IB Gives Continuity to Covid-19 Insurance Scheme

Jun 05, 2020 0 1 minutes 16 seconds to read

A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance…

Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins

Jun 05, 2020 0 1 minutes 46 seconds to read

The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting…

Xiaomi Introduces Redmi Note 9 Pro in Nepal

Jun 04, 2020 0 3 minutes 20 seconds to read

Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for…

Business Owners Intensify Defiance of Lockdown Orders

Jun 04, 2020 0 3 minutes 8 seconds to read

In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses.…

Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment

Jun 04, 2020 0 3 minutes 16 seconds to read

The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank.…

Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities

Jun 04, 2020 0 1 minutes 57 seconds to read

Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities.…

Tax Clearance Deadline Extended by 14 days

Jun 03, 2020 0 1 minutes 22 seconds to read

After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14.…

NRB Introduces Refinancing Work Procedure

Jun 03, 2020 0 1 minutes 2 seconds to read

Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing.…

World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform

Jun 03, 2020 0 3 minutes 10 seconds to read

The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts.…

Private Sector Ramps Up Pressure to Ease Lockdown

Jun 03, 2020 0 2 minutes 50 seconds to read

The private sector has ramped up the pressure on the government to change the modality of the lockdown.…

Tax Clearance Deadline Draws Flak from Business Community

Jun 03, 2020 0 4 minutes 51 seconds to read

The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector.…

Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA

Jun 02, 2020 0 3 minutes 57 seconds to read

At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision.…

StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation

Jun 02, 2020 0 1 minutes 49 seconds to read

In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of…

Most Industries Remain Shut Across the Country

Jun 02, 2020 0 2 minutes 25 seconds to read

It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus.…

Budget Arrangements Inadequate for Economic Recovery: CNI

Jun 02, 2020 0 1 minutes 35 seconds to read

The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery.…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme',
			'sub_title' => '',
			'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers&rsquo; Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. &nbsp;</span></span></span></span></h1>
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			'article_category_id' => '1',
			'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins',
			'sub_title' => '',
			'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.',
			'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;">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></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;">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. &ldquo;10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,&rdquo; informed Suman Ghimire, joint secretary at Ministry of Labour. &nbsp;A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. &nbsp;Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal&rsquo;s embassy has been working to set timeline for their repatriation. </span></span></span></span></p>
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			'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal',
			'sub_title' => '',
			'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.',
			'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">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">prioritise Indian satellites for navigation</span></span>.</span></span></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">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> &ldquo;The 8nm Process Technology enables it to run 1 - 1.5&deg; cooler for sustained peak performance than many other 12nm chipsets,&rdquo; reads the statement. &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">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. &ldquo;The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there&rsquo;s a 16MP sensor in the front,&rdquo; informed the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. &ldquo;With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,&rdquo; Xiaomi said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. &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">&ldquo;Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,&rdquo; he added. </span></span></span></span></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 Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p>
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			'id' => '12116',
			'article_category_id' => '1',
			'title' => 'Business Owners Intensify Defiance of Lockdown Orders ',
			'sub_title' => '',
			'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a show of growing frustration against the &lsquo;no-end-in-sight&rsquo; lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders&rsquo; Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, major private sector bodies &ndash; Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. &nbsp;Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. &ldquo;Business reopening is expected to reach 60-70 percent today,&rdquo; said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><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 district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1>
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		'Article' => array(
			'id' => '12115',
			'article_category_id' => '1',
			'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ',
			'sub_title' => '',
			'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ',
			'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 Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. &nbsp;Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></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">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></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 board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN&rsquo;s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></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">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board&rsquo;s problems from day-to-day operation to approving investment proposals. &ldquo;The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,&rdquo; Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. &nbsp;</span></span></span></span></p>
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			'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities',
			'sub_title' => '',
			'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Experts have&nbsp;suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was &lsquo;very fruitful and result-oriented&rsquo;. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The lockdown imposed by the government on March 24 has been extended to 14 June. &nbsp;&nbsp;Citizens have mostly followed the government&rsquo;s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12113',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Extended by 14 days',
			'sub_title' => '',
			'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ',
			'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">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7,&nbsp; the&nbsp;Inland Revenue Department (IRD)&nbsp;has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set&nbsp;two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the&nbsp;second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></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&nbsp;took a step back from its earlier position&nbsp;after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p>
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			'article_date' => '2020-06-03 18:20:32',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12112',
			'article_category_id' => '1',
			'title' => 'NRB Introduces Refinancing Work Procedure',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ',
			'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">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span><br />
<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">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p>

<p><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate.&nbsp;According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry.&nbsp;</span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12111',
			'article_category_id' => '1',
			'title' => ' World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform ',
			'sub_title' => '',
			'summary' => 'The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. ',
			'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">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s electricity sector. </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">&ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,&rdquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;This operation will help refocus investment priorities and support the government&rsquo;s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">World Bank has noted that Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. &ldquo;An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; said the bank. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal&rsquo;s energy sector through the third operation of the DPC series,&rdquo; the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12110',
			'article_category_id' => '1',
			'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ',
			'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">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country&rsquo;s private sector &ndash; Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) &ndash; have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. &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 pressure of the private sector to open businesses is also seen as a counter to the government&rsquo;s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country&rsquo;s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector&rsquo;s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></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 proposal presented by the private sector bodies include&nbsp;closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. &nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>
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			'image' => '20200603011212_lockdown.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12109',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Draws Flak from Business Community',
			'sub_title' => '',
			'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ',
			'content' => '<h1><span style="font-size:24pt"><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 government&rsquo;s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD&rsquo;s directive to pay tax dues and submit tax details as government&rsquo;s dishonesty at a time when economic activities across the country have stopped for the last 70 days. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country&rsquo;s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. &ldquo;Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,&rdquo; said Golchha, adding, &ldquo;We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.&rdquo; &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. &ldquo;The deadline was extended for June 7 from its original date of April 7. So, there won&rsquo;t be further rescheduling,&rdquo; said Revenue Secretary Ram Sharan Pudasaini. &ldquo;The government has not levied new taxes. We have just asked business owners to clear their dues,&rdquo; he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. &ldquo;Businesses need not to pay taxes if they haven&rsquo;t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,&rdquo; said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. &ldquo;It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,&rdquo; reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. &ldquo;There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,&rdquo; said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12108',
			'article_category_id' => '1',
			'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA',
			'sub_title' => '',
			'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">At a time when the government&rsquo;s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA&rsquo;s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. &nbsp;According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. &nbsp;NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We won&rsquo;t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,&rdquo; said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn&rsquo;t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. &ldquo;A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,&rdquo; he informed.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;Nevertheless, private power producers are against the compensation. &ldquo;Private power companies&nbsp;too should be recompensed in case they face losses,&rdquo; said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. &ldquo;NEA will register high from project like these in the coming years,&rdquo; said Pradhan. </span></span></span></span></h1>
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			'sortorder' => '11856',
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			'article_date' => '2020-06-02 18:08:54',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12107',
			'article_category_id' => '1',
			'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ',
			'sub_title' => '',
			'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.',
			'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 a part of its corporate social responsibility (CSR) initiative,&nbsp;Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled &ldquo;Support to the vulnerable communities of the Mountain region during the COVID&mdash;19 Pandemic&rdquo;. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of&nbsp;Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank&rsquo;s head office in Kathmandu recently. </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">&ldquo;At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,&rdquo; the statement quoted Dastidar as saying. </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">Thanking SCBN for the financial support, Sherpa said, &ldquo;We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal&rsquo;s&nbsp;Himalayan communities in short- and long-term initiatives.&rdquo; </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">Earlier this month, the Bank had supported&nbsp;Nepal Government&rsquo;s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12106',
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			'title' => 'Most Industries Remain Shut Across the Country',
			'sub_title' => '',
			'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ',
			'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">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </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">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </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">GEFONT prepared the &lsquo;Fast Track Survey Report on Problems Faced by Workers due Covid-19&rsquo; comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. &nbsp;According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven&rsquo;t disbursed full amount of salaries of workers since then. &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">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. &ldquo;Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,&rdquo; said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). &ldquo;Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,&rdquo; he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country&rsquo;s economy. </span></span></span></span></p>
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			'id' => '12105',
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			'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI',
			'sub_title' => '',
			'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ',
			'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 Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the &lsquo;CNI- Economic Survival Series&rsquo; virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </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">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. &nbsp;Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, &ldquo;On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country&rsquo;s economy by introducing short-term and long-term policy arrangements.&rdquo; </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">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1>
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		'Article' => array(
			'id' => '12119',
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			'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme',
			'sub_title' => '',
			'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers&rsquo; Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. &nbsp;</span></span></span></span></h1>
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			'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins',
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			'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.',
			'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;">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></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;">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. &ldquo;10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,&rdquo; informed Suman Ghimire, joint secretary at Ministry of Labour. &nbsp;A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. &nbsp;Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal&rsquo;s embassy has been working to set timeline for their repatriation. </span></span></span></span></p>
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			'id' => '12117',
			'article_category_id' => '1',
			'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal',
			'sub_title' => '',
			'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.',
			'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">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">prioritise Indian satellites for navigation</span></span>.</span></span></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">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> &ldquo;The 8nm Process Technology enables it to run 1 - 1.5&deg; cooler for sustained peak performance than many other 12nm chipsets,&rdquo; reads the statement. &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">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. &ldquo;The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there&rsquo;s a 16MP sensor in the front,&rdquo; informed the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. &ldquo;With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,&rdquo; Xiaomi said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. &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">&ldquo;Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,&rdquo; he added. </span></span></span></span></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 Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p>
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			'id' => '12116',
			'article_category_id' => '1',
			'title' => 'Business Owners Intensify Defiance of Lockdown Orders ',
			'sub_title' => '',
			'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a show of growing frustration against the &lsquo;no-end-in-sight&rsquo; lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders&rsquo; Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, major private sector bodies &ndash; Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. &nbsp;Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. &ldquo;Business reopening is expected to reach 60-70 percent today,&rdquo; said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><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 district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12115',
			'article_category_id' => '1',
			'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ',
			'sub_title' => '',
			'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ',
			'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 Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. &nbsp;Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></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">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></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 board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN&rsquo;s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></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">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board&rsquo;s problems from day-to-day operation to approving investment proposals. &ldquo;The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,&rdquo; Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. &nbsp;</span></span></span></span></p>
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			'sortorder' => '11863',
			'image' => '20200604020901_IBN.jpg',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12114',
			'article_category_id' => '1',
			'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities',
			'sub_title' => '',
			'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Experts have&nbsp;suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was &lsquo;very fruitful and result-oriented&rsquo;. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The lockdown imposed by the government on March 24 has been extended to 14 June. &nbsp;&nbsp;Citizens have mostly followed the government&rsquo;s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p>
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			'article_date' => '2020-06-04 10:39:47',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12113',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Extended by 14 days',
			'sub_title' => '',
			'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ',
			'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">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7,&nbsp; the&nbsp;Inland Revenue Department (IRD)&nbsp;has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set&nbsp;two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the&nbsp;second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></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&nbsp;took a step back from its earlier position&nbsp;after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p>
',
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			'sortorder' => '11861',
			'image' => '20200603062512_tax.jpg',
			'article_date' => '2020-06-03 18:20:32',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12112',
			'article_category_id' => '1',
			'title' => 'NRB Introduces Refinancing Work Procedure',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ',
			'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">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span><br />
<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">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p>

<p><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate.&nbsp;According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry.&nbsp;</span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12111',
			'article_category_id' => '1',
			'title' => ' World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform ',
			'sub_title' => '',
			'summary' => 'The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. ',
			'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">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s electricity sector. </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">&ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,&rdquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;This operation will help refocus investment priorities and support the government&rsquo;s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">World Bank has noted that Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. &ldquo;An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; said the bank. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal&rsquo;s energy sector through the third operation of the DPC series,&rdquo; the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12110',
			'article_category_id' => '1',
			'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ',
			'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">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country&rsquo;s private sector &ndash; Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) &ndash; have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. &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 pressure of the private sector to open businesses is also seen as a counter to the government&rsquo;s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country&rsquo;s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector&rsquo;s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></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 proposal presented by the private sector bodies include&nbsp;closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. &nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12109',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Draws Flak from Business Community',
			'sub_title' => '',
			'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ',
			'content' => '<h1><span style="font-size:24pt"><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 government&rsquo;s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD&rsquo;s directive to pay tax dues and submit tax details as government&rsquo;s dishonesty at a time when economic activities across the country have stopped for the last 70 days. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country&rsquo;s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. &ldquo;Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,&rdquo; said Golchha, adding, &ldquo;We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.&rdquo; &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. &ldquo;The deadline was extended for June 7 from its original date of April 7. So, there won&rsquo;t be further rescheduling,&rdquo; said Revenue Secretary Ram Sharan Pudasaini. &ldquo;The government has not levied new taxes. We have just asked business owners to clear their dues,&rdquo; he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. &ldquo;Businesses need not to pay taxes if they haven&rsquo;t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,&rdquo; said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. &ldquo;It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,&rdquo; reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. &ldquo;There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,&rdquo; said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12108',
			'article_category_id' => '1',
			'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA',
			'sub_title' => '',
			'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">At a time when the government&rsquo;s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA&rsquo;s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. &nbsp;According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. &nbsp;NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We won&rsquo;t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,&rdquo; said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn&rsquo;t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. &ldquo;A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,&rdquo; he informed.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;Nevertheless, private power producers are against the compensation. &ldquo;Private power companies&nbsp;too should be recompensed in case they face losses,&rdquo; said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. &ldquo;NEA will register high from project like these in the coming years,&rdquo; said Pradhan. </span></span></span></span></h1>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12107',
			'article_category_id' => '1',
			'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ',
			'sub_title' => '',
			'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.',
			'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 a part of its corporate social responsibility (CSR) initiative,&nbsp;Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled &ldquo;Support to the vulnerable communities of the Mountain region during the COVID&mdash;19 Pandemic&rdquo;. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of&nbsp;Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank&rsquo;s head office in Kathmandu recently. </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">&ldquo;At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,&rdquo; the statement quoted Dastidar as saying. </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">Thanking SCBN for the financial support, Sherpa said, &ldquo;We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal&rsquo;s&nbsp;Himalayan communities in short- and long-term initiatives.&rdquo; </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">Earlier this month, the Bank had supported&nbsp;Nepal Government&rsquo;s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12106',
			'article_category_id' => '1',
			'title' => 'Most Industries Remain Shut Across the Country',
			'sub_title' => '',
			'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ',
			'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">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </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">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </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">GEFONT prepared the &lsquo;Fast Track Survey Report on Problems Faced by Workers due Covid-19&rsquo; comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. &nbsp;According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven&rsquo;t disbursed full amount of salaries of workers since then. &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">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. &ldquo;Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,&rdquo; said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). &ldquo;Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,&rdquo; he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country&rsquo;s economy. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12105',
			'article_category_id' => '1',
			'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI',
			'sub_title' => '',
			'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ',
			'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 Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the &lsquo;CNI- Economic Survival Series&rsquo; virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </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">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. &nbsp;Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, &ldquo;On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country&rsquo;s economy by introducing short-term and long-term policy arrangements.&rdquo; </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">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1>
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			'id' => '12119',
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			'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme',
			'sub_title' => '',
			'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers&rsquo; Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. &nbsp;</span></span></span></span></h1>
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		'Article' => array(
			'id' => '12118',
			'article_category_id' => '1',
			'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins',
			'sub_title' => '',
			'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.',
			'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;">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></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;">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. &ldquo;10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,&rdquo; informed Suman Ghimire, joint secretary at Ministry of Labour. &nbsp;A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. &nbsp;Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal&rsquo;s embassy has been working to set timeline for their repatriation. </span></span></span></span></p>
',
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			'created' => '2020-06-05',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11866',
			'image' => '20200605065834_Myanmar_TIA-scaled.jpg',
			'article_date' => '2020-06-05 12:53:02',
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	(int) 2 => array(
		'Article' => array(
			'id' => '12117',
			'article_category_id' => '1',
			'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal',
			'sub_title' => '',
			'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.',
			'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">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">prioritise Indian satellites for navigation</span></span>.</span></span></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">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> &ldquo;The 8nm Process Technology enables it to run 1 - 1.5&deg; cooler for sustained peak performance than many other 12nm chipsets,&rdquo; reads the statement. &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">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. &ldquo;The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there&rsquo;s a 16MP sensor in the front,&rdquo; informed the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. &ldquo;With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,&rdquo; Xiaomi said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. &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">&ldquo;Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,&rdquo; he added. </span></span></span></span></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 Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p>
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			'image' => '20200604055440_Redmi Note 9 Pro[6998].jpg',
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	(int) 3 => array(
		'Article' => array(
			'id' => '12116',
			'article_category_id' => '1',
			'title' => 'Business Owners Intensify Defiance of Lockdown Orders ',
			'sub_title' => '',
			'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a show of growing frustration against the &lsquo;no-end-in-sight&rsquo; lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders&rsquo; Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, major private sector bodies &ndash; Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. &nbsp;Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. &ldquo;Business reopening is expected to reach 60-70 percent today,&rdquo; said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><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 district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1>
',
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			'sortorder' => '11864',
			'image' => '20200604051542_Market.jpg',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12115',
			'article_category_id' => '1',
			'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ',
			'sub_title' => '',
			'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ',
			'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 Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. &nbsp;Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></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">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></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 board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN&rsquo;s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></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">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board&rsquo;s problems from day-to-day operation to approving investment proposals. &ldquo;The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,&rdquo; Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. &nbsp;</span></span></span></span></p>
',
			'published' => true,
			'created' => '2020-06-04',
			'modified' => '2020-06-04',
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			'sortorder' => '11863',
			'image' => '20200604020901_IBN.jpg',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12114',
			'article_category_id' => '1',
			'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities',
			'sub_title' => '',
			'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Experts have&nbsp;suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was &lsquo;very fruitful and result-oriented&rsquo;. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The lockdown imposed by the government on March 24 has been extended to 14 June. &nbsp;&nbsp;Citizens have mostly followed the government&rsquo;s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p>
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			'created' => '2020-06-04',
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			'description' => '',
			'sortorder' => '11862',
			'image' => '20200604104218_lockdown meeting.jpg',
			'article_date' => '2020-06-04 10:39:47',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12113',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Extended by 14 days',
			'sub_title' => '',
			'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ',
			'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">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7,&nbsp; the&nbsp;Inland Revenue Department (IRD)&nbsp;has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set&nbsp;two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the&nbsp;second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></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&nbsp;took a step back from its earlier position&nbsp;after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p>
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			'created' => '2020-06-03',
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			'sortorder' => '11861',
			'image' => '20200603062512_tax.jpg',
			'article_date' => '2020-06-03 18:20:32',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12112',
			'article_category_id' => '1',
			'title' => 'NRB Introduces Refinancing Work Procedure',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ',
			'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">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span><br />
<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">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p>

<p><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate.&nbsp;According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry.&nbsp;</span></span></p>
',
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			'created' => '2020-06-03',
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			'sortorder' => '11860',
			'image' => '20200603021952_refinancing.jpg',
			'article_date' => '2020-06-03 14:11:54',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12111',
			'article_category_id' => '1',
			'title' => ' World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform ',
			'sub_title' => '',
			'summary' => 'The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. ',
			'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">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s electricity sector. </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">&ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,&rdquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;This operation will help refocus investment priorities and support the government&rsquo;s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">World Bank has noted that Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. &ldquo;An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; said the bank. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal&rsquo;s energy sector through the third operation of the DPC series,&rdquo; the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12110',
			'article_category_id' => '1',
			'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ',
			'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">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country&rsquo;s private sector &ndash; Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) &ndash; have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. &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 pressure of the private sector to open businesses is also seen as a counter to the government&rsquo;s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country&rsquo;s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector&rsquo;s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></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 proposal presented by the private sector bodies include&nbsp;closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. &nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>
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			'image' => '20200603011212_lockdown.jpg',
			'article_date' => '2020-06-03 13:09:58',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12109',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Draws Flak from Business Community',
			'sub_title' => '',
			'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ',
			'content' => '<h1><span style="font-size:24pt"><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 government&rsquo;s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD&rsquo;s directive to pay tax dues and submit tax details as government&rsquo;s dishonesty at a time when economic activities across the country have stopped for the last 70 days. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country&rsquo;s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. &ldquo;Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,&rdquo; said Golchha, adding, &ldquo;We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.&rdquo; &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. &ldquo;The deadline was extended for June 7 from its original date of April 7. So, there won&rsquo;t be further rescheduling,&rdquo; said Revenue Secretary Ram Sharan Pudasaini. &ldquo;The government has not levied new taxes. We have just asked business owners to clear their dues,&rdquo; he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. &ldquo;Businesses need not to pay taxes if they haven&rsquo;t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,&rdquo; said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. &ldquo;It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,&rdquo; reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. &ldquo;There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,&rdquo; said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12108',
			'article_category_id' => '1',
			'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA',
			'sub_title' => '',
			'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">At a time when the government&rsquo;s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA&rsquo;s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. &nbsp;According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. &nbsp;NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We won&rsquo;t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,&rdquo; said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn&rsquo;t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. &ldquo;A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,&rdquo; he informed.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;Nevertheless, private power producers are against the compensation. &ldquo;Private power companies&nbsp;too should be recompensed in case they face losses,&rdquo; said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. &ldquo;NEA will register high from project like these in the coming years,&rdquo; said Pradhan. </span></span></span></span></h1>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12107',
			'article_category_id' => '1',
			'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ',
			'sub_title' => '',
			'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.',
			'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 a part of its corporate social responsibility (CSR) initiative,&nbsp;Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled &ldquo;Support to the vulnerable communities of the Mountain region during the COVID&mdash;19 Pandemic&rdquo;. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of&nbsp;Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank&rsquo;s head office in Kathmandu recently. </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">&ldquo;At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,&rdquo; the statement quoted Dastidar as saying. </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">Thanking SCBN for the financial support, Sherpa said, &ldquo;We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal&rsquo;s&nbsp;Himalayan communities in short- and long-term initiatives.&rdquo; </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">Earlier this month, the Bank had supported&nbsp;Nepal Government&rsquo;s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12106',
			'article_category_id' => '1',
			'title' => 'Most Industries Remain Shut Across the Country',
			'sub_title' => '',
			'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ',
			'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">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </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">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </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">GEFONT prepared the &lsquo;Fast Track Survey Report on Problems Faced by Workers due Covid-19&rsquo; comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. &nbsp;According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven&rsquo;t disbursed full amount of salaries of workers since then. &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">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. &ldquo;Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,&rdquo; said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). &ldquo;Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,&rdquo; he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country&rsquo;s economy. </span></span></span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12105',
			'article_category_id' => '1',
			'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI',
			'sub_title' => '',
			'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ',
			'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 Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the &lsquo;CNI- Economic Survival Series&rsquo; virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </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">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. &nbsp;Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, &ldquo;On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country&rsquo;s economy by introducing short-term and long-term policy arrangements.&rdquo; </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">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1>
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			'id' => '12119',
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			'title' => 'IB Gives Continuity to Covid-19 Insurance Scheme',
			'sub_title' => '',
			'summary' => 'A day after directing insurance companies to discontinue issuing the Covid-19 Insurance Policy, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme.',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">A day after directing insurance companies to discontinue issuing the Covid-19 insurance policies, the Insurance Board (IB), the insurance sector regulator, has decided to give continuity to the coronavirus insurance scheme. IB directed insurers yesterday to put off the programme until further notice. Nepal Insurers&rsquo; Association (NIA) had earlier asked the board to discontinue coronavirus insurance scheme saying that it has become too risky for the companies due to the fast rise in Covid-19 cases in the country. IB was criticized for introducing the insurance programme without conducting proper study of the situation and for lack of foresight.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The risk of Covid-19 insurance will be shared between the government, IB, Nepal Reinsurance Company and insurance companies. As per the IB directive, the news policies under the scheme will provide coverage to the insured until Chaitra 1. The policies issued earlier provide coverage of one year to the insured from the date of purchase of the policy. IB has decided to further expand the scope of the Covid-19 insurance scheme. In a meeting with CEOs of insurance companies today, IB directed insurers to work to issue at least 10 million Covid-19 policies. &nbsp;</span></span></span></span></h1>
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			'title' => 'Repatriation of 40,000 Nepalis Stranded in Foreign Lands Begins',
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			'summary' => 'The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today.',
			'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;">The government has started to repatriate Nepali nationals stranded in foreign lands due to Covid-19 crisis on priority basis. After facing harsh criticism from various quarters of the society for showing reluctance to bring stranded Nepalis back home, the government has stepped up to rescue 40,000 citizens from different countries starting today. According to officials, the government has prioritized those facing difficulties and looking to return from major labour destination countries of Nepal including Malaysia, United Arab Emirates (UAE), Kuwait, Saudi Arabia and Qatar. However, the flight of Air Arabia scheduled for today to bring Nepalis from UAE has been canceled due to some technical reasons. The government of UAE had proposed to airlift Nepalis living there in its own expenses. Officials say that the flights will commence in the next few days after the issues are settled. </span></span></span></span></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;">The government has targeted to bring over 18,000 Nepalis stranded in UAE and Myanmar. &ldquo;10 chartered flights daily will bring Nepalis nationals from the countries. Some 18,000 are looking to return to Nepal from UAE while the number is 30 in Myanmar,&rdquo; informed Suman Ghimire, joint secretary at Ministry of Labour. &nbsp;A plane belonging to Myanmar Air Force has brought 26 Nepalis to Kathmandu today afternoon; the flight will take back Burmese stranded in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, the government of Kuwait will also send 3,000 Nepalis, who have received general amnesty, back home at its own expenses. &nbsp;Labour ministry officials say that 5,000 Nepali migrant workers, who have become jobless due to Covid-19 crisis, are waiting to be airlifted immediately from Kuwait and Nepal&rsquo;s embassy has been working to set timeline for their repatriation. </span></span></span></span></p>
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			'id' => '12117',
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			'title' => 'Xiaomi Introduces Redmi Note 9 Pro in Nepal',
			'sub_title' => '',
			'summary' => 'Chinese smartphone brand Xiaomi has launched the 9th generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will prioritise Indian satellites for navigation.',
			'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">Chinese smartphone brand</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> Xiaomi has launched the 9<sup>th</sup> generation of its Redmi Note series handsets in the Nepal market. Redmi Note 9 Pro comes with for NavIC, a navigation system developed indigenously by the Indian Space Research Organization (ISRO), which will </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">prioritise Indian satellites for navigation</span></span>.</span></span></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">Issuing a press statement, Xiaomi claimed that Redmi Note 9 is the most competitive smartphone in its price segment featuring the latest Qualcomm Snapdragon 720G processor.</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> &ldquo;The 8nm Process Technology enables it to run 1 - 1.5&deg; cooler for sustained peak performance than many other 12nm chipsets,&rdquo; reads the statement. &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">Redmi Note 9 Pro sports a 48MP Samsung ISOCELL Bright GM2 sensor which hosts camera features like Smart ISO to enable better results in the toughest of lighting conditions. &ldquo;The 48MP sensor is coupled with an 8MP ultra-wide angle lens, a 2MP depth sensor and a 5MP macro sensor that lets you go as close as 2cm to the subject and support for 1080p macro video. For selfie lovers, there&rsquo;s a 16MP sensor in the front,&rdquo; informed the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the company, Redmi Note 9 Pro features the Aura Balance Design which brings immersive experience, impeccable craftsmanship and functional design to the handset. &ldquo;With the side-mounted fingerprint scanner that sits flush on the matt-finish midframe, Redmi Note 9 Pro facilitates a natural approach to unlocking,&rdquo; Xiaomi said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Other features of Redmi Note 9 Pro include triple Corning Gorilla Glass 5, on the front, rear and on the rear camera lenses. It is protected by P2i, splash proof nano-coating technology which protects them from accidental spills, while the reinforced corners provide better resilience to accidental falls, according to the company. &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">&ldquo;Redmi Note series has been the torch bearer of innovation for everyone. Redmi Note 8 series set new benchmarks continuing the Redmi Note legacy and evolved as one of the most sought-after series. In 2019 Redmi Note 8 went on to become the no. 1 Android smartphone globally,&rdquo; the statement quoted </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Sourabh Kothari, country general manager of Xiaomi Nepal, as saying. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are especially excited about Redmi Note 9 Pro, built for true Mi Fans and we hope they would appreciate this perfect amalgamation of Aura Balance design, massive battery and quad camera set up as we continue to bring the best specs with highest quality at honest pricing,&rdquo; he added. </span></span></span></span></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 Xiaomi, Redmi Note 9 Pro of 6GB + 128GB variant will be available in Interstellar Black for Rs 29,999 across offline stores, retail partners and online partners very soon.</span></span></span></span></p>
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			'id' => '12116',
			'article_category_id' => '1',
			'title' => 'Business Owners Intensify Defiance of Lockdown Orders ',
			'sub_title' => '',
			'summary' => 'In a show of growing frustration against the ‘no-end-in-sight’ lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73rd day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a show of growing frustration against the &lsquo;no-end-in-sight&rsquo; lockdown, business owners and traders have opened stores across the country. With the ongoing lockdown in its 73<sup>rd</sup> day making it one of the longest running lockdowns in the world to stop coronavirus from spreading, traders have been forced to face mounting business losses. Running out of patience, they defied government order to keep their shops, stores and offices shut down saying they can no longer afford to pay house rents, staff salaries and clear tax dues without resumption of business activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Markets in across the country have opened today with businesses operating for longer hours than earlier days. Stores selling make-up items, liquor, electric items, apparels, among others, categorised under non-essential businesses have also resume their operations. Stores in major market areas in Kathmandu valley including New Road, Ason, Baneshwor, Kumaripati, Lagankhel, Putalisadak, Chabahil and Koteshwor, among other places, are opened for business. Similarly, businesses are also opened in different districts including Biratnagar, Rajbiraj, Birgunj, Hetauda, Pokhara, Chitwan, Butwal, Bhairahawa, Dang, Dhangadhi and Nepalgunj. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Shopkeepers and small store owners have been increasingly defying the lockdown orders the last few days. With the crippling impacts of the lockdown becoming more clearer, the calls to open shops and businesses have grown louder. Small traders have opened their businesses under the leadership of Nepal National Traders&rsquo; Federation. The association of small traders has asked businesses to defy the restrictions to resume their activities. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, major private sector bodies &ndash; Federation of Nepalese Chambers of Commerce of Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have also asked the administration to allow resumption of industrial and business activities. &nbsp;Durga Raj Shrestha, chairman of supply committee of Kathmandu Chamber of Commerce and Industry said that even the reduced hours of business operation have added to the enthusiasm of business owners. &ldquo;Business reopening is expected to reach 60-70 percent today,&rdquo; said Kishore Pradhan, vice president (district and municipal chapter) of FNCCI. According to him, business owners have restarted their activities by following health safety standards and physical distancing measures. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Kathmandu Valley Administrations Allow Reopening of Businesses </span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><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 district administrations of the Kathmandu valley have decided not to obstruct reopening of businesses. Amid the intensifying defiance of traders, a meeting between chief district officers (CDOs) of Kathmandu, Lalitpur and Bhaktapur and private sector representatives held on today afternoon, the CDOs said that the local administrations are ready to facilitate resumption of business activities by implementing proper health safety standards. In the meeting NCC President Rajesh Kaji Shrestha presented suggestions to facilitate safe and secure reopening of businesses. </span></span></span></span></h1>
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		'Article' => array(
			'id' => '12115',
			'article_category_id' => '1',
			'title' => 'Proposals for Projects Worth Rs 80bn Go Undecided Due to Delay in IBN CEO Appointment ',
			'sub_title' => '',
			'summary' => 'The Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. ',
			'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 Investment Board Nepal (IBN), the body established to facilitate large investments in the country, has been left without leadership since April 2 when its CEO Maha Prasad Adhikari was appointed Governor of Nepal Rastra Bank. However, process to appoint chief executive in the board has not started even after two months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the delay in appointment of CEO, IBN has not decided on proposed projects worth about Rs 80 billion that have already gone through economic and technical inspections. &nbsp;Before the start of lockdown, proposals for seven investment projects were submitted to IBN. Among them, two proposals have been recommended by the Department of Industry while the other five proposals have been directly submitted by investors to IBN. The discussion over the proposals have not proceeded and board meeting of IBN has not been held till date because of the delay in appointment of CEO. </span></span></span></span></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">Before the commencement of lockdown, IBN was working to facilitate large investment projects including Nijgadh International Airport, Tamor Reservoir Hydropower Project, West Seti Hydropower Project. Similarly, the board had prepared to facilitate agriculture projects working with provincial governments. Works of all these investment projects have been halted at present. IBN officials say that the feasibility study of Tamor Reservoir Hydropower Project has not been started because of the lockdown. Similarly, other projects that are under the study phase have also been halted. </span></span></span></span></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 board meeting of IBN which is held under the chairmanship of the Prime Minister has not been held since mid-February. The confusions regarding the new proposed projects is because only the board meeting has the authority to decide on the proposals. IBN Spokesperson Bal Ram Rijal said that the absence of CEO has created problems for the board. According to him, prospective investors are enquiring about investment projects though no IBN has received no new proposals from investors. The board is yet to decide proposals related to development of hydropower, energy and cement projects. According to IBN officials, the projects have been proposed by Nepali as well as Chinese, Japanese and Singaporean investors. The board meeting of IBN is necessary not only to approve investment proposals but also to reject the unqualifying proposals. Meanwhile, the absence of CEO has created difficulty to coordinate with IBN&rsquo;s chairman the Prime Minister, vice chairman Minister for Finance and ministers related to sector-wise investments. </span></span></span></span></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">Radhesh Pant, former CEO of IBN said that the delay in appointment of the chief executive will add to the board&rsquo;s problems from day-to-day operation to approving investment proposals. &ldquo;The government has failed to give continuity to the process of appointing CEO in an important institution like IBN. This will not only affect the day-to-day operation but also leave a long-term negative impact as foreign investors attracted to invest in Nepal can divert to elsewhere after facing procedural hassles,&rdquo; Pant pointed out. According to him, there should be handover and takeover practices at IBN one month prior to the ending of tenure of CEO. He suggested the government to prioritise appointment of CEO to give continuity to decide on investment proposals and other works undertaken by the board. &nbsp;</span></span></span></span></p>
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			'title' => 'Experts Suggest Relaxing Lockdown 'Carefully' to Resume Socio-Economic Activities',
			'sub_title' => '',
			'summary' => 'Experts have suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Experts have&nbsp;suggested the government to ease the ongoing lockdown in a careful manner to restart socio-economic activities. In a consultation meeting hosted by the Prime Minster KP Sharma Oli at his office in Baluwatar on Wednesday evening, the group 25 experts comprising of economists, public health experts, development planners and social activists asked the government to facilitate the resumption of activities to bring the lives of ordinary citizens back to normalcy. They suggested that measures should be adopted to provide treatment to COVID-19 infected making proper use of the limited resources, while also focusing on public awareness against the spread of coronavirus. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Amid growing frustration among the citizens as the protracted lockdown continues to cripple daily lives of the people, PM Oli invited the experts to discuss on finding ways to safely open social and economic activities. Experts said that the lockdown has adversely impacted every walk of social life and the government, therefore, needs to tread with caution to normalize socio-economic activities. The meeting which went on for four hours was also participated by Deputy Prime Minister and high-level Covid-19 response team coordinator Ishwar Pokharel, Minister for Foreign Affairs Pradeep Kumar Gyawali, Minister for Health and Population Bhanu Bhakta Dhakal and other high-ranking government officials. Surya Thapa, press adviser of the Prime Minister said that the consultation meeting was &lsquo;very fruitful and result-oriented&rsquo;. </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:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The lockdown imposed by the government on March 24 has been extended to 14 June. &nbsp;&nbsp;Citizens have mostly followed the government&rsquo;s stay -at-home order for the last 73 days However, the growing defiance of the crippling restrictions on transportation, travel and business activities by business owners and ordinary citizens in the recent days has created pressure on the government to rethink and revise its strategies to combat the spread of coronavirus. </span></span></span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12113',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Extended by 14 days',
			'sub_title' => '',
			'summary' => 'After facing widespread criticism for issuing notice to clear tax dues and submit tax details to the Inland Revenue Department (IRD) by June 7, the government has extended the tax payment and tax filing deadline by 14. ',
			'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">After facing widespread criticism for issuing notice to clear tax dues and submit tax details by June 7,&nbsp; the&nbsp;Inland Revenue Department (IRD)&nbsp;has extended the tax payment and tax filing deadline by 14. Issuing a new notice today, IRD has set&nbsp;two new deadlines for clearance of tax dues and filing of income tax details. As per the new arrangement, taxpayers will have to pay VAT, excise duties and income tax by June 21. Similarly, they are required to file income tax details estimate and pay the&nbsp;second installment of tax dues by June 29. Similarly, IRD has also extended the deadline for clearing education service tax and telecommunications tax to June 21.</span></span></span></span></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&nbsp;took a step back from its earlier position&nbsp;after major private sector bodies warned that businesses cannot clear their tax dues at a time when most of the economic activities in the country have come to a grinding halt because of lockdown which is in place since March 24. In a meeting with private sector representatives at the Ministry of Finance today afternoon, Revenue Secretary Sishir Kumar Dhungana informed that the government will extend the deadline. In the revised notice, IRD has also not mentioned anything about penalizing taxpayers if they fail to clear dues and file their tax details by the deadline. </span></span></span></span></p>
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			'article_date' => '2020-06-03 18:20:32',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12112',
			'article_category_id' => '1',
			'title' => 'NRB Introduces Refinancing Work Procedure',
			'sub_title' => '',
			'summary' => 'Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. ',
			'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">Nepal Rastra Bank (NRB) has introduced the Refinancing Work Procedure, 2077 to allow small and medium scale industries to avail up to Rs 100 million in refinancing. The procedure has been introduced to prop up businesses that have been hard hit by the Covid-19 pandemic and lockdown.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span><br />
<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">The loan will be provided in three categories of small and cottage industries, special and common industries. Business categorized as small and cottage industries can get loans for refinancing from banks and financial institutions (BFIs) at 5 percent interest rate.</span></span></span></span></p>

<p><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Similarly, businesses categorized under special industry can avail loan at 3 percent interest rate from BFIs. Likewise, common industries can get loan for refinancing at 5 percent interest rate.&nbsp;According to NRB, small and cottage industries will can avail up to Rs 1.5 million in refinancing which goes up to Rs 100 million for special industry.&nbsp;</span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12111',
			'article_category_id' => '1',
			'title' => ' World Bank’s USD 100m Loan to Nepal for Reform Electricity Sector Reform ',
			'sub_title' => '',
			'summary' => 'The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. ',
			'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">The World Bank today approved a USD 100 million Development Policy Credit (DPC) to continue its support to Nepal in improving the financial viability and governance of the electricity sector and boost COVID-19 crisis recovery efforts. The Washington D.C-based lender in a press statement said that the approved credit is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s electricity sector. </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">&ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,&rdquo;</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying. &ldquo;This operation will help refocus investment priorities and support the government&rsquo;s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">World Bank has noted that Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years and electricity is now available to 88 percent of the population. &ldquo;An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A new Electricity Act pending Parliamentary approval will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; said the bank. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Due to the COVID-19 crisis, however, the sector </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">has been hit hard by demand shocks, a cash flow crunch, and a halt of construction activities, according to the statement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;This operation builds on the important progress made under the first energy sector DPC operation and we will continue to support the government in addressing the immediate, medium- and long-term impacts of the crisis on Nepal&rsquo;s energy sector through the third operation of the DPC series,&rdquo; the statement quoted </span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Xiaoping Wang, senior energy specialist at World Bank as saying</span></span><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12110',
			'article_category_id' => '1',
			'title' => 'Private Sector Ramps Up Pressure to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'The private sector has ramped up the pressure on the government to change the modality of the lockdown. ',
			'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">The private sector has ramped up the pressure on the government to change the modality of the lockdown. After the government ignored repeated calls of business community to ease crippling restrictions on movement of people, transportation and business activities which is in place for the last 72 days, the private sector has started its push for ending the lockdown in the current form. All three umbrella organizations of the country&rsquo;s private sector &ndash; Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) &ndash; have presented their recommendations on alternatives of the lockdown to the government. They have suggested demarking areas most affected by red colour, less affected by yellow colour and unaffected by green colour to allow businesses should to operate. According to them, it has become necessary to open industries and business enterprises by implementing health safety standards as the protracted lockdown has exacerbated their financial losses and that entrepreneurs have started to panic due to the worsening situation. &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 pressure of the private sector to open businesses is also seen as a counter to the government&rsquo;s order to clear tax dues and submit tax details by June 7. The government, however, is yet to respond to the calls of the private sector. Business community members, who have been asking for change in the modality of lockdown since mid-April, have held a meeting with government officials on Tuesday which ended without any conclusion. In the meeting participated by the Coordinator of the high-level coronavirus response committee and Deputy Prime Minister Ishwar Pokharel, Minister for Industry, Commerce and Supplies Lekh Raj Bhatta, Minister for Physical Infrastructure and Transport Basanta Kumar Nemwang, private sector representatives said that the risk from hunger is higher than it is from the Covid-19 disease and that business activities need to be resumed immediately. FNCCI President Bhawani Rana said that extending lockdown is not the solution to the problem and the government needs to facilitate the private sector to restart the country&rsquo;s economic engine. NCC President Rajesh Kaji Shrestha urged that the government to seriously consider private sector&rsquo;s suggestions. He hoped that the current situation will end soon as the government has showed seriousness this time. </span></span></span></span></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 proposal presented by the private sector bodies include&nbsp;closure of all types of transportation from 8 PM to 5 AM, inter-state road transport, air travel, educational institutions, religious places, cinema halls, shopping malls, gym and sports centres and inter-district bus transport in all three (red, yellow and green) zones. Similarly, allow opening of restaurants for take-away of food items in green and yellow zone has been proposed. Likewise, allowing operation of essential items business, medical stores, OPD, diagnostic and pathology services, departmental stores, banks, insurance companies, cooperative institutions, courier and postal services, goods transport, industrial enterprises, agri businesses and construction sites has also been suggested. &nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></span></p>
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			'image' => '20200603011212_lockdown.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12109',
			'article_category_id' => '1',
			'title' => 'Tax Clearance Deadline Draws Flak from Business Community',
			'sub_title' => '',
			'summary' => 'The government’s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. ',
			'content' => '<h1><span style="font-size:24pt"><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 government&rsquo;s refusal to extend the tax clearance deadline has met with sharp criticism from the private sector. Issuing a notice on June 2, the Inland Revenue Department (IRD) directed taxpayers to clear the dues by June 7 and failure to pay the taxes within the deadline will result in fines for taxpayers. The notice infuriated business community members who have not been able to run their businesses since the beginning of lockdown on March 24. They have labeled IRD&rsquo;s directive to pay tax dues and submit tax details as government&rsquo;s dishonesty at a time when economic activities across the country have stopped for the last 70 days. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to extend the tax clearance deadline saying that the extension would provide justice to the country&rsquo;s business community members who have faced enormous business loss due to the lockdown. FNCCI Senior Vice President Shekhar Golchha urged the government not to add to the woes of businesspersons who have not received support they have sought from the state. &ldquo;Business community members in other countries have received various types of support. In our country, the budget has failed to address our problems,&rdquo; said Golchha, adding, &ldquo;We urge the government not to hurt the business community if it cannot provide support to us. Taxes will be collected if the lockdown is lifted and business transactions are resumed.&rdquo; &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a meeting with the high-level coronavirus response committee of the government on Tuesday, representatives of private sector said that they are unable to pay taxes in the current situation. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">But officials at the Ministry of Finance (MoF) have dismissed the calls of the private sector to extend the tax clearance deadline. &ldquo;The deadline was extended for June 7 from its original date of April 7. So, there won&rsquo;t be further rescheduling,&rdquo; said Revenue Secretary Ram Sharan Pudasaini. &ldquo;The government has not levied new taxes. We have just asked business owners to clear their dues,&rdquo; he added. According to Pudasaini, taxpayers have been provided the facility to pay taxes and submit their tax details online. IRD officials say that all taxpayers are required to pay their dues and file tax details by June 7 to avoid penalties. &ldquo;Businesses need not to pay taxes if they haven&rsquo;t earned anything and there should not be hue and cry when the government is asking them to submit their tax details online,&rdquo; said Binod Bahadur Kunwar, director general at IRD. According to him, the expansion of internet throughout the country has made it easier for online transactions and the department is even ready to coordinate with local administrations across the country to help taxpayers to reach tax offices. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">In a letter sent to revenue secretary Pudasaini on Tuesday, FNCCI has asked the ministry to extend clearance of income tax, VAT and excise duty and tax filing to mid-July to boost the confidence of all entrepreneurs and businesspersons at the time of economic crisis.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Another private sector body Nepal Chamber of Commerce (NCC) has also urged for tax payment deadline extension. NCC in a press statement said that the lockdown which has crossed 70 days has brought businesses to a very situation and that issuing deadline to pay dues and file tax details would be very discouraging for the private sector mired in crisis. Meanwhile, the Nepal Foreign Trade Association (NFTA) has also expressed its dissatisfaction over the notice issued by IRD. &ldquo;It is not appropriate to ask businesses to pay taxes at a time when all other transactions except essential ones have been halted for so long,&rdquo; reads a statement signed by NFTA President Madan Mittal. </span></span></span></span></h1>

<h1><strong><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">No Shortage of Money for Recurrent Expenditure</span></span></span></span></strong></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">While it has been said that the unwillingness of the government to extend the tax clearance deadline is because of the shortage of cash to pay salary to its employees, the Financial Comptroller General Office (FGCO) has said that the government currently does not have any problem regarding the recurrent expenditure. &ldquo;There are no issues in mandatory liability payments such as employee pension, social security allowances, retirement clearance, principle and interest payment of foreign loans, and salary and allowance payments of security personnel and teachers,&rdquo; said Financial Comptroller General Gopi Nath Mainali. </span></span></span></span></h1>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12108',
			'article_category_id' => '1',
			'title' => 'Government’s Announcement of Electricity Bill Discounts Spells Financial Loss for NEA',
			'sub_title' => '',
			'summary' => 'At a time when the government’s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">At a time when the government&rsquo;s announcement to provide discount to industries on payment of electricity bills in the budget for upcoming fiscal year has garnered praise from business community and ordinary citizens, a possibility has been seen that the Nepal Electricity Authority (NEA) will land into financial difficulty due to the decision. NEA&rsquo;s income is already under strain because of its inability to collect payments from customers and decline in electricity consumption due to the ongoing lockdown. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government has announced to provide 100 percent discount to NEA customers consuming electricity up to 10 units per month. Among the 4.2 million customers of NEA, about 800,000 consume power up to 10 units monthly. The bill payment waiver for such customers will result in NEA losing Rs 80 million a month. Similarly, providing customers 10 percent, 15 percent and 25 percent discount on the basis of power consumption will lead to financial losses of nearly Rs 5 billion to the authority, NEA officials argue. &nbsp;</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The budget has also provisioned to provide discount on minimum demand charge of electricity on drinking water supply, agriculture and all types of manufacturing industries. 50 percent waiver of charges has also been announced on off and peak hours of power consumption for industries. These discounts will reduce income of the authority by Rs 6 billion, say NEA officials. &nbsp;According to NEA Managing Director Kulman Ghising, the concessions announced by the government will lead to a total of Rs 12 billion in income loss for the authority. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">NEA, which had faced significant financial losses in the past, has gone through a turnaround under Ghising. The authority is in profit for the last three years; its net profit totaled Rs 10 billion in the last fiscal year which is highest among state-owned enterprises. &nbsp;NEA also targeted for a Rs 10 billion profit for the current fiscal year which now looks challenging due to the protracted lockdown and concessions on electricity bill payment announced by the government. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We won&rsquo;t be able to take the financial burden if the loss of our income is not compensated. We will ask the government to compensate us,&rdquo; said Ghising. According to him, it will be difficult for NEA even to pay to private power plants on purchase of their electricity. NEA has been buying power from independent power producers to sell to its customers. As per the Nepal Electricity Act, the government can provide concession on electricity charges. The Act has provisioned that the government has to compensate NEA should the authority faces loss due to the concession. </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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government is yet to decide on compensating NEA and the budget for upcoming fiscal year also hasn&rsquo;t mentioned anything about it. Dinesh Ghimire, secretary at Ministry of Energy, Water Resources and Irrigation expects that proposal for compensation will come from NEA. &ldquo;A meeting of NEA under the chairmanship of Energy Minister Barshaman Pun will be held soon to decide on the topic matter,&rdquo; he informed.</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:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;Nevertheless, private power producers are against the compensation. &ldquo;Private power companies&nbsp;too should be recompensed in case they face losses,&rdquo; said hydropower entrepreneur Gyanendra Lal Pradhan, adding that NEA can earn Rs 40 billion in profit after 18 months if the authority works in well-planned ways. From next year, 50 percent ownership of the Khimti Hydropower Project will be transferred to NEA and Upper Tamakoshi Hydropower Project will also be operational. &ldquo;NEA will register high from project like these in the coming years,&rdquo; said Pradhan. </span></span></span></span></h1>
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			'article_date' => '2020-06-02 18:08:54',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12107',
			'article_category_id' => '1',
			'title' => 'StanChart’s Financial Support to Pasang Lhamu Mountaineering Foundation ',
			'sub_title' => '',
			'summary' => 'In its mission to support the communities hard hit by Covid-19 pandemic, Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering.',
			'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 a part of its corporate social responsibility (CSR) initiative,&nbsp;Standard Chartered Bank Nepal (SCBN) has donated Rs 5.8 million to Pasang Lhamu Mountaineering Foundation, a NGO working in the field of mountaineering. Issuing a press statement SCBN informed that the foundation will use the money in its project titled &ldquo;Support to the vulnerable communities of the Mountain region during the COVID&mdash;19 Pandemic&rdquo;. Anirvan Ghosh Dastidar, CEO of SCBN handed over the cheque worth the amount to Namgyal Sherpa, vice president of&nbsp;Pasang Lhamu Mountaineering Foundation amid a handover programme organised at the bank&rsquo;s head office in Kathmandu recently. </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">&ldquo;At such difficult and uncertain times, we stand by our Brand Promise to be Here for good through supporting the vulnerable communities who are affected by the pandemic. Many have lost income opportunity and their livelihood has been worse affected. We hope to contribute in bringing much needed relief to them,&rdquo; the statement quoted Dastidar as saying. </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">Thanking SCBN for the financial support, Sherpa said, &ldquo;We are grateful to Standard Chartered Bank for their generosity and initiative in this time of unprecedented crisis to help in local communities in Nepal. Our foundation is committed to using this contribution in the most efficient way possible, for the most effective impact in Nepal&rsquo;s&nbsp;Himalayan communities in short- and long-term initiatives.&rdquo; </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">Earlier this month, the Bank had supported&nbsp;Nepal Government&rsquo;s Corona Virus Control and Treatment Relief Fund with Rs 11.6 million for COVID-19 relief activities. &nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2020-06-02 16:00:51',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12106',
			'article_category_id' => '1',
			'title' => 'Most Industries Remain Shut Across the Country',
			'sub_title' => '',
			'summary' => 'It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. ',
			'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">It has been a month since the government allowed 44 types of industries to resume their operations after ensuring necessary health safety measures to avoid contagion of coronavirus. However, it has been found that 70 percent industries across the country have remained shut down. According to study conducted by the General Federation of Nepalese Trade Unions (GEFONT) over two-thirds of industrial and service sector enterprises have not come into operation despite the government announcement. </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">GEFONT surveyed 323 industrial enterprises from Biratnagar to Kailali for the study. According to GEFONT, only 17 percent industries in areas of pharmaceuticals, food processing and soft drinks, construction materials industries and healthcare institutions are fully operational at present. Similarly, 13.63 percent are partly operational. As per the report, the continuation of lockdown has made it very hard for businesses to restart their activities. </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">GEFONT prepared the &lsquo;Fast Track Survey Report on Problems Faced by Workers due Covid-19&rsquo; comprising five topics related to operational status of industrial enterprises, salary payment, affiliation to Social Security Fund and wages situation of informal sector migrant workers. &nbsp;According to the report, industrial enterprises have not complied to the government directive to pay salaries of March-April (Chaitra) and April-May (Baisakh). Only 42.10 percent industries have distributed salaries for the March-April and 31.57 percent industries haven&rsquo;t disbursed full amount of salaries of workers since then. &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">Meanwhile, industrialists say that their inability to restart industries are due to lack of workers, problems in transportation and market access, and non-payment of due amount from the market. The lack of coordination among agencies in local levels is another major hindrance, they say. &ldquo;Just by asking to resume industrial activities in not enough. There should be backward and forward integration in this regard and an environment to allow employees to return their workplaces,&rdquo; said Chandra Dhakal, vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI). &ldquo;Industrialists and employees of industrial enterprises are facing problems to receive the travel passes issued by the government. The inter-ministerial coordination is even weaker to ease problems in travel and transportation,&rdquo; he added. Dhakal commented that it has already gotten late to resume business activities by adopting health safety standards as the lockdown has done significant damage to the country&rsquo;s economy. </span></span></span></span></p>
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			'image' => '20200602014231_padlocked factory.jpg',
			'article_date' => '2020-06-02 13:40:15',
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	(int) 14 => array(
		'Article' => array(
			'id' => '12105',
			'article_category_id' => '1',
			'title' => 'Budget Arrangements Inadequate for Economic Recovery: CNI',
			'sub_title' => '',
			'summary' => 'The Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. ',
			'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 Confederation of Nepalese Industries (CNI) has said that the relief measures announced in the Federal Budget for FY2020/21 are inadequate to kickstart the economic recovery. Unveiling the post-webinar report of the &lsquo;CNI- Economic Survival Series&rsquo; virtually on June 1 jointly with senior financial journalists, CNI President Satish Kumar Moore urged the government to come up with a comprehensive stimulus to take the Covid-19 pandemic-stricken economy out of the slump. </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">CNI had organised the webinar Economic Survival Series from May 18-21 hosting panel discussions on various important topics of economic recovery. The report comprises of conclusions of the discussions and views of experts who participated in the programme. According to Moore, the conclusion of the post-webinar report is to initiate active cooperation of all stakeholders to face the economic headwinds created by the global health emergency. &nbsp;Speaking on the occasion, Nirvana Chaudhary, vice president of CNI said, &ldquo;On the basis of suggestions made by the experts during the webinar, the report has incorporated recommendations to face the economic crisis and save the country&rsquo;s economy by introducing short-term and long-term policy arrangements.&rdquo; </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">Vishnu Agrawal, senior vice president of CNI said that the report will help the government and the stakeholders to move towards economic recovery facing the Covid-19 crisis. CNI has informed that it will present the report to the concerned government authorities. </span></span></span></span></h1>
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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