April 1: Companies listed in the Social Security Fund will be receiving government support under the relief package announced by the cabinet on Sunday.…
April 1: Companies listed in the Social Security Fund will be receiving government support under the relief package announced by the cabinet on Sunday.…
April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19…
April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported.…
April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the…
April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund.…
April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown.…
March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year.…
March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of…
March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported.…
March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s…
March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic.…
March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming.…
March 30: The government has announced relief package to tackle the financial crisis created by coronavirus.…
March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the…
March 30: The damage inflicted by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on…
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', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">April 1: Companies listed in the Social Security Fund will be receiving government support under the relief package announced by the cabinet on Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The government has decided to provide Rs 300 million to the companies struggling to pay their workers due to the effect of the coronavirus pandemic and the lockdown imposed by the government since March 24. Only those companies that have been contributing to the newly-established fund will be entitled to the benefit, said government sources.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The SSF has been collecting 31 percent cut from the salary of each employee from the private sector. Out of the 31 percent, the company contributes 20 percent while 11 percent is deducted from the employee’s basic salary.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Following the government announcement on Sunday, the contributors will not have to deposit the 31 percent amount for the month of Chaitra (mid-March to mid-April). The government itself will contribute the amount to the fund for the time period owing to the crisis caused by the pandemic that has spread to 202 countries and caused over 42,000 fatalities as of March 31. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Executive Director of the Social Security Fund Kapil Mani Gyawali informed New Business Age that the government itself will contribute the amount on behalf of the companies for this month. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">As of March-end, a total of 12,315 companies and 153,276 employees have been listed in the ambitious project announced by the government during the start of the current fiscal year. However, the companies and staffers contributing to the fund is actually less than the listed numbers. According to Gyawali, so far only 36,000 employees have made contribution to the fund. The fund has received Rs 870 million so far.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Meanwhile, vice president of Nepal Cement Producers’ Association Tara Prasad Pokharel said that more than 75 percent of cement companies have been listed in the SSF and urged others to join the fund. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He, however, argued that other companies that are not yet listed in the SSF but are contributing to the Employees’ Provident Fund (EPF) and the Citizen’s Investment Trust (CIT) should also be entitled to relief.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11609', 'image' => '20200401094426_1585693701.jpg', 'article_date' => '2020-04-01 09:43:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11859', 'article_category_id' => '1', 'title' => 'Keep Global Food Supply Chains Intact: WTO', 'sub_title' => '', 'summary' => 'April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic, the heads of the World Trade Organization (WTO) and UN food and health agencies said on Tuesday, warning of possible shortages and price spikes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Reuters, they voiced concern that disruptions to the movement of agricultural and food industry workers or food containers could result in the spoilage of perishables and increasing food waste and said protectionism was also a risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Uncertainty about food availability can spark a wave of export restrictions, creating a shortage on the global market," Reuters quoted WTO director-general Roberto Azevedo, and the heads of the World Health Organization Tedros Adhanom Ghebreyesus and the UN's Food and Agriculture Organization Qu Dongyu as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Such reactions can alter the balance between food supply and demand, resulting in price spikes and increased price volatility."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The joint statement added that such measures are particularly damaging to low-income and food-deficit countries, according to Reuters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Azevedo said last week that WTO projections show the economic downturn and job losses caused by the coronavirus pandemic would be worse than the 2008 recession. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11608', 'image' => '20200401120529_20171227013530__MG_0036.jpg', 'article_date' => '2020-04-01 12:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11855', 'article_category_id' => '1', 'title' => 'Visit Nepal 2020 Campaign Officially Postponed ', 'sub_title' => '', 'summary' => 'April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. The VNY 2020 aimed at bringing in more than 2 million foreign tourists to Nepal has been cancelled due to the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">President Bidya Devi Bhandari had inaugurated the Campaign on January 1 this year but given the outbreak of COVID-19, the government decided to postpone the campaign, Rastriya Samachar Samiti (RSS) said. </span><br /> <span style="font-family:"Arial Unicode MS"">Earlier, a meeting of the Council of Ministers had decided to postpone the campaign till April this year. Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari told RSS that the meeting of the Council of Ministers on March 22 took a decision to this effect. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“All the programmes related to Visit Nepal 2020 have been officially called off. We have not set any agenda for the campaign as of now. However the budget for the next fiscal year would discuss and decide on how to forward the campaign then,” RSS quoted Adhikari as saying. </span><br /> <span style="font-family:"Arial Unicode MS"">With the official decision to call off the campaign, the Visit Nepal Year 2020 Secretariat at Keshar Mahal in Kathmandu would be dissolved by mid-April this year. </span><br /> <span style="font-family:"Arial Unicode MS"">So far five positive cases of COVID-19 have been reported in Nepal, of which one infected person has returned home after treatment and recovery. The government has enforced a nation-wide lockdown since March 24 to contain the outbreak of the deadly virus. The lockdown will remain in force till April 7.</span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11607', 'image' => '20200401083536_Visit-Nepal-2020-Logo.jpg', 'article_date' => '2020-04-01 08:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11860', 'article_category_id' => '1', 'title' => 'UK Banks Scrap Dividends over Coronavirus Fears', 'sub_title' => '', 'summary' => 'April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus, Reuters reported. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to the news agency, Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Standard Chartered and the British arm of Spain’s Santander all halted payouts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“The lenders had been due to pay out over 8 billion pounds between them in 2019 dividends, with HSBC the biggest payer at $4.2 billion. The move came in response to a request from the Prudential Regulatory Authority (PRA), which also asked banks and insurers not to pay senior staff bonuses this year.,” Reuters said in a news report published on April 1. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The PRA said banks entered the epidemic, which has put Britain into lockdown, with strong capital positions, enough to withstand a severe UK and global recession, according to Reuters. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“Banks pay out dividends as a means of rewarding shareholders and disposing of excess profits, but they have the option to retain the earnings instead to preserve their capital levels.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The statements from British lenders reportedly come after the European Central Bank (ECB) last week asked euro zone lenders to skip dividend payments and share buybacks until October at the earliest, and use their profits to support the economy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Reuters further reported that several of Europe’s largest lenders, including UniCredit, and Societe Generale have already announced they will hold off paying 2019 dividends for now. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The move to scrap 2019 shareholder distributions is expected to free up capital that banks can instead lend to businesses and consumers rocked by the Covid-19 pandemic. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11606', 'image' => '20200401121627_1585580798.jpg', 'article_date' => '2020-04-01 12:15:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11854', 'article_category_id' => '1', 'title' => 'Former King Donates Rs 20 Million ', 'sub_title' => '', 'summary' => 'April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. The contribution will be made through the Himani Trust. </span><br /> <span style="font-family:"Arial Unicode MS"">In a statement issued on Tuesday, the former King has also thanked all for showing patience and exercising restraint at this time of crisis and disaster. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><strong><span style="font-family:"Arial Unicode MS"">“</span></strong><span style="font-family:"Arial Unicode MS"">Lockdown is imperative and there is no excuse to not follow it.” -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11605', 'image' => '20200401083425_1585669746.jpg', 'article_date' => '2020-04-01 08:33:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11857', 'article_category_id' => '1', 'title' => 'Collection of revenue declines due to Closure of Industries in Sunsari and Morang ', 'sub_title' => '', 'summary' => 'April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. Likewise, the lockdown has also rendered over 35,000 workers jobless in the region. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">However, 50 industries producing medicines, food and oxygen in the region are still in operation. Sunsari-Morang industrial corridor is the oldest industrial corridor of Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The industries in the region have been producing goods worth Rs 500 million a year regularly. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Besides affecting the production, the lockdown has also reduced import and export. This has made a direct impact on revenue collection at Biratnagar Customs Office. The collection of revenue from the customs point has declined to Rs 15 million per day from Rs 150 million since the lockdown began.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11604', 'image' => '20200401114741_1585692900.JPG', 'article_date' => '2020-04-01 11:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11853', 'article_category_id' => '1', 'title' => 'Coronavirus Takes Toll on Inflow of Remittance to Nepal', 'sub_title' => '', 'summary' => 'March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. The inflow of remittance is expected to further slump in the coming days due to the ban imposed by the government on issuing labour permits and the protracted lockdown in the labour destination countries.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">At present, the inflow of remittance has reduced significantly due to the imposition of lockdown and curfew in the countries offering foreign employment to Nepali workers in a bid to contain the spread of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to remittance companies, the inflow of remittance has decreased by 25 percent in the recent days compared to the normal times.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Flow of remittance into the country had been gradually decreasing since the last five months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The country recorded remittance inflow of Rs 75.40 billion in the first month of the current fiscal year (mid-July to mid-August). In the following month (mid-August to mid-September), remittance increased by Rs2.93 billion to Rs 78.33 billion. But since then, it has been decreasing every month. The inflow of remittance was the lowest between mid-January to mid-February in the current fiscal year at Rs 65.95 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s major source of remittance is foreign employment. But this sector has been badly affected by the coronavirus pandemic, which has killed almost 38,000 people worldwide and infected nearly 800,000 people across the globe as of Tuesday afternoon (March 31).</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On one hand, the government has stopped issuing labour permits while on the other hand the some of the major labour destination countries have themselves imposed travel restriction for foreigners, including Nepali migrant workers. This has prevented Nepali migrant workers from travelling abroad for foreign employment. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to NRB, a major portion of remittance comes to Nepal from countries like Malaysia, Saudi Arabia, USA, India among other countries. All of these countries are currently struggling to cope with the crisis created by the coronavirus pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has greatly affected financial activities in the labour destination countries which in turn has threatened the job security of Nepali migrant workers. Subsequently, the inflow of remittance has been largely affected by the pandemic, which originated from China and now has shifted to Europe, USA and the middle east.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the families in Nepal are dependent on remittance sent by their family members from abroad.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Economist and former vice chairman of the National Planning Commission Swornim Wagle says that the inflow of remittance is likely to decrease if the coronavirus pandemic gets protracted.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another economist Keshav Acharya also shares similar view of a grim scenario.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to Suman Pokharel, CEO of IME Remit, which brings in most of the remittance to Nepal from abroad, also believes that there are high chances that the flow of remittance will decrease in the coming days. Things will get further complicated if the current situation gets prolonged, he said.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another reason for the decline in remittance inflow is that the Nepali nationals are not capable to send money to their homeland through digital medium.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Nepali migrant workers in the Gulf countries send money back to their homes by visiting the counters of the remittance company. This is practically not possible at the moment,” said Pokharel.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers’ Association Bhuvan Dahal expressed concerns that the two major sources of income of the country – remittance and tourism – are in trouble due to the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Foreign currency has great significance for a country like Nepal which is chiefly dependent in import,” he said, adding, “Currently, we have enough foreign currency to meet the demand of import for the next eight months. But things will get worse if the coronavirus pandemic lingers any longer.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">NRB Spokesperson Gunakar Bhatta says although they are yet to get the official data, the inflow of remittance will decline to a great extent in the upcoming report.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11603', 'image' => '20200331025358_20181104035849_Clipboard06.jpg', 'article_date' => '2020-03-31 14:53:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11852', 'article_category_id' => '1', 'title' => 'Consumer Protection Department Registers Maximum Complaints Related to LPG Shortage', 'sub_title' => '', 'summary' => 'March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On Monday, the department registered complaints regarding lack of cooking gas and other essentials as well as black marketing of masks, food and price hike among others. Maximum number of complaints was related to shortage of cooking gas.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The complaints were registered from consumers from across the country. Most of the complaints were registered via telephone while the consumers also used Facebook, Viber and other online medium to register the complaints.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the complaints were registered against Nepal Oil Corporation and Food Management and Trading Company Limited. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Altogether 472 complaints were registered with the department as of 10 am on Monday.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The department has been registering complaints from Facebook, Twitter, Viber, telephone, fax, website, email, and SMS. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11602', 'image' => '20200331122300_18_woodfire.jpg', 'article_date' => '2020-03-31 12:22:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11850', 'article_category_id' => '1', 'title' => 'Over 1,000 Tourists Rescued During Weeklong Lockdown ', 'sub_title' => '', 'summary' => 'March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. </span><br /> <span style="font-family:"Arial Unicode MS"">According to RSS, sources at the Nepal Tourism Board (NTB) informed that those tourists were rescued from 19 different tourist destinations including Pokhara, Lukla, Taplejung, Jomsom, Annapurna Base Camp, Muktinath, Langtang, Manaslu, Gorkha, Lete, Besisahar, Kande, Sankhuwasabha, Jhapa, Beni and Jhinudanda. They were rescued via chartered flights. Most of the tourists were rescued from Lukla in Solukhumbu district. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Trekking Agencies Association of Nepal (TAAN), eighty-five tourist guides were airlifted to Kathmandu from the Lukla region on Sunday and Monday. The rescue flights were made in cooperation with the NTB, RSS further said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Different airlines companies, including Nepal Airlines Corporation (one), Sita Air (two) and Summit Air (two) had operated flights to bring 70 foreign tourists and their guides back to Kathmandu on Monday. Meanwhile, the Nepal Army has been granted permission to make rescue flights to Dhangadhi, Surkhet and Biratnagar, RSS cited CAAN spokesperson Raj Kumar Chhetri as saying.</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11601', 'image' => '20200331102258_Helicopterher.jpg', 'article_date' => '2020-03-31 10:22:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11848', 'article_category_id' => '1', 'title' => 'Government Forms Committee to Recommend Names for NRB Governor', 'sub_title' => '', 'summary' => 'March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.</span><strong> </strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee includes former NRB Governor Bijaynath Bhattarai and former Finance Secretary Krishna Hari Baskota as members. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee has been tasked to recommend the names of three persons for the post of central bank’s governor. One of the persons recommended by the committee will be appointed as the governor by the cabinet.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The last meeting of the Council of Ministers had formed the committee to finalize names for the NRB governor post, which has been lying vacant since the retirement of erstwhile governor Chiranjivi Nepal about two weeks ago.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Deputy Governor of NRB Chinta Mani Shivakoti was appointed as the acting governor after Nepal’s five-year term ended on March 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Earlier, the government used to appoint NRB governor one month before the retirement of the incumbent governor. However, this time the government has failed to make appointment to the vital post even two weeks after the retirement of the governor.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11600', 'image' => '20200331095341_14232_1568162571.jpg', 'article_date' => '2020-03-31 09:52:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11851', 'article_category_id' => '1', 'title' => ' Foreign Employment Board urges Returnees to Stay in Quarantine ', 'sub_title' => '', 'summary' => 'March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The board has requested the youths, who have recently returned home from labour destination countries, to cooperate by staying in quarantine for 14 days, in the context of coronavirus infection so far found among only foreign returnees in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">It has also appealed to the foreign returnees to meet with their families, friends and relatives only after the quarantine period was over, and to immediately go to the health institution and have their health examined if they have sudden high fever, difficulty in breathing or continuous cough. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, the board has urged the foreign-returnee youths wherever they are to be disciplined and follow the directive of the government in the present situation when the global community itself is under the risk of coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11599', 'image' => '20200331103622_jet airways.jpg', 'article_date' => '2020-03-31 10:35:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11849', 'article_category_id' => '1', 'title' => 'CNI Welcomes Central Bank's Initiative ', 'sub_title' => '', 'summary' => 'March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. </span><br /> <span style="font-family:"Arial Unicode MS"">In a press statement on Monday, CNI said that specific changes made in the monetary policy would help sustain the liquidity in the economy. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Nepal's central bank has taken into account the various issues CNI had been raising at different times. We are of the belief that this would certainly help sustain the confidence of the private sector," the CNI stated. </span><br /> <span style="font-family:"Arial Unicode MS"">Hailing the government's decision to make arrangements for relief to the economically poor families and the daily-wage earners, CNI said it was a positive step. It has expressed the confidence that the government would also bring medium term and long-term relief packages as well besides the present short-term relief. CNI said the government has announced the relief at a time when there was big expectation with the government to protect Nepal's economic system. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11598', 'image' => '20200331100846_20170815043736_CNI.jpg', 'article_date' => '2020-03-31 10:07:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11846', 'article_category_id' => '1', 'title' => 'Government Announces Economic Relief Package ', 'sub_title' => '', 'summary' => 'March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. A meeting of the Council of Ministers on Sunday (March 29) decided to provide relief to the people and sectors affected by the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has directed telecommunication service providers to provide 25 percent discount to their customers on internet and voice pack services during the lockdown period, informed Finance Minister Yuba Raj Khatiwada, who is also the government spokesperson.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government also announced that the local units would ensure the poor families would be distributed food supplies during this critical situation. But the local units have been instructed to verify that the people receiving support from the government are actually from poor families.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Finance Minister Khatiwada said that all industries and firms must pay the employees even if they are closed due to the lockdown. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“The workers employed in the formal sector must be paid their daily wage or monthly salary by the employers,” said Khatiwada. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the cabinet decision, hotels and restaurants that have been closed due to the impact of coronavirus will also have to pay their workers full salary up to mid-April. Minister Khatiwada clarified that the employers can utilize the welfare fund to pay the workers as per the need during such time of crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has made it clear that the formal sector cannot give unpaid leave to the employees during the lockdown period while those working in the informal sector on daily wage basis will be provided food and support.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The daily wage labourers will receive food from the local units, according to minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also announced discount on electricity tariff. As per the government decision, consumers will get 25 percent discount on electricity bills for the months of Falgun and Chaitra (mid-February to mid-March) for consumption of less than 150 units of electricity.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government will make food stuffs available to the general public through Nepal Food Corporation and the Salt Trading Corporation at 10 percent discount rate. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also barred private schools from taking one month’s fees while the landlords have been instructed to waive the rent of a month due to the current crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government has banned the import of vehicles more than US$ 50,000 while it has also limited the import quota of gold considering the fragile economy. Until now, the government used to allow the import of 20 kg gold per day, which has now been reduced to 10 kg per day.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Another decision of the government is to extend the deadline for the payment of income tax and value added tax.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the relief package announced by the government is a positive step to support people with low income and those working in the private sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“It is essential to strongly monitor whether the government’s relief package is implemented or not,” he added. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Economist Bishwambher Pyakurel said that the relief package announced by the government at a time of crisis is helpful to some extent. He, however, said that the government should have collected proper details of the sectors affected by coronavirus and the effects it might have in the future.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Such short-term package announced by the government without proper study will cause financial strain to the state coffers,” he said. “The government should have announced the relief package by studying the impact for at least six months,” he added.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has also decided to insure health workers and provide them compensation in case of fatality.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Those companies which have been contributing to the social security fund will receive one month’s salary of the workers from the government’s side,” said minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also decided to accept international support and seek funds from donor agencies in its fight against the crisis created by coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">In this regard, the government has accepted the World Bank’s offer of concessional loan of Rs 3.48 billion. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11597', 'image' => '20200330114558_1585535625.jpg', 'article_date' => '2020-03-30 11:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11845', 'article_category_id' => '1', 'title' => 'Government Prolongs Lockdown by a Week', 'sub_title' => '', 'summary' => 'March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">A meeting of the Council of Ministers held at the prime minister's official residence in Baluwatar on Sunday (March 29) took a decision to this effect.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Government spokesperson Yuba Raj Khatiwada informed that the cabinet decided to extend the lockdown by a week until April 7 as the country continues to record new cases of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government had initially imposed the lockdown on March 24 to contain the deadly virus after a Nepali girl returning from France tested positive for COVID-19. Since then, three more cases have been recorded, taking the tally to five. One patient who tested positive for COVID-19 in January has already recovered while others are receiving treatment at various government hospitals.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government decided to impose the lockdown as per the suggestion of the World Health Organisation (WHO) that limiting mobility of people helps to significantly reduce the transmission of the deadly disease, that has claimed almost 34,000 lives and infected more than 700,000 people worldwide. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Khatiwada also said that Nepal's international borders will remain closed until April 7.</span></span></span></p> <p> </p> <p> </p> <p><br /> </p> <p><br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11596', 'image' => '20200330102039_1585495886.jpg', 'article_date' => '2020-03-30 10:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11847', 'article_category_id' => '1', 'title' => 'Three Months that Shook Global Markets', 'sub_title' => '', 'summary' => 'March 30: The damage inflicted by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman"">March 30: The damage inflicted</span><span style="font-family:"Times New Roman""> by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to the news agency, the numbers have been staggering. $15 trillion has been wiped of world stock markets. Oil has slumped 60 percent as Saudi Arabia and Russia have started a price war and emerging markets like Brazil, Mexico and South Africa have seen their currencies plummet more than 20 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“Volatility and corporate borrowing market stress has spiked on worries that whole sectors could go bust, airlines have had half their value vaporized, while cratering economies risk a new wave of government debt crises,” the news report states.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Chris Dyer, director of global equity at Eaton Vance, “It has been like a train wreck. You could see it coming and coming and coming, but you just couldn’t stop it happening.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Stocks in China, where the virus hit first, have faired relatively well in comparison with only an 11 percent drop in dollar terms, but the impact on other major emerging markets has been devastating as their main commodity markets, and currencies, have also collapsed.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Reuters, Russian stocks, which topped the tables last year, have been routed 40 percent in dollar terms. South Africa, which was stripped of its last investment grade credit rating on Friday, has fallen by the same percentage, though Brazil has been the worst, plunging 50 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Brent crude oil has fallen by 62 percent in the quarter to just $25 a barrel. This was not only because of the coronavirus crisis, but also the price war between Saudi Arabia and Russia, which is putting their public finances at risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Industrial metals like copper, aluminum and steel have all dropped 15-22 percent and some agricultural staples like coffee and sugar are down 17 percent and 10 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“These are truly historical moments in the history of financial markets. 2020 will go alongside 1929, 1987 and 2008 in the text books of financial market panics,” Reuters quoted Deutsche Bank’s strategist, Jim Reid, as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">So are they any places to shelter? Yes, but not many, according to the news report. Sit-on-your-sofa-suited stocks like Netflix and Amazon have risen 10 percent and 2.5 percent respectively and some specialist medical equipment companies have surged.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“Ultra-safe US government bonds have returned 13 percent as the Federal Reserve cut U.S. interest rates to effectively zero, leading a charge of around 62 interest rate cuts globally. The dollar has rocketed against emerging market currencies. It had also shot up against the majors too, but has eased back over the last two weeks and will end the quarter only 2 percent up against those bigger currencies.”</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">JPMorgan reckons the coronavirus will have pushed the world economy into a 12 percent contraction in Q1 and with pandemic still spreading rapidly and keeping large parts of the global economy shuttered it is unlikely to get much easier in Q2, according to the report.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">However, the G20 governments have promised a $5 trillion revival effort, major central banks have cut rates and restarted asset purchases. Markets bounced big last week until Friday came and may still end Q1 on a relative high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">According to Reuters, Stephane Monier, chief investment officer of Lombard Odier, is looking to see whether infection rates in Europe and elsewhere peak as they did in Asia. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“If they do, markets could see a V-shaped 30 percent recovery, although if they do not and cases jump in Asia again as lockdowns are lifted, it could be akin to a “war” situation which would impact the economy for 1-1/2 years.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11595', 'image' => '20200330121400_global-market.jpg', 'article_date' => '2020-03-30 12:13:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">April 1: Companies listed in the Social Security Fund will be receiving government support under the relief package announced by the cabinet on Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The government has decided to provide Rs 300 million to the companies struggling to pay their workers due to the effect of the coronavirus pandemic and the lockdown imposed by the government since March 24. Only those companies that have been contributing to the newly-established fund will be entitled to the benefit, said government sources.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The SSF has been collecting 31 percent cut from the salary of each employee from the private sector. Out of the 31 percent, the company contributes 20 percent while 11 percent is deducted from the employee’s basic salary.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Following the government announcement on Sunday, the contributors will not have to deposit the 31 percent amount for the month of Chaitra (mid-March to mid-April). The government itself will contribute the amount to the fund for the time period owing to the crisis caused by the pandemic that has spread to 202 countries and caused over 42,000 fatalities as of March 31. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Executive Director of the Social Security Fund Kapil Mani Gyawali informed New Business Age that the government itself will contribute the amount on behalf of the companies for this month. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">As of March-end, a total of 12,315 companies and 153,276 employees have been listed in the ambitious project announced by the government during the start of the current fiscal year. However, the companies and staffers contributing to the fund is actually less than the listed numbers. According to Gyawali, so far only 36,000 employees have made contribution to the fund. The fund has received Rs 870 million so far.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Meanwhile, vice president of Nepal Cement Producers’ Association Tara Prasad Pokharel said that more than 75 percent of cement companies have been listed in the SSF and urged others to join the fund. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He, however, argued that other companies that are not yet listed in the SSF but are contributing to the Employees’ Provident Fund (EPF) and the Citizen’s Investment Trust (CIT) should also be entitled to relief.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11609', 'image' => '20200401094426_1585693701.jpg', 'article_date' => '2020-04-01 09:43:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11859', 'article_category_id' => '1', 'title' => 'Keep Global Food Supply Chains Intact: WTO', 'sub_title' => '', 'summary' => 'April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic, the heads of the World Trade Organization (WTO) and UN food and health agencies said on Tuesday, warning of possible shortages and price spikes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Reuters, they voiced concern that disruptions to the movement of agricultural and food industry workers or food containers could result in the spoilage of perishables and increasing food waste and said protectionism was also a risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Uncertainty about food availability can spark a wave of export restrictions, creating a shortage on the global market," Reuters quoted WTO director-general Roberto Azevedo, and the heads of the World Health Organization Tedros Adhanom Ghebreyesus and the UN's Food and Agriculture Organization Qu Dongyu as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Such reactions can alter the balance between food supply and demand, resulting in price spikes and increased price volatility."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The joint statement added that such measures are particularly damaging to low-income and food-deficit countries, according to Reuters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Azevedo said last week that WTO projections show the economic downturn and job losses caused by the coronavirus pandemic would be worse than the 2008 recession. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11608', 'image' => '20200401120529_20171227013530__MG_0036.jpg', 'article_date' => '2020-04-01 12:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11855', 'article_category_id' => '1', 'title' => 'Visit Nepal 2020 Campaign Officially Postponed ', 'sub_title' => '', 'summary' => 'April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. The VNY 2020 aimed at bringing in more than 2 million foreign tourists to Nepal has been cancelled due to the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">President Bidya Devi Bhandari had inaugurated the Campaign on January 1 this year but given the outbreak of COVID-19, the government decided to postpone the campaign, Rastriya Samachar Samiti (RSS) said. </span><br /> <span style="font-family:"Arial Unicode MS"">Earlier, a meeting of the Council of Ministers had decided to postpone the campaign till April this year. Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari told RSS that the meeting of the Council of Ministers on March 22 took a decision to this effect. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“All the programmes related to Visit Nepal 2020 have been officially called off. We have not set any agenda for the campaign as of now. However the budget for the next fiscal year would discuss and decide on how to forward the campaign then,” RSS quoted Adhikari as saying. </span><br /> <span style="font-family:"Arial Unicode MS"">With the official decision to call off the campaign, the Visit Nepal Year 2020 Secretariat at Keshar Mahal in Kathmandu would be dissolved by mid-April this year. </span><br /> <span style="font-family:"Arial Unicode MS"">So far five positive cases of COVID-19 have been reported in Nepal, of which one infected person has returned home after treatment and recovery. The government has enforced a nation-wide lockdown since March 24 to contain the outbreak of the deadly virus. The lockdown will remain in force till April 7.</span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11607', 'image' => '20200401083536_Visit-Nepal-2020-Logo.jpg', 'article_date' => '2020-04-01 08:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11860', 'article_category_id' => '1', 'title' => 'UK Banks Scrap Dividends over Coronavirus Fears', 'sub_title' => '', 'summary' => 'April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus, Reuters reported. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to the news agency, Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Standard Chartered and the British arm of Spain’s Santander all halted payouts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“The lenders had been due to pay out over 8 billion pounds between them in 2019 dividends, with HSBC the biggest payer at $4.2 billion. The move came in response to a request from the Prudential Regulatory Authority (PRA), which also asked banks and insurers not to pay senior staff bonuses this year.,” Reuters said in a news report published on April 1. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The PRA said banks entered the epidemic, which has put Britain into lockdown, with strong capital positions, enough to withstand a severe UK and global recession, according to Reuters. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“Banks pay out dividends as a means of rewarding shareholders and disposing of excess profits, but they have the option to retain the earnings instead to preserve their capital levels.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The statements from British lenders reportedly come after the European Central Bank (ECB) last week asked euro zone lenders to skip dividend payments and share buybacks until October at the earliest, and use their profits to support the economy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Reuters further reported that several of Europe’s largest lenders, including UniCredit, and Societe Generale have already announced they will hold off paying 2019 dividends for now. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The move to scrap 2019 shareholder distributions is expected to free up capital that banks can instead lend to businesses and consumers rocked by the Covid-19 pandemic. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11606', 'image' => '20200401121627_1585580798.jpg', 'article_date' => '2020-04-01 12:15:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11854', 'article_category_id' => '1', 'title' => 'Former King Donates Rs 20 Million ', 'sub_title' => '', 'summary' => 'April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. The contribution will be made through the Himani Trust. </span><br /> <span style="font-family:"Arial Unicode MS"">In a statement issued on Tuesday, the former King has also thanked all for showing patience and exercising restraint at this time of crisis and disaster. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><strong><span style="font-family:"Arial Unicode MS"">“</span></strong><span style="font-family:"Arial Unicode MS"">Lockdown is imperative and there is no excuse to not follow it.” -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11605', 'image' => '20200401083425_1585669746.jpg', 'article_date' => '2020-04-01 08:33:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11857', 'article_category_id' => '1', 'title' => 'Collection of revenue declines due to Closure of Industries in Sunsari and Morang ', 'sub_title' => '', 'summary' => 'April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. Likewise, the lockdown has also rendered over 35,000 workers jobless in the region. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">However, 50 industries producing medicines, food and oxygen in the region are still in operation. Sunsari-Morang industrial corridor is the oldest industrial corridor of Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The industries in the region have been producing goods worth Rs 500 million a year regularly. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Besides affecting the production, the lockdown has also reduced import and export. This has made a direct impact on revenue collection at Biratnagar Customs Office. The collection of revenue from the customs point has declined to Rs 15 million per day from Rs 150 million since the lockdown began.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11604', 'image' => '20200401114741_1585692900.JPG', 'article_date' => '2020-04-01 11:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11853', 'article_category_id' => '1', 'title' => 'Coronavirus Takes Toll on Inflow of Remittance to Nepal', 'sub_title' => '', 'summary' => 'March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. The inflow of remittance is expected to further slump in the coming days due to the ban imposed by the government on issuing labour permits and the protracted lockdown in the labour destination countries.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">At present, the inflow of remittance has reduced significantly due to the imposition of lockdown and curfew in the countries offering foreign employment to Nepali workers in a bid to contain the spread of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to remittance companies, the inflow of remittance has decreased by 25 percent in the recent days compared to the normal times.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Flow of remittance into the country had been gradually decreasing since the last five months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The country recorded remittance inflow of Rs 75.40 billion in the first month of the current fiscal year (mid-July to mid-August). In the following month (mid-August to mid-September), remittance increased by Rs2.93 billion to Rs 78.33 billion. But since then, it has been decreasing every month. The inflow of remittance was the lowest between mid-January to mid-February in the current fiscal year at Rs 65.95 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s major source of remittance is foreign employment. But this sector has been badly affected by the coronavirus pandemic, which has killed almost 38,000 people worldwide and infected nearly 800,000 people across the globe as of Tuesday afternoon (March 31).</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On one hand, the government has stopped issuing labour permits while on the other hand the some of the major labour destination countries have themselves imposed travel restriction for foreigners, including Nepali migrant workers. This has prevented Nepali migrant workers from travelling abroad for foreign employment. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to NRB, a major portion of remittance comes to Nepal from countries like Malaysia, Saudi Arabia, USA, India among other countries. All of these countries are currently struggling to cope with the crisis created by the coronavirus pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has greatly affected financial activities in the labour destination countries which in turn has threatened the job security of Nepali migrant workers. Subsequently, the inflow of remittance has been largely affected by the pandemic, which originated from China and now has shifted to Europe, USA and the middle east.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the families in Nepal are dependent on remittance sent by their family members from abroad.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Economist and former vice chairman of the National Planning Commission Swornim Wagle says that the inflow of remittance is likely to decrease if the coronavirus pandemic gets protracted.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another economist Keshav Acharya also shares similar view of a grim scenario.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to Suman Pokharel, CEO of IME Remit, which brings in most of the remittance to Nepal from abroad, also believes that there are high chances that the flow of remittance will decrease in the coming days. Things will get further complicated if the current situation gets prolonged, he said.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another reason for the decline in remittance inflow is that the Nepali nationals are not capable to send money to their homeland through digital medium.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Nepali migrant workers in the Gulf countries send money back to their homes by visiting the counters of the remittance company. This is practically not possible at the moment,” said Pokharel.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers’ Association Bhuvan Dahal expressed concerns that the two major sources of income of the country – remittance and tourism – are in trouble due to the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Foreign currency has great significance for a country like Nepal which is chiefly dependent in import,” he said, adding, “Currently, we have enough foreign currency to meet the demand of import for the next eight months. But things will get worse if the coronavirus pandemic lingers any longer.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">NRB Spokesperson Gunakar Bhatta says although they are yet to get the official data, the inflow of remittance will decline to a great extent in the upcoming report.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11603', 'image' => '20200331025358_20181104035849_Clipboard06.jpg', 'article_date' => '2020-03-31 14:53:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11852', 'article_category_id' => '1', 'title' => 'Consumer Protection Department Registers Maximum Complaints Related to LPG Shortage', 'sub_title' => '', 'summary' => 'March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On Monday, the department registered complaints regarding lack of cooking gas and other essentials as well as black marketing of masks, food and price hike among others. Maximum number of complaints was related to shortage of cooking gas.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The complaints were registered from consumers from across the country. Most of the complaints were registered via telephone while the consumers also used Facebook, Viber and other online medium to register the complaints.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the complaints were registered against Nepal Oil Corporation and Food Management and Trading Company Limited. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Altogether 472 complaints were registered with the department as of 10 am on Monday.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The department has been registering complaints from Facebook, Twitter, Viber, telephone, fax, website, email, and SMS. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11602', 'image' => '20200331122300_18_woodfire.jpg', 'article_date' => '2020-03-31 12:22:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11850', 'article_category_id' => '1', 'title' => 'Over 1,000 Tourists Rescued During Weeklong Lockdown ', 'sub_title' => '', 'summary' => 'March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. </span><br /> <span style="font-family:"Arial Unicode MS"">According to RSS, sources at the Nepal Tourism Board (NTB) informed that those tourists were rescued from 19 different tourist destinations including Pokhara, Lukla, Taplejung, Jomsom, Annapurna Base Camp, Muktinath, Langtang, Manaslu, Gorkha, Lete, Besisahar, Kande, Sankhuwasabha, Jhapa, Beni and Jhinudanda. They were rescued via chartered flights. Most of the tourists were rescued from Lukla in Solukhumbu district. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Trekking Agencies Association of Nepal (TAAN), eighty-five tourist guides were airlifted to Kathmandu from the Lukla region on Sunday and Monday. The rescue flights were made in cooperation with the NTB, RSS further said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Different airlines companies, including Nepal Airlines Corporation (one), Sita Air (two) and Summit Air (two) had operated flights to bring 70 foreign tourists and their guides back to Kathmandu on Monday. Meanwhile, the Nepal Army has been granted permission to make rescue flights to Dhangadhi, Surkhet and Biratnagar, RSS cited CAAN spokesperson Raj Kumar Chhetri as saying.</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11601', 'image' => '20200331102258_Helicopterher.jpg', 'article_date' => '2020-03-31 10:22:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11848', 'article_category_id' => '1', 'title' => 'Government Forms Committee to Recommend Names for NRB Governor', 'sub_title' => '', 'summary' => 'March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.</span><strong> </strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee includes former NRB Governor Bijaynath Bhattarai and former Finance Secretary Krishna Hari Baskota as members. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee has been tasked to recommend the names of three persons for the post of central bank’s governor. One of the persons recommended by the committee will be appointed as the governor by the cabinet.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The last meeting of the Council of Ministers had formed the committee to finalize names for the NRB governor post, which has been lying vacant since the retirement of erstwhile governor Chiranjivi Nepal about two weeks ago.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Deputy Governor of NRB Chinta Mani Shivakoti was appointed as the acting governor after Nepal’s five-year term ended on March 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Earlier, the government used to appoint NRB governor one month before the retirement of the incumbent governor. However, this time the government has failed to make appointment to the vital post even two weeks after the retirement of the governor.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11600', 'image' => '20200331095341_14232_1568162571.jpg', 'article_date' => '2020-03-31 09:52:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11851', 'article_category_id' => '1', 'title' => ' Foreign Employment Board urges Returnees to Stay in Quarantine ', 'sub_title' => '', 'summary' => 'March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The board has requested the youths, who have recently returned home from labour destination countries, to cooperate by staying in quarantine for 14 days, in the context of coronavirus infection so far found among only foreign returnees in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">It has also appealed to the foreign returnees to meet with their families, friends and relatives only after the quarantine period was over, and to immediately go to the health institution and have their health examined if they have sudden high fever, difficulty in breathing or continuous cough. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, the board has urged the foreign-returnee youths wherever they are to be disciplined and follow the directive of the government in the present situation when the global community itself is under the risk of coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11599', 'image' => '20200331103622_jet airways.jpg', 'article_date' => '2020-03-31 10:35:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11849', 'article_category_id' => '1', 'title' => 'CNI Welcomes Central Bank's Initiative ', 'sub_title' => '', 'summary' => 'March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. </span><br /> <span style="font-family:"Arial Unicode MS"">In a press statement on Monday, CNI said that specific changes made in the monetary policy would help sustain the liquidity in the economy. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Nepal's central bank has taken into account the various issues CNI had been raising at different times. We are of the belief that this would certainly help sustain the confidence of the private sector," the CNI stated. </span><br /> <span style="font-family:"Arial Unicode MS"">Hailing the government's decision to make arrangements for relief to the economically poor families and the daily-wage earners, CNI said it was a positive step. It has expressed the confidence that the government would also bring medium term and long-term relief packages as well besides the present short-term relief. CNI said the government has announced the relief at a time when there was big expectation with the government to protect Nepal's economic system. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11598', 'image' => '20200331100846_20170815043736_CNI.jpg', 'article_date' => '2020-03-31 10:07:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11846', 'article_category_id' => '1', 'title' => 'Government Announces Economic Relief Package ', 'sub_title' => '', 'summary' => 'March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. A meeting of the Council of Ministers on Sunday (March 29) decided to provide relief to the people and sectors affected by the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has directed telecommunication service providers to provide 25 percent discount to their customers on internet and voice pack services during the lockdown period, informed Finance Minister Yuba Raj Khatiwada, who is also the government spokesperson.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government also announced that the local units would ensure the poor families would be distributed food supplies during this critical situation. But the local units have been instructed to verify that the people receiving support from the government are actually from poor families.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Finance Minister Khatiwada said that all industries and firms must pay the employees even if they are closed due to the lockdown. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“The workers employed in the formal sector must be paid their daily wage or monthly salary by the employers,” said Khatiwada. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the cabinet decision, hotels and restaurants that have been closed due to the impact of coronavirus will also have to pay their workers full salary up to mid-April. Minister Khatiwada clarified that the employers can utilize the welfare fund to pay the workers as per the need during such time of crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has made it clear that the formal sector cannot give unpaid leave to the employees during the lockdown period while those working in the informal sector on daily wage basis will be provided food and support.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The daily wage labourers will receive food from the local units, according to minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also announced discount on electricity tariff. As per the government decision, consumers will get 25 percent discount on electricity bills for the months of Falgun and Chaitra (mid-February to mid-March) for consumption of less than 150 units of electricity.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government will make food stuffs available to the general public through Nepal Food Corporation and the Salt Trading Corporation at 10 percent discount rate. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also barred private schools from taking one month’s fees while the landlords have been instructed to waive the rent of a month due to the current crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government has banned the import of vehicles more than US$ 50,000 while it has also limited the import quota of gold considering the fragile economy. Until now, the government used to allow the import of 20 kg gold per day, which has now been reduced to 10 kg per day.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Another decision of the government is to extend the deadline for the payment of income tax and value added tax.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the relief package announced by the government is a positive step to support people with low income and those working in the private sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“It is essential to strongly monitor whether the government’s relief package is implemented or not,” he added. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Economist Bishwambher Pyakurel said that the relief package announced by the government at a time of crisis is helpful to some extent. He, however, said that the government should have collected proper details of the sectors affected by coronavirus and the effects it might have in the future.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Such short-term package announced by the government without proper study will cause financial strain to the state coffers,” he said. “The government should have announced the relief package by studying the impact for at least six months,” he added.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has also decided to insure health workers and provide them compensation in case of fatality.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Those companies which have been contributing to the social security fund will receive one month’s salary of the workers from the government’s side,” said minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also decided to accept international support and seek funds from donor agencies in its fight against the crisis created by coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">In this regard, the government has accepted the World Bank’s offer of concessional loan of Rs 3.48 billion. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11597', 'image' => '20200330114558_1585535625.jpg', 'article_date' => '2020-03-30 11:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11845', 'article_category_id' => '1', 'title' => 'Government Prolongs Lockdown by a Week', 'sub_title' => '', 'summary' => 'March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">A meeting of the Council of Ministers held at the prime minister's official residence in Baluwatar on Sunday (March 29) took a decision to this effect.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Government spokesperson Yuba Raj Khatiwada informed that the cabinet decided to extend the lockdown by a week until April 7 as the country continues to record new cases of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government had initially imposed the lockdown on March 24 to contain the deadly virus after a Nepali girl returning from France tested positive for COVID-19. Since then, three more cases have been recorded, taking the tally to five. One patient who tested positive for COVID-19 in January has already recovered while others are receiving treatment at various government hospitals.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government decided to impose the lockdown as per the suggestion of the World Health Organisation (WHO) that limiting mobility of people helps to significantly reduce the transmission of the deadly disease, that has claimed almost 34,000 lives and infected more than 700,000 people worldwide. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Khatiwada also said that Nepal's international borders will remain closed until April 7.</span></span></span></p> <p> </p> <p> </p> <p><br /> </p> <p><br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11596', 'image' => '20200330102039_1585495886.jpg', 'article_date' => '2020-03-30 10:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11847', 'article_category_id' => '1', 'title' => 'Three Months that Shook Global Markets', 'sub_title' => '', 'summary' => 'March 30: The damage inflicted by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman"">March 30: The damage inflicted</span><span style="font-family:"Times New Roman""> by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to the news agency, the numbers have been staggering. $15 trillion has been wiped of world stock markets. Oil has slumped 60 percent as Saudi Arabia and Russia have started a price war and emerging markets like Brazil, Mexico and South Africa have seen their currencies plummet more than 20 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“Volatility and corporate borrowing market stress has spiked on worries that whole sectors could go bust, airlines have had half their value vaporized, while cratering economies risk a new wave of government debt crises,” the news report states.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Chris Dyer, director of global equity at Eaton Vance, “It has been like a train wreck. You could see it coming and coming and coming, but you just couldn’t stop it happening.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Stocks in China, where the virus hit first, have faired relatively well in comparison with only an 11 percent drop in dollar terms, but the impact on other major emerging markets has been devastating as their main commodity markets, and currencies, have also collapsed.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Reuters, Russian stocks, which topped the tables last year, have been routed 40 percent in dollar terms. South Africa, which was stripped of its last investment grade credit rating on Friday, has fallen by the same percentage, though Brazil has been the worst, plunging 50 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Brent crude oil has fallen by 62 percent in the quarter to just $25 a barrel. This was not only because of the coronavirus crisis, but also the price war between Saudi Arabia and Russia, which is putting their public finances at risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Industrial metals like copper, aluminum and steel have all dropped 15-22 percent and some agricultural staples like coffee and sugar are down 17 percent and 10 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“These are truly historical moments in the history of financial markets. 2020 will go alongside 1929, 1987 and 2008 in the text books of financial market panics,” Reuters quoted Deutsche Bank’s strategist, Jim Reid, as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">So are they any places to shelter? Yes, but not many, according to the news report. Sit-on-your-sofa-suited stocks like Netflix and Amazon have risen 10 percent and 2.5 percent respectively and some specialist medical equipment companies have surged.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“Ultra-safe US government bonds have returned 13 percent as the Federal Reserve cut U.S. interest rates to effectively zero, leading a charge of around 62 interest rate cuts globally. The dollar has rocketed against emerging market currencies. It had also shot up against the majors too, but has eased back over the last two weeks and will end the quarter only 2 percent up against those bigger currencies.”</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">JPMorgan reckons the coronavirus will have pushed the world economy into a 12 percent contraction in Q1 and with pandemic still spreading rapidly and keeping large parts of the global economy shuttered it is unlikely to get much easier in Q2, according to the report.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">However, the G20 governments have promised a $5 trillion revival effort, major central banks have cut rates and restarted asset purchases. Markets bounced big last week until Friday came and may still end Q1 on a relative high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">According to Reuters, Stephane Monier, chief investment officer of Lombard Odier, is looking to see whether infection rates in Europe and elsewhere peak as they did in Asia. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“If they do, markets could see a V-shaped 30 percent recovery, although if they do not and cases jump in Asia again as lockdowns are lifted, it could be akin to a “war” situation which would impact the economy for 1-1/2 years.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11595', 'image' => '20200330121400_global-market.jpg', 'article_date' => '2020-03-30 12:13:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">April 1: Companies listed in the Social Security Fund will be receiving government support under the relief package announced by the cabinet on Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The government has decided to provide Rs 300 million to the companies struggling to pay their workers due to the effect of the coronavirus pandemic and the lockdown imposed by the government since March 24. Only those companies that have been contributing to the newly-established fund will be entitled to the benefit, said government sources.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The SSF has been collecting 31 percent cut from the salary of each employee from the private sector. Out of the 31 percent, the company contributes 20 percent while 11 percent is deducted from the employee’s basic salary.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Following the government announcement on Sunday, the contributors will not have to deposit the 31 percent amount for the month of Chaitra (mid-March to mid-April). The government itself will contribute the amount to the fund for the time period owing to the crisis caused by the pandemic that has spread to 202 countries and caused over 42,000 fatalities as of March 31. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Executive Director of the Social Security Fund Kapil Mani Gyawali informed New Business Age that the government itself will contribute the amount on behalf of the companies for this month. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">As of March-end, a total of 12,315 companies and 153,276 employees have been listed in the ambitious project announced by the government during the start of the current fiscal year. However, the companies and staffers contributing to the fund is actually less than the listed numbers. According to Gyawali, so far only 36,000 employees have made contribution to the fund. The fund has received Rs 870 million so far.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Meanwhile, vice president of Nepal Cement Producers’ Association Tara Prasad Pokharel said that more than 75 percent of cement companies have been listed in the SSF and urged others to join the fund. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He, however, argued that other companies that are not yet listed in the SSF but are contributing to the Employees’ Provident Fund (EPF) and the Citizen’s Investment Trust (CIT) should also be entitled to relief.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11609', 'image' => '20200401094426_1585693701.jpg', 'article_date' => '2020-04-01 09:43:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11859', 'article_category_id' => '1', 'title' => 'Keep Global Food Supply Chains Intact: WTO', 'sub_title' => '', 'summary' => 'April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic, the heads of the World Trade Organization (WTO) and UN food and health agencies said on Tuesday, warning of possible shortages and price spikes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Reuters, they voiced concern that disruptions to the movement of agricultural and food industry workers or food containers could result in the spoilage of perishables and increasing food waste and said protectionism was also a risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Uncertainty about food availability can spark a wave of export restrictions, creating a shortage on the global market," Reuters quoted WTO director-general Roberto Azevedo, and the heads of the World Health Organization Tedros Adhanom Ghebreyesus and the UN's Food and Agriculture Organization Qu Dongyu as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Such reactions can alter the balance between food supply and demand, resulting in price spikes and increased price volatility."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The joint statement added that such measures are particularly damaging to low-income and food-deficit countries, according to Reuters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Azevedo said last week that WTO projections show the economic downturn and job losses caused by the coronavirus pandemic would be worse than the 2008 recession. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11608', 'image' => '20200401120529_20171227013530__MG_0036.jpg', 'article_date' => '2020-04-01 12:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11855', 'article_category_id' => '1', 'title' => 'Visit Nepal 2020 Campaign Officially Postponed ', 'sub_title' => '', 'summary' => 'April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. The VNY 2020 aimed at bringing in more than 2 million foreign tourists to Nepal has been cancelled due to the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">President Bidya Devi Bhandari had inaugurated the Campaign on January 1 this year but given the outbreak of COVID-19, the government decided to postpone the campaign, Rastriya Samachar Samiti (RSS) said. </span><br /> <span style="font-family:"Arial Unicode MS"">Earlier, a meeting of the Council of Ministers had decided to postpone the campaign till April this year. Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari told RSS that the meeting of the Council of Ministers on March 22 took a decision to this effect. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“All the programmes related to Visit Nepal 2020 have been officially called off. We have not set any agenda for the campaign as of now. However the budget for the next fiscal year would discuss and decide on how to forward the campaign then,” RSS quoted Adhikari as saying. </span><br /> <span style="font-family:"Arial Unicode MS"">With the official decision to call off the campaign, the Visit Nepal Year 2020 Secretariat at Keshar Mahal in Kathmandu would be dissolved by mid-April this year. </span><br /> <span style="font-family:"Arial Unicode MS"">So far five positive cases of COVID-19 have been reported in Nepal, of which one infected person has returned home after treatment and recovery. The government has enforced a nation-wide lockdown since March 24 to contain the outbreak of the deadly virus. The lockdown will remain in force till April 7.</span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11607', 'image' => '20200401083536_Visit-Nepal-2020-Logo.jpg', 'article_date' => '2020-04-01 08:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11860', 'article_category_id' => '1', 'title' => 'UK Banks Scrap Dividends over Coronavirus Fears', 'sub_title' => '', 'summary' => 'April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus, Reuters reported. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to the news agency, Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Standard Chartered and the British arm of Spain’s Santander all halted payouts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“The lenders had been due to pay out over 8 billion pounds between them in 2019 dividends, with HSBC the biggest payer at $4.2 billion. The move came in response to a request from the Prudential Regulatory Authority (PRA), which also asked banks and insurers not to pay senior staff bonuses this year.,” Reuters said in a news report published on April 1. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The PRA said banks entered the epidemic, which has put Britain into lockdown, with strong capital positions, enough to withstand a severe UK and global recession, according to Reuters. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“Banks pay out dividends as a means of rewarding shareholders and disposing of excess profits, but they have the option to retain the earnings instead to preserve their capital levels.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The statements from British lenders reportedly come after the European Central Bank (ECB) last week asked euro zone lenders to skip dividend payments and share buybacks until October at the earliest, and use their profits to support the economy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Reuters further reported that several of Europe’s largest lenders, including UniCredit, and Societe Generale have already announced they will hold off paying 2019 dividends for now. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The move to scrap 2019 shareholder distributions is expected to free up capital that banks can instead lend to businesses and consumers rocked by the Covid-19 pandemic. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11606', 'image' => '20200401121627_1585580798.jpg', 'article_date' => '2020-04-01 12:15:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11854', 'article_category_id' => '1', 'title' => 'Former King Donates Rs 20 Million ', 'sub_title' => '', 'summary' => 'April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. The contribution will be made through the Himani Trust. </span><br /> <span style="font-family:"Arial Unicode MS"">In a statement issued on Tuesday, the former King has also thanked all for showing patience and exercising restraint at this time of crisis and disaster. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><strong><span style="font-family:"Arial Unicode MS"">“</span></strong><span style="font-family:"Arial Unicode MS"">Lockdown is imperative and there is no excuse to not follow it.” -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11605', 'image' => '20200401083425_1585669746.jpg', 'article_date' => '2020-04-01 08:33:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11857', 'article_category_id' => '1', 'title' => 'Collection of revenue declines due to Closure of Industries in Sunsari and Morang ', 'sub_title' => '', 'summary' => 'April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. Likewise, the lockdown has also rendered over 35,000 workers jobless in the region. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">However, 50 industries producing medicines, food and oxygen in the region are still in operation. Sunsari-Morang industrial corridor is the oldest industrial corridor of Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The industries in the region have been producing goods worth Rs 500 million a year regularly. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Besides affecting the production, the lockdown has also reduced import and export. This has made a direct impact on revenue collection at Biratnagar Customs Office. The collection of revenue from the customs point has declined to Rs 15 million per day from Rs 150 million since the lockdown began.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11604', 'image' => '20200401114741_1585692900.JPG', 'article_date' => '2020-04-01 11:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11853', 'article_category_id' => '1', 'title' => 'Coronavirus Takes Toll on Inflow of Remittance to Nepal', 'sub_title' => '', 'summary' => 'March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. The inflow of remittance is expected to further slump in the coming days due to the ban imposed by the government on issuing labour permits and the protracted lockdown in the labour destination countries.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">At present, the inflow of remittance has reduced significantly due to the imposition of lockdown and curfew in the countries offering foreign employment to Nepali workers in a bid to contain the spread of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to remittance companies, the inflow of remittance has decreased by 25 percent in the recent days compared to the normal times.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Flow of remittance into the country had been gradually decreasing since the last five months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The country recorded remittance inflow of Rs 75.40 billion in the first month of the current fiscal year (mid-July to mid-August). In the following month (mid-August to mid-September), remittance increased by Rs2.93 billion to Rs 78.33 billion. But since then, it has been decreasing every month. The inflow of remittance was the lowest between mid-January to mid-February in the current fiscal year at Rs 65.95 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s major source of remittance is foreign employment. But this sector has been badly affected by the coronavirus pandemic, which has killed almost 38,000 people worldwide and infected nearly 800,000 people across the globe as of Tuesday afternoon (March 31).</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On one hand, the government has stopped issuing labour permits while on the other hand the some of the major labour destination countries have themselves imposed travel restriction for foreigners, including Nepali migrant workers. This has prevented Nepali migrant workers from travelling abroad for foreign employment. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to NRB, a major portion of remittance comes to Nepal from countries like Malaysia, Saudi Arabia, USA, India among other countries. All of these countries are currently struggling to cope with the crisis created by the coronavirus pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has greatly affected financial activities in the labour destination countries which in turn has threatened the job security of Nepali migrant workers. Subsequently, the inflow of remittance has been largely affected by the pandemic, which originated from China and now has shifted to Europe, USA and the middle east.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the families in Nepal are dependent on remittance sent by their family members from abroad.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Economist and former vice chairman of the National Planning Commission Swornim Wagle says that the inflow of remittance is likely to decrease if the coronavirus pandemic gets protracted.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another economist Keshav Acharya also shares similar view of a grim scenario.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to Suman Pokharel, CEO of IME Remit, which brings in most of the remittance to Nepal from abroad, also believes that there are high chances that the flow of remittance will decrease in the coming days. Things will get further complicated if the current situation gets prolonged, he said.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another reason for the decline in remittance inflow is that the Nepali nationals are not capable to send money to their homeland through digital medium.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Nepali migrant workers in the Gulf countries send money back to their homes by visiting the counters of the remittance company. This is practically not possible at the moment,” said Pokharel.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers’ Association Bhuvan Dahal expressed concerns that the two major sources of income of the country – remittance and tourism – are in trouble due to the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Foreign currency has great significance for a country like Nepal which is chiefly dependent in import,” he said, adding, “Currently, we have enough foreign currency to meet the demand of import for the next eight months. But things will get worse if the coronavirus pandemic lingers any longer.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">NRB Spokesperson Gunakar Bhatta says although they are yet to get the official data, the inflow of remittance will decline to a great extent in the upcoming report.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11603', 'image' => '20200331025358_20181104035849_Clipboard06.jpg', 'article_date' => '2020-03-31 14:53:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11852', 'article_category_id' => '1', 'title' => 'Consumer Protection Department Registers Maximum Complaints Related to LPG Shortage', 'sub_title' => '', 'summary' => 'March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On Monday, the department registered complaints regarding lack of cooking gas and other essentials as well as black marketing of masks, food and price hike among others. Maximum number of complaints was related to shortage of cooking gas.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The complaints were registered from consumers from across the country. Most of the complaints were registered via telephone while the consumers also used Facebook, Viber and other online medium to register the complaints.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the complaints were registered against Nepal Oil Corporation and Food Management and Trading Company Limited. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Altogether 472 complaints were registered with the department as of 10 am on Monday.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The department has been registering complaints from Facebook, Twitter, Viber, telephone, fax, website, email, and SMS. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11602', 'image' => '20200331122300_18_woodfire.jpg', 'article_date' => '2020-03-31 12:22:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11850', 'article_category_id' => '1', 'title' => 'Over 1,000 Tourists Rescued During Weeklong Lockdown ', 'sub_title' => '', 'summary' => 'March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. </span><br /> <span style="font-family:"Arial Unicode MS"">According to RSS, sources at the Nepal Tourism Board (NTB) informed that those tourists were rescued from 19 different tourist destinations including Pokhara, Lukla, Taplejung, Jomsom, Annapurna Base Camp, Muktinath, Langtang, Manaslu, Gorkha, Lete, Besisahar, Kande, Sankhuwasabha, Jhapa, Beni and Jhinudanda. They were rescued via chartered flights. Most of the tourists were rescued from Lukla in Solukhumbu district. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Trekking Agencies Association of Nepal (TAAN), eighty-five tourist guides were airlifted to Kathmandu from the Lukla region on Sunday and Monday. The rescue flights were made in cooperation with the NTB, RSS further said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Different airlines companies, including Nepal Airlines Corporation (one), Sita Air (two) and Summit Air (two) had operated flights to bring 70 foreign tourists and their guides back to Kathmandu on Monday. Meanwhile, the Nepal Army has been granted permission to make rescue flights to Dhangadhi, Surkhet and Biratnagar, RSS cited CAAN spokesperson Raj Kumar Chhetri as saying.</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11601', 'image' => '20200331102258_Helicopterher.jpg', 'article_date' => '2020-03-31 10:22:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11848', 'article_category_id' => '1', 'title' => 'Government Forms Committee to Recommend Names for NRB Governor', 'sub_title' => '', 'summary' => 'March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.</span><strong> </strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee includes former NRB Governor Bijaynath Bhattarai and former Finance Secretary Krishna Hari Baskota as members. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee has been tasked to recommend the names of three persons for the post of central bank’s governor. One of the persons recommended by the committee will be appointed as the governor by the cabinet.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The last meeting of the Council of Ministers had formed the committee to finalize names for the NRB governor post, which has been lying vacant since the retirement of erstwhile governor Chiranjivi Nepal about two weeks ago.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Deputy Governor of NRB Chinta Mani Shivakoti was appointed as the acting governor after Nepal’s five-year term ended on March 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Earlier, the government used to appoint NRB governor one month before the retirement of the incumbent governor. However, this time the government has failed to make appointment to the vital post even two weeks after the retirement of the governor.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11600', 'image' => '20200331095341_14232_1568162571.jpg', 'article_date' => '2020-03-31 09:52:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11851', 'article_category_id' => '1', 'title' => ' Foreign Employment Board urges Returnees to Stay in Quarantine ', 'sub_title' => '', 'summary' => 'March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The board has requested the youths, who have recently returned home from labour destination countries, to cooperate by staying in quarantine for 14 days, in the context of coronavirus infection so far found among only foreign returnees in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">It has also appealed to the foreign returnees to meet with their families, friends and relatives only after the quarantine period was over, and to immediately go to the health institution and have their health examined if they have sudden high fever, difficulty in breathing or continuous cough. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, the board has urged the foreign-returnee youths wherever they are to be disciplined and follow the directive of the government in the present situation when the global community itself is under the risk of coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11599', 'image' => '20200331103622_jet airways.jpg', 'article_date' => '2020-03-31 10:35:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11849', 'article_category_id' => '1', 'title' => 'CNI Welcomes Central Bank's Initiative ', 'sub_title' => '', 'summary' => 'March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. </span><br /> <span style="font-family:"Arial Unicode MS"">In a press statement on Monday, CNI said that specific changes made in the monetary policy would help sustain the liquidity in the economy. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Nepal's central bank has taken into account the various issues CNI had been raising at different times. We are of the belief that this would certainly help sustain the confidence of the private sector," the CNI stated. </span><br /> <span style="font-family:"Arial Unicode MS"">Hailing the government's decision to make arrangements for relief to the economically poor families and the daily-wage earners, CNI said it was a positive step. It has expressed the confidence that the government would also bring medium term and long-term relief packages as well besides the present short-term relief. CNI said the government has announced the relief at a time when there was big expectation with the government to protect Nepal's economic system. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11598', 'image' => '20200331100846_20170815043736_CNI.jpg', 'article_date' => '2020-03-31 10:07:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11846', 'article_category_id' => '1', 'title' => 'Government Announces Economic Relief Package ', 'sub_title' => '', 'summary' => 'March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. A meeting of the Council of Ministers on Sunday (March 29) decided to provide relief to the people and sectors affected by the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has directed telecommunication service providers to provide 25 percent discount to their customers on internet and voice pack services during the lockdown period, informed Finance Minister Yuba Raj Khatiwada, who is also the government spokesperson.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government also announced that the local units would ensure the poor families would be distributed food supplies during this critical situation. But the local units have been instructed to verify that the people receiving support from the government are actually from poor families.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Finance Minister Khatiwada said that all industries and firms must pay the employees even if they are closed due to the lockdown. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“The workers employed in the formal sector must be paid their daily wage or monthly salary by the employers,” said Khatiwada. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the cabinet decision, hotels and restaurants that have been closed due to the impact of coronavirus will also have to pay their workers full salary up to mid-April. Minister Khatiwada clarified that the employers can utilize the welfare fund to pay the workers as per the need during such time of crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has made it clear that the formal sector cannot give unpaid leave to the employees during the lockdown period while those working in the informal sector on daily wage basis will be provided food and support.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The daily wage labourers will receive food from the local units, according to minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also announced discount on electricity tariff. As per the government decision, consumers will get 25 percent discount on electricity bills for the months of Falgun and Chaitra (mid-February to mid-March) for consumption of less than 150 units of electricity.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government will make food stuffs available to the general public through Nepal Food Corporation and the Salt Trading Corporation at 10 percent discount rate. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also barred private schools from taking one month’s fees while the landlords have been instructed to waive the rent of a month due to the current crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government has banned the import of vehicles more than US$ 50,000 while it has also limited the import quota of gold considering the fragile economy. Until now, the government used to allow the import of 20 kg gold per day, which has now been reduced to 10 kg per day.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Another decision of the government is to extend the deadline for the payment of income tax and value added tax.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the relief package announced by the government is a positive step to support people with low income and those working in the private sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“It is essential to strongly monitor whether the government’s relief package is implemented or not,” he added. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Economist Bishwambher Pyakurel said that the relief package announced by the government at a time of crisis is helpful to some extent. He, however, said that the government should have collected proper details of the sectors affected by coronavirus and the effects it might have in the future.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Such short-term package announced by the government without proper study will cause financial strain to the state coffers,” he said. “The government should have announced the relief package by studying the impact for at least six months,” he added.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has also decided to insure health workers and provide them compensation in case of fatality.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Those companies which have been contributing to the social security fund will receive one month’s salary of the workers from the government’s side,” said minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also decided to accept international support and seek funds from donor agencies in its fight against the crisis created by coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">In this regard, the government has accepted the World Bank’s offer of concessional loan of Rs 3.48 billion. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11597', 'image' => '20200330114558_1585535625.jpg', 'article_date' => '2020-03-30 11:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11845', 'article_category_id' => '1', 'title' => 'Government Prolongs Lockdown by a Week', 'sub_title' => '', 'summary' => 'March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">A meeting of the Council of Ministers held at the prime minister's official residence in Baluwatar on Sunday (March 29) took a decision to this effect.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Government spokesperson Yuba Raj Khatiwada informed that the cabinet decided to extend the lockdown by a week until April 7 as the country continues to record new cases of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government had initially imposed the lockdown on March 24 to contain the deadly virus after a Nepali girl returning from France tested positive for COVID-19. Since then, three more cases have been recorded, taking the tally to five. One patient who tested positive for COVID-19 in January has already recovered while others are receiving treatment at various government hospitals.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government decided to impose the lockdown as per the suggestion of the World Health Organisation (WHO) that limiting mobility of people helps to significantly reduce the transmission of the deadly disease, that has claimed almost 34,000 lives and infected more than 700,000 people worldwide. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Khatiwada also said that Nepal's international borders will remain closed until April 7.</span></span></span></p> <p> </p> <p> </p> <p><br /> </p> <p><br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11596', 'image' => '20200330102039_1585495886.jpg', 'article_date' => '2020-03-30 10:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11847', 'article_category_id' => '1', 'title' => 'Three Months that Shook Global Markets', 'sub_title' => '', 'summary' => 'March 30: The damage inflicted by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman"">March 30: The damage inflicted</span><span style="font-family:"Times New Roman""> by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to the news agency, the numbers have been staggering. $15 trillion has been wiped of world stock markets. Oil has slumped 60 percent as Saudi Arabia and Russia have started a price war and emerging markets like Brazil, Mexico and South Africa have seen their currencies plummet more than 20 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“Volatility and corporate borrowing market stress has spiked on worries that whole sectors could go bust, airlines have had half their value vaporized, while cratering economies risk a new wave of government debt crises,” the news report states.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Chris Dyer, director of global equity at Eaton Vance, “It has been like a train wreck. You could see it coming and coming and coming, but you just couldn’t stop it happening.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Stocks in China, where the virus hit first, have faired relatively well in comparison with only an 11 percent drop in dollar terms, but the impact on other major emerging markets has been devastating as their main commodity markets, and currencies, have also collapsed.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Reuters, Russian stocks, which topped the tables last year, have been routed 40 percent in dollar terms. South Africa, which was stripped of its last investment grade credit rating on Friday, has fallen by the same percentage, though Brazil has been the worst, plunging 50 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Brent crude oil has fallen by 62 percent in the quarter to just $25 a barrel. This was not only because of the coronavirus crisis, but also the price war between Saudi Arabia and Russia, which is putting their public finances at risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Industrial metals like copper, aluminum and steel have all dropped 15-22 percent and some agricultural staples like coffee and sugar are down 17 percent and 10 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“These are truly historical moments in the history of financial markets. 2020 will go alongside 1929, 1987 and 2008 in the text books of financial market panics,” Reuters quoted Deutsche Bank’s strategist, Jim Reid, as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">So are they any places to shelter? Yes, but not many, according to the news report. Sit-on-your-sofa-suited stocks like Netflix and Amazon have risen 10 percent and 2.5 percent respectively and some specialist medical equipment companies have surged.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“Ultra-safe US government bonds have returned 13 percent as the Federal Reserve cut U.S. interest rates to effectively zero, leading a charge of around 62 interest rate cuts globally. The dollar has rocketed against emerging market currencies. It had also shot up against the majors too, but has eased back over the last two weeks and will end the quarter only 2 percent up against those bigger currencies.”</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">JPMorgan reckons the coronavirus will have pushed the world economy into a 12 percent contraction in Q1 and with pandemic still spreading rapidly and keeping large parts of the global economy shuttered it is unlikely to get much easier in Q2, according to the report.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">However, the G20 governments have promised a $5 trillion revival effort, major central banks have cut rates and restarted asset purchases. Markets bounced big last week until Friday came and may still end Q1 on a relative high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">According to Reuters, Stephane Monier, chief investment officer of Lombard Odier, is looking to see whether infection rates in Europe and elsewhere peak as they did in Asia. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“If they do, markets could see a V-shaped 30 percent recovery, although if they do not and cases jump in Asia again as lockdowns are lifted, it could be akin to a “war” situation which would impact the economy for 1-1/2 years.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11595', 'image' => '20200330121400_global-market.jpg', 'article_date' => '2020-03-30 12:13:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">April 1: Companies listed in the Social Security Fund will be receiving government support under the relief package announced by the cabinet on Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The government has decided to provide Rs 300 million to the companies struggling to pay their workers due to the effect of the coronavirus pandemic and the lockdown imposed by the government since March 24. Only those companies that have been contributing to the newly-established fund will be entitled to the benefit, said government sources.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The SSF has been collecting 31 percent cut from the salary of each employee from the private sector. Out of the 31 percent, the company contributes 20 percent while 11 percent is deducted from the employee’s basic salary.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Following the government announcement on Sunday, the contributors will not have to deposit the 31 percent amount for the month of Chaitra (mid-March to mid-April). The government itself will contribute the amount to the fund for the time period owing to the crisis caused by the pandemic that has spread to 202 countries and caused over 42,000 fatalities as of March 31. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Executive Director of the Social Security Fund Kapil Mani Gyawali informed New Business Age that the government itself will contribute the amount on behalf of the companies for this month. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">As of March-end, a total of 12,315 companies and 153,276 employees have been listed in the ambitious project announced by the government during the start of the current fiscal year. However, the companies and staffers contributing to the fund is actually less than the listed numbers. According to Gyawali, so far only 36,000 employees have made contribution to the fund. The fund has received Rs 870 million so far.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Meanwhile, vice president of Nepal Cement Producers’ Association Tara Prasad Pokharel said that more than 75 percent of cement companies have been listed in the SSF and urged others to join the fund. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">He, however, argued that other companies that are not yet listed in the SSF but are contributing to the Employees’ Provident Fund (EPF) and the Citizen’s Investment Trust (CIT) should also be entitled to relief.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11609', 'image' => '20200401094426_1585693701.jpg', 'article_date' => '2020-04-01 09:43:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 1 => array( 'Article' => array( 'id' => '11859', 'article_category_id' => '1', 'title' => 'Keep Global Food Supply Chains Intact: WTO', 'sub_title' => '', 'summary' => 'April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Food supply chains must be protected from any trade-related measures taken during the COVID-19 pandemic, the heads of the World Trade Organization (WTO) and UN food and health agencies said on Tuesday, warning of possible shortages and price spikes.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to Reuters, they voiced concern that disruptions to the movement of agricultural and food industry workers or food containers could result in the spoilage of perishables and increasing food waste and said protectionism was also a risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Uncertainty about food availability can spark a wave of export restrictions, creating a shortage on the global market," Reuters quoted WTO director-general Roberto Azevedo, and the heads of the World Health Organization Tedros Adhanom Ghebreyesus and the UN's Food and Agriculture Organization Qu Dongyu as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">"Such reactions can alter the balance between food supply and demand, resulting in price spikes and increased price volatility."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The joint statement added that such measures are particularly damaging to low-income and food-deficit countries, according to Reuters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Azevedo said last week that WTO projections show the economic downturn and job losses caused by the coronavirus pandemic would be worse than the 2008 recession. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11608', 'image' => '20200401120529_20171227013530__MG_0036.jpg', 'article_date' => '2020-04-01 12:04:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 2 => array( 'Article' => array( 'id' => '11855', 'article_category_id' => '1', 'title' => 'Visit Nepal 2020 Campaign Officially Postponed ', 'sub_title' => '', 'summary' => 'April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: The government of Nepal has officially called off the Visit Nepal Year 2020 campaign, the state-owned national news agency reported. The VNY 2020 aimed at bringing in more than 2 million foreign tourists to Nepal has been cancelled due to the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">President Bidya Devi Bhandari had inaugurated the Campaign on January 1 this year but given the outbreak of COVID-19, the government decided to postpone the campaign, Rastriya Samachar Samiti (RSS) said. </span><br /> <span style="font-family:"Arial Unicode MS"">Earlier, a meeting of the Council of Ministers had decided to postpone the campaign till April this year. Secretary at the Ministry of Culture, Tourism and Civil Aviation Kedar Bahadur Adhikari told RSS that the meeting of the Council of Ministers on March 22 took a decision to this effect. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“All the programmes related to Visit Nepal 2020 have been officially called off. We have not set any agenda for the campaign as of now. However the budget for the next fiscal year would discuss and decide on how to forward the campaign then,” RSS quoted Adhikari as saying. </span><br /> <span style="font-family:"Arial Unicode MS"">With the official decision to call off the campaign, the Visit Nepal Year 2020 Secretariat at Keshar Mahal in Kathmandu would be dissolved by mid-April this year. </span><br /> <span style="font-family:"Arial Unicode MS"">So far five positive cases of COVID-19 have been reported in Nepal, of which one infected person has returned home after treatment and recovery. The government has enforced a nation-wide lockdown since March 24 to contain the outbreak of the deadly virus. The lockdown will remain in force till April 7.</span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11607', 'image' => '20200401083536_Visit-Nepal-2020-Logo.jpg', 'article_date' => '2020-04-01 08:34:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 3 => array( 'Article' => array( 'id' => '11860', 'article_category_id' => '1', 'title' => 'UK Banks Scrap Dividends over Coronavirus Fears', 'sub_title' => '', 'summary' => 'April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times">April 1: Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus, Reuters reported. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">According to the news agency, Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Standard Chartered and the British arm of Spain’s Santander all halted payouts. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“The lenders had been due to pay out over 8 billion pounds between them in 2019 dividends, with HSBC the biggest payer at $4.2 billion. The move came in response to a request from the Prudential Regulatory Authority (PRA), which also asked banks and insurers not to pay senior staff bonuses this year.,” Reuters said in a news report published on April 1. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The PRA said banks entered the epidemic, which has put Britain into lockdown, with strong capital positions, enough to withstand a severe UK and global recession, according to Reuters. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">“Banks pay out dividends as a means of rewarding shareholders and disposing of excess profits, but they have the option to retain the earnings instead to preserve their capital levels.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The statements from British lenders reportedly come after the European Central Bank (ECB) last week asked euro zone lenders to skip dividend payments and share buybacks until October at the earliest, and use their profits to support the economy.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">Reuters further reported that several of Europe’s largest lenders, including UniCredit, and Societe Generale have already announced they will hold off paying 2019 dividends for now. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Times">The move to scrap 2019 shareholder distributions is expected to free up capital that banks can instead lend to businesses and consumers rocked by the Covid-19 pandemic. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11606', 'image' => '20200401121627_1585580798.jpg', 'article_date' => '2020-04-01 12:15:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 4 => array( 'Article' => array( 'id' => '11854', 'article_category_id' => '1', 'title' => 'Former King Donates Rs 20 Million ', 'sub_title' => '', 'summary' => 'April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">April 1: Former King Gyanendra Shah has announced to donate Rs 20 million to the government's coronavirus infection control, prevention and treatment fund. The contribution will be made through the Himani Trust. </span><br /> <span style="font-family:"Arial Unicode MS"">In a statement issued on Tuesday, the former King has also thanked all for showing patience and exercising restraint at this time of crisis and disaster. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><strong><span style="font-family:"Arial Unicode MS"">“</span></strong><span style="font-family:"Arial Unicode MS"">Lockdown is imperative and there is no excuse to not follow it.” -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11605', 'image' => '20200401083425_1585669746.jpg', 'article_date' => '2020-04-01 08:33:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 5 => array( 'Article' => array( 'id' => '11857', 'article_category_id' => '1', 'title' => 'Collection of revenue declines due to Closure of Industries in Sunsari and Morang ', 'sub_title' => '', 'summary' => 'April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">April 1: More than 400 industries have remained closed in Sunsari-Morang industrial corridor due to the extension of the nation-wide lockdown. Likewise, the lockdown has also rendered over 35,000 workers jobless in the region. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">However, 50 industries producing medicines, food and oxygen in the region are still in operation. Sunsari-Morang industrial corridor is the oldest industrial corridor of Nepal. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">The industries in the region have been producing goods worth Rs 500 million a year regularly. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri"><span style="font-family:"Times New Roman"">Besides affecting the production, the lockdown has also reduced import and export. This has made a direct impact on revenue collection at Biratnagar Customs Office. The collection of revenue from the customs point has declined to Rs 15 million per day from Rs 150 million since the lockdown began.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-04-01', 'modified' => '2020-04-01', 'keywords' => '', 'description' => '', 'sortorder' => '11604', 'image' => '20200401114741_1585692900.JPG', 'article_date' => '2020-04-01 11:46:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 6 => array( 'Article' => array( 'id' => '11853', 'article_category_id' => '1', 'title' => 'Coronavirus Takes Toll on Inflow of Remittance to Nepal', 'sub_title' => '', 'summary' => 'March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The latest report of Nepal Rastra Bank (NRB) showed that the inflow of remittance to Nepal has decreased by 0.5 percent compared to last year. The inflow of remittance is expected to further slump in the coming days due to the ban imposed by the government on issuing labour permits and the protracted lockdown in the labour destination countries.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">At present, the inflow of remittance has reduced significantly due to the imposition of lockdown and curfew in the countries offering foreign employment to Nepali workers in a bid to contain the spread of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to remittance companies, the inflow of remittance has decreased by 25 percent in the recent days compared to the normal times.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Flow of remittance into the country had been gradually decreasing since the last five months.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The country recorded remittance inflow of Rs 75.40 billion in the first month of the current fiscal year (mid-July to mid-August). In the following month (mid-August to mid-September), remittance increased by Rs2.93 billion to Rs 78.33 billion. But since then, it has been decreasing every month. The inflow of remittance was the lowest between mid-January to mid-February in the current fiscal year at Rs 65.95 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s major source of remittance is foreign employment. But this sector has been badly affected by the coronavirus pandemic, which has killed almost 38,000 people worldwide and infected nearly 800,000 people across the globe as of Tuesday afternoon (March 31).</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On one hand, the government has stopped issuing labour permits while on the other hand the some of the major labour destination countries have themselves imposed travel restriction for foreigners, including Nepali migrant workers. This has prevented Nepali migrant workers from travelling abroad for foreign employment. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to NRB, a major portion of remittance comes to Nepal from countries like Malaysia, Saudi Arabia, USA, India among other countries. All of these countries are currently struggling to cope with the crisis created by the coronavirus pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has greatly affected financial activities in the labour destination countries which in turn has threatened the job security of Nepali migrant workers. Subsequently, the inflow of remittance has been largely affected by the pandemic, which originated from China and now has shifted to Europe, USA and the middle east.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the families in Nepal are dependent on remittance sent by their family members from abroad.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Economist and former vice chairman of the National Planning Commission Swornim Wagle says that the inflow of remittance is likely to decrease if the coronavirus pandemic gets protracted.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another economist Keshav Acharya also shares similar view of a grim scenario.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to Suman Pokharel, CEO of IME Remit, which brings in most of the remittance to Nepal from abroad, also believes that there are high chances that the flow of remittance will decrease in the coming days. Things will get further complicated if the current situation gets prolonged, he said.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Another reason for the decline in remittance inflow is that the Nepali nationals are not capable to send money to their homeland through digital medium.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Nepali migrant workers in the Gulf countries send money back to their homes by visiting the counters of the remittance company. This is practically not possible at the moment,” said Pokharel.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers’ Association Bhuvan Dahal expressed concerns that the two major sources of income of the country – remittance and tourism – are in trouble due to the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“Foreign currency has great significance for a country like Nepal which is chiefly dependent in import,” he said, adding, “Currently, we have enough foreign currency to meet the demand of import for the next eight months. But things will get worse if the coronavirus pandemic lingers any longer.” </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">NRB Spokesperson Gunakar Bhatta says although they are yet to get the official data, the inflow of remittance will decline to a great extent in the upcoming report.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11603', 'image' => '20200331025358_20181104035849_Clipboard06.jpg', 'article_date' => '2020-03-31 14:53:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 7 => array( 'Article' => array( 'id' => '11852', 'article_category_id' => '1', 'title' => 'Consumer Protection Department Registers Maximum Complaints Related to LPG Shortage', 'sub_title' => '', 'summary' => 'March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">March 31: The Department of Commerce, Supply and Consumer Protection has started registering complaints of the general public under the Consumer Right Management Information System after the government imposed a lockdown last week to contain the spread of COVID-19.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">On Monday, the department registered complaints regarding lack of cooking gas and other essentials as well as black marketing of masks, food and price hike among others. Maximum number of complaints was related to shortage of cooking gas.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The complaints were registered from consumers from across the country. Most of the complaints were registered via telephone while the consumers also used Facebook, Viber and other online medium to register the complaints.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Most of the complaints were registered against Nepal Oil Corporation and Food Management and Trading Company Limited. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Altogether 472 complaints were registered with the department as of 10 am on Monday.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The department has been registering complaints from Facebook, Twitter, Viber, telephone, fax, website, email, and SMS. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11602', 'image' => '20200331122300_18_woodfire.jpg', 'article_date' => '2020-03-31 12:22:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 8 => array( 'Article' => array( 'id' => '11850', 'article_category_id' => '1', 'title' => 'Over 1,000 Tourists Rescued During Weeklong Lockdown ', 'sub_title' => '', 'summary' => 'March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: A total of 1,330 foreign tourists and local guides stranded at several destinations due to a nationwide lockdown against the coronavirus have been rescued, the state-run national news agency, RSS, reported. </span><br /> <span style="font-family:"Arial Unicode MS"">According to RSS, sources at the Nepal Tourism Board (NTB) informed that those tourists were rescued from 19 different tourist destinations including Pokhara, Lukla, Taplejung, Jomsom, Annapurna Base Camp, Muktinath, Langtang, Manaslu, Gorkha, Lete, Besisahar, Kande, Sankhuwasabha, Jhapa, Beni and Jhinudanda. They were rescued via chartered flights. Most of the tourists were rescued from Lukla in Solukhumbu district. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Trekking Agencies Association of Nepal (TAAN), eighty-five tourist guides were airlifted to Kathmandu from the Lukla region on Sunday and Monday. The rescue flights were made in cooperation with the NTB, RSS further said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Different airlines companies, including Nepal Airlines Corporation (one), Sita Air (two) and Summit Air (two) had operated flights to bring 70 foreign tourists and their guides back to Kathmandu on Monday. Meanwhile, the Nepal Army has been granted permission to make rescue flights to Dhangadhi, Surkhet and Biratnagar, RSS cited CAAN spokesperson Raj Kumar Chhetri as saying.</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11601', 'image' => '20200331102258_Helicopterher.jpg', 'article_date' => '2020-03-31 10:22:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 9 => array( 'Article' => array( 'id' => '11848', 'article_category_id' => '1', 'title' => 'Government Forms Committee to Recommend Names for NRB Governor', 'sub_title' => '', 'summary' => 'March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 31: The government has formed a three-member committee headed by Finance Minister Yuba Raj Khatiwada to recommend names for the post of Nepal Rastra Bank’s governor.</span><strong> </strong></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee includes former NRB Governor Bijaynath Bhattarai and former Finance Secretary Krishna Hari Baskota as members. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The committee has been tasked to recommend the names of three persons for the post of central bank’s governor. One of the persons recommended by the committee will be appointed as the governor by the cabinet.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The last meeting of the Council of Ministers had formed the committee to finalize names for the NRB governor post, which has been lying vacant since the retirement of erstwhile governor Chiranjivi Nepal about two weeks ago.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Deputy Governor of NRB Chinta Mani Shivakoti was appointed as the acting governor after Nepal’s five-year term ended on March 17.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Earlier, the government used to appoint NRB governor one month before the retirement of the incumbent governor. However, this time the government has failed to make appointment to the vital post even two weeks after the retirement of the governor.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11600', 'image' => '20200331095341_14232_1568162571.jpg', 'article_date' => '2020-03-31 09:52:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 10 => array( 'Article' => array( 'id' => '11851', 'article_category_id' => '1', 'title' => ' Foreign Employment Board urges Returnees to Stay in Quarantine ', 'sub_title' => '', 'summary' => 'March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The Foreign Employment Board (FEB) has urged the youths who recently returned from foreign employment to stay in self-quarantine for the stipulated period as a precaution against the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The board has requested the youths, who have recently returned home from labour destination countries, to cooperate by staying in quarantine for 14 days, in the context of coronavirus infection so far found among only foreign returnees in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS"">It has also appealed to the foreign returnees to meet with their families, friends and relatives only after the quarantine period was over, and to immediately go to the health institution and have their health examined if they have sudden high fever, difficulty in breathing or continuous cough. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, the board has urged the foreign-returnee youths wherever they are to be disciplined and follow the directive of the government in the present situation when the global community itself is under the risk of coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11599', 'image' => '20200331103622_jet airways.jpg', 'article_date' => '2020-03-31 10:35:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 11 => array( 'Article' => array( 'id' => '11849', 'article_category_id' => '1', 'title' => 'CNI Welcomes Central Bank's Initiative ', 'sub_title' => '', 'summary' => 'March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 31: The Confederation of Nepalese Industries (CNI) has said the steps initiated by Nepal Rastra Bank to prop up the economy hit and weakened by COVID-19 pandemic are worth welcoming. </span><br /> <span style="font-family:"Arial Unicode MS"">In a press statement on Monday, CNI said that specific changes made in the monetary policy would help sustain the liquidity in the economy. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">"Nepal's central bank has taken into account the various issues CNI had been raising at different times. We are of the belief that this would certainly help sustain the confidence of the private sector," the CNI stated. </span><br /> <span style="font-family:"Arial Unicode MS"">Hailing the government's decision to make arrangements for relief to the economically poor families and the daily-wage earners, CNI said it was a positive step. It has expressed the confidence that the government would also bring medium term and long-term relief packages as well besides the present short-term relief. CNI said the government has announced the relief at a time when there was big expectation with the government to protect Nepal's economic system. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2020-03-31', 'modified' => '2020-03-31', 'keywords' => '', 'description' => '', 'sortorder' => '11598', 'image' => '20200331100846_20170815043736_CNI.jpg', 'article_date' => '2020-03-31 10:07:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 12 => array( 'Article' => array( 'id' => '11846', 'article_category_id' => '1', 'title' => 'Government Announces Economic Relief Package ', 'sub_title' => '', 'summary' => 'March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">March 30: The government has announced relief package to tackle the financial crisis created by coronavirus. A meeting of the Council of Ministers on Sunday (March 29) decided to provide relief to the people and sectors affected by the pandemic.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has directed telecommunication service providers to provide 25 percent discount to their customers on internet and voice pack services during the lockdown period, informed Finance Minister Yuba Raj Khatiwada, who is also the government spokesperson.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government also announced that the local units would ensure the poor families would be distributed food supplies during this critical situation. But the local units have been instructed to verify that the people receiving support from the government are actually from poor families.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Finance Minister Khatiwada said that all industries and firms must pay the employees even if they are closed due to the lockdown. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“The workers employed in the formal sector must be paid their daily wage or monthly salary by the employers,” said Khatiwada. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the cabinet decision, hotels and restaurants that have been closed due to the impact of coronavirus will also have to pay their workers full salary up to mid-April. Minister Khatiwada clarified that the employers can utilize the welfare fund to pay the workers as per the need during such time of crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has made it clear that the formal sector cannot give unpaid leave to the employees during the lockdown period while those working in the informal sector on daily wage basis will be provided food and support.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The daily wage labourers will receive food from the local units, according to minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also announced discount on electricity tariff. As per the government decision, consumers will get 25 percent discount on electricity bills for the months of Falgun and Chaitra (mid-February to mid-March) for consumption of less than 150 units of electricity.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government will make food stuffs available to the general public through Nepal Food Corporation and the Salt Trading Corporation at 10 percent discount rate. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also barred private schools from taking one month’s fees while the landlords have been instructed to waive the rent of a month due to the current crisis.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Likewise, the government has banned the import of vehicles more than US$ 50,000 while it has also limited the import quota of gold considering the fragile economy. Until now, the government used to allow the import of 20 kg gold per day, which has now been reduced to 10 kg per day.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Another decision of the government is to extend the deadline for the payment of income tax and value added tax.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the relief package announced by the government is a positive step to support people with low income and those working in the private sector.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“It is essential to strongly monitor whether the government’s relief package is implemented or not,” he added. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Economist Bishwambher Pyakurel said that the relief package announced by the government at a time of crisis is helpful to some extent. He, however, said that the government should have collected proper details of the sectors affected by coronavirus and the effects it might have in the future.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Such short-term package announced by the government without proper study will cause financial strain to the state coffers,” he said. “The government should have announced the relief package by studying the impact for at least six months,” he added.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The cabinet meeting has also decided to insure health workers and provide them compensation in case of fatality.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“Those companies which have been contributing to the social security fund will receive one month’s salary of the workers from the government’s side,” said minister Khatiwada.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The government has also decided to accept international support and seek funds from donor agencies in its fight against the crisis created by coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">In this regard, the government has accepted the World Bank’s offer of concessional loan of Rs 3.48 billion. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11597', 'image' => '20200330114558_1585535625.jpg', 'article_date' => '2020-03-30 11:45:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '20' ) ), (int) 13 => array( 'Article' => array( 'id' => '11845', 'article_category_id' => '1', 'title' => 'Government Prolongs Lockdown by a Week', 'sub_title' => '', 'summary' => 'March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">March 30: The government has extended the nationwide lockdown until next Tuesday upon the recommendation of the high level committee formed to prevent the spread of coronavirus in the country.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">A meeting of the Council of Ministers held at the prime minister's official residence in Baluwatar on Sunday (March 29) took a decision to this effect.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Government spokesperson Yuba Raj Khatiwada informed that the cabinet decided to extend the lockdown by a week until April 7 as the country continues to record new cases of coronavirus.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government had initially imposed the lockdown on March 24 to contain the deadly virus after a Nepali girl returning from France tested positive for COVID-19. Since then, three more cases have been recorded, taking the tally to five. One patient who tested positive for COVID-19 in January has already recovered while others are receiving treatment at various government hospitals.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">The government decided to impose the lockdown as per the suggestion of the World Health Organisation (WHO) that limiting mobility of people helps to significantly reduce the transmission of the deadly disease, that has claimed almost 34,000 lives and infected more than 700,000 people worldwide. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Khatiwada also said that Nepal's international borders will remain closed until April 7.</span></span></span></p> <p> </p> <p> </p> <p><br /> </p> <p><br /> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11596', 'image' => '20200330102039_1585495886.jpg', 'article_date' => '2020-03-30 10:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ), (int) 14 => array( 'Article' => array( 'id' => '11847', 'article_category_id' => '1', 'title' => 'Three Months that Shook Global Markets', 'sub_title' => '', 'summary' => 'March 30: The damage inflicted by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman"">March 30: The damage inflicted</span><span style="font-family:"Times New Roman""> by coronavirus and the oil price collapse on the global financial markets this year must have been the most destructive sell-off since the Great Depression, Reuters said in a news report published on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to the news agency, the numbers have been staggering. $15 trillion has been wiped of world stock markets. Oil has slumped 60 percent as Saudi Arabia and Russia have started a price war and emerging markets like Brazil, Mexico and South Africa have seen their currencies plummet more than 20 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“Volatility and corporate borrowing market stress has spiked on worries that whole sectors could go bust, airlines have had half their value vaporized, while cratering economies risk a new wave of government debt crises,” the news report states.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Chris Dyer, director of global equity at Eaton Vance, “It has been like a train wreck. You could see it coming and coming and coming, but you just couldn’t stop it happening.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Stocks in China, where the virus hit first, have faired relatively well in comparison with only an 11 percent drop in dollar terms, but the impact on other major emerging markets has been devastating as their main commodity markets, and currencies, have also collapsed.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">According to Reuters, Russian stocks, which topped the tables last year, have been routed 40 percent in dollar terms. South Africa, which was stripped of its last investment grade credit rating on Friday, has fallen by the same percentage, though Brazil has been the worst, plunging 50 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Brent crude oil has fallen by 62 percent in the quarter to just $25 a barrel. This was not only because of the coronavirus crisis, but also the price war between Saudi Arabia and Russia, which is putting their public finances at risk.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">Industrial metals like copper, aluminum and steel have all dropped 15-22 percent and some agricultural staples like coffee and sugar are down 17 percent and 10 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman"">“These are truly historical moments in the history of financial markets. 2020 will go alongside 1929, 1987 and 2008 in the text books of financial market panics,” Reuters quoted Deutsche Bank’s strategist, Jim Reid, as saying.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">So are they any places to shelter? Yes, but not many, according to the news report. Sit-on-your-sofa-suited stocks like Netflix and Amazon have risen 10 percent and 2.5 percent respectively and some specialist medical equipment companies have surged.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“Ultra-safe US government bonds have returned 13 percent as the Federal Reserve cut U.S. interest rates to effectively zero, leading a charge of around 62 interest rate cuts globally. The dollar has rocketed against emerging market currencies. It had also shot up against the majors too, but has eased back over the last two weeks and will end the quarter only 2 percent up against those bigger currencies.”</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">JPMorgan reckons the coronavirus will have pushed the world economy into a 12 percent contraction in Q1 and with pandemic still spreading rapidly and keeping large parts of the global economy shuttered it is unlikely to get much easier in Q2, according to the report.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">However, the G20 governments have promised a $5 trillion revival effort, major central banks have cut rates and restarted asset purchases. Markets bounced big last week until Friday came and may still end Q1 on a relative high.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">According to Reuters, Stephane Monier, chief investment officer of Lombard Odier, is looking to see whether infection rates in Europe and elsewhere peak as they did in Asia. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Preeti"><span style="font-family:"Times New Roman"">“If they do, markets could see a V-shaped 30 percent recovery, although if they do not and cases jump in Asia again as lockdowns are lifted, it could be akin to a “war” situation which would impact the economy for 1-1/2 years.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-03-30', 'modified' => '2020-03-30', 'keywords' => '', 'description' => '', 'sortorder' => '11595', 'image' => '20200330121400_global-market.jpg', 'article_date' => '2020-03-30 12:13:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '20' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
