraging for the private sector. &ldquo;We hope that the situation will return to normalcy and business community members will again reach to a position to contribute to the government&rsquo;s revenue,&rdquo; he expressed. &nbsp;Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) also said that the court&rsquo;s order has provided relief to the crisis mired private sector. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-12',
			'modified' => '2020-06-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11878',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12129',
			'article_category_id' => '1',
			'title' => 'Salary Payment Dispute Between Employers and Workers Intensifies',
			'sub_title' => '',
			'summary' => 'As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">As the lockdown continues to hammer industrial and business activities, payment of salary has become a contentious issue. Though a tri-part taskforce, comprising of representative from government, private sector and labour unions mandated to find a resolve to the issue is currently working, no progress in salary management has been made till date. Despite holding five meetings since its inception some two months ago, the taskforce has not been able to find a common ground between the disagreeing sides and associations of private sector and labour unions are competing against each other to submit memorandum to the government lately. Both sides have refused to budge from their positions; employers are saying that they cannot pay more than 50 percent of usual wages of employees while labour union leaders are demanding employers to pay 50 percent for now and the remaining after businesses resume their operations as directed by the government. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Bharat Raj Acharya, vice chairman of Employers&rsquo; Council which is under the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the council on June 8 submitted a memorandum at the Office of the Prime Minister and Council of Ministers Office requesting for proactive role of government to resolve the issue as taskforce could not reach to a conclusion. Acharya informed that it submitted a joint letter of FNCCI, Federation of Nepali Small and Cottage Industries (FNSCI) and other private sector bodies incorporating their concepts for resolving the issues related to salary payment. &ldquo;We have reiterated that workers can be paid a maximum of 50 percent of their salaries at present,&rdquo; he said. According to him, industrial enterprises cannot pay salaries to those workers who are absent at work 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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, labour unions are also preparing to counter the move of employers demanding that the government&rsquo;s directive to clear the salary dues of Chaitra and Baisakh is implemented. Major labour unions including General Federation of Nepalese Trade Unions (GEFONT) and Nepal Trade Union Congress (NTUC) are said to be submitting memorandum to Office of the Prime Minister, Ministry of Labour, Employment and Social Security and the Federal Parliament&rsquo;s labour committee. &ldquo;We want to attract attention of the government that employers have ignored its direction to clear the salary dues,&rdquo; said Pushkar Acharya, president of NTUC. According to him, 75 percent employers in the country haven&rsquo;t yet registered their businesses at the Social Security Fund. &ldquo;Salary payment for Jestha can be negotiated and agreed separately. But it is wrong to hold the salaries when there is a possibility that the wages of Baisakh can pe paid partially after businesses resume their operations,&rdquo; he said. </span></span></span></span></p>
',
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			'created' => '2020-06-11',
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			'sortorder' => '11877',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12128',
			'article_category_id' => '1',
			'title' => 'World Bank’s USD 450 Million Grant for Road Project in Nepal ',
			'sub_title' => '',
			'summary' => 'The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank on June 10 approved a USD 450 million project to help Nepal improve its roads and set the course for post-COVID-19 economic recovery through greater cross-border trade, more jobs, especially for women, and better road safety. The Washington DC-based multilateral agency in a press statement informed that the grant money will be used in the Nepal Strategic Road Connectivity and Trade Improvement Project to enhance regional road connectivity by improving the Nagdhunga-Naubise-Mugling road and upgrading the Kamala-Dhalkebar-Pathlaiya road. &ldquo;Both are crucial to Nepal&rsquo;s connectivity and trade with India and other countries. The project will also enhance infrastructure, facilities, and sanitation at border crossing points to ease trade constraints and spur agricultural exports,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The bank said that amid the COVID-19 pandemic, the project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project will strengthen the National Road Safety Council and the Department of Roads and support periodic maintenance of high-traffic roads within the Strategic Road Network. It also includes a contingency emergency response component to reallocate project funds to support emergency response and recovery.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The project will reduce the time and cost of moving goods and boost Nepal&rsquo;s trade, which accounts for about 40 percent of the country&rsquo;s economic output,&rdquo; the statement quoted&nbsp;Sri Kumar Tadimalla, project task team leader and senior transport specialist of the World Bank as saying. &ldquo;Equally importantly, the project includes best practices in safety, climate resilience, road asset management, gender equality, social inclusion and citizen engagement, which the federal, provincial and local governments can take on,&rdquo; he added. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, the project is well-aligned with the past and ongoing efforts of Nepal and its regional partners to achieve the full potential for trade in the eastern sub-region of South Asia. It is a part of the World Bank&rsquo;s Eastern Corridor Connectivity Program, which since 2013, has financed a continually evolving regional program to improve connectivity and trade in Bangladesh, Bhutan, India, and Nepal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;In the context of COVID-19, protecting people&rsquo;s lives is the priority, and giving a fillip to economic recovery is equally urgent,&rdquo; the statement quoted&nbsp;Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;Our support will pave the way for Nepal&rsquo;s COVID-19 recovery by making roads safer and more efficient while helping move people and goods, creating jobs, and generating demand for local products and services,&rdquo; he said. </span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12127',
			'article_category_id' => '1',
			'title' => 'KCM Concludes KuberWiz program 2019/20',
			'sub_title' => '',
			'summary' => 'Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Kathmandu College of Management (KCM) has wrapped off the final KuberWiz session for the year 2019/20 on June 7. KuberWiz is a flagship stock investment programme of KCM where students of the 3<sup>rd</sup> year Finance &amp; Banking students of the KCM-Siam International BBA programme learn how real-life stock investments are done by investing a small amount of their own money combined with an equal part of loan from college in the Nepal Stock Exchange (NEPSE). </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:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, KCM said that this year&rsquo;s final session of KuberWiz programme was organised virtually due to the Covid-19 disruption. &ldquo;Unlike earlier years, this year&rsquo;s participants saw a roller-coaster ride as Nepse index rallied to surpass 1,600 points in late February while it was just hovering around 1,100 points in early December of 2019,&rdquo; reads the statement. &ldquo;The current COVID-19 crisis only added to their panic as NEPSE had been closed indefinitely following the nation-wide lockdown since late March. Nevertheless, students drove through these challenges with perseverance. They are still holding on to a large chunk of their portfolio and are hopeful that the market will bounce back once the lockdown is over and the economy is back and running,&rdquo; said the college. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the virtual session was accompanied by the guest judges Ajay Shrestha, chairman and managing director at iCapital and Niranjan Phuyal, &nbsp;deputy manager of NEPSE and board member of CDS and Clearing Limited. </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:&quot;Cambria&quot;,&quot;serif&quot;">Among the seven groups competing in the KuberWiz programme, Group 7 won the competition. &ldquo;Their portfolio was highly diversified with their asset-allocation being in commercial banks (50.1 percent), micro-finance (8 percent), life insurance (2.9 percent), manufacturing (26.8 percent), hotels (3.7 percent) and fixed deposits (8.5 percent). They had expected a 25 percent return on their overall portfolio with their investment strategy to choose stocks based on fundamental analysis and trade based on technical analysis. They used the dividend discount model (DDM) to find the intrinsic value of nine companies to check whether the stocks were overvalued or undervalued,&rdquo; informed KCM, adding, &ldquo;Overall, their total gain was Rs 43,081and during their conclusion they stated that KuberWiz taught them valuable lessons of controlling emotions, being rational, and having patience during the process of investment.&rdquo;</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:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Group 4, securing the second position, had a high-risk profile, and had a return objective to earn 20 percent on their investments. &ldquo;Their strategy for asset allocation was to incline more towards equity investments and chose finance (8 percent), hydropower (9 percent), non-life insurance (19 percent), and development banks (43 percent) for their allocation. Their investment objective was to engage in value investing and to focus more on capital gain than dividends. The seven companies they invested in gave them realized gain of Rs 12,792.1 and unrealized loss of Rs 7494,&rdquo; 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:&quot;Cambria&quot;,&quot;serif&quot;">Likewise, Group 1, securing the third position, had an expected return of 15 percent on their investments and they allocated their assets in commercial banks, life insurance, non-life insurance, and telecommunication sectors. &ldquo;To Group 1, diversification was an important factor and they had invested in eight companies that gave them net realized gain of Rs 50,67.76 with their return on investment (ROI) being 2.41 percent,&rdquo; informed KCM. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, the guest judges also shared their insightful observations and some learning from their professional lives. Shrestha mainly stressed the fact that mistakes while investing are bound to happen, and the market, if it goes down, will come back up eventually but what matters the most is the lessons learned from the mistakes and applying the learning to future investments. Phuyal pointed out the importance of following one&rsquo;s return objectives and sacrificing greed in the investment process. He suggested the students make and follow their pre-set investment objective and focus not only on technical and fundamental analysis but also on a relatively newer approach known as behavioral analysis. </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:&quot;Cambria&quot;,&quot;serif&quot;">According to KCM, The session concluded with the announcement of winners and vote of thanks addressed by the vice-principal of the college Maria Shrestha. &ldquo;Group 1 bagged the third place and was awarded books on business and personality development. Group 4 became the runner-up with a cash prize of Rs 20,000 while Group 7 stood out in first place and won the title of &ldquo;KuberWizards&rdquo; with a cash prize of Rs 30,000,&rdquo; the statement said. </span></span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12126',
			'article_category_id' => '1',
			'title' => '3.7 Million Jobs in Nepal at Risk: ILO',
			'sub_title' => '',
			'summary' => 'The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The International Labour Organization (ILO) has warned that the Covid-19 pandemic and lockdown imposed by the government has put 3.7 million jobs at risk. In its latest report titled &lsquo;Covid-19 Labour Market Impact in Nepal&rsquo;, the UN agency the abrupt halt in domestic and international economic activities continue to wreak havoc on livelihood of millions of Nepali workers. &ldquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">There are nearly 3.7 million workers earning their livelihoods in the sectors deemed most at risk to experience a significant (medium to high) reduction in economic output as a result of the Covid-19 crisis,&rdquo; the report reads. According to ILO, nearly four in every five workers most vulnerable to disruption are in the construction, manufacturing and trade sectors. ILO&rsquo;s estimates that between 1.6 and 2.0 million jobs are likely to be disrupted in Nepal in the current crisis, either with complete job loss or reduced working hours and wages. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Based on the higher-impact scenario, the jobs disrupted includes nearly 780,000 workers in wholesale and retail trade, 446,000 in manufacturing, 404,000 in construction, 211,000 in transport and 62,000 in accommodation and food service activities and 83,000 in other services, real estate and administrative activities, according to the report. ILO said that in 2018, the tourism sector employed 573,000 workers (8 per cent of total employment) and accounted for 26 per cent of total exports. &ldquo;Three-quarters of workers in the tourism sector are in informal jobs, leaving them with no protection and no income as the sector has ground to a halt,&rdquo; the report reads. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to ILO, workers in informal sectors are also susceptible to Covid-19 crisis. &ldquo;Majority of workers in all sectors are in informal employment, including the sectors expected to face the highest degree of disruption: construction (97 per cent), trade (74 per cent) and manufacturing (84 per cent),&rdquo; said ILO. The report mentioned that approximately 5.7 million or 80.8 per cent of workers in Nepal have informal jobs and they lack the basic benefits usually provided by a formal job, including social protection coverage. &ldquo;If they stop working due to economic downturn, sickness, or quarantine, they have no state-funded safety net,&rdquo; the report said. &nbsp;Similarly, another category of precarious workers are home-based workers, according to the report. &ldquo;There are approximately 1.4 million home based workers in Nepal &ndash; nearly all women &ndash; producing goods for export. With global supply blocked due to the pandemic, also this source of livelihoods is at risk,&rdquo; said ILO. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ILO study has found that employment of men in Nepal is at more risk than women employment. &ldquo;Within the at-risk sectors, the female share of employment is low in many of the higher-risk sectors like construction and manufacturing. As a result, the share of men&rsquo;s employment at risk of disruption due to Covid-19 is higher than women&rsquo;s,&rdquo; the report said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In total, 631,000 female jobs (24.3 per cent of the 2018 female workforce) are estimated as at risk in the higher impact scenario, compared to 1.3 million jobs for men (also 30.3 per cent of the 2018 male workforce), according to the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Business community members, however, disagree with the numbers presented by ILO. &ldquo;It is true that the COvid-19 crisis has put employment in all sectors in Nepal at risk. Nevertheless, it is difficult to exact number at the moment,&rdquo; said Pashupati Murarka, past president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). According to him, industrial enterprises are finding themselves in between a rock and a hard place as they have to adopt austerity measures and save employment of workers at the same time. &ldquo;The government which has not yet taken any concrete decision to allow industrial enterprises to resume their activities is asking us to pay salaries of workers,&rdquo; said Murarka. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Binod Shrestha, president of General Federation of Nepalese Trade Unions (GEFONT) also said that the actual data about job losses in Nepal due to Covid-19 crisis is yet to come. &ldquo;The true picture of job market in Nepal will emerge after the lockdown is lifted,&rdquo; he mentioned. </span></span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12125',
			'article_category_id' => '1',
			'title' => 'Nepal’s GDP to Slump to 1.8% in 2020: World Bank',
			'sub_title' => '',
			'summary' => 'The World Bank has forecasted that Nepal’s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The World Bank has forecasted that Nepal&rsquo;s GDP will slump to 1.8 percent in 2020 amid the Covid-19 pandemic. In its 2020 Global Economic Prospects, the Washington DC-based international agency said that the Himalayan nation will move towards a gradual recovery in the next year. The report estimates that Nepal&rsquo;s GDP growth will be 2.1 percent in 2021. According to the report, the macroeconomic climate for South Asian countries will remain adverse in 2020 as the recovery in industrial production is reversed by Covid-19 related disruptions such as mitigation measures, global exports plunge and fall in remittances. &ldquo;In Nepal, growth is projected to decline to 1.8 percent due to largely the same factors, in addition to a drop in tourism,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, Nepal will also be impacted by economic slump in India. &ldquo;Economies like Nepal are also vulnerable to sharper-than expected deceleration in India, an important intraregional trade partner,&rdquo; said the bank. &nbsp;Besides, Nepal&rsquo;s economy also remains vulnerable to supply chain disruptions, domestic as well as international stemming from imports of intermediate goods, and travel-related disruptions to international contractors in sectors like construction, according to the report. However, the World Bank hopes that the situation for Nepal will improve in 2021 and the recovery from the Covid-19 pandemic will be aided by increased private sector investment due to continued reforms to improve business environments. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, the swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. The bank forecasts that the global economy will shrink by 5.2 percent this year. &ldquo;That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870,&rdquo; said the bank. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Economic activity among advanced economies is anticipated to shrink 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. &ldquo;Emerging market and developing economies (EMDEs) are expected to shrink by 2.5 percent this year, their first contraction as a group in at least 60 years. Per capita incomes are expected to decline by 3.6 percent, which will tip millions of people into extreme poverty this year,&rdquo; reads the report. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,&rdquo; </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">a statement quoted World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu as saying. &ldquo;Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The report forecasts contraction of 6.1 percent for US economy this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1 percent in 2020 as widespread outbreaks took a heavy toll on activity. Japan&rsquo;s economy is anticipated to shrink 6.1 percent as preventive measures have slowed economic activity.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&quot;The COVID-19 recession is singular in many respects and is likely to be the deepest one in advanced economies since the Second World War and the first output contraction in emerging and developing economies in at least the past six decades,&quot;</span></span>&nbsp;<span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">the statement quoted World Bank Prospects Group Director Ayhan Kose as saying. &ldquo;The current episode has already seen by far the fastest and steepest downgrades in global growth forecasts on record. If the past is any guide, there may be further growth downgrades in store, implying that policymakers may need to be ready to employ additional measures to support activity.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the report, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">economic activity in the South Asia region is projected to contract by 2.7 percent in 2020 as pandemic mitigation measures hinder consumption and services activity and as uncertainty about the course of the pandemic slows down private investment. &ldquo;Industrial and services activities have plummeted in South Asia as a result of pandemic mitigation measures and the collapse in global demand. Trade activity has sharply fallen. Consumption has been severely hindered as nationwide lockdowns were instituted in several economies, despite some recent relaxations. Tourism has become severely constrained by the pandemic, which has led to sharp declines in arrivals in economies such as Bhutan, Nepal, Sri Lanka, and especially Maldives, where tourism accounts for a large share of output,&rdquo; said the bank. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12124',
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			'title' => 'FNCCI Executive Committee to Meet on June 22',
			'sub_title' => '',
			'summary' => 'The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), the apex body of the Nepali private sector, has called executive committee meeting on June 22 to decide on convening&nbsp;its 53rd annual general meeting (AGM) which has become a subject of dispute between the rival factions within the organisation. A meeting of FNCCI&rsquo;s office bearers held on Friday (June 5) ended without conclusion regarding the AGM. According to Umesh Lal Shrestha, vice president (commodity) of FNCCI, the executive committee meeting scheduled for June 22 will take necessary decision in this respect.</span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">FNCCI&rsquo;s leadership is facing a huge pressure from some executive committee members to hold the AGM by mid-July which has been postponed twice due to the lockdown and Covid-19 fears. However, another group within the committee has been opposing the idea saying that convening&nbsp;AGM at a time of crisis would relay negative message. A group comprising of FNCCI&rsquo;s former president Chandi Raj Dhakal, Vice President (Commodity) Umesh Lal Shrestha, Vice President (Associate) Chandra Prasad Dhakal and Treasurer Nirak KC has been pressurizing the executive committee to convene&nbsp;the AGM within mid-July to elect a new leadership. Chandra Prasad Dhakal is one of the contenders for the post of Senior Vice President. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The AGM, which was originally scheduled for April 10-11 as per the statute of FNCCI, was postponed to May 20-21 due to the lockdown. But the meeting could not be organised despite the rescheduling because of extension of lockdown by the government. As per the organisation&rsquo;s statute, the AGM needs to be held within three months after its postponement. The current dispute came after FNCCI&rsquo;s President Bhawani Rana proposed to postpone the AGM for the next few months. Power politics in FNCCI has heated up in the recent months as rival factions have been strengthening their positions against each other for the forthcoming&nbsp;AGM. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Meanwhile, the meeting held on Friday passed a motion condemning a recent statement of former president and Distinguished Member Chandi Raj Dhakal in which he accused Bhawani Rana of &lsquo;forgetting her past status&rsquo; and that its is because of his efforts that Rana enjoys her current position. &nbsp;&nbsp;</span></span></span></span></h1>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12123',
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			'title' => 'Travel Agents Ask Govt to Resume Regular International Flights',
			'sub_title' => '',
			'summary' => 'Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Travel agents have requested the government to allow airliners to resume regular international air services for few days to repatriate Nepalis stranded abroad. Their request came after the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Civil Aviation Authority of Nepal (CAAN) directed international airliners not to start charter flights on their own to bring back Nepalis stranded in foreign lands. Issuing a directive Saturday, CAAN restricted airliners to start booking or issuing tickets for scheduled or charter flights to and from Nepal. CAAN has said that permission to operate repatriation flights requires processing through the diplomatic channels.</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:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;As the government has already decided to repatriate Nepalis stranded abroad, we have requested for the resumption of regular international flights to help those looking to travel to other countries from Nepal and those seeking to return at cheaper air fares,&rdquo; said Achyut Guragain, president of Nepal Association of Tour and Travel Agents (NATTA). According to him, the association has demanded to allow NATTA members to start sales of air tickets on proportional basis. &ldquo;This will also provide some relief to the crisis-stricken Nepali travel businesses as the existing arrangement allow travel agencies to take 5 percent in commission from air ticket sales,&rdquo; mentioned Guragain. </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:&quot;Cambria&quot;,&quot;serif&quot;">With increasing complains that airline operators have been charging high for chartered flights from Nepalis stranded abroad, CAAN announced ban on such flights, exempting those operated through diplomatic channels, starting from yesterday. According to sources, the Ministry of Culture, Tourism and Civil Aviation directed CAAN to issue the directive to ban chartered flights by international airlines after receiving complaints from Nepalis looking to return to the country. </span></span></span></span></p>
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			'created' => '2020-06-08',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12122',
			'article_category_id' => '1',
			'title' => 'Lockdown Puts Serious Dent on Government’s Income ',
			'sub_title' => '',
			'summary' => 'The protracted lockdown has adversely impacted the government’s income. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The protracted lockdown has adversely impacted the government&rsquo;s income. The data related to revenue collection of the last two and a half months shows drying of major source of income leading to difficulties to sustain expenditures for the government. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the Financial Comptroller General Office (FGCO), the revenue collection from March 24 to June 5 has amounted to Rs 62.98 billion. Similarly, the spending from the government coffers during the period totaled Rs 1.95 billion. The government&rsquo;s revenue account, which had surplus of Rs 100 billion before the start of the lockdown in March 24, now has surplus of Rs 5.27 billion. FGCO data shows that only about 60 percent of the revenue collection target set for the current fiscal year has been met till June 5.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Mandatory liabilities of the government such as payments related to employees&rsquo; salaries, pension and gratuity, social security allowances and principal and interest payment of foreign borrowings have continued till now. However, the situation will be different if lockdown continues to impact on revenue collection,&rdquo; said Financial Comptroller Genaral Gopinath Mainali. He suggested the government to change the modality of the lockdown to restart the economic activities that have remained halted for the last two and a half months and make the revenue collection effective. &ldquo;Though there is not much pressure currently regarding the revenue collection, the government may be finds itself surrounded by big difficulties over the next two months if the lockdown continues,&rdquo; warned Mainali. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">All three levels of the government have spent Rs 10 billion for prevention and control of coronavirus. According to Narayan Prasad Bidari, secretary at the Office of the Prime Minister, the money was used to buy medical equipment and necessary items, quarantine management and distribution of relief materials to the poor people. However, the government has been criticized for lack of transparency regarding the expenses related to prevention and control of coronavirus. Economist Keshav Acharya said that the results have not been as claimed by the government.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Acharya said that the government now needs to lift the lockdown in a careful manner. &ldquo;Industries should be allowed to open on the condition that the owners ensure high level of health safety at the workplaces. To keep the economic activities closed for a long time has repercussions to both the private sector and the government,&rdquo; he opined. According to Acharya, the government needs to be frugal as the Covid-19 crisis has put a serious dent on its income sources. &nbsp;</span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-06-07',
			'modified' => '2020-06-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11870',
			'image' => '20200607020358_govt tax.jpg',
			'article_date' => '2020-06-07 14:02:30',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12121',
			'article_category_id' => '1',
			'title' => 'UK Announces Additional Support for Nepal’s Covid-19 Response ',
			'sub_title' => '',
			'summary' => 'The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">The British government has announced additional fund to help Nepal fight the growing coronavirus transmission in the country. The Department for International Development (DFID), the British government&rsquo;s department responsible for administering overseas aid, will provide the financial support to the Himalayan nation. According to the announcement, the amount of UKP 8.2 million provided by DFID earlier for Nepal&rsquo;s Covid-19 response has been increased to UKP 10 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.5pt"><span style="font-family:&quot;Georgia&quot;,serif">Though DFID has been providing financial assistance to Nepal annually, this is an additional support as during the 2015 earthquake, a statement issued by the Nepal&rsquo;s Embassy in London reads.&nbsp;&nbsp;DFID has announced to provide UKP 100 million to developing countries to fight the pandemic. The department has so far donated a financial assistance of UKP 844 million across the world since the start of the coronavirus outbreak.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'created' => '2020-06-07',
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			'sortorder' => '11869',
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			'article_date' => '2020-06-07 14:00:54',
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	(int) 14 => array(
		'Article' => array(
			'id' => '12120',
			'article_category_id' => '1',
			'title' => 'Rs 3 Billion Investment Realised During Lockdown',
			'sub_title' => '',
			'summary' => 'Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Almost Rs 3 billion in investment has been received from foreign and Nepali investors in the industrial sector in the past one month. According to Prakash Dahal, spokesperson of Ministry of Industry, Commerce and Supplies, four domestic and 11 foreign industries in the country received investment worth Rs 2.74 billion in the period. </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:&quot;Cambria&quot;,serif">The Department of Industry approved foreign direct investment (FDI) worth Rs 927 million and Rs. 1.82 billion worth of domestic investment, respectively, in 11 industries. Dahal informed that the highest investment came from China worth Rs 727 million which was invested in seven different industries.&nbsp;&nbsp;Likewise, Rs 50 million in investment each came from India, South Korea, the Netherlands and Malaysia.&nbsp;&nbsp;&nbsp;&nbsp;</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:&quot;Cambria&quot;,serif">According to Dahal, a high-level industrial and investment policy forum has been formed under the convenorship of the Industry Minister to support the work of the Industrial and Investment Promotion Board, as provided in the Industrial Business Act, 2076.&nbsp;&nbsp;<em>(RSS)</em></span></span></span></span></p>
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			'image' => '20200606014338_industry.jpg',
			'article_date' => '2020-06-06 13:40:58',
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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