Coca-Cola Beverages in Nepal has unveiled its "Coke Buddy" app, introducing a seamless and efficient ordering experience for…
Coca-Cola Beverages in Nepal has unveiled its "Coke Buddy" app, introducing a seamless and efficient ordering experience for…
December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded 2,651 cases of banking offense to the Public Prosecutor's Office from June 27 to November…
December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon.…
December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the…
December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal…
December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on…
December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in…
December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in…
In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary…
In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in…
The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on…
December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a…
December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs 520 million to the…
December 7: With the decline in economic activities, the business of insurance companies as well has started…
December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company of…
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', 'sub_title' => '', 'summary' => 'December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded 2,651 cases of banking offense to the Public Prosecutor's Office from June 27 to November 16.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,651</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">cases of banking offense to the Public Prosecutor's Office from June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The data shows that more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">20</span><span style="font-family:"Arial","sans-serif""> complaints are filed daily seeking justice in banking offence cases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government employees expect more cases to be filed in coming days as the figures of last month were less than anticipated due to lots of public holidays between June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The situation of banking offense seems alarming if the figures from across the country are taken into consideration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Concerned officials say that even though cases of banking offense started appearing </span><span style="font-family:"Arial Unicode MS","sans-serif"">8</span><span style="font-family:"Arial","sans-serif""> to </span><span style="font-family:"Arial Unicode MS","sans-serif"">10</span><span style="font-family:"Arial","sans-serif""> years ago, they started to increase from the fiscal year </span><span style="font-family:"Arial Unicode MS","sans-serif"">2079/80</span><span style="font-family:"Arial","sans-serif""> and have peaked recently.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, the government made an arrangement allowing even the district attorney's office to investigate and prosecute individuals in cases of banking offense. Before that, commercial benches were appointed in some high courts for looking after such cases.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to an employee of the Kathmandu District Public Prosecutor's Office, employees are fully engaged in work as the number of complaints related to banking offenses has been increasing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have lots of files to go through but the number of employees is very small," said the official requesting not to be named. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He complained that the workload of the Kathmandu District Public Prosecutor's office has increased since June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, but the staff has not increased. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"The work load has increased by </span><span style="font-family:"Arial Unicode MS","sans-serif"">30-40</span><span style="font-family:"Arial","sans-serif""> percent but the number of government lawyers in the office is the same as it was before (</span><span style="font-family:"Arial Unicode MS","sans-serif"">35</span><span style="font-family:"Arial","sans-serif""> people)."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the complaint of banking offense is registered, the police sends it to the public prosecutor's office for its opinion. Police handles the cases based on the opinion of the public prosecutor's office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the complaints are related to cheque bounce</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government officials say that most of the people who come to the public prosecutor's office complain of cheque bounce. In the first four months of the current fiscal year, cases of cheque bounce worth about Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">3</span><span style="font-family:"Arial","sans-serif""> billion have been registered at the Kathmandu District Police Range. During this period, the police have arrested </span><span style="font-family:"Arial Unicode MS","sans-serif"">612</span><span style="font-family:"Arial","sans-serif""> people including </span><span style="font-family:"Arial Unicode MS","sans-serif"">164</span><span style="font-family:"Arial","sans-serif""> women on charges of cheque bounce. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last fiscal year, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,340</span><span style="font-family:"Arial","sans-serif""> people were arrested on charges of cheque bounce. It is mentioned in the police data that cheques worth Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">47</span><span style="font-family:"Arial","sans-serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">5</span><span style="font-family:"Arial","sans-serif""> billion were bounced last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the last fiscal year, more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">7,000</span><span style="font-family:"Arial","sans-serif""> complaints of banking offenses were registered in District Police Range Kathmandu alone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the police submits its report, the public prosecutor's office studies and decides whether to file a case in court or not.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the increase in cheque bounce cases, the government has introduced a bill to amend the Banking Offenses and Punishment Act, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2064</span><span style="font-family:"Arial","sans-serif""> with provisions to increase the punishment for the guilty. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bill is currently pending in the House of Representatives. Noting that the increase in the number of banking offenses has raised serious concerns, the concerned authorities have suggested that a deep investigation should be conducted into why this is happening. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Is it because of the development of a tendency to enjoy cheating one another or because of increased financial problems?" said an officer of the Kathmandu Police Range, adding, "People who are considered to be affluent in the society have also been convicted of the crime of banking offences. A detailed study and research is needed to find out why this is happening.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a banking offense?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Crimes against banking and financial system are banking offense. There is a universal practice of treating banking offenses as a crime because it is essential to increase public confidence in the banking and financial system, protect the rights and interests of depositors, ensure quality services of banks and financial institutions and maintain financial stability.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a cheque bounce?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A cheque presented in a bank is considered bounced if a person issuing the cheque to someone does it knowing that there is not enough money in the bank account, or if the bank deposit is insufficient. The person who received the cheque must file a case in court within six months of the cheque being bounced. If the claim is proven, there is a provision in the Banking Offenses Act, 2064, that the court can impose fines accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19411', 'image' => '20231208033218_banking-offence -800.jpg', 'article_date' => '2023-12-08 15:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19682', 'article_category_id' => '1', 'title' => 'NEA Sells Electricity worth Rs 15.4 Billion to India during this Monsoon', 'sub_title' => '', 'summary' => 'December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. As per the agreement, the NEA started exporting surplus electricity to India from June 1, 2023. Accordingly, the NEA sold over 1.7 billion units of electricity worth Rs 15.4 billion to India between June 1 and December 6, 2023. A maximum of 700 megawatts of electricity was sold on a daily basis at Rs 8.77 per unit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, following the decrease in the production of electricity as a result of the decrease in the water flow in the rivers in the dry season, the demand for internal consumption has increased resulting in the commencement of the import of power from the Indian market. So, the export will come to a halt from tonight, the NEA said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The import of electricity from India has started as the domestic production is not enough to meet the demand at home, said NEA Executive Director Kulman Ghising, adding that the current daily demand for power is a maximum of 1700 megawatts across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Now, the production and demand are at the equal level. We are operating our semi-reservoir-based power houses during the peak hours in the evening and morning after filling them in the noon and night," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The import of electricity during the peak hours is costlier, and it is relatively cheap during noon and night. So, electricity will be purchased outside the peak hours." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Ghising, the export will resume from the second week of Baisakh (last week of April, 2024). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This year, around 900 megawatts electricity is being added to the national grid. Similarly, next year, power worth approximately Rs 25 billion will be exported. High-powered transmission lines are being constructed for improving the transmission of electricity between the two countries. On the other hand, hydropower projects are being built within the country. In this context, a climate is being created wherein electricity worth around Rs 100 billion will be exported in the next five years." </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19410', 'image' => '20231208030316_elec.jpg', 'article_date' => '2023-12-08 15:02:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19681', 'article_category_id' => '1', 'title' => 'Shortage of Potatoes and Onions as Traders Protest against VAT', 'sub_title' => '', 'summary' => 'December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The price of these essential food items was already high and the government imposed VAT on top of it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The businessmen accused the government of imposing the VAT with mala fide intentions and stopped importing potatoes and onions. As a result, the market has been reeling under the shortage of potatoes and onions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Businessmen, who had partially reduced the supply of potatoes and onions for four days, completely stopped their business since Wednesday saying that they cannot do business due to the 'irrational decision of the government'. As the businessmen halted their business, it has become difficult to find potatoes and onions in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">General Secretary of the Potato and Onion Import Export and Wholesalers Association Prakash Gajurel says that the Finance Minister deceived the public by saying that the government decided to impose VAT only on imported potatoes and onions. After the government made a provision to impose VAT on potatoes and onions in current fiscal year, the businessmen met the finance minister and requested him to waive VAT. At that time, the finance minister had assured that VAT would not be levied on potatoes and onions produced in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Gajurel, the government has now started imposing VAT even on potatoes and onions produced by the local farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"That's why we reached to the conclusion that potatoes and onions cannot be traded from now on and stopped the business," he told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We don’t use VAT bill while purchasing potatoes and onions from the local farmers but the government seeks VAT bill from us. When this happens, our income appears higher than the real income and it increases our income tax obligation. Consumers also have to pay higher prices,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The association has alleged that the government is trying to extort money from traders in the name of VAT.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Kalimati Fruits and Vegetables Market Development Committee has removed potatoes and onions from its daily price list. Binay Shrestha, information officer of the committee, informed that due to the problem of VAT, traders have now stopped bringing potatoes and onions to Kalimati. According to him, after the traders did not bring potatoes and onions the committee decided to remove those items from the list.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the traders' strike, potatoes and onions have stopped entering Kalimati and other big vegetable markets since the past few days. According to the data of the committee, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of onion and about </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of potatoes used to be imported in Kalimati per day.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19409', 'image' => '20231208015857_20230123021027_onion.jpg', 'article_date' => '2023-12-08 13:58:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19680', 'article_category_id' => '1', 'title' => 'NRB Unveils First Quarterly Review of Monetary Policy ', 'sub_title' => '', 'summary' => 'December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year. Following the release of the review report, it was endorsed by a meeting of the NRB Board of Directors on Friday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Presenting an analysis of various factors influencing the prevailing inflation, the NRB, through the review, has reduced the bank rates from 7.5 percent to 7 percent, considering the current status of the Balance of Payment and the growth rate of bank loans to the private sector. Similarly, policy rates have been maintained at 5.5 percent against the previous rate of 6.5 percent. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The provisions regarding mandatory cash reserve ratio and statutory liquidity ratio have remained unchanged. As for the provision of counting debentures issued by banks and financial institutions, the NRB has decided to count them as 50 percent resource until the end of the current fiscal year. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19408', 'image' => '20231208010709_NRBnew.jpg', 'article_date' => '2023-12-08 13:06:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19679', 'article_category_id' => '1', 'title' => ''Climate Conscious' Banks Lend More to Polluters: ECB', 'sub_title' => '', 'summary' => 'December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Banks have a key role in financing the green transition, and their lending practices and environmental standards are under growing scrutiny.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The four ECB economists looked at investor reports and releases from major banks in the single currency area over the period from 2014 to 2020.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Their research highlighted a "discrepancy about how banks talk about environmental intentions, and how they lend," they said in a blog post, released to coincide with the COP28 climate talks in Dubai.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It found that banks with high levels of "environmental disclosures" tend to be specialised in extending credit to so-called "brown industries" -- those that are highly polluting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This fits in with the notion that lenders with greater exposure to polluting industries are under greater pressure to disclose environmental strategies and plans for decarbonisation, they said in the blog.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But they also found that firms with large carbon footprints that obtain loans from such banks do not ultimately decrease their emissions or commit to voluntary emission targets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, lenders who portray themselves as more climate friendly also appeared reluctant to lend to young firms in polluting sectors -- precisely the sort of companies that could drive innovation in clean technologies, the economists said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Such a situation had arisen because banks were "reluctant to disrupt established lending relationships with larger carbon footprint borrowers," they said. -- AFP/RSS</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19407', 'image' => '20231208121314_Banks - Copy.jpg', 'article_date' => '2023-12-08 12:12:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19678', 'article_category_id' => '1', 'title' => 'Govt Forms High-Level Committee to Probe Ncell Share Sale Issue ', 'sub_title' => '', 'summary' => 'December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers on Thursday constituted the five-member committee headed by former Auditor General Tankamani Sharma. The committee has been assigned to submit its report to the government within a month, according to Minister for Communications and Information Technology, Rekha Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Government secretary Phanindra Gautam, Finance Ministry's joint-secretary Ritesh Kumar Shakya, joint secretary at the Ministry of Communications and Information Technology, Baburaj Bhandari, and ICAN President Sujan Kumar Kafle are the members of the probe committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting has appointed Rudra Prasad Gautam as the Chair of Drinking Water and Tariff Fixation Commission while Yashoda Karki and Kulbhushan Sharma have been appointed as members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting has formed talks team under the convenorship of Finance Ministry's joint secretary to negotiate with the proposal regarding the World Bank assistance for the 'Provincial and Local Road Improvement Programme- first phase'. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19406', 'image' => '20231208113407_ncell.jpg', 'article_date' => '2023-12-08 11:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19677', 'article_category_id' => '1', 'title' => 'High Court Orders not to Recognize Sale of Ncell Shares ', 'sub_title' => '', 'summary' => 'December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of High Court Judge Purushottam Prasad Dhakal handed down the order on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the court has summoned both parties for a hearing on the dispute on December 11. Following the hearing, the court will decide whether to continue the interim order or issue another order. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Malaysian company Axiata reportedly sold 80 percent of its shares in Ncell to Spectralite UK Limited. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The order comes in response to a writ petition filed at the High Court by Gokul Bahadur Rokaya, demanding that the transaction of shares purchase and sale not be recognized. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19405', 'image' => '20231208101216_orders.jpg', 'article_date' => '2023-12-08 10:11:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19676', 'article_category_id' => '1', 'title' => '10,000 Beneficiaries Confirmed for Temporary Housing in Aathbiskot', 'sub_title' => '', 'summary' => 'In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 8: In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality's Acting Chief Administrative Officer, Maniraj Shah, said data collected from all 14 wards of the municipality reveals that 9,962 individuals are in need of assistance following the seismic event. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These confirmed beneficiaries will receive financial support to facilitate the construction of temporary shelters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Previously, 4,500 individuals from the municipality had already received Rs 25,000 each to aid in the construction of their temporary dwellings. Acting on the recent data, the remaining 5,462 beneficiaries are now slated to receive the first tranche of financial aid.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the financial assistance, the municipality currently lacks records detailing the number of temporary houses constructed since the earthquake. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">While some temporary residences have been completed, a significant portion of quake survivors continues to live under tarpaulins.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rabilal KC assured ongoing efforts to ensure that all those affected by the earthquake will be accommodated in temporary housing by mid-December. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19404', 'image' => '20231208061706_collage (4).jpg', 'article_date' => '2023-12-08 06:15:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '19674', 'article_category_id' => '1', 'title' => 'KNP Japan Pvt. Limited to Establish PNC Ward at Narayani Hospital', 'sub_title' => '', 'summary' => 'In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The hospital's Medical Superintendent, Dr. Chittaranjan Sah, said that KNP Japan Private Limited had agreed to establish post-natal care ward at the hospital with the Birgunj Metropolis’ initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Arvind Lal Karn, the executive officer for the metropolis, Dr. Sah representing the hospital, and Manoj Mishra, the Country Head of KNP, signed the agreement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rajesh Man Singh praised the company's contribution and urged further collaboration, highlighting KNP's support for community school improvements in Birgunj. He emphasized the metropolis’ prioritization on health and education.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Sah expressed confidence that the proposed PNC ward would be helpful in reducing maternal mortality. With the establishment of this ward, mothers discharged after childbirth can now undergo postnatal care within the hospital premises for at least one day, allowing for close monitoring.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ashok Kumar Baidya, the director of KNP, stated that the company had agreed to establish unit as part of its corporate social responsibility. The post-natal unit is estimated to cost Rs 4 million and will be completed within one and a half months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19402', 'image' => '20231207042646_collage (3).jpg', 'article_date' => '2023-12-07 16:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19673', 'article_category_id' => '1', 'title' => 'NEPSE Records 11.73-Point Surge, Closing at 1852.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market analysts and investors are expressing a cautious outlook, suggesting that the stock market might remain in a sideways trend for the next few months.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They assert that a significant upward movement is unlikely unless the Nepal Rastra Bank revises its stringent policies currently imposed on the stock market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the today's trading session, a total of 292 scrips were exchanged through 53,146 transactions, involving 9,505,608 traded shares, with a turnover of Rs 2.79 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Reinsurance Company Limited Promoter Share (NRICP) recorded the highest turnover, amounting to Rs 86 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Trishuli Jal Vidhyut Company Limited (TVCL) experienced the most substantial gain of 10.00%, triggering a positive circuit for the day. Conversely, Global IME Laghubitta Bittiya Sanstha Ltd. (GILB) incurred the highest loss at 7.81%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed positively except for the Trading Index. Non-Life Insurance led the gainers with an increase of 2.11%, followed by HydroPower Index. Others Index recorded the least gain at 0.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index witnessed a rise of 0.45%, while the Float Index and Sensitive Float Index posted increases of 0.67% and 0.43%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19401', 'image' => '20231207034311_collage (2).jpg', 'article_date' => '2023-12-07 15:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19671', 'article_category_id' => '1', 'title' => 'Record Passengers as Airline Industry Recovers from Pandemic', 'sub_title' => '', 'summary' => 'December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The International Air Transport Association (IATA), in its traditional review of industry trends as the year draws to a close, said more normal growth patterns were expected from here on out as the sector has recovered to pre-pandemic levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"People love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity," IATA's director general Willie Walsh said as the body forecast a record 4.7 billion people will take to the skies in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA noted this is a "historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For this year, it expects 4.29 billion passengers, a small drop from its June forecast of 4.35 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh said "the speed of the recovery has been extraordinary" but also noted it "appears that the pandemic has cost aviation about four years of growth."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aviation suffered immensely from the travel restrictions that countries imposed in a bid to slow the spread of Covid-19, with a number of airlines going out of business and others bailed out as the industry racked up $183 billion in losses during the 2020-2022 period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA forecasts $25.7 billion in net profits in 2024 on a 7.6-percent rise in revenues to $964 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh called the figures a "tribute to aviation's resilience" but said the industry's profits need to be put into perspective.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A "net profit margin of 2.7 percent is far below what investors in almost any other industry would accept," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- Price of 'grande latte' -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Airlines will on average retain just $5.45 for every passenger carried, according to IATA's calculations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"That's about enough to buy a basic 'grande latte' at a London Starbucks," said Walsh, who formerly ran IAG, the parent company of British Airways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"But it is far too little to build a future that is resilient to shocks for a critical global industry on which 3.5 percent of GDP depends and from which 3.05 million people directly earn their livelihoods," he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The situation will continue to vary considerably by region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US, European and Middle Eastern carriers are expected to continue to post profits in 2024, with Asian-Pacific airlines expected to return to profitability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">African and South American carriers are expected to remain in the red.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- More want to fly -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA said the optimistic outlook for the industry is supported by its survey data showing that nearly half of people's travelling habits have returned to pre-pandemic norms.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One third reported travelling more and just 18 percent said they are still travelling less.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, it said 44 percent of respondents said that they will travel more in the next 12 months than in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Only seven percent said they will travel less and 48 percent expected to maintain similar levels of travel in the coming 12 months as in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This growth comes despite an increase in fares in 2023 as demand outstripped seat capacity, with airlines hobbled by some aircraft being out of service over engine issues and delayed delivery of new aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA expects growth in fares to moderate in 2024, while fuel costs are expected to remain high and continue to account for nearly a third of costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As negotiators debate the thorny issue of fossil fuels at the COP28 climate summit, IATA said the airline industry will use 374 billion litres of fuel in 2024 and put 939 million tonnes of CO2 into the atmosphere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the airline industry accounts for less than three percent of global CO2 emissions, it serves only a tiny percentage of the world's population.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The sector hopes to shift to sustainable aviation fuels to achieve its 2050 net-zero target, but IATA expects they will account for just 0.53 percent of consumption compared to 0.2 percent this year. -- AFP/RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19399', 'image' => '20231207120538_Airline (1).jpg', 'article_date' => '2023-12-07 12:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19670', 'article_category_id' => '1', 'title' => 'Government Yet Again Delays Fixing Support Price of Sugarcane', 'sub_title' => '', 'summary' => 'December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs 520 million to the farmers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million to the farmers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government has not fixed the support price due to the differences with the Sugarcane Producers and Farmers' Federation regarding the support price. The farmers are preparing to protest to put pressure on the government which is delaying in releasing the subsidy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers have been forced to sell sugarcane at cheap prices due to the delay in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Harishyam Rai, secretary of the Sugarcane Farmers' Struggle Committee, Sarlahi, informed that some farmers are selling sugarcane at the same price as last year due to the government’s delayed in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, sugarcane starts to dry after being left in the field for a long time, due to which both yield and weight decrease, and farmers are forced to sell sugarcane as they can’t wait for the government to fix the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the Ministry of Agriculture and Livestock Development held a meeting at the ministry on Sunday to discuss the issue of fixing the support price, the price determination process was halted after the representatives of sugarcane farmers disagreed with the price proposed by the ministry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Kapil Muni Mainali, president of the Sugarcane Producers and Farmers’ Federation, informed that after the ministry proposed to add only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to last year's price, they rejected the offer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last year, the government had fixed the price of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">610</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per quintal. "This year, the government tried to fix the price by adding Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to the price of last year and set the price at only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">621</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal," President Mainali said, "The production cost of the farmer stands at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal including transportation cost. How can there be agreement in such a situation?”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers are yet to receive Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">520</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million in subsidy from the government for the sale of sugarcane last year. Last year, the government paid only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million out of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million subsidies to the farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson for the ministry Sabnam Sivakoti said that the biggest complaint of the farmers is not getting the due amount. According to her, the payment could not be sent on time due to lack of budget. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“So far sugarcane farmers in nine districts have received full payment. The farmers of Sarlahi, Nawalparasi and Kanchanpur are yet to receive subsidies.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sivakoti said that the ministry has sent a letter to the Ministry of Finance for the release of the budget, the latter did not respond.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There are currently </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">industries producing sugar in Nepal. Based on the data of the National Census </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">294</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">453 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tons of sugar is consumed in Nepal every year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19398', 'image' => '20231207120415_20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2023-12-07 12:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19669', 'article_category_id' => '1', 'title' => 'Business of Insurance Companies Declining', 'sub_title' => '', 'summary' => 'December 7: With the decline in economic activities, the business of insurance companies as well has started declining.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 7: With the decline in economic activities, the business of insurance companies as well has started declining. Insurance business has been affected due to the decline in the lending of banks and financial institutions, and the decline in business as well as income of individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Insurance Authority, the business of non-life insurance companies decreased by 4.57 percent in the first four months of the current fiscal year compared to the same period of the previous year. By mid-November of the last fiscal year, life insurance companies had collected a total of Rs 13.35 billion in insurance fees, but in the same period of the current fiscal year, the collection stood at Rs 12.74 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance companies is continuously declining in the current fiscal year. The non-life insurance companies collected Rs 3.98 billion in insurance fees from the sale and renewal of new insurance policies in the first month of the current fiscal year, but they collected only Rs 2.29 billion in the fourth month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Non-life insurance companies sold 894,000 insurance policies since mid-July including 200,000 insurance policies during last month. Compared to the previous year, the number of insurance policies sold during this period has also decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A normal increase has been seen in the business of life insurance companies. Life insurance companies collected Rs 46 billion in insurance fees from the sale and renewal of insurance policies till mid-November of the last fiscal year, which now stands at Rs 49.44 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, compared to mid-July of the current financial year, the business of life insurance companies is also decreasing. In mid- July to mid-August, they collected Rs 19.60 billion in insurance fee from new insurance policies and renewal of old ones, which decreased to Rs 8.63 billion in mid-October to mid-November. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the economic recession, the credit flow of banks and financial institutions decreased and the business activities of insurance companies were affected. Since insurance is mandatory for taking bank loans, the lack of loan investment has also affected the business of insurance companies. Similarly, when there is a decline in economic activities, the income of common people also decreases. The number of people taking insurance has decreased after the decrease in income. Instead, the number of people who 'surrender' insurance policies seems to be increasing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19397', 'image' => '20231207113454_Insurance.jpg', 'article_date' => '2023-12-07 11:33:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19666', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Directs Govt to Immediately Stop the Sale and Purchase of Ncell's Shares', 'sub_title' => '', 'summary' => 'December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting held at Singh Durbar on Wednesday decided to direct the government to immediately stop the ongoing Ncell share purchase and sale process. The committee is preparing to discuss this issue by inviting Prime Minister Pushpa Kamal Dahal to the next meeting of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It has been decided to call the prime minister to discuss the issues of corruption and irregularities involving the purchase and sale of Ncell share and to instruct the government to immediately stop the process," said PAC Chairman Rishikesh Pokharel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, the committee has also instructed the government to conduct an independent investigation within 30 days regarding the purchase and sale of Ncell shares. The committee has instructed the government to make public its opinion regarding the Ncell controversy within 48 hours.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting concluded that Axiata is trying to influence the capital gains tax, ownership transfer tax, etc, to be paid to the Government of Nepal by buying and selling shares outside Nepal at extremely low valuations in an opaque manner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee said that the transaction can be termed dubious and unrealistic, there is lack of transparency, and the company is trying to convey a misleading message that there is no investment environment in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Meanwhile, the Company Registrar's Office has sent a reply to the Public Accounts Committee saying that it has not received any information about the purchase and sale of Ncell’s shares by Axiata.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Most of the MPs who expressed their opinion in the meeting alleged that high-level leaders were also involved in the Ncell purchase and sale case. They also said that the government should have a clear opinion about Ncell's statement that there is no investment environment in Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Axiata bought the shares of the company in 2016 from Sweden-based TeliaSonera for Rs 143 million. Now, the controversy has surfaced after Axiata announced the sale of its shares in Ncell for less than seven billion rupees to a UK-based company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Writing a letter to the Nepal Telecommunications Authority, Ncell said that it is in the process of collecting the documents regarding the purchase and sale of the shares </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the letter, Ncell also stated that it believes in the rule of law. It further said that the company will submit an application for the approval of the purchase and sale of the shares as per the regulations of the authority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The NTA had earlier written to Ncell Axiata on Friday and said that the purchase and sale of shares must be done according to Rule 15 (8) of Telecommunications Regulations, 2054, under which there is a provision to obtain the prior approval from the authority for selling or buying shares of more than five percent of the paid-up capital. However, it seems that Ncell has already sold its shares in an offshore deal without taking such permission.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19396', 'image' => '20231207105016_ncell.jpg', 'article_date' => '2023-12-07 10:49:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '19684', 'article_category_id' => '1', 'title' => 'Coca-Cola Beverages Nepal Launches Coke Buddy App', 'sub_title' => '', 'summary' => 'Coca-Cola Beverages in Nepal has unveiled its "Coke Buddy" app, introducing a seamless and efficient ordering experience for retailers.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 8: Coca-Cola Beverages in Nepal has unveiled its "Coke Buddy" app, introducing a seamless and efficient ordering experience for retailers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This innovative mobile application is designed to transform the distribution of Coca-Cola's extensive beverage portfolio, enabling retailers to place orders quickly and effortlessly through distributors, anytime and anywhere.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Coke Buddy app represents a significant digital leap, connecting 256 distributors and 156,000 outlets across Nepal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Its primary goal is to enhance communication and logistics within Coca-Cola Beverages Nepal, establishing real-time connectivity between distributors and outlets.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> This digital solution is poised to optimize supply chain management, enhance inventory visibility, and ensure a smooth experience for both distributors and retailers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Deepak Nath Senthil, the Managing Director of Bottlers Nepal Limited, expressed the app's significance, stating, "Our Coke Buddy App allows distributors and retailers/outlets to connect and place orders with minimal effort, anywhere."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Key features of the Coke Buddy App include the ability to place orders at any time and from any location, one-minute ordering for swift transactions, real-time order management, inventory tracking, and support for promotions and marketing initiatives.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As prominent Fast-Moving Consumer Goods (FMCG) entities in Nepal, Bottlers Nepal Limited and Bottlers Nepal Terai Limited are spearheading innovation to simplify business processes for all partners across the value chain. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19412', 'image' => '20231208044411_collage (4).jpg', 'article_date' => '2023-12-08 16:42:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '19683', 'article_category_id' => '1', 'title' => 'Why is Banking Offense Increasing? ', 'sub_title' => '', 'summary' => 'December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded 2,651 cases of banking offense to the Public Prosecutor's Office from June 27 to November 16.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,651</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">cases of banking offense to the Public Prosecutor's Office from June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The data shows that more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">20</span><span style="font-family:"Arial","sans-serif""> complaints are filed daily seeking justice in banking offence cases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government employees expect more cases to be filed in coming days as the figures of last month were less than anticipated due to lots of public holidays between June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The situation of banking offense seems alarming if the figures from across the country are taken into consideration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Concerned officials say that even though cases of banking offense started appearing </span><span style="font-family:"Arial Unicode MS","sans-serif"">8</span><span style="font-family:"Arial","sans-serif""> to </span><span style="font-family:"Arial Unicode MS","sans-serif"">10</span><span style="font-family:"Arial","sans-serif""> years ago, they started to increase from the fiscal year </span><span style="font-family:"Arial Unicode MS","sans-serif"">2079/80</span><span style="font-family:"Arial","sans-serif""> and have peaked recently.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, the government made an arrangement allowing even the district attorney's office to investigate and prosecute individuals in cases of banking offense. Before that, commercial benches were appointed in some high courts for looking after such cases.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to an employee of the Kathmandu District Public Prosecutor's Office, employees are fully engaged in work as the number of complaints related to banking offenses has been increasing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have lots of files to go through but the number of employees is very small," said the official requesting not to be named. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He complained that the workload of the Kathmandu District Public Prosecutor's office has increased since June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, but the staff has not increased. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"The work load has increased by </span><span style="font-family:"Arial Unicode MS","sans-serif"">30-40</span><span style="font-family:"Arial","sans-serif""> percent but the number of government lawyers in the office is the same as it was before (</span><span style="font-family:"Arial Unicode MS","sans-serif"">35</span><span style="font-family:"Arial","sans-serif""> people)."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the complaint of banking offense is registered, the police sends it to the public prosecutor's office for its opinion. Police handles the cases based on the opinion of the public prosecutor's office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the complaints are related to cheque bounce</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government officials say that most of the people who come to the public prosecutor's office complain of cheque bounce. In the first four months of the current fiscal year, cases of cheque bounce worth about Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">3</span><span style="font-family:"Arial","sans-serif""> billion have been registered at the Kathmandu District Police Range. During this period, the police have arrested </span><span style="font-family:"Arial Unicode MS","sans-serif"">612</span><span style="font-family:"Arial","sans-serif""> people including </span><span style="font-family:"Arial Unicode MS","sans-serif"">164</span><span style="font-family:"Arial","sans-serif""> women on charges of cheque bounce. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last fiscal year, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,340</span><span style="font-family:"Arial","sans-serif""> people were arrested on charges of cheque bounce. It is mentioned in the police data that cheques worth Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">47</span><span style="font-family:"Arial","sans-serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">5</span><span style="font-family:"Arial","sans-serif""> billion were bounced last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the last fiscal year, more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">7,000</span><span style="font-family:"Arial","sans-serif""> complaints of banking offenses were registered in District Police Range Kathmandu alone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the police submits its report, the public prosecutor's office studies and decides whether to file a case in court or not.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the increase in cheque bounce cases, the government has introduced a bill to amend the Banking Offenses and Punishment Act, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2064</span><span style="font-family:"Arial","sans-serif""> with provisions to increase the punishment for the guilty. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bill is currently pending in the House of Representatives. Noting that the increase in the number of banking offenses has raised serious concerns, the concerned authorities have suggested that a deep investigation should be conducted into why this is happening. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Is it because of the development of a tendency to enjoy cheating one another or because of increased financial problems?" said an officer of the Kathmandu Police Range, adding, "People who are considered to be affluent in the society have also been convicted of the crime of banking offences. A detailed study and research is needed to find out why this is happening.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a banking offense?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Crimes against banking and financial system are banking offense. There is a universal practice of treating banking offenses as a crime because it is essential to increase public confidence in the banking and financial system, protect the rights and interests of depositors, ensure quality services of banks and financial institutions and maintain financial stability.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a cheque bounce?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A cheque presented in a bank is considered bounced if a person issuing the cheque to someone does it knowing that there is not enough money in the bank account, or if the bank deposit is insufficient. The person who received the cheque must file a case in court within six months of the cheque being bounced. If the claim is proven, there is a provision in the Banking Offenses Act, 2064, that the court can impose fines accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19411', 'image' => '20231208033218_banking-offence -800.jpg', 'article_date' => '2023-12-08 15:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19682', 'article_category_id' => '1', 'title' => 'NEA Sells Electricity worth Rs 15.4 Billion to India during this Monsoon', 'sub_title' => '', 'summary' => 'December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. As per the agreement, the NEA started exporting surplus electricity to India from June 1, 2023. Accordingly, the NEA sold over 1.7 billion units of electricity worth Rs 15.4 billion to India between June 1 and December 6, 2023. A maximum of 700 megawatts of electricity was sold on a daily basis at Rs 8.77 per unit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, following the decrease in the production of electricity as a result of the decrease in the water flow in the rivers in the dry season, the demand for internal consumption has increased resulting in the commencement of the import of power from the Indian market. So, the export will come to a halt from tonight, the NEA said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The import of electricity from India has started as the domestic production is not enough to meet the demand at home, said NEA Executive Director Kulman Ghising, adding that the current daily demand for power is a maximum of 1700 megawatts across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Now, the production and demand are at the equal level. We are operating our semi-reservoir-based power houses during the peak hours in the evening and morning after filling them in the noon and night," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The import of electricity during the peak hours is costlier, and it is relatively cheap during noon and night. So, electricity will be purchased outside the peak hours." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Ghising, the export will resume from the second week of Baisakh (last week of April, 2024). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This year, around 900 megawatts electricity is being added to the national grid. Similarly, next year, power worth approximately Rs 25 billion will be exported. High-powered transmission lines are being constructed for improving the transmission of electricity between the two countries. On the other hand, hydropower projects are being built within the country. In this context, a climate is being created wherein electricity worth around Rs 100 billion will be exported in the next five years." </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19410', 'image' => '20231208030316_elec.jpg', 'article_date' => '2023-12-08 15:02:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19681', 'article_category_id' => '1', 'title' => 'Shortage of Potatoes and Onions as Traders Protest against VAT', 'sub_title' => '', 'summary' => 'December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The price of these essential food items was already high and the government imposed VAT on top of it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The businessmen accused the government of imposing the VAT with mala fide intentions and stopped importing potatoes and onions. As a result, the market has been reeling under the shortage of potatoes and onions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Businessmen, who had partially reduced the supply of potatoes and onions for four days, completely stopped their business since Wednesday saying that they cannot do business due to the 'irrational decision of the government'. As the businessmen halted their business, it has become difficult to find potatoes and onions in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">General Secretary of the Potato and Onion Import Export and Wholesalers Association Prakash Gajurel says that the Finance Minister deceived the public by saying that the government decided to impose VAT only on imported potatoes and onions. After the government made a provision to impose VAT on potatoes and onions in current fiscal year, the businessmen met the finance minister and requested him to waive VAT. At that time, the finance minister had assured that VAT would not be levied on potatoes and onions produced in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Gajurel, the government has now started imposing VAT even on potatoes and onions produced by the local farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"That's why we reached to the conclusion that potatoes and onions cannot be traded from now on and stopped the business," he told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We don’t use VAT bill while purchasing potatoes and onions from the local farmers but the government seeks VAT bill from us. When this happens, our income appears higher than the real income and it increases our income tax obligation. Consumers also have to pay higher prices,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The association has alleged that the government is trying to extort money from traders in the name of VAT.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Kalimati Fruits and Vegetables Market Development Committee has removed potatoes and onions from its daily price list. Binay Shrestha, information officer of the committee, informed that due to the problem of VAT, traders have now stopped bringing potatoes and onions to Kalimati. According to him, after the traders did not bring potatoes and onions the committee decided to remove those items from the list.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the traders' strike, potatoes and onions have stopped entering Kalimati and other big vegetable markets since the past few days. According to the data of the committee, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of onion and about </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of potatoes used to be imported in Kalimati per day.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19409', 'image' => '20231208015857_20230123021027_onion.jpg', 'article_date' => '2023-12-08 13:58:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19680', 'article_category_id' => '1', 'title' => 'NRB Unveils First Quarterly Review of Monetary Policy ', 'sub_title' => '', 'summary' => 'December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year. Following the release of the review report, it was endorsed by a meeting of the NRB Board of Directors on Friday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Presenting an analysis of various factors influencing the prevailing inflation, the NRB, through the review, has reduced the bank rates from 7.5 percent to 7 percent, considering the current status of the Balance of Payment and the growth rate of bank loans to the private sector. Similarly, policy rates have been maintained at 5.5 percent against the previous rate of 6.5 percent. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The provisions regarding mandatory cash reserve ratio and statutory liquidity ratio have remained unchanged. As for the provision of counting debentures issued by banks and financial institutions, the NRB has decided to count them as 50 percent resource until the end of the current fiscal year. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19408', 'image' => '20231208010709_NRBnew.jpg', 'article_date' => '2023-12-08 13:06:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19679', 'article_category_id' => '1', 'title' => ''Climate Conscious' Banks Lend More to Polluters: ECB', 'sub_title' => '', 'summary' => 'December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Banks have a key role in financing the green transition, and their lending practices and environmental standards are under growing scrutiny.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The four ECB economists looked at investor reports and releases from major banks in the single currency area over the period from 2014 to 2020.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Their research highlighted a "discrepancy about how banks talk about environmental intentions, and how they lend," they said in a blog post, released to coincide with the COP28 climate talks in Dubai.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It found that banks with high levels of "environmental disclosures" tend to be specialised in extending credit to so-called "brown industries" -- those that are highly polluting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This fits in with the notion that lenders with greater exposure to polluting industries are under greater pressure to disclose environmental strategies and plans for decarbonisation, they said in the blog.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But they also found that firms with large carbon footprints that obtain loans from such banks do not ultimately decrease their emissions or commit to voluntary emission targets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, lenders who portray themselves as more climate friendly also appeared reluctant to lend to young firms in polluting sectors -- precisely the sort of companies that could drive innovation in clean technologies, the economists said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Such a situation had arisen because banks were "reluctant to disrupt established lending relationships with larger carbon footprint borrowers," they said. -- AFP/RSS</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19407', 'image' => '20231208121314_Banks - Copy.jpg', 'article_date' => '2023-12-08 12:12:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19678', 'article_category_id' => '1', 'title' => 'Govt Forms High-Level Committee to Probe Ncell Share Sale Issue ', 'sub_title' => '', 'summary' => 'December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers on Thursday constituted the five-member committee headed by former Auditor General Tankamani Sharma. The committee has been assigned to submit its report to the government within a month, according to Minister for Communications and Information Technology, Rekha Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Government secretary Phanindra Gautam, Finance Ministry's joint-secretary Ritesh Kumar Shakya, joint secretary at the Ministry of Communications and Information Technology, Baburaj Bhandari, and ICAN President Sujan Kumar Kafle are the members of the probe committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting has appointed Rudra Prasad Gautam as the Chair of Drinking Water and Tariff Fixation Commission while Yashoda Karki and Kulbhushan Sharma have been appointed as members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting has formed talks team under the convenorship of Finance Ministry's joint secretary to negotiate with the proposal regarding the World Bank assistance for the 'Provincial and Local Road Improvement Programme- first phase'. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19406', 'image' => '20231208113407_ncell.jpg', 'article_date' => '2023-12-08 11:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19677', 'article_category_id' => '1', 'title' => 'High Court Orders not to Recognize Sale of Ncell Shares ', 'sub_title' => '', 'summary' => 'December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of High Court Judge Purushottam Prasad Dhakal handed down the order on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the court has summoned both parties for a hearing on the dispute on December 11. Following the hearing, the court will decide whether to continue the interim order or issue another order. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Malaysian company Axiata reportedly sold 80 percent of its shares in Ncell to Spectralite UK Limited. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The order comes in response to a writ petition filed at the High Court by Gokul Bahadur Rokaya, demanding that the transaction of shares purchase and sale not be recognized. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19405', 'image' => '20231208101216_orders.jpg', 'article_date' => '2023-12-08 10:11:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19676', 'article_category_id' => '1', 'title' => '10,000 Beneficiaries Confirmed for Temporary Housing in Aathbiskot', 'sub_title' => '', 'summary' => 'In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 8: In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality's Acting Chief Administrative Officer, Maniraj Shah, said data collected from all 14 wards of the municipality reveals that 9,962 individuals are in need of assistance following the seismic event. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These confirmed beneficiaries will receive financial support to facilitate the construction of temporary shelters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Previously, 4,500 individuals from the municipality had already received Rs 25,000 each to aid in the construction of their temporary dwellings. Acting on the recent data, the remaining 5,462 beneficiaries are now slated to receive the first tranche of financial aid.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the financial assistance, the municipality currently lacks records detailing the number of temporary houses constructed since the earthquake. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">While some temporary residences have been completed, a significant portion of quake survivors continues to live under tarpaulins.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rabilal KC assured ongoing efforts to ensure that all those affected by the earthquake will be accommodated in temporary housing by mid-December. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19404', 'image' => '20231208061706_collage (4).jpg', 'article_date' => '2023-12-08 06:15:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '19674', 'article_category_id' => '1', 'title' => 'KNP Japan Pvt. Limited to Establish PNC Ward at Narayani Hospital', 'sub_title' => '', 'summary' => 'In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The hospital's Medical Superintendent, Dr. Chittaranjan Sah, said that KNP Japan Private Limited had agreed to establish post-natal care ward at the hospital with the Birgunj Metropolis’ initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Arvind Lal Karn, the executive officer for the metropolis, Dr. Sah representing the hospital, and Manoj Mishra, the Country Head of KNP, signed the agreement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rajesh Man Singh praised the company's contribution and urged further collaboration, highlighting KNP's support for community school improvements in Birgunj. He emphasized the metropolis’ prioritization on health and education.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Sah expressed confidence that the proposed PNC ward would be helpful in reducing maternal mortality. With the establishment of this ward, mothers discharged after childbirth can now undergo postnatal care within the hospital premises for at least one day, allowing for close monitoring.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ashok Kumar Baidya, the director of KNP, stated that the company had agreed to establish unit as part of its corporate social responsibility. The post-natal unit is estimated to cost Rs 4 million and will be completed within one and a half months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19402', 'image' => '20231207042646_collage (3).jpg', 'article_date' => '2023-12-07 16:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19673', 'article_category_id' => '1', 'title' => 'NEPSE Records 11.73-Point Surge, Closing at 1852.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market analysts and investors are expressing a cautious outlook, suggesting that the stock market might remain in a sideways trend for the next few months.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They assert that a significant upward movement is unlikely unless the Nepal Rastra Bank revises its stringent policies currently imposed on the stock market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the today's trading session, a total of 292 scrips were exchanged through 53,146 transactions, involving 9,505,608 traded shares, with a turnover of Rs 2.79 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Reinsurance Company Limited Promoter Share (NRICP) recorded the highest turnover, amounting to Rs 86 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Trishuli Jal Vidhyut Company Limited (TVCL) experienced the most substantial gain of 10.00%, triggering a positive circuit for the day. Conversely, Global IME Laghubitta Bittiya Sanstha Ltd. (GILB) incurred the highest loss at 7.81%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed positively except for the Trading Index. Non-Life Insurance led the gainers with an increase of 2.11%, followed by HydroPower Index. Others Index recorded the least gain at 0.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index witnessed a rise of 0.45%, while the Float Index and Sensitive Float Index posted increases of 0.67% and 0.43%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19401', 'image' => '20231207034311_collage (2).jpg', 'article_date' => '2023-12-07 15:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19671', 'article_category_id' => '1', 'title' => 'Record Passengers as Airline Industry Recovers from Pandemic', 'sub_title' => '', 'summary' => 'December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The International Air Transport Association (IATA), in its traditional review of industry trends as the year draws to a close, said more normal growth patterns were expected from here on out as the sector has recovered to pre-pandemic levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"People love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity," IATA's director general Willie Walsh said as the body forecast a record 4.7 billion people will take to the skies in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA noted this is a "historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For this year, it expects 4.29 billion passengers, a small drop from its June forecast of 4.35 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh said "the speed of the recovery has been extraordinary" but also noted it "appears that the pandemic has cost aviation about four years of growth."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aviation suffered immensely from the travel restrictions that countries imposed in a bid to slow the spread of Covid-19, with a number of airlines going out of business and others bailed out as the industry racked up $183 billion in losses during the 2020-2022 period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA forecasts $25.7 billion in net profits in 2024 on a 7.6-percent rise in revenues to $964 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh called the figures a "tribute to aviation's resilience" but said the industry's profits need to be put into perspective.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A "net profit margin of 2.7 percent is far below what investors in almost any other industry would accept," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- Price of 'grande latte' -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Airlines will on average retain just $5.45 for every passenger carried, according to IATA's calculations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"That's about enough to buy a basic 'grande latte' at a London Starbucks," said Walsh, who formerly ran IAG, the parent company of British Airways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"But it is far too little to build a future that is resilient to shocks for a critical global industry on which 3.5 percent of GDP depends and from which 3.05 million people directly earn their livelihoods," he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The situation will continue to vary considerably by region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US, European and Middle Eastern carriers are expected to continue to post profits in 2024, with Asian-Pacific airlines expected to return to profitability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">African and South American carriers are expected to remain in the red.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- More want to fly -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA said the optimistic outlook for the industry is supported by its survey data showing that nearly half of people's travelling habits have returned to pre-pandemic norms.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One third reported travelling more and just 18 percent said they are still travelling less.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, it said 44 percent of respondents said that they will travel more in the next 12 months than in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Only seven percent said they will travel less and 48 percent expected to maintain similar levels of travel in the coming 12 months as in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This growth comes despite an increase in fares in 2023 as demand outstripped seat capacity, with airlines hobbled by some aircraft being out of service over engine issues and delayed delivery of new aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA expects growth in fares to moderate in 2024, while fuel costs are expected to remain high and continue to account for nearly a third of costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As negotiators debate the thorny issue of fossil fuels at the COP28 climate summit, IATA said the airline industry will use 374 billion litres of fuel in 2024 and put 939 million tonnes of CO2 into the atmosphere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the airline industry accounts for less than three percent of global CO2 emissions, it serves only a tiny percentage of the world's population.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The sector hopes to shift to sustainable aviation fuels to achieve its 2050 net-zero target, but IATA expects they will account for just 0.53 percent of consumption compared to 0.2 percent this year. -- AFP/RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19399', 'image' => '20231207120538_Airline (1).jpg', 'article_date' => '2023-12-07 12:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19670', 'article_category_id' => '1', 'title' => 'Government Yet Again Delays Fixing Support Price of Sugarcane', 'sub_title' => '', 'summary' => 'December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs 520 million to the farmers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million to the farmers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government has not fixed the support price due to the differences with the Sugarcane Producers and Farmers' Federation regarding the support price. The farmers are preparing to protest to put pressure on the government which is delaying in releasing the subsidy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers have been forced to sell sugarcane at cheap prices due to the delay in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Harishyam Rai, secretary of the Sugarcane Farmers' Struggle Committee, Sarlahi, informed that some farmers are selling sugarcane at the same price as last year due to the government’s delayed in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, sugarcane starts to dry after being left in the field for a long time, due to which both yield and weight decrease, and farmers are forced to sell sugarcane as they can’t wait for the government to fix the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the Ministry of Agriculture and Livestock Development held a meeting at the ministry on Sunday to discuss the issue of fixing the support price, the price determination process was halted after the representatives of sugarcane farmers disagreed with the price proposed by the ministry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Kapil Muni Mainali, president of the Sugarcane Producers and Farmers’ Federation, informed that after the ministry proposed to add only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to last year's price, they rejected the offer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last year, the government had fixed the price of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">610</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per quintal. "This year, the government tried to fix the price by adding Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to the price of last year and set the price at only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">621</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal," President Mainali said, "The production cost of the farmer stands at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal including transportation cost. How can there be agreement in such a situation?”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers are yet to receive Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">520</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million in subsidy from the government for the sale of sugarcane last year. Last year, the government paid only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million out of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million subsidies to the farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson for the ministry Sabnam Sivakoti said that the biggest complaint of the farmers is not getting the due amount. According to her, the payment could not be sent on time due to lack of budget. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“So far sugarcane farmers in nine districts have received full payment. The farmers of Sarlahi, Nawalparasi and Kanchanpur are yet to receive subsidies.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sivakoti said that the ministry has sent a letter to the Ministry of Finance for the release of the budget, the latter did not respond.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There are currently </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">industries producing sugar in Nepal. Based on the data of the National Census </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">294</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">453 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tons of sugar is consumed in Nepal every year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19398', 'image' => '20231207120415_20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2023-12-07 12:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19669', 'article_category_id' => '1', 'title' => 'Business of Insurance Companies Declining', 'sub_title' => '', 'summary' => 'December 7: With the decline in economic activities, the business of insurance companies as well has started declining.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 7: With the decline in economic activities, the business of insurance companies as well has started declining. Insurance business has been affected due to the decline in the lending of banks and financial institutions, and the decline in business as well as income of individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Insurance Authority, the business of non-life insurance companies decreased by 4.57 percent in the first four months of the current fiscal year compared to the same period of the previous year. By mid-November of the last fiscal year, life insurance companies had collected a total of Rs 13.35 billion in insurance fees, but in the same period of the current fiscal year, the collection stood at Rs 12.74 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance companies is continuously declining in the current fiscal year. The non-life insurance companies collected Rs 3.98 billion in insurance fees from the sale and renewal of new insurance policies in the first month of the current fiscal year, but they collected only Rs 2.29 billion in the fourth month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Non-life insurance companies sold 894,000 insurance policies since mid-July including 200,000 insurance policies during last month. Compared to the previous year, the number of insurance policies sold during this period has also decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A normal increase has been seen in the business of life insurance companies. Life insurance companies collected Rs 46 billion in insurance fees from the sale and renewal of insurance policies till mid-November of the last fiscal year, which now stands at Rs 49.44 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, compared to mid-July of the current financial year, the business of life insurance companies is also decreasing. In mid- July to mid-August, they collected Rs 19.60 billion in insurance fee from new insurance policies and renewal of old ones, which decreased to Rs 8.63 billion in mid-October to mid-November. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the economic recession, the credit flow of banks and financial institutions decreased and the business activities of insurance companies were affected. Since insurance is mandatory for taking bank loans, the lack of loan investment has also affected the business of insurance companies. Similarly, when there is a decline in economic activities, the income of common people also decreases. The number of people taking insurance has decreased after the decrease in income. Instead, the number of people who 'surrender' insurance policies seems to be increasing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19397', 'image' => '20231207113454_Insurance.jpg', 'article_date' => '2023-12-07 11:33:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19666', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Directs Govt to Immediately Stop the Sale and Purchase of Ncell's Shares', 'sub_title' => '', 'summary' => 'December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting held at Singh Durbar on Wednesday decided to direct the government to immediately stop the ongoing Ncell share purchase and sale process. The committee is preparing to discuss this issue by inviting Prime Minister Pushpa Kamal Dahal to the next meeting of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It has been decided to call the prime minister to discuss the issues of corruption and irregularities involving the purchase and sale of Ncell share and to instruct the government to immediately stop the process," said PAC Chairman Rishikesh Pokharel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, the committee has also instructed the government to conduct an independent investigation within 30 days regarding the purchase and sale of Ncell shares. The committee has instructed the government to make public its opinion regarding the Ncell controversy within 48 hours.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting concluded that Axiata is trying to influence the capital gains tax, ownership transfer tax, etc, to be paid to the Government of Nepal by buying and selling shares outside Nepal at extremely low valuations in an opaque manner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee said that the transaction can be termed dubious and unrealistic, there is lack of transparency, and the company is trying to convey a misleading message that there is no investment environment in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Meanwhile, the Company Registrar's Office has sent a reply to the Public Accounts Committee saying that it has not received any information about the purchase and sale of Ncell’s shares by Axiata.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Most of the MPs who expressed their opinion in the meeting alleged that high-level leaders were also involved in the Ncell purchase and sale case. They also said that the government should have a clear opinion about Ncell's statement that there is no investment environment in Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Axiata bought the shares of the company in 2016 from Sweden-based TeliaSonera for Rs 143 million. Now, the controversy has surfaced after Axiata announced the sale of its shares in Ncell for less than seven billion rupees to a UK-based company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Writing a letter to the Nepal Telecommunications Authority, Ncell said that it is in the process of collecting the documents regarding the purchase and sale of the shares </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the letter, Ncell also stated that it believes in the rule of law. It further said that the company will submit an application for the approval of the purchase and sale of the shares as per the regulations of the authority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The NTA had earlier written to Ncell Axiata on Friday and said that the purchase and sale of shares must be done according to Rule 15 (8) of Telecommunications Regulations, 2054, under which there is a provision to obtain the prior approval from the authority for selling or buying shares of more than five percent of the paid-up capital. However, it seems that Ncell has already sold its shares in an offshore deal without taking such permission.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19396', 'image' => '20231207105016_ncell.jpg', 'article_date' => '2023-12-07 10:49:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'sub_title' => '', 'summary' => 'December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded 2,651 cases of banking offense to the Public Prosecutor's Office from June 27 to November 16.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,651</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">cases of banking offense to the Public Prosecutor's Office from June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The data shows that more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">20</span><span style="font-family:"Arial","sans-serif""> complaints are filed daily seeking justice in banking offence cases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government employees expect more cases to be filed in coming days as the figures of last month were less than anticipated due to lots of public holidays between June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The situation of banking offense seems alarming if the figures from across the country are taken into consideration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Concerned officials say that even though cases of banking offense started appearing </span><span style="font-family:"Arial Unicode MS","sans-serif"">8</span><span style="font-family:"Arial","sans-serif""> to </span><span style="font-family:"Arial Unicode MS","sans-serif"">10</span><span style="font-family:"Arial","sans-serif""> years ago, they started to increase from the fiscal year </span><span style="font-family:"Arial Unicode MS","sans-serif"">2079/80</span><span style="font-family:"Arial","sans-serif""> and have peaked recently.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, the government made an arrangement allowing even the district attorney's office to investigate and prosecute individuals in cases of banking offense. Before that, commercial benches were appointed in some high courts for looking after such cases.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to an employee of the Kathmandu District Public Prosecutor's Office, employees are fully engaged in work as the number of complaints related to banking offenses has been increasing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have lots of files to go through but the number of employees is very small," said the official requesting not to be named. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He complained that the workload of the Kathmandu District Public Prosecutor's office has increased since June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, but the staff has not increased. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"The work load has increased by </span><span style="font-family:"Arial Unicode MS","sans-serif"">30-40</span><span style="font-family:"Arial","sans-serif""> percent but the number of government lawyers in the office is the same as it was before (</span><span style="font-family:"Arial Unicode MS","sans-serif"">35</span><span style="font-family:"Arial","sans-serif""> people)."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the complaint of banking offense is registered, the police sends it to the public prosecutor's office for its opinion. Police handles the cases based on the opinion of the public prosecutor's office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the complaints are related to cheque bounce</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government officials say that most of the people who come to the public prosecutor's office complain of cheque bounce. In the first four months of the current fiscal year, cases of cheque bounce worth about Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">3</span><span style="font-family:"Arial","sans-serif""> billion have been registered at the Kathmandu District Police Range. During this period, the police have arrested </span><span style="font-family:"Arial Unicode MS","sans-serif"">612</span><span style="font-family:"Arial","sans-serif""> people including </span><span style="font-family:"Arial Unicode MS","sans-serif"">164</span><span style="font-family:"Arial","sans-serif""> women on charges of cheque bounce. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last fiscal year, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,340</span><span style="font-family:"Arial","sans-serif""> people were arrested on charges of cheque bounce. It is mentioned in the police data that cheques worth Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">47</span><span style="font-family:"Arial","sans-serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">5</span><span style="font-family:"Arial","sans-serif""> billion were bounced last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the last fiscal year, more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">7,000</span><span style="font-family:"Arial","sans-serif""> complaints of banking offenses were registered in District Police Range Kathmandu alone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the police submits its report, the public prosecutor's office studies and decides whether to file a case in court or not.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the increase in cheque bounce cases, the government has introduced a bill to amend the Banking Offenses and Punishment Act, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2064</span><span style="font-family:"Arial","sans-serif""> with provisions to increase the punishment for the guilty. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bill is currently pending in the House of Representatives. Noting that the increase in the number of banking offenses has raised serious concerns, the concerned authorities have suggested that a deep investigation should be conducted into why this is happening. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Is it because of the development of a tendency to enjoy cheating one another or because of increased financial problems?" said an officer of the Kathmandu Police Range, adding, "People who are considered to be affluent in the society have also been convicted of the crime of banking offences. A detailed study and research is needed to find out why this is happening.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a banking offense?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Crimes against banking and financial system are banking offense. There is a universal practice of treating banking offenses as a crime because it is essential to increase public confidence in the banking and financial system, protect the rights and interests of depositors, ensure quality services of banks and financial institutions and maintain financial stability.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a cheque bounce?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A cheque presented in a bank is considered bounced if a person issuing the cheque to someone does it knowing that there is not enough money in the bank account, or if the bank deposit is insufficient. The person who received the cheque must file a case in court within six months of the cheque being bounced. If the claim is proven, there is a provision in the Banking Offenses Act, 2064, that the court can impose fines accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19411', 'image' => '20231208033218_banking-offence -800.jpg', 'article_date' => '2023-12-08 15:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19682', 'article_category_id' => '1', 'title' => 'NEA Sells Electricity worth Rs 15.4 Billion to India during this Monsoon', 'sub_title' => '', 'summary' => 'December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. As per the agreement, the NEA started exporting surplus electricity to India from June 1, 2023. Accordingly, the NEA sold over 1.7 billion units of electricity worth Rs 15.4 billion to India between June 1 and December 6, 2023. A maximum of 700 megawatts of electricity was sold on a daily basis at Rs 8.77 per unit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, following the decrease in the production of electricity as a result of the decrease in the water flow in the rivers in the dry season, the demand for internal consumption has increased resulting in the commencement of the import of power from the Indian market. So, the export will come to a halt from tonight, the NEA said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The import of electricity from India has started as the domestic production is not enough to meet the demand at home, said NEA Executive Director Kulman Ghising, adding that the current daily demand for power is a maximum of 1700 megawatts across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Now, the production and demand are at the equal level. We are operating our semi-reservoir-based power houses during the peak hours in the evening and morning after filling them in the noon and night," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The import of electricity during the peak hours is costlier, and it is relatively cheap during noon and night. So, electricity will be purchased outside the peak hours." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Ghising, the export will resume from the second week of Baisakh (last week of April, 2024). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This year, around 900 megawatts electricity is being added to the national grid. Similarly, next year, power worth approximately Rs 25 billion will be exported. High-powered transmission lines are being constructed for improving the transmission of electricity between the two countries. On the other hand, hydropower projects are being built within the country. In this context, a climate is being created wherein electricity worth around Rs 100 billion will be exported in the next five years." </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19410', 'image' => '20231208030316_elec.jpg', 'article_date' => '2023-12-08 15:02:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19681', 'article_category_id' => '1', 'title' => 'Shortage of Potatoes and Onions as Traders Protest against VAT', 'sub_title' => '', 'summary' => 'December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The price of these essential food items was already high and the government imposed VAT on top of it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The businessmen accused the government of imposing the VAT with mala fide intentions and stopped importing potatoes and onions. As a result, the market has been reeling under the shortage of potatoes and onions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Businessmen, who had partially reduced the supply of potatoes and onions for four days, completely stopped their business since Wednesday saying that they cannot do business due to the 'irrational decision of the government'. As the businessmen halted their business, it has become difficult to find potatoes and onions in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">General Secretary of the Potato and Onion Import Export and Wholesalers Association Prakash Gajurel says that the Finance Minister deceived the public by saying that the government decided to impose VAT only on imported potatoes and onions. After the government made a provision to impose VAT on potatoes and onions in current fiscal year, the businessmen met the finance minister and requested him to waive VAT. At that time, the finance minister had assured that VAT would not be levied on potatoes and onions produced in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Gajurel, the government has now started imposing VAT even on potatoes and onions produced by the local farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"That's why we reached to the conclusion that potatoes and onions cannot be traded from now on and stopped the business," he told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We don’t use VAT bill while purchasing potatoes and onions from the local farmers but the government seeks VAT bill from us. When this happens, our income appears higher than the real income and it increases our income tax obligation. Consumers also have to pay higher prices,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The association has alleged that the government is trying to extort money from traders in the name of VAT.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Kalimati Fruits and Vegetables Market Development Committee has removed potatoes and onions from its daily price list. Binay Shrestha, information officer of the committee, informed that due to the problem of VAT, traders have now stopped bringing potatoes and onions to Kalimati. According to him, after the traders did not bring potatoes and onions the committee decided to remove those items from the list.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the traders' strike, potatoes and onions have stopped entering Kalimati and other big vegetable markets since the past few days. According to the data of the committee, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of onion and about </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of potatoes used to be imported in Kalimati per day.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19409', 'image' => '20231208015857_20230123021027_onion.jpg', 'article_date' => '2023-12-08 13:58:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19680', 'article_category_id' => '1', 'title' => 'NRB Unveils First Quarterly Review of Monetary Policy ', 'sub_title' => '', 'summary' => 'December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year. Following the release of the review report, it was endorsed by a meeting of the NRB Board of Directors on Friday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Presenting an analysis of various factors influencing the prevailing inflation, the NRB, through the review, has reduced the bank rates from 7.5 percent to 7 percent, considering the current status of the Balance of Payment and the growth rate of bank loans to the private sector. Similarly, policy rates have been maintained at 5.5 percent against the previous rate of 6.5 percent. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The provisions regarding mandatory cash reserve ratio and statutory liquidity ratio have remained unchanged. As for the provision of counting debentures issued by banks and financial institutions, the NRB has decided to count them as 50 percent resource until the end of the current fiscal year. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19408', 'image' => '20231208010709_NRBnew.jpg', 'article_date' => '2023-12-08 13:06:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19679', 'article_category_id' => '1', 'title' => ''Climate Conscious' Banks Lend More to Polluters: ECB', 'sub_title' => '', 'summary' => 'December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Banks have a key role in financing the green transition, and their lending practices and environmental standards are under growing scrutiny.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The four ECB economists looked at investor reports and releases from major banks in the single currency area over the period from 2014 to 2020.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Their research highlighted a "discrepancy about how banks talk about environmental intentions, and how they lend," they said in a blog post, released to coincide with the COP28 climate talks in Dubai.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It found that banks with high levels of "environmental disclosures" tend to be specialised in extending credit to so-called "brown industries" -- those that are highly polluting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This fits in with the notion that lenders with greater exposure to polluting industries are under greater pressure to disclose environmental strategies and plans for decarbonisation, they said in the blog.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But they also found that firms with large carbon footprints that obtain loans from such banks do not ultimately decrease their emissions or commit to voluntary emission targets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, lenders who portray themselves as more climate friendly also appeared reluctant to lend to young firms in polluting sectors -- precisely the sort of companies that could drive innovation in clean technologies, the economists said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Such a situation had arisen because banks were "reluctant to disrupt established lending relationships with larger carbon footprint borrowers," they said. -- AFP/RSS</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19407', 'image' => '20231208121314_Banks - Copy.jpg', 'article_date' => '2023-12-08 12:12:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19678', 'article_category_id' => '1', 'title' => 'Govt Forms High-Level Committee to Probe Ncell Share Sale Issue ', 'sub_title' => '', 'summary' => 'December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers on Thursday constituted the five-member committee headed by former Auditor General Tankamani Sharma. The committee has been assigned to submit its report to the government within a month, according to Minister for Communications and Information Technology, Rekha Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Government secretary Phanindra Gautam, Finance Ministry's joint-secretary Ritesh Kumar Shakya, joint secretary at the Ministry of Communications and Information Technology, Baburaj Bhandari, and ICAN President Sujan Kumar Kafle are the members of the probe committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting has appointed Rudra Prasad Gautam as the Chair of Drinking Water and Tariff Fixation Commission while Yashoda Karki and Kulbhushan Sharma have been appointed as members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting has formed talks team under the convenorship of Finance Ministry's joint secretary to negotiate with the proposal regarding the World Bank assistance for the 'Provincial and Local Road Improvement Programme- first phase'. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19406', 'image' => '20231208113407_ncell.jpg', 'article_date' => '2023-12-08 11:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19677', 'article_category_id' => '1', 'title' => 'High Court Orders not to Recognize Sale of Ncell Shares ', 'sub_title' => '', 'summary' => 'December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of High Court Judge Purushottam Prasad Dhakal handed down the order on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the court has summoned both parties for a hearing on the dispute on December 11. Following the hearing, the court will decide whether to continue the interim order or issue another order. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Malaysian company Axiata reportedly sold 80 percent of its shares in Ncell to Spectralite UK Limited. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The order comes in response to a writ petition filed at the High Court by Gokul Bahadur Rokaya, demanding that the transaction of shares purchase and sale not be recognized. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19405', 'image' => '20231208101216_orders.jpg', 'article_date' => '2023-12-08 10:11:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19676', 'article_category_id' => '1', 'title' => '10,000 Beneficiaries Confirmed for Temporary Housing in Aathbiskot', 'sub_title' => '', 'summary' => 'In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 8: In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality's Acting Chief Administrative Officer, Maniraj Shah, said data collected from all 14 wards of the municipality reveals that 9,962 individuals are in need of assistance following the seismic event. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These confirmed beneficiaries will receive financial support to facilitate the construction of temporary shelters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Previously, 4,500 individuals from the municipality had already received Rs 25,000 each to aid in the construction of their temporary dwellings. Acting on the recent data, the remaining 5,462 beneficiaries are now slated to receive the first tranche of financial aid.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the financial assistance, the municipality currently lacks records detailing the number of temporary houses constructed since the earthquake. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">While some temporary residences have been completed, a significant portion of quake survivors continues to live under tarpaulins.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rabilal KC assured ongoing efforts to ensure that all those affected by the earthquake will be accommodated in temporary housing by mid-December. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19404', 'image' => '20231208061706_collage (4).jpg', 'article_date' => '2023-12-08 06:15:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '19674', 'article_category_id' => '1', 'title' => 'KNP Japan Pvt. Limited to Establish PNC Ward at Narayani Hospital', 'sub_title' => '', 'summary' => 'In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The hospital's Medical Superintendent, Dr. Chittaranjan Sah, said that KNP Japan Private Limited had agreed to establish post-natal care ward at the hospital with the Birgunj Metropolis’ initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Arvind Lal Karn, the executive officer for the metropolis, Dr. Sah representing the hospital, and Manoj Mishra, the Country Head of KNP, signed the agreement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rajesh Man Singh praised the company's contribution and urged further collaboration, highlighting KNP's support for community school improvements in Birgunj. He emphasized the metropolis’ prioritization on health and education.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Sah expressed confidence that the proposed PNC ward would be helpful in reducing maternal mortality. With the establishment of this ward, mothers discharged after childbirth can now undergo postnatal care within the hospital premises for at least one day, allowing for close monitoring.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ashok Kumar Baidya, the director of KNP, stated that the company had agreed to establish unit as part of its corporate social responsibility. The post-natal unit is estimated to cost Rs 4 million and will be completed within one and a half months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19402', 'image' => '20231207042646_collage (3).jpg', 'article_date' => '2023-12-07 16:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19673', 'article_category_id' => '1', 'title' => 'NEPSE Records 11.73-Point Surge, Closing at 1852.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market analysts and investors are expressing a cautious outlook, suggesting that the stock market might remain in a sideways trend for the next few months.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They assert that a significant upward movement is unlikely unless the Nepal Rastra Bank revises its stringent policies currently imposed on the stock market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the today's trading session, a total of 292 scrips were exchanged through 53,146 transactions, involving 9,505,608 traded shares, with a turnover of Rs 2.79 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Reinsurance Company Limited Promoter Share (NRICP) recorded the highest turnover, amounting to Rs 86 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Trishuli Jal Vidhyut Company Limited (TVCL) experienced the most substantial gain of 10.00%, triggering a positive circuit for the day. Conversely, Global IME Laghubitta Bittiya Sanstha Ltd. (GILB) incurred the highest loss at 7.81%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed positively except for the Trading Index. Non-Life Insurance led the gainers with an increase of 2.11%, followed by HydroPower Index. Others Index recorded the least gain at 0.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index witnessed a rise of 0.45%, while the Float Index and Sensitive Float Index posted increases of 0.67% and 0.43%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19401', 'image' => '20231207034311_collage (2).jpg', 'article_date' => '2023-12-07 15:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19671', 'article_category_id' => '1', 'title' => 'Record Passengers as Airline Industry Recovers from Pandemic', 'sub_title' => '', 'summary' => 'December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The International Air Transport Association (IATA), in its traditional review of industry trends as the year draws to a close, said more normal growth patterns were expected from here on out as the sector has recovered to pre-pandemic levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"People love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity," IATA's director general Willie Walsh said as the body forecast a record 4.7 billion people will take to the skies in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA noted this is a "historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For this year, it expects 4.29 billion passengers, a small drop from its June forecast of 4.35 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh said "the speed of the recovery has been extraordinary" but also noted it "appears that the pandemic has cost aviation about four years of growth."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aviation suffered immensely from the travel restrictions that countries imposed in a bid to slow the spread of Covid-19, with a number of airlines going out of business and others bailed out as the industry racked up $183 billion in losses during the 2020-2022 period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA forecasts $25.7 billion in net profits in 2024 on a 7.6-percent rise in revenues to $964 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh called the figures a "tribute to aviation's resilience" but said the industry's profits need to be put into perspective.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A "net profit margin of 2.7 percent is far below what investors in almost any other industry would accept," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- Price of 'grande latte' -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Airlines will on average retain just $5.45 for every passenger carried, according to IATA's calculations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"That's about enough to buy a basic 'grande latte' at a London Starbucks," said Walsh, who formerly ran IAG, the parent company of British Airways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"But it is far too little to build a future that is resilient to shocks for a critical global industry on which 3.5 percent of GDP depends and from which 3.05 million people directly earn their livelihoods," he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The situation will continue to vary considerably by region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US, European and Middle Eastern carriers are expected to continue to post profits in 2024, with Asian-Pacific airlines expected to return to profitability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">African and South American carriers are expected to remain in the red.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- More want to fly -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA said the optimistic outlook for the industry is supported by its survey data showing that nearly half of people's travelling habits have returned to pre-pandemic norms.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One third reported travelling more and just 18 percent said they are still travelling less.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, it said 44 percent of respondents said that they will travel more in the next 12 months than in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Only seven percent said they will travel less and 48 percent expected to maintain similar levels of travel in the coming 12 months as in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This growth comes despite an increase in fares in 2023 as demand outstripped seat capacity, with airlines hobbled by some aircraft being out of service over engine issues and delayed delivery of new aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA expects growth in fares to moderate in 2024, while fuel costs are expected to remain high and continue to account for nearly a third of costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As negotiators debate the thorny issue of fossil fuels at the COP28 climate summit, IATA said the airline industry will use 374 billion litres of fuel in 2024 and put 939 million tonnes of CO2 into the atmosphere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the airline industry accounts for less than three percent of global CO2 emissions, it serves only a tiny percentage of the world's population.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The sector hopes to shift to sustainable aviation fuels to achieve its 2050 net-zero target, but IATA expects they will account for just 0.53 percent of consumption compared to 0.2 percent this year. -- AFP/RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19399', 'image' => '20231207120538_Airline (1).jpg', 'article_date' => '2023-12-07 12:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19670', 'article_category_id' => '1', 'title' => 'Government Yet Again Delays Fixing Support Price of Sugarcane', 'sub_title' => '', 'summary' => 'December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs 520 million to the farmers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million to the farmers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government has not fixed the support price due to the differences with the Sugarcane Producers and Farmers' Federation regarding the support price. The farmers are preparing to protest to put pressure on the government which is delaying in releasing the subsidy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers have been forced to sell sugarcane at cheap prices due to the delay in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Harishyam Rai, secretary of the Sugarcane Farmers' Struggle Committee, Sarlahi, informed that some farmers are selling sugarcane at the same price as last year due to the government’s delayed in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, sugarcane starts to dry after being left in the field for a long time, due to which both yield and weight decrease, and farmers are forced to sell sugarcane as they can’t wait for the government to fix the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the Ministry of Agriculture and Livestock Development held a meeting at the ministry on Sunday to discuss the issue of fixing the support price, the price determination process was halted after the representatives of sugarcane farmers disagreed with the price proposed by the ministry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Kapil Muni Mainali, president of the Sugarcane Producers and Farmers’ Federation, informed that after the ministry proposed to add only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to last year's price, they rejected the offer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last year, the government had fixed the price of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">610</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per quintal. "This year, the government tried to fix the price by adding Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to the price of last year and set the price at only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">621</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal," President Mainali said, "The production cost of the farmer stands at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal including transportation cost. How can there be agreement in such a situation?”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers are yet to receive Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">520</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million in subsidy from the government for the sale of sugarcane last year. Last year, the government paid only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million out of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million subsidies to the farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson for the ministry Sabnam Sivakoti said that the biggest complaint of the farmers is not getting the due amount. According to her, the payment could not be sent on time due to lack of budget. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“So far sugarcane farmers in nine districts have received full payment. The farmers of Sarlahi, Nawalparasi and Kanchanpur are yet to receive subsidies.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sivakoti said that the ministry has sent a letter to the Ministry of Finance for the release of the budget, the latter did not respond.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There are currently </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">industries producing sugar in Nepal. Based on the data of the National Census </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">294</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">453 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tons of sugar is consumed in Nepal every year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19398', 'image' => '20231207120415_20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2023-12-07 12:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19669', 'article_category_id' => '1', 'title' => 'Business of Insurance Companies Declining', 'sub_title' => '', 'summary' => 'December 7: With the decline in economic activities, the business of insurance companies as well has started declining.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 7: With the decline in economic activities, the business of insurance companies as well has started declining. Insurance business has been affected due to the decline in the lending of banks and financial institutions, and the decline in business as well as income of individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Insurance Authority, the business of non-life insurance companies decreased by 4.57 percent in the first four months of the current fiscal year compared to the same period of the previous year. By mid-November of the last fiscal year, life insurance companies had collected a total of Rs 13.35 billion in insurance fees, but in the same period of the current fiscal year, the collection stood at Rs 12.74 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance companies is continuously declining in the current fiscal year. The non-life insurance companies collected Rs 3.98 billion in insurance fees from the sale and renewal of new insurance policies in the first month of the current fiscal year, but they collected only Rs 2.29 billion in the fourth month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Non-life insurance companies sold 894,000 insurance policies since mid-July including 200,000 insurance policies during last month. Compared to the previous year, the number of insurance policies sold during this period has also decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A normal increase has been seen in the business of life insurance companies. Life insurance companies collected Rs 46 billion in insurance fees from the sale and renewal of insurance policies till mid-November of the last fiscal year, which now stands at Rs 49.44 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, compared to mid-July of the current financial year, the business of life insurance companies is also decreasing. In mid- July to mid-August, they collected Rs 19.60 billion in insurance fee from new insurance policies and renewal of old ones, which decreased to Rs 8.63 billion in mid-October to mid-November. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the economic recession, the credit flow of banks and financial institutions decreased and the business activities of insurance companies were affected. Since insurance is mandatory for taking bank loans, the lack of loan investment has also affected the business of insurance companies. Similarly, when there is a decline in economic activities, the income of common people also decreases. The number of people taking insurance has decreased after the decrease in income. Instead, the number of people who 'surrender' insurance policies seems to be increasing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19397', 'image' => '20231207113454_Insurance.jpg', 'article_date' => '2023-12-07 11:33:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19666', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Directs Govt to Immediately Stop the Sale and Purchase of Ncell's Shares', 'sub_title' => '', 'summary' => 'December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting held at Singh Durbar on Wednesday decided to direct the government to immediately stop the ongoing Ncell share purchase and sale process. The committee is preparing to discuss this issue by inviting Prime Minister Pushpa Kamal Dahal to the next meeting of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It has been decided to call the prime minister to discuss the issues of corruption and irregularities involving the purchase and sale of Ncell share and to instruct the government to immediately stop the process," said PAC Chairman Rishikesh Pokharel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, the committee has also instructed the government to conduct an independent investigation within 30 days regarding the purchase and sale of Ncell shares. The committee has instructed the government to make public its opinion regarding the Ncell controversy within 48 hours.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting concluded that Axiata is trying to influence the capital gains tax, ownership transfer tax, etc, to be paid to the Government of Nepal by buying and selling shares outside Nepal at extremely low valuations in an opaque manner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee said that the transaction can be termed dubious and unrealistic, there is lack of transparency, and the company is trying to convey a misleading message that there is no investment environment in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Meanwhile, the Company Registrar's Office has sent a reply to the Public Accounts Committee saying that it has not received any information about the purchase and sale of Ncell’s shares by Axiata.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Most of the MPs who expressed their opinion in the meeting alleged that high-level leaders were also involved in the Ncell purchase and sale case. They also said that the government should have a clear opinion about Ncell's statement that there is no investment environment in Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Axiata bought the shares of the company in 2016 from Sweden-based TeliaSonera for Rs 143 million. Now, the controversy has surfaced after Axiata announced the sale of its shares in Ncell for less than seven billion rupees to a UK-based company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Writing a letter to the Nepal Telecommunications Authority, Ncell said that it is in the process of collecting the documents regarding the purchase and sale of the shares </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the letter, Ncell also stated that it believes in the rule of law. It further said that the company will submit an application for the approval of the purchase and sale of the shares as per the regulations of the authority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The NTA had earlier written to Ncell Axiata on Friday and said that the purchase and sale of shares must be done according to Rule 15 (8) of Telecommunications Regulations, 2054, under which there is a provision to obtain the prior approval from the authority for selling or buying shares of more than five percent of the paid-up capital. However, it seems that Ncell has already sold its shares in an offshore deal without taking such permission.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19396', 'image' => '20231207105016_ncell.jpg', 'article_date' => '2023-12-07 10:49:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'sub_title' => '', 'summary' => 'December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded 2,651 cases of banking offense to the Public Prosecutor's Office from June 27 to November 16.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: Cases of banking offenses have increased sharply in recent months. According to the Kathmandu District Public Prosecutor's Office, the police have forwarded </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,651</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">cases of banking offense to the Public Prosecutor's Office from June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The data shows that more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">20</span><span style="font-family:"Arial","sans-serif""> complaints are filed daily seeking justice in banking offence cases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government employees expect more cases to be filed in coming days as the figures of last month were less than anticipated due to lots of public holidays between June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7 to November </span><span style="font-family:"Arial Unicode MS","sans-serif"">16</span><span style="font-family:"Arial","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The situation of banking offense seems alarming if the figures from across the country are taken into consideration.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Concerned officials say that even though cases of banking offense started appearing </span><span style="font-family:"Arial Unicode MS","sans-serif"">8</span><span style="font-family:"Arial","sans-serif""> to </span><span style="font-family:"Arial Unicode MS","sans-serif"">10</span><span style="font-family:"Arial","sans-serif""> years ago, they started to increase from the fiscal year </span><span style="font-family:"Arial Unicode MS","sans-serif"">2079/80</span><span style="font-family:"Arial","sans-serif""> and have peaked recently.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">On June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, the government made an arrangement allowing even the district attorney's office to investigate and prosecute individuals in cases of banking offense. Before that, commercial benches were appointed in some high courts for looking after such cases.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to an employee of the Kathmandu District Public Prosecutor's Office, employees are fully engaged in work as the number of complaints related to banking offenses has been increasing. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"We have lots of files to go through but the number of employees is very small," said the official requesting not to be named. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He complained that the workload of the Kathmandu District Public Prosecutor's office has increased since June </span><span style="font-family:"Arial Unicode MS","sans-serif"">2</span><span style="font-family:"Arial","sans-serif"">7, but the staff has not increased. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"The work load has increased by </span><span style="font-family:"Arial Unicode MS","sans-serif"">30-40</span><span style="font-family:"Arial","sans-serif""> percent but the number of government lawyers in the office is the same as it was before (</span><span style="font-family:"Arial Unicode MS","sans-serif"">35</span><span style="font-family:"Arial","sans-serif""> people)."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the complaint of banking offense is registered, the police sends it to the public prosecutor's office for its opinion. Police handles the cases based on the opinion of the public prosecutor's office.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the complaints are related to cheque bounce</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Government officials say that most of the people who come to the public prosecutor's office complain of cheque bounce. In the first four months of the current fiscal year, cases of cheque bounce worth about Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">3</span><span style="font-family:"Arial","sans-serif""> billion have been registered at the Kathmandu District Police Range. During this period, the police have arrested </span><span style="font-family:"Arial Unicode MS","sans-serif"">612</span><span style="font-family:"Arial","sans-serif""> people including </span><span style="font-family:"Arial Unicode MS","sans-serif"">164</span><span style="font-family:"Arial","sans-serif""> women on charges of cheque bounce. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last fiscal year, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2,340</span><span style="font-family:"Arial","sans-serif""> people were arrested on charges of cheque bounce. It is mentioned in the police data that cheques worth Rs </span><span style="font-family:"Arial Unicode MS","sans-serif"">47</span><span style="font-family:"Arial","sans-serif"">.</span><span style="font-family:"Arial Unicode MS","sans-serif"">5</span><span style="font-family:"Arial","sans-serif""> billion were bounced last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the last fiscal year, more than </span><span style="font-family:"Arial Unicode MS","sans-serif"">7,000</span><span style="font-family:"Arial","sans-serif""> complaints of banking offenses were registered in District Police Range Kathmandu alone. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the police submits its report, the public prosecutor's office studies and decides whether to file a case in court or not.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After the increase in cheque bounce cases, the government has introduced a bill to amend the Banking Offenses and Punishment Act, </span><span style="font-family:"Arial Unicode MS","sans-serif"">2064</span><span style="font-family:"Arial","sans-serif""> with provisions to increase the punishment for the guilty. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bill is currently pending in the House of Representatives. Noting that the increase in the number of banking offenses has raised serious concerns, the concerned authorities have suggested that a deep investigation should be conducted into why this is happening. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Is it because of the development of a tendency to enjoy cheating one another or because of increased financial problems?" said an officer of the Kathmandu Police Range, adding, "People who are considered to be affluent in the society have also been convicted of the crime of banking offences. A detailed study and research is needed to find out why this is happening.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a banking offense?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Crimes against banking and financial system are banking offense. There is a universal practice of treating banking offenses as a crime because it is essential to increase public confidence in the banking and financial system, protect the rights and interests of depositors, ensure quality services of banks and financial institutions and maintain financial stability.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">What is a cheque bounce?</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A cheque presented in a bank is considered bounced if a person issuing the cheque to someone does it knowing that there is not enough money in the bank account, or if the bank deposit is insufficient. The person who received the cheque must file a case in court within six months of the cheque being bounced. If the claim is proven, there is a provision in the Banking Offenses Act, 2064, that the court can impose fines accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19411', 'image' => '20231208033218_banking-offence -800.jpg', 'article_date' => '2023-12-08 15:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19682', 'article_category_id' => '1', 'title' => 'NEA Sells Electricity worth Rs 15.4 Billion to India during this Monsoon', 'sub_title' => '', 'summary' => 'December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Electricity Authority (NEA) exported electricity worth Rs 15.4 billion to India during this year’s monsoon. As per the agreement, the NEA started exporting surplus electricity to India from June 1, 2023. Accordingly, the NEA sold over 1.7 billion units of electricity worth Rs 15.4 billion to India between June 1 and December 6, 2023. A maximum of 700 megawatts of electricity was sold on a daily basis at Rs 8.77 per unit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, following the decrease in the production of electricity as a result of the decrease in the water flow in the rivers in the dry season, the demand for internal consumption has increased resulting in the commencement of the import of power from the Indian market. So, the export will come to a halt from tonight, the NEA said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The import of electricity from India has started as the domestic production is not enough to meet the demand at home, said NEA Executive Director Kulman Ghising, adding that the current daily demand for power is a maximum of 1700 megawatts across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Now, the production and demand are at the equal level. We are operating our semi-reservoir-based power houses during the peak hours in the evening and morning after filling them in the noon and night," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The import of electricity during the peak hours is costlier, and it is relatively cheap during noon and night. So, electricity will be purchased outside the peak hours." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Ghising, the export will resume from the second week of Baisakh (last week of April, 2024). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“This year, around 900 megawatts electricity is being added to the national grid. Similarly, next year, power worth approximately Rs 25 billion will be exported. High-powered transmission lines are being constructed for improving the transmission of electricity between the two countries. On the other hand, hydropower projects are being built within the country. In this context, a climate is being created wherein electricity worth around Rs 100 billion will be exported in the next five years." </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19410', 'image' => '20231208030316_elec.jpg', 'article_date' => '2023-12-08 15:02:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19681', 'article_category_id' => '1', 'title' => 'Shortage of Potatoes and Onions as Traders Protest against VAT', 'sub_title' => '', 'summary' => 'December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 8: There has been a shortage of potatoes and onions in the market due to the imposition of Value Added Tax (VAT) by the government.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The price of these essential food items was already high and the government imposed VAT on top of it.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The businessmen accused the government of imposing the VAT with mala fide intentions and stopped importing potatoes and onions. As a result, the market has been reeling under the shortage of potatoes and onions.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Businessmen, who had partially reduced the supply of potatoes and onions for four days, completely stopped their business since Wednesday saying that they cannot do business due to the 'irrational decision of the government'. As the businessmen halted their business, it has become difficult to find potatoes and onions in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">General Secretary of the Potato and Onion Import Export and Wholesalers Association Prakash Gajurel says that the Finance Minister deceived the public by saying that the government decided to impose VAT only on imported potatoes and onions. After the government made a provision to impose VAT on potatoes and onions in current fiscal year, the businessmen met the finance minister and requested him to waive VAT. At that time, the finance minister had assured that VAT would not be levied on potatoes and onions produced in the country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to Gajurel, the government has now started imposing VAT even on potatoes and onions produced by the local farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"That's why we reached to the conclusion that potatoes and onions cannot be traded from now on and stopped the business," he told New Business Age. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We don’t use VAT bill while purchasing potatoes and onions from the local farmers but the government seeks VAT bill from us. When this happens, our income appears higher than the real income and it increases our income tax obligation. Consumers also have to pay higher prices,” he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The association has alleged that the government is trying to extort money from traders in the name of VAT.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the Kalimati Fruits and Vegetables Market Development Committee has removed potatoes and onions from its daily price list. Binay Shrestha, information officer of the committee, informed that due to the problem of VAT, traders have now stopped bringing potatoes and onions to Kalimati. According to him, after the traders did not bring potatoes and onions the committee decided to remove those items from the list.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to the traders' strike, potatoes and onions have stopped entering Kalimati and other big vegetable markets since the past few days. According to the data of the committee, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of onion and about </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tons of potatoes used to be imported in Kalimati per day.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19409', 'image' => '20231208015857_20230123021027_onion.jpg', 'article_date' => '2023-12-08 13:58:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19680', 'article_category_id' => '1', 'title' => 'NRB Unveils First Quarterly Review of Monetary Policy ', 'sub_title' => '', 'summary' => 'December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Nepal Rastra Bank (NRB) has unveiled the first quarterly review report of the monetary policy for the current fiscal year. Following the release of the review report, it was endorsed by a meeting of the NRB Board of Directors on Friday. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">Presenting an analysis of various factors influencing the prevailing inflation, the NRB, through the review, has reduced the bank rates from 7.5 percent to 7 percent, considering the current status of the Balance of Payment and the growth rate of bank loans to the private sector. Similarly, policy rates have been maintained at 5.5 percent against the previous rate of 6.5 percent. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">The provisions regarding mandatory cash reserve ratio and statutory liquidity ratio have remained unchanged. As for the provision of counting debentures issued by banks and financial institutions, the NRB has decided to count them as 50 percent resource until the end of the current fiscal year. -- RSS </span></span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19408', 'image' => '20231208010709_NRBnew.jpg', 'article_date' => '2023-12-08 13:06:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19679', 'article_category_id' => '1', 'title' => ''Climate Conscious' Banks Lend More to Polluters: ECB', 'sub_title' => '', 'summary' => 'December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 8: Eurozone banks that portray themselves as more conscious about environmental issues lend more than others to polluting industries, a group of European Central Bank economists said on Wednesday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Banks have a key role in financing the green transition, and their lending practices and environmental standards are under growing scrutiny.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The four ECB economists looked at investor reports and releases from major banks in the single currency area over the period from 2014 to 2020.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Their research highlighted a "discrepancy about how banks talk about environmental intentions, and how they lend," they said in a blog post, released to coincide with the COP28 climate talks in Dubai.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It found that banks with high levels of "environmental disclosures" tend to be specialised in extending credit to so-called "brown industries" -- those that are highly polluting.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">This fits in with the notion that lenders with greater exposure to polluting industries are under greater pressure to disclose environmental strategies and plans for decarbonisation, they said in the blog.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">But they also found that firms with large carbon footprints that obtain loans from such banks do not ultimately decrease their emissions or commit to voluntary emission targets.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In addition, lenders who portray themselves as more climate friendly also appeared reluctant to lend to young firms in polluting sectors -- precisely the sort of companies that could drive innovation in clean technologies, the economists said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Such a situation had arisen because banks were "reluctant to disrupt established lending relationships with larger carbon footprint borrowers," they said. -- AFP/RSS</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19407', 'image' => '20231208121314_Banks - Copy.jpg', 'article_date' => '2023-12-08 12:12:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19678', 'article_category_id' => '1', 'title' => 'Govt Forms High-Level Committee to Probe Ncell Share Sale Issue ', 'sub_title' => '', 'summary' => 'December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The government has formed a high-level committee to investigate the issue of the sale of share of Ncell, a private telecommunications service provider based in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the Council of Ministers on Thursday constituted the five-member committee headed by former Auditor General Tankamani Sharma. The committee has been assigned to submit its report to the government within a month, according to Minister for Communications and Information Technology, Rekha Sharma. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Government secretary Phanindra Gautam, Finance Ministry's joint-secretary Ritesh Kumar Shakya, joint secretary at the Ministry of Communications and Information Technology, Baburaj Bhandari, and ICAN President Sujan Kumar Kafle are the members of the probe committee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting has appointed Rudra Prasad Gautam as the Chair of Drinking Water and Tariff Fixation Commission while Yashoda Karki and Kulbhushan Sharma have been appointed as members. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the meeting has formed talks team under the convenorship of Finance Ministry's joint secretary to negotiate with the proposal regarding the World Bank assistance for the 'Provincial and Local Road Improvement Programme- first phase'. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19406', 'image' => '20231208113407_ncell.jpg', 'article_date' => '2023-12-08 11:33:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19677', 'article_category_id' => '1', 'title' => 'High Court Orders not to Recognize Sale of Ncell Shares ', 'sub_title' => '', 'summary' => 'December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 8: The Patan High Court has issued an interim order in the name of the Company Registrar's Office not to register the transfer of ownership of the shares of Ncell, a private telecommunication service provider company operating in Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A single bench of High Court Judge Purushottam Prasad Dhakal handed down the order on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the court has summoned both parties for a hearing on the dispute on December 11. Following the hearing, the court will decide whether to continue the interim order or issue another order. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Malaysian company Axiata reportedly sold 80 percent of its shares in Ncell to Spectralite UK Limited. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The order comes in response to a writ petition filed at the High Court by Gokul Bahadur Rokaya, demanding that the transaction of shares purchase and sale not be recognized. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19405', 'image' => '20231208101216_orders.jpg', 'article_date' => '2023-12-08 10:11:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19676', 'article_category_id' => '1', 'title' => '10,000 Beneficiaries Confirmed for Temporary Housing in Aathbiskot', 'sub_title' => '', 'summary' => 'In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 8: In the aftermath of the November 3 earthquake with its epicenter at at Ramidanda of Jajarkot, Aathbiskot Municipality in Rukum Paschim district has identified nearly 10,000 individuals who require support for the construction of temporary housing.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The municipality's Acting Chief Administrative Officer, Maniraj Shah, said data collected from all 14 wards of the municipality reveals that 9,962 individuals are in need of assistance following the seismic event. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">These confirmed beneficiaries will receive financial support to facilitate the construction of temporary shelters.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Previously, 4,500 individuals from the municipality had already received Rs 25,000 each to aid in the construction of their temporary dwellings. Acting on the recent data, the remaining 5,462 beneficiaries are now slated to receive the first tranche of financial aid.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the financial assistance, the municipality currently lacks records detailing the number of temporary houses constructed since the earthquake. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">While some temporary residences have been completed, a significant portion of quake survivors continues to live under tarpaulins.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rabilal KC assured ongoing efforts to ensure that all those affected by the earthquake will be accommodated in temporary housing by mid-December. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-12-08', 'modified' => '2023-12-08', 'keywords' => '', 'description' => '', 'sortorder' => '19404', 'image' => '20231208061706_collage (4).jpg', 'article_date' => '2023-12-08 06:15:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '19674', 'article_category_id' => '1', 'title' => 'KNP Japan Pvt. Limited to Establish PNC Ward at Narayani Hospital', 'sub_title' => '', 'summary' => 'In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: In a trilateral agreement, KNP Japan Private Limited, a multinational paint manufacturer, is set to establish a Post Natal Care (PNC) ward at Narayani Hospital in Birgunj.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The hospital's Medical Superintendent, Dr. Chittaranjan Sah, said that KNP Japan Private Limited had agreed to establish post-natal care ward at the hospital with the Birgunj Metropolis’ initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Arvind Lal Karn, the executive officer for the metropolis, Dr. Sah representing the hospital, and Manoj Mishra, the Country Head of KNP, signed the agreement. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Mayor Rajesh Man Singh praised the company's contribution and urged further collaboration, highlighting KNP's support for community school improvements in Birgunj. He emphasized the metropolis’ prioritization on health and education.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Sah expressed confidence that the proposed PNC ward would be helpful in reducing maternal mortality. With the establishment of this ward, mothers discharged after childbirth can now undergo postnatal care within the hospital premises for at least one day, allowing for close monitoring.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ashok Kumar Baidya, the director of KNP, stated that the company had agreed to establish unit as part of its corporate social responsibility. The post-natal unit is estimated to cost Rs 4 million and will be completed within one and a half months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19402', 'image' => '20231207042646_collage (3).jpg', 'article_date' => '2023-12-07 16:10:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19673', 'article_category_id' => '1', 'title' => 'NEPSE Records 11.73-Point Surge, Closing at 1852.77', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 7: The Nepal Stock Exchange (NEPSE) observed a slight increase, closing at 1852.77 with a gain of 11.73 points or 0.63% on the last trading day of the week on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Market analysts and investors are expressing a cautious outlook, suggesting that the stock market might remain in a sideways trend for the next few months.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They assert that a significant upward movement is unlikely unless the Nepal Rastra Bank revises its stringent policies currently imposed on the stock market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the today's trading session, a total of 292 scrips were exchanged through 53,146 transactions, involving 9,505,608 traded shares, with a turnover of Rs 2.79 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Reinsurance Company Limited Promoter Share (NRICP) recorded the highest turnover, amounting to Rs 86 crores.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Trishuli Jal Vidhyut Company Limited (TVCL) experienced the most substantial gain of 10.00%, triggering a positive circuit for the day. Conversely, Global IME Laghubitta Bittiya Sanstha Ltd. (GILB) incurred the highest loss at 7.81%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed positively except for the Trading Index. Non-Life Insurance led the gainers with an increase of 2.11%, followed by HydroPower Index. Others Index recorded the least gain at 0.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Sensitive Index witnessed a rise of 0.45%, while the Float Index and Sensitive Float Index posted increases of 0.67% and 0.43%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19401', 'image' => '20231207034311_collage (2).jpg', 'article_date' => '2023-12-07 15:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19671', 'article_category_id' => '1', 'title' => 'Record Passengers as Airline Industry Recovers from Pandemic', 'sub_title' => '', 'summary' => 'December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 7: Airlines should carry a record number of passengers next year as the sector puts the Covid-19 pandemic behind it, the industry's top trade association said Wednesday, although profitability remains a concern.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The International Air Transport Association (IATA), in its traditional review of industry trends as the year draws to a close, said more normal growth patterns were expected from here on out as the sector has recovered to pre-pandemic levels.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"People love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity," IATA's director general Willie Walsh said as the body forecast a record 4.7 billion people will take to the skies in 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA noted this is a "historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For this year, it expects 4.29 billion passengers, a small drop from its June forecast of 4.35 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh said "the speed of the recovery has been extraordinary" but also noted it "appears that the pandemic has cost aviation about four years of growth."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Aviation suffered immensely from the travel restrictions that countries imposed in a bid to slow the spread of Covid-19, with a number of airlines going out of business and others bailed out as the industry racked up $183 billion in losses during the 2020-2022 period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA forecasts $25.7 billion in net profits in 2024 on a 7.6-percent rise in revenues to $964 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Walsh called the figures a "tribute to aviation's resilience" but said the industry's profits need to be put into perspective.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A "net profit margin of 2.7 percent is far below what investors in almost any other industry would accept," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- Price of 'grande latte' -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Airlines will on average retain just $5.45 for every passenger carried, according to IATA's calculations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"That's about enough to buy a basic 'grande latte' at a London Starbucks," said Walsh, who formerly ran IAG, the parent company of British Airways.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"But it is far too little to build a future that is resilient to shocks for a critical global industry on which 3.5 percent of GDP depends and from which 3.05 million people directly earn their livelihoods," he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The situation will continue to vary considerably by region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">US, European and Middle Eastern carriers are expected to continue to post profits in 2024, with Asian-Pacific airlines expected to return to profitability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">African and South American carriers are expected to remain in the red.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">- More want to fly -</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA said the optimistic outlook for the industry is supported by its survey data showing that nearly half of people's travelling habits have returned to pre-pandemic norms.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">One third reported travelling more and just 18 percent said they are still travelling less.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Furthermore, it said 44 percent of respondents said that they will travel more in the next 12 months than in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Only seven percent said they will travel less and 48 percent expected to maintain similar levels of travel in the coming 12 months as in the previous 12 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">This growth comes despite an increase in fares in 2023 as demand outstripped seat capacity, with airlines hobbled by some aircraft being out of service over engine issues and delayed delivery of new aircraft.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">IATA expects growth in fares to moderate in 2024, while fuel costs are expected to remain high and continue to account for nearly a third of costs.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As negotiators debate the thorny issue of fossil fuels at the COP28 climate summit, IATA said the airline industry will use 374 billion litres of fuel in 2024 and put 939 million tonnes of CO2 into the atmosphere.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While the airline industry accounts for less than three percent of global CO2 emissions, it serves only a tiny percentage of the world's population.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The sector hopes to shift to sustainable aviation fuels to achieve its 2050 net-zero target, but IATA expects they will account for just 0.53 percent of consumption compared to 0.2 percent this year. -- AFP/RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19399', 'image' => '20231207120538_Airline (1).jpg', 'article_date' => '2023-12-07 12:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19670', 'article_category_id' => '1', 'title' => 'Government Yet Again Delays Fixing Support Price of Sugarcane', 'sub_title' => '', 'summary' => 'December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs 520 million to the farmers.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 7: The government has been dilly-dallying in fixing the support price of sugarcane. On top of that, it has also shown lack of interest in the payment of subsidies of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">52</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million to the farmers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The government has not fixed the support price due to the differences with the Sugarcane Producers and Farmers' Federation regarding the support price. The farmers are preparing to protest to put pressure on the government which is delaying in releasing the subsidy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers have been forced to sell sugarcane at cheap prices due to the delay in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Harishyam Rai, secretary of the Sugarcane Farmers' Struggle Committee, Sarlahi, informed that some farmers are selling sugarcane at the same price as last year due to the government’s delayed in fixing the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, sugarcane starts to dry after being left in the field for a long time, due to which both yield and weight decrease, and farmers are forced to sell sugarcane as they can’t wait for the government to fix the support price. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the Ministry of Agriculture and Livestock Development held a meeting at the ministry on Sunday to discuss the issue of fixing the support price, the price determination process was halted after the representatives of sugarcane farmers disagreed with the price proposed by the ministry. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Kapil Muni Mainali, president of the Sugarcane Producers and Farmers’ Federation, informed that after the ministry proposed to add only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to last year's price, they rejected the offer. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last year, the government had fixed the price of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">610</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per quintal. "This year, the government tried to fix the price by adding Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to the price of last year and set the price at only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">621</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal," President Mainali said, "The production cost of the farmer stands at Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per quintal including transportation cost. How can there be agreement in such a situation?”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmers are yet to receive Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">520</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million in subsidy from the government for the sale of sugarcane last year. Last year, the government paid only Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">80</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million out of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">132</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million subsidies to the farmers. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Spokesperson for the ministry Sabnam Sivakoti said that the biggest complaint of the farmers is not getting the due amount. According to her, the payment could not be sent on time due to lack of budget. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“So far sugarcane farmers in nine districts have received full payment. The farmers of Sarlahi, Nawalparasi and Kanchanpur are yet to receive subsidies.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sivakoti said that the ministry has sent a letter to the Ministry of Finance for the release of the budget, the latter did not respond.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There are currently </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">industries producing sugar in Nepal. Based on the data of the National Census </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">294</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">453 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tons of sugar is consumed in Nepal every year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19398', 'image' => '20231207120415_20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2023-12-07 12:03:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19669', 'article_category_id' => '1', 'title' => 'Business of Insurance Companies Declining', 'sub_title' => '', 'summary' => 'December 7: With the decline in economic activities, the business of insurance companies as well has started declining.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 7: With the decline in economic activities, the business of insurance companies as well has started declining. Insurance business has been affected due to the decline in the lending of banks and financial institutions, and the decline in business as well as income of individuals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Insurance Authority, the business of non-life insurance companies decreased by 4.57 percent in the first four months of the current fiscal year compared to the same period of the previous year. By mid-November of the last fiscal year, life insurance companies had collected a total of Rs 13.35 billion in insurance fees, but in the same period of the current fiscal year, the collection stood at Rs 12.74 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The business of non-life insurance companies is continuously declining in the current fiscal year. The non-life insurance companies collected Rs 3.98 billion in insurance fees from the sale and renewal of new insurance policies in the first month of the current fiscal year, but they collected only Rs 2.29 billion in the fourth month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Non-life insurance companies sold 894,000 insurance policies since mid-July including 200,000 insurance policies during last month. Compared to the previous year, the number of insurance policies sold during this period has also decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A normal increase has been seen in the business of life insurance companies. Life insurance companies collected Rs 46 billion in insurance fees from the sale and renewal of insurance policies till mid-November of the last fiscal year, which now stands at Rs 49.44 billion this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">However, compared to mid-July of the current financial year, the business of life insurance companies is also decreasing. In mid- July to mid-August, they collected Rs 19.60 billion in insurance fee from new insurance policies and renewal of old ones, which decreased to Rs 8.63 billion in mid-October to mid-November. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the economic recession, the credit flow of banks and financial institutions decreased and the business activities of insurance companies were affected. Since insurance is mandatory for taking bank loans, the lack of loan investment has also affected the business of insurance companies. Similarly, when there is a decline in economic activities, the income of common people also decreases. The number of people taking insurance has decreased after the decrease in income. Instead, the number of people who 'surrender' insurance policies seems to be increasing.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19397', 'image' => '20231207113454_Insurance.jpg', 'article_date' => '2023-12-07 11:33:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19666', 'article_category_id' => '1', 'title' => 'Public Accounts Committee Directs Govt to Immediately Stop the Sale and Purchase of Ncell's Shares', 'sub_title' => '', 'summary' => 'December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company of Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">December 7: The Public Accounts Committee under the House of Representatives has instructed the government to immediately stop the controversial purchase and sale of shares of Ncell, a private sector telecommunication company in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting held at Singh Durbar on Wednesday decided to direct the government to immediately stop the ongoing Ncell share purchase and sale process. The committee is preparing to discuss this issue by inviting Prime Minister Pushpa Kamal Dahal to the next meeting of the committee.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"It has been decided to call the prime minister to discuss the issues of corruption and irregularities involving the purchase and sale of Ncell share and to instruct the government to immediately stop the process," said PAC Chairman Rishikesh Pokharel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">According to him, the committee has also instructed the government to conduct an independent investigation within 30 days regarding the purchase and sale of Ncell shares. The committee has instructed the government to make public its opinion regarding the Ncell controversy within 48 hours.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee meeting concluded that Axiata is trying to influence the capital gains tax, ownership transfer tax, etc, to be paid to the Government of Nepal by buying and selling shares outside Nepal at extremely low valuations in an opaque manner.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The committee said that the transaction can be termed dubious and unrealistic, there is lack of transparency, and the company is trying to convey a misleading message that there is no investment environment in Nepal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Meanwhile, the Company Registrar's Office has sent a reply to the Public Accounts Committee saying that it has not received any information about the purchase and sale of Ncell’s shares by Axiata.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Most of the MPs who expressed their opinion in the meeting alleged that high-level leaders were also involved in the Ncell purchase and sale case. They also said that the government should have a clear opinion about Ncell's statement that there is no investment environment in Nepal.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Axiata bought the shares of the company in 2016 from Sweden-based TeliaSonera for Rs 143 million. Now, the controversy has surfaced after Axiata announced the sale of its shares in Ncell for less than seven billion rupees to a UK-based company.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Writing a letter to the Nepal Telecommunications Authority, Ncell said that it is in the process of collecting the documents regarding the purchase and sale of the shares </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the letter, Ncell also stated that it believes in the rule of law. It further said that the company will submit an application for the approval of the purchase and sale of the shares as per the regulations of the authority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The NTA had earlier written to Ncell Axiata on Friday and said that the purchase and sale of shares must be done according to Rule 15 (8) of Telecommunications Regulations, 2054, under which there is a provision to obtain the prior approval from the authority for selling or buying shares of more than five percent of the paid-up capital. However, it seems that Ncell has already sold its shares in an offshore deal without taking such permission.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-07', 'modified' => '2023-12-07', 'keywords' => '', 'description' => '', 'sortorder' => '19396', 'image' => '20231207105016_ncell.jpg', 'article_date' => '2023-12-07 10:49:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
