December 4: The price of gold has once again set a new record in the domestic market of…
December 4: The price of gold has once again set a new record in the domestic market of…
A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport,…
December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective…
The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on…
December 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD 1.38 billion (about NPR 143 billion) in 2016, sold its shares seven years later at a throw-away price of USD 50 million (about Rs 6.68 billion according to Friday’s exchange rate), raising quite a few…
December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient…
December 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal…
December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake…
December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding…
December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the…
Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from…
December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in…
December 1: The share of Nepal’s public debt is increasing compared to the gross domestic product…
December 1: The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million.…
December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha…
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The price of gold increased by Rs 1,800 per tola (11.66 grams) on Sunday to reach an all-time high record of Rs 120,800 per tola. The price of gold had surged for three consecutive trading days during last week, breaking previous records on Monday, Tuesday and Wednesday. The price of gold remained unchanged on Thursday but fell by Rs 300 per tola on Friday</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data of Federation of Nepal Gold and Silver Dealers’ Associations, the price of gold had reached a record high of Rs 117,400 per tola on Monday, Rs 117,700 per tola on Tuesday and Rs 119,300 per tola on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation, fine gold was traded at Rs 120,800 per tola on Sunday against to Rs 119,000 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Compared to last Sunday, the price of gold has increased by Rs 3,900 per tola this Sunday. Last Sunday, gold was traded at Rs 116,900 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of silver has also increased on Sunday. Silver was traded at Rs 1,545 per tola on Sunday against Rs 1,540 per tola on Friday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19356', 'image' => '20231204081533_gold newwww.jpg', 'article_date' => '2023-12-04 08:13:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19627', 'article_category_id' => '1', 'title' => 'NA Aircraft Grounded at Rara Airport', 'sub_title' => '', 'summary' => 'A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. ', 'content' => '<p><br /> <span style="font-size:20px">December 4: A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. </span></p> <p><span style="font-size:20px">The twin otter plane with flight number 9N-ABU had landed at Rara Airport at 11:00 am on Sunday by taking three passengers and crew members from Nepalgunj Airport. </span></p> <p><span style="font-size:20px">The plane was scheduled to make its flight to Nepalgunj by taking 13 passengers but was grounded following some issues with its battery, Rara Station In-charge of Nepal Airlines Netra Bham said. Engineers from Nepalgunj were immediately brought to Mugu to confirm the status of the plane. </span></p> <p><span style="font-size:20px">Bham shared that the plane would make its flight to Nepalgunj on Monday after bringing the battery from Nepalgunj. The passengers, who had bought the ticket to Nepalgunj from Mugu, are staying in the hotels at Talcha in Mugu. (RSS) </span></p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19355', 'image' => '20231204060355_collage.jpg', 'article_date' => '2023-12-04 06:02:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '19624', 'article_category_id' => '1', 'title' => 'Ministry Directs NEA to seek Clearance of Electricity Dues from Local Levels ', 'sub_title' => '', 'summary' => 'December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This directive aligns with the ministry's decision on November 8. It wants the NEA to settle the electricity dues from the respective offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dues of 331 local levels for street lamps till mid-July amounted to Rs 6.8 billion and a significant portion of these dues has accrued after the fiscal year 2074 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had previously proposed to reconcile the unpaid tariff with the government's account. However, the Finance Ministry declined to entertain the proposal and instead instructed NEA to pursue the collection of payments directly from the respective local offices. "We have proceeded with the clearance of dues accordingly," said NEA managing director Kulman Ghising. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA on October 8 issued a public notice seeking the payment of dues for streetlamps within the next 45 days and on November 22 called on local governments for the payment through a public notice. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19352', 'image' => '20231203045418_finance_ministry_copy1.jpg', 'article_date' => '2023-12-03 16:53:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19623', 'article_category_id' => '1', 'title' => 'NEPSE Drops 7.29 Points to Close at 1851.23', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">December 3: The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The market has been on the bearish mode for quite a long time for various reasons. Seasoned investors and stock analysts attribute to the today’s fall to the negative psychology prevalent among the investors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Veteran investor Prem Oli said, “The stock market may witness sideways for one more year if the Nepal Rastra Bank does not shift its policy on the stock market”. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Oli held the regulators including the NRB for the scary fall of the market. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">A total of 3,419,073 units of shares exchanged their hands through 36,977 transactions. As many as 293 scrips were traded during today’s trading session, amounting to Rs 96 crores. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Sonapur Minerals and Oil Limited(SONA) had the highest turnover of 6.95 crores, closing at a market price of Rs 295 per unit of share. Similarly, Three star Hydropower Limited(TSHL) experienced the highest gain of 9.63%, closing at Rs 387.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mountain Energy Nepal(MEN) and United IDI Mardi RB Hydropower Limited(UMRH) lost 9.99% and closed at Rs 530 and Rs 273 respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Across sector indices, all sectors except Microfinance Index closed in the red territory. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mutual Fund lost the highest 1.25%, while Manufacturing and Processing lost the lowest by 0.22%.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19351', 'image' => '20231203042346_collage (16).jpg', 'article_date' => '2023-12-03 16:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19622', 'article_category_id' => '1', 'title' => 'Ncell Selling Shares Purchased for Rs 143 billion at Throw-Away Price of Rs 6 Raises Suspicion', 'sub_title' => '', 'summary' => 'December 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD 1.38 billion (about NPR 143 billion) in 2016, sold its shares seven years later at a throw-away price of USD 50 million (about Rs 6.68 billion according to Friday’s exchange rate), raising quite a few eyebrows.', '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 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">(</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">about NPR </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion) in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, sold its shares seven years later at a throw-away price of USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion according to Friday’s exchange rate), raising quite a few eyebrows.</span></span></span></span></p> <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"">It seems that the purchase and sale of Ncell’s share will court controversy.</span></span></span></span></p> <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 Malaysian company has cited lack of working environment in Nepal for its decision to exit Nepal while the government officials suspect that selling a profitable company at a much lower price than the purchase price may be for ‘tax evasion’.</span></span></span></span></p> <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"">Nepal Telecommunication Authority has sent a letter to Axiata telling the company that it did not acquire permission to sell the shares of Ncell. </span></span></span></span></p> <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 news of Axiata's withdrawal from Ncell became public, the authority had written to Ncell on Friday to follow legal procedures to sell its stakes in the 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:"Arial","sans-serif"">According to NTA, Rule </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> of the Telecommunication Regulations </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2054</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> states that a telecommunication service provider company must obtain approval from the authority when transferring share ownership. Axiata has not revealed anything about this issue.</span></span></span></span></p> <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"">Aziata said it has sold </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""> percent of Ncell's shares to </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK Ltd, a company registered in the UK. Axiata has informed that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">will receive USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">668.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million) from the sale of shares in six months and the remaining amount after </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">48</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK has expressed its pleasure to purchase the shares of Ncell. The company director Satishlal Acharya stated that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK is happy to announce the agreement for the acquisition of Ncell's shares and said that it will work with Ncell's management to use its experience in the telecommunication sector for innovation, investment and to provide services to the Nepalese people. Acharya is a citizen of Nepali origin living in Singapore. Sunivera Capital Ventures already has a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent stakes in Ncell. Acharya is the director of Sunivera Capital Ventures. With the involvement of </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK,<span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> Acharya now owns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100%</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> shares of Ncell.</span></span></span></span></p> <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"">Axiata bought the ownership of Ncell in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from the Swedish company TeliaSonera. At that time, Ncell was valued at around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Ncell's license period is expiring in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the agreement between Axiata and </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK, Axiata will receive the dividend received by Ncell until </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029</span></span><span style="font-size:15.0pt"><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"">Ncell's net profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion during the last fiscal year (FY) when the operating income was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">39.72</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, Ncell has earned more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">37</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"">44</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion (unaudited report). </span></span></span></span></p> <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 have been critical towards Axiata’s decision to sell a profit-making company at a scrap value.</span></span></span></span></p> <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 statement issued by Axiata states that if the government claims any taxes from Ncell in the future, it will be borne by the buyer </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK.</span></span></span></span></p> <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 corporate law expert argued that Axiata may have decided to exit due to the double taxation of Ncell and the risk of the company's license expiring by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span></span></span></p> <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"">Axiata claimed that the government imposed taxes repeatedly and complying with the regulation meant the company was subject to double taxation.</span></span></span></span></p> <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"">Axiata said it paid Capital Gains Taxes or Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for the purchase of </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""> percent of Ncell's shares in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> although the seller was liable to pay the amount</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Axiata claims it fulfilled all its tax obligations to the Government of Nepal as per the law.</span></span></span></span></p> <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"">However, the Large Taxpayers Office has determined an additional tax of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">57</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"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion for Ncell. Not satisfied with this, Ncell has filed a writ in the Supreme Court. The matter is sub judice.</span></span></span></span></p> <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"">It is mentioned in the statement issued by the company that Ncell has contributed greatly to the economic and social development of Nepal. The statement also mentions that Ncell has directly and indirectly provided employment to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</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"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">people and served </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million customers.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19350', 'image' => '20231203022354_ncell.jpg', 'article_date' => '2023-12-03 14:22:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19621', 'article_category_id' => '1', 'title' => 'Changunarayan to be Made Disaster-Resilient Municipality', 'sub_title' => '', 'summary' => 'December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality. The municipality has formed a quick response team at the ward level and prepared skilled human resources for the purpose. The skilled human resources have been trained to prepare 'one community, one first responder team' to declare the municipality a disaster-resilient municipality, said Mayor Jeevan Khatri. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality handed over basic search and rescue materials to each ward on Saturday. Disaster management programs and activities have been prioritized to minimize the loss of life and property caused by any disaster in the municipality. The municipality has also formed one ward, one rapid response team in addition to one community, one first responder team for disaster response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Administrative Officer of Changunarayan Municipality, Chudamani Panthi informed that the Nexus Project has helped to provide the necessary materials for search and rescue to the municipality. He said that the municipality has also identified the disaster-prone areas and made necessary preparations to mitigate the risks.</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19349', 'image' => '20231203015046_5a.jpg', 'article_date' => '2023-12-03 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19620', 'article_category_id' => '1', 'title' => 'Over 900,000 Tourists Visit Nepal in 11 Months', 'sub_title' => '', 'summary' => 'December 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal year.', '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 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal 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"">The government had announced in the budget statement for the current financial year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> that it would bring one million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> With the arrival of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">918</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"">308</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">in eleven months of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, it seems that the goal of the government will be achieved. In </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2022</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">614</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"">148</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists had visited Nepal after the end of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> pandemic.</span></span></span></span></p> <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 arrival of tourists is satisfactory this year as more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists arrived in Nepal in the last two months.</span></span></span></span></p> <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"">Deepak Raj Joshi, former executive officer of Nepal Tourism Board, says that the government has set a low target of welcoming tourists after improving and developing capacities in air infrastructure, hotel services and other aspects than before. </span></span></span></span></p> <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"">It may be noted that the government had set a target to welcome two million tourists in Nepal in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2020</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> but the outbreak of the global pandemic dented the efforts.</span></span></span></span></p> <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 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2019</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the year before the pandemic, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists visited Nepal. If we had tried a little bit more, we could have brought </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists this year,” Joshi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders say that the government has not worked hard to achieve the goals and has not made proper evaluation of the country's capacity and the current 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"">The number of tourists has increased compared to last year as the coronavirus pandemic has subsided and the capacity of Nepal’s airports has 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"">According to Joshi, Nepal can attract </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2024</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> if the current situation prevails</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","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"">Most tourists visiting Nepal this year were from India. A total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24</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"">443 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists came from India in November alone followed </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"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">461 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists from America, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</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"">601 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from China and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</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"">138 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from Britain.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19348', 'image' => '20231203122831_1701577425.KK_Beni-DSC_0119_1701502836.jpg', 'article_date' => '2023-12-03 12:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19619', 'article_category_id' => '1', 'title' => 'Government Releases Rs 240 Million for Temporary Housing in Quake-Hit Districts ', 'sub_title' => '', 'summary' => 'December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson for the National Disaster Risk Reduction and Management Authority (NDRRMA) Dhruba Bahadur Khadka shared that almost Rs 240 million was released on Friday for the quake survivors' housing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first installment has been released for 18,328 out of 28,527 verified beneficiaries. The beneficiaries receiving the amount include 3,309 in Jajarkot, 214 in Bajura, 14,224 in Rukum West and 577 in Bajhang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NDRRMA Spokesperson Khadka, funds are yet to be disbursed for 1,485 beneficiaries of Salyan and will be disbursed soon. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19347', 'image' => '20231203114838_20231104083356_HKC-Jajarkot-4.jpg', 'article_date' => '2023-12-03 11:47:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19618', 'article_category_id' => '1', 'title' => 'CAAN to Award Ground Handling Services at TIA based on Competitive Bidding ', 'sub_title' => '', 'summary' => 'December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any airline company can compete for taking responsibility of ground handling services at the international airport. The bidding process will start from December 3, said CAAN Spokesperson Jagannath Niraula. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service at TIA is currently being provided by the national flag carrier, Nepal Airlines Corporation. With the bidding service in effect, the NAC is likely to lose the responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CAAN decided to provide ground handling services at the TIA through competitive bidding according to Rule 5 (2) of the Service Tariff Regulations 2078 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service is one of the major sources of income of the ailing state-owned NAC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> "Any airlines that meet the criteria can take part in the ground handling service bidding process, " said spokesperson Niraula. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19346', 'image' => '20231203111026_20220509064759_A.jpg', 'article_date' => '2023-12-03 11:09:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19617', 'article_category_id' => '1', 'title' => 'Possibility of Light Snowfall Today ', 'sub_title' => '', 'summary' => 'December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to meteorologist Saroj Pudasaini of the Weather Forecasting Division, there will be partial rainfall in the hill areas of Koshi and Gandaki provinces this afternoon while the weather will remain generally clear in the rest of the provinces. There is a possibility of light snowfall in one or two places in the high hills and mountainous areas of Koshi and Gandaki provinces today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in Kathmandu today will be 7.5 degrees and the maximum temperature will be between 20 and 22 degrees centigrade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will be generally clear in the hill areas of Bagmati, Sudur Paschim and Koshi provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Weather Forecasting Division, there is possibility of light rain in one or two places in the hill areas of Gandaki and Karnali Provinces as well as Lumbini Province tonight. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19345', 'image' => '20231203103531_20190208014800_aaaa.jpg', 'article_date' => '2023-12-03 10:34:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19616', 'article_category_id' => '1', 'title' => 'Himalayan Airlines Commences Direct Flight to Shanghai', 'sub_title' => '', 'summary' => 'Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 3: Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Kathmandu-Shanghai flight is expected to last for 5 hours and 20 minutes. The airline plans to operate regular flights to Shanghai every Saturday morning. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This marks the airline's inaugural flight to Shanghai. Along with Shanghai, the company has expanded its flight operations to various cities in China, including the capital, Beijing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a press conference today at Tribhuvan International Airport, Himalaya Airlines Vice Chairman Bijay Shrestha expressed confidence that direct flights would further strengthen the relationship between the two countries and attract an increased number of Chinese tourists to Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrestha emphasized the airline's commitment to elevating Nepal-China relations to new heights, fostering increased business collaboration and attracting more Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Vice Chairman also expressed confidence in the capabilities of the Kathmandu-Shanghai air route in boosting confidence among Chinese travelers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He mentioned that the airline had witnessed an increase in Chinese flights to Nepal post-COVID-19, and with the opening of border checkpoints, he anticipates a rise in both flights and tourist arrivals.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pratap Babu Tiwari, the General Manager of Tribhuvan International Airport, mentioned that there has been a gradual expansion of flights from China to Nepal since the COVID-19 pandemic, with Himalaya Airlines contributing significantly. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Tiwari provided information that, recently, the Kathmandu airport has been witnessing the arrival and departure of approximately 15,000 passengers daily through international flights.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19344', 'image' => '20231203103605_H9-8670.jpg', 'article_date' => '2023-12-03 06:48:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19614', 'article_category_id' => '1', 'title' => 'Axiata to Sell Ncell Stakes to Spectrlite UK for US$50 Million', 'sub_title' => '', 'summary' => 'December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Axiata will sell stakes in Ncell for a fixed consideration of US$ 50 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reynolds Holding Limited, a subsidiary of Axiata Group, owns approximately 80 percent equity stake in Ncell. The company plans to sell the shares owned by Reynolds Holding citing unfair taxation and regulatory uncertainties in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Group’s decision to withdraw from Nepal is based on a thorough evaluation of the prevailing business environment in Nepal, which led to the conclusion that continuing operations under the current conditions of unfair taxation and regulatory uncertainties was no longer sustainable for Axiata,” reads a statement issued by Axiata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata entered the Nepal market in 2016, following the acquisition of Reynolds for the purchase price of USD 1.365 billion, effectively securing an 80 percent equity interest and controlling stakes in Ncell. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement added that Ncell had settled a total of Rs 47.0 billion (approximately USD 421.9 million) in capital gains tax (CGT) between 2016 to 2020 as full and final liability under Nepalese law and received confirmation from Large Taxpayers Office of Nepal (LTPO) in April 2020 that no further taxes remain in relation to the acquisition of Reynolds Holding in 2016. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the payment of CGT, Ncell was further assessed in January 2021 by the LTPO under Section 57 of the Income Tax Act of Nepal for a sum of approximately Rs 57.9 (approximately USD 433.6 million) for the same transaction, added Axiata. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Collection on this assessment by the tax authorities has thus far been suspended due to an interim order issued by the Supreme Court of Nepal based on Ncell’s petition disputing the applicability of the assessment,” reads the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata further claimed that the government authorities in Nepal imposed capital gains tax on Ncell and Axiata after Nepal’s efforts to collect tax from the seller (TeliaSonera) failed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by Axiata, the international arbitration proceedings filed by Axiata to the International Centre for the Settlement of Investment Disputes (ICSID) concluded on June 9 , 2023 delivering its verdict that Nepal should refrain from demanding any further tax, fees, penalties or interest in relation to the acquisition of Reynolds Holding in 2016 and, in particular, that Nepal should refrain from enforcing the January 2021 Assessment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata’s exit from Nepal comes at a time when the Government of Nepal has been pledging foreign investors to invest in Nepal promising a conducive environment for doing business in the country, which is in stark contrast to the reality.</span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '19343', 'image' => '20231201093238_ncell.jpg', 'article_date' => '2023-12-01 21:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19613', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Rises to Rs 2357 Billion', 'sub_title' => 'Government Raises debt of Rs 113 Billion in Four Months', 'summary' => 'December 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP).', '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 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP). According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November. </span></span></span></span></p> <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 National Statistics Office has estimated Nepal’s GDP for the last fiscal year to reach Rs 5381 billion.</span></span></span></span></p> <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 public debt has increased to Rs 2357 billion of late mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></span></span></p> <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’s internal debt stands at Rs 1183 billion and external debt is Rs 1173 billion.</span></span></span></span></p> <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"">As of last mid-July, the country’s Rs 2221.67 billion. In the first four months (mid-July to mid-October) of the current fiscal year, the government raised debts of Rs 113 billion through various instruments such as bonds. According to the Public Debt Management Office, the government has taken internal debt of Rs 97.31 billion and external debt worth Rs 15.85 billion as of mid-October. Due to the realization of low external debt, the government has had to rely on internal debt to mobilize the 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"">In the first four months of current FY, the government spent Rs 81.64 billion on financial management which includes payment of interest and principal amounts of internal and external loans. The government has been allocating a large amount of money to pay its debt.</span></span></span></span></p> <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 current fiscal year, the government has allocated a large amount of budget to fulfill the financial obligations created by the debt. The amount allocated to settle the debts is more than the development 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"">The government allocated Rs 302.7 billion for capital expenditure while Rs 307.45 billion has been earmarked for financial management.</span></span></span></span></p> <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 started raising domestic debt from the beginning of the fiscal year by revising the schedule as the interest rate has been cheaper in the current fiscal year. This also the reason for the increase in public debt within a period of four months. </span></span></span></span></p> <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"">Lately, the government has been accused of meeting its recurrent expenses (day-to-day expenses) by taking loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'public, debt, Nepal, government, rising, GDP', 'description' => '', 'sortorder' => '19341', 'image' => '20231201023735_public debt.jpg', 'article_date' => '2023-12-01 14:36:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19612', 'article_category_id' => '1', 'title' => 'IMF Executive Board Completes Third Review of Extended Credit Facility to Nepal', 'sub_title' => '', 'summary' => 'December 1: The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">December 1:</span><strong><span style="font-family:"Helvetica","sans-serif""> </span></strong><span style="font-family:"Helvetica","sans-serif"">The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. This brings the total disbursements under the ECF for budget support so far to SDR 166.90 million (about US$ 222.5 million), reads a statement issued by the IMF on Thursday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement for Nepal was approved by the IMF’s Executive Board on January 12, 2022 in an amount equivalent to SDR 282.42 million (180 percent of quota or about US$ 376.5 million). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF noted that Nepal has made good progress with the implementation of the program, which has helped mitigate the impact of the pandemic and global shocks on economic activity, protect vulnerable groups, and preserve macroeconomic and financial stability. The program is also helping to catalyze additional financing from Nepal’s development partners, added the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Nepal’s post-pandemic rebound, fueled by a credit boom, ended last year as growth slowed markedly. Low domestic demand helped resolve external pressures but also deflated government revenue and led to a widening of the fiscal deficit despite expenditure control.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF stated that inflation is declining but remains high at 8.2 percent in September. Growth is expected to recover to 3.5 percent in FY2023/24, which is below potential, led by increased domestic demand, new hydroelectric capacity, and a continued recovery in tourism added the IMF.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, risks are skewed to the downside while external sector risks dominate Nepal’s outlook given its high remittance income and dependence on imported goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Domestically, further deterioration in bank balance sheets or lack of progress in addressing the deficiencies identified by the Asia Pacific Group of the Financial Action Task Force (FATF) could create financial system stress,” reads the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Following the Executive Board discussion, IMF’s Deputy Managing Director and Acting Chair Bo Li noted that Nepal has made important strides on its economic reform agenda. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Decisive actions in monetary policy, bank regulation and rolling off COVID support policies played a major role in overcoming urgent balance of payments pressure in FY2021-22. Reserves continue to rise without the need to use distortive import restrictions. Fiscal discipline was maintained in FY2022-23 despite a large revenue shortfall,” the statement quoted Bo Li as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank supervision and regulation have improved with the rolling out of new supervisory information systems, the Working Capital Loan Guidelines and Asset Classification Regulations,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to Li, Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“With growth below potential, boosting the execution of capital spending while maintaining fiscal discipline —growth friendly consolidation—is critical to provide much-needed stimulus to near-term economic growth and achieve investments that will underpin medium-term growth. Maintaining momentum on governance reforms is critical to cementing recent gains in fiscal transparency.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to him, further structural reforms, such as mobilizing domestic revenue, strengthen public investment management and addressing fiscal risks, are needed to bolster medium term fiscal sustainability.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“As monetary policy transmission appears weak in a context of balance sheet repair and inflation is elevated —though declining—maintaining the current cautious and data dependent monetary policy is appropriate to preserving price and external stability,” he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Li was of the view that financial policy should remain vigilant and focused on building regulatory frameworks to avoid further boom bust cycles and establish a more stable, pro-growth financial sector equilibrium. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Reforms regarding lending practices and asset classification are encouraging and need to be continued as preparations for the loan portfolio review of the ten largest banks gather steam. Implementation of the financial sector reform agenda should continue with a view to align the local framework more closely to international standards.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He further underscored the urgent need for improving the anti‑money laundering/combatting the financing of terrorism (AML/CFT) framework and its effectiveness in line with international standards and peer evaluations in order to maintain smooth access to the global financial system. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested Nepal to prioritize reforms to implement the 2021 IMF Safeguards Assessment recommendations regarding the Nepal Rastra Bank (NRB) Act and NRB audit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Continued progress on the structural front is also needed to foster investment and more inclusive growth. These include improving the business climate, building human capital, and continuing to improve social safety nets, in particular the coverage of the child grant program.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'International, Monetary, Fund, Nepal, Extended, Credit, Facility, ECF, Special, Drawing, Rights, SDR, million, US, dollars, Nepal, Rastra, Bank, anti-money, laundering', 'description' => '', 'sortorder' => '19340', 'image' => '20231201020447_iiii.jpg', 'article_date' => '2023-12-01 14:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19611', 'article_category_id' => '1', 'title' => 'Upper Arun Hydel Project Doles Out Rs 2.23 Billion for Land Acquisition', 'sub_title' => '', 'summary' => 'December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 2,500 ropani of land was acquired from the locals for the project development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Senior assistant of the project, Grishna Bhandari, confirmed that so far Rs 2.23 billion has been distributed for the affected communities in the district. According to Bhandari, 298 households have received the amount in compensation out of 319 households. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project officials said that the local residents from ward number 2, 4 and 5 of Bhotkhola Rural Municipality and the residents of Chepuwa, Hatiya and Pawakhola would receive the compensation amount. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total cost of the project is estimated to be around Rs 226 billion and the project development is expected to commence by mid of 2024. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Electricity Authority (NEA) has started the construction of access route for the project. Contract for the construction of 22 kilometres access road including 2 kms tunnel route has been given to Gayatri JV of India and Kankai Surunga JV Company of Jhapa. Motorable bridges would also be constructed over the Arun river and Chepuwa river along the access route. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'upper, Arun, hydropower, project, land, acquisition, electricity, generation, access, road, route, compensation, NEA, authority, Nepal, river', 'description' => '', 'sortorder' => '19339', 'image' => '20231201013053_20230414124016_hydro.jpg', 'article_date' => '2023-12-01 13:30:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '19628', 'article_category_id' => '1', 'title' => 'Gold Price Sets New Record on Sunday, Surges to Rs 120, 800 Per Tola', 'sub_title' => '', 'summary' => 'December 4: The price of gold has once again set a new record in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 4: The price of gold has once again set a new record in the domestic market of Nepal. The price of gold increased by Rs 1,800 per tola (11.66 grams) on Sunday to reach an all-time high record of Rs 120,800 per tola. The price of gold had surged for three consecutive trading days during last week, breaking previous records on Monday, Tuesday and Wednesday. The price of gold remained unchanged on Thursday but fell by Rs 300 per tola on Friday</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data of Federation of Nepal Gold and Silver Dealers’ Associations, the price of gold had reached a record high of Rs 117,400 per tola on Monday, Rs 117,700 per tola on Tuesday and Rs 119,300 per tola on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation, fine gold was traded at Rs 120,800 per tola on Sunday against to Rs 119,000 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Compared to last Sunday, the price of gold has increased by Rs 3,900 per tola this Sunday. Last Sunday, gold was traded at Rs 116,900 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of silver has also increased on Sunday. Silver was traded at Rs 1,545 per tola on Sunday against Rs 1,540 per tola on Friday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19356', 'image' => '20231204081533_gold newwww.jpg', 'article_date' => '2023-12-04 08:13:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19627', 'article_category_id' => '1', 'title' => 'NA Aircraft Grounded at Rara Airport', 'sub_title' => '', 'summary' => 'A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. ', 'content' => '<p><br /> <span style="font-size:20px">December 4: A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. </span></p> <p><span style="font-size:20px">The twin otter plane with flight number 9N-ABU had landed at Rara Airport at 11:00 am on Sunday by taking three passengers and crew members from Nepalgunj Airport. </span></p> <p><span style="font-size:20px">The plane was scheduled to make its flight to Nepalgunj by taking 13 passengers but was grounded following some issues with its battery, Rara Station In-charge of Nepal Airlines Netra Bham said. Engineers from Nepalgunj were immediately brought to Mugu to confirm the status of the plane. </span></p> <p><span style="font-size:20px">Bham shared that the plane would make its flight to Nepalgunj on Monday after bringing the battery from Nepalgunj. The passengers, who had bought the ticket to Nepalgunj from Mugu, are staying in the hotels at Talcha in Mugu. (RSS) </span></p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19355', 'image' => '20231204060355_collage.jpg', 'article_date' => '2023-12-04 06:02:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '19624', 'article_category_id' => '1', 'title' => 'Ministry Directs NEA to seek Clearance of Electricity Dues from Local Levels ', 'sub_title' => '', 'summary' => 'December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This directive aligns with the ministry's decision on November 8. It wants the NEA to settle the electricity dues from the respective offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dues of 331 local levels for street lamps till mid-July amounted to Rs 6.8 billion and a significant portion of these dues has accrued after the fiscal year 2074 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had previously proposed to reconcile the unpaid tariff with the government's account. However, the Finance Ministry declined to entertain the proposal and instead instructed NEA to pursue the collection of payments directly from the respective local offices. "We have proceeded with the clearance of dues accordingly," said NEA managing director Kulman Ghising. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA on October 8 issued a public notice seeking the payment of dues for streetlamps within the next 45 days and on November 22 called on local governments for the payment through a public notice. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19352', 'image' => '20231203045418_finance_ministry_copy1.jpg', 'article_date' => '2023-12-03 16:53:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19623', 'article_category_id' => '1', 'title' => 'NEPSE Drops 7.29 Points to Close at 1851.23', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">December 3: The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The market has been on the bearish mode for quite a long time for various reasons. Seasoned investors and stock analysts attribute to the today’s fall to the negative psychology prevalent among the investors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Veteran investor Prem Oli said, “The stock market may witness sideways for one more year if the Nepal Rastra Bank does not shift its policy on the stock market”. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Oli held the regulators including the NRB for the scary fall of the market. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">A total of 3,419,073 units of shares exchanged their hands through 36,977 transactions. As many as 293 scrips were traded during today’s trading session, amounting to Rs 96 crores. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Sonapur Minerals and Oil Limited(SONA) had the highest turnover of 6.95 crores, closing at a market price of Rs 295 per unit of share. Similarly, Three star Hydropower Limited(TSHL) experienced the highest gain of 9.63%, closing at Rs 387.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mountain Energy Nepal(MEN) and United IDI Mardi RB Hydropower Limited(UMRH) lost 9.99% and closed at Rs 530 and Rs 273 respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Across sector indices, all sectors except Microfinance Index closed in the red territory. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mutual Fund lost the highest 1.25%, while Manufacturing and Processing lost the lowest by 0.22%.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19351', 'image' => '20231203042346_collage (16).jpg', 'article_date' => '2023-12-03 16:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19622', 'article_category_id' => '1', 'title' => 'Ncell Selling Shares Purchased for Rs 143 billion at Throw-Away Price of Rs 6 Raises Suspicion', 'sub_title' => '', 'summary' => 'December 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD 1.38 billion (about NPR 143 billion) in 2016, sold its shares seven years later at a throw-away price of USD 50 million (about Rs 6.68 billion according to Friday’s exchange rate), raising quite a few eyebrows.', '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 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">(</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">about NPR </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion) in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, sold its shares seven years later at a throw-away price of USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion according to Friday’s exchange rate), raising quite a few eyebrows.</span></span></span></span></p> <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"">It seems that the purchase and sale of Ncell’s share will court controversy.</span></span></span></span></p> <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 Malaysian company has cited lack of working environment in Nepal for its decision to exit Nepal while the government officials suspect that selling a profitable company at a much lower price than the purchase price may be for ‘tax evasion’.</span></span></span></span></p> <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"">Nepal Telecommunication Authority has sent a letter to Axiata telling the company that it did not acquire permission to sell the shares of Ncell. </span></span></span></span></p> <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 news of Axiata's withdrawal from Ncell became public, the authority had written to Ncell on Friday to follow legal procedures to sell its stakes in the 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:"Arial","sans-serif"">According to NTA, Rule </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> of the Telecommunication Regulations </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2054</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> states that a telecommunication service provider company must obtain approval from the authority when transferring share ownership. Axiata has not revealed anything about this issue.</span></span></span></span></p> <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"">Aziata said it has sold </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""> percent of Ncell's shares to </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK Ltd, a company registered in the UK. Axiata has informed that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">will receive USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">668.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million) from the sale of shares in six months and the remaining amount after </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">48</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK has expressed its pleasure to purchase the shares of Ncell. The company director Satishlal Acharya stated that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK is happy to announce the agreement for the acquisition of Ncell's shares and said that it will work with Ncell's management to use its experience in the telecommunication sector for innovation, investment and to provide services to the Nepalese people. Acharya is a citizen of Nepali origin living in Singapore. Sunivera Capital Ventures already has a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent stakes in Ncell. Acharya is the director of Sunivera Capital Ventures. With the involvement of </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK,<span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> Acharya now owns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100%</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> shares of Ncell.</span></span></span></span></p> <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"">Axiata bought the ownership of Ncell in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from the Swedish company TeliaSonera. At that time, Ncell was valued at around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Ncell's license period is expiring in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the agreement between Axiata and </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK, Axiata will receive the dividend received by Ncell until </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029</span></span><span style="font-size:15.0pt"><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"">Ncell's net profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion during the last fiscal year (FY) when the operating income was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">39.72</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, Ncell has earned more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">37</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"">44</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion (unaudited report). </span></span></span></span></p> <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 have been critical towards Axiata’s decision to sell a profit-making company at a scrap value.</span></span></span></span></p> <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 statement issued by Axiata states that if the government claims any taxes from Ncell in the future, it will be borne by the buyer </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK.</span></span></span></span></p> <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 corporate law expert argued that Axiata may have decided to exit due to the double taxation of Ncell and the risk of the company's license expiring by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span></span></span></p> <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"">Axiata claimed that the government imposed taxes repeatedly and complying with the regulation meant the company was subject to double taxation.</span></span></span></span></p> <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"">Axiata said it paid Capital Gains Taxes or Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for the purchase of </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""> percent of Ncell's shares in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> although the seller was liable to pay the amount</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Axiata claims it fulfilled all its tax obligations to the Government of Nepal as per the law.</span></span></span></span></p> <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"">However, the Large Taxpayers Office has determined an additional tax of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">57</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"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion for Ncell. Not satisfied with this, Ncell has filed a writ in the Supreme Court. The matter is sub judice.</span></span></span></span></p> <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"">It is mentioned in the statement issued by the company that Ncell has contributed greatly to the economic and social development of Nepal. The statement also mentions that Ncell has directly and indirectly provided employment to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</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"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">people and served </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million customers.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19350', 'image' => '20231203022354_ncell.jpg', 'article_date' => '2023-12-03 14:22:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19621', 'article_category_id' => '1', 'title' => 'Changunarayan to be Made Disaster-Resilient Municipality', 'sub_title' => '', 'summary' => 'December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality. The municipality has formed a quick response team at the ward level and prepared skilled human resources for the purpose. The skilled human resources have been trained to prepare 'one community, one first responder team' to declare the municipality a disaster-resilient municipality, said Mayor Jeevan Khatri. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality handed over basic search and rescue materials to each ward on Saturday. Disaster management programs and activities have been prioritized to minimize the loss of life and property caused by any disaster in the municipality. The municipality has also formed one ward, one rapid response team in addition to one community, one first responder team for disaster response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Administrative Officer of Changunarayan Municipality, Chudamani Panthi informed that the Nexus Project has helped to provide the necessary materials for search and rescue to the municipality. He said that the municipality has also identified the disaster-prone areas and made necessary preparations to mitigate the risks.</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19349', 'image' => '20231203015046_5a.jpg', 'article_date' => '2023-12-03 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19620', 'article_category_id' => '1', 'title' => 'Over 900,000 Tourists Visit Nepal in 11 Months', 'sub_title' => '', 'summary' => 'December 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal year.', '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 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal 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"">The government had announced in the budget statement for the current financial year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> that it would bring one million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> With the arrival of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">918</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"">308</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">in eleven months of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, it seems that the goal of the government will be achieved. In </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2022</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">614</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"">148</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists had visited Nepal after the end of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> pandemic.</span></span></span></span></p> <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 arrival of tourists is satisfactory this year as more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists arrived in Nepal in the last two months.</span></span></span></span></p> <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"">Deepak Raj Joshi, former executive officer of Nepal Tourism Board, says that the government has set a low target of welcoming tourists after improving and developing capacities in air infrastructure, hotel services and other aspects than before. </span></span></span></span></p> <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"">It may be noted that the government had set a target to welcome two million tourists in Nepal in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2020</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> but the outbreak of the global pandemic dented the efforts.</span></span></span></span></p> <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 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2019</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the year before the pandemic, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists visited Nepal. If we had tried a little bit more, we could have brought </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists this year,” Joshi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders say that the government has not worked hard to achieve the goals and has not made proper evaluation of the country's capacity and the current 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"">The number of tourists has increased compared to last year as the coronavirus pandemic has subsided and the capacity of Nepal’s airports has 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"">According to Joshi, Nepal can attract </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2024</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> if the current situation prevails</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","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"">Most tourists visiting Nepal this year were from India. A total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24</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"">443 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists came from India in November alone followed </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"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">461 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists from America, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</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"">601 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from China and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</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"">138 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from Britain.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19348', 'image' => '20231203122831_1701577425.KK_Beni-DSC_0119_1701502836.jpg', 'article_date' => '2023-12-03 12:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19619', 'article_category_id' => '1', 'title' => 'Government Releases Rs 240 Million for Temporary Housing in Quake-Hit Districts ', 'sub_title' => '', 'summary' => 'December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson for the National Disaster Risk Reduction and Management Authority (NDRRMA) Dhruba Bahadur Khadka shared that almost Rs 240 million was released on Friday for the quake survivors' housing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first installment has been released for 18,328 out of 28,527 verified beneficiaries. The beneficiaries receiving the amount include 3,309 in Jajarkot, 214 in Bajura, 14,224 in Rukum West and 577 in Bajhang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NDRRMA Spokesperson Khadka, funds are yet to be disbursed for 1,485 beneficiaries of Salyan and will be disbursed soon. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19347', 'image' => '20231203114838_20231104083356_HKC-Jajarkot-4.jpg', 'article_date' => '2023-12-03 11:47:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19618', 'article_category_id' => '1', 'title' => 'CAAN to Award Ground Handling Services at TIA based on Competitive Bidding ', 'sub_title' => '', 'summary' => 'December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any airline company can compete for taking responsibility of ground handling services at the international airport. The bidding process will start from December 3, said CAAN Spokesperson Jagannath Niraula. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service at TIA is currently being provided by the national flag carrier, Nepal Airlines Corporation. With the bidding service in effect, the NAC is likely to lose the responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CAAN decided to provide ground handling services at the TIA through competitive bidding according to Rule 5 (2) of the Service Tariff Regulations 2078 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service is one of the major sources of income of the ailing state-owned NAC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> "Any airlines that meet the criteria can take part in the ground handling service bidding process, " said spokesperson Niraula. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19346', 'image' => '20231203111026_20220509064759_A.jpg', 'article_date' => '2023-12-03 11:09:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19617', 'article_category_id' => '1', 'title' => 'Possibility of Light Snowfall Today ', 'sub_title' => '', 'summary' => 'December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to meteorologist Saroj Pudasaini of the Weather Forecasting Division, there will be partial rainfall in the hill areas of Koshi and Gandaki provinces this afternoon while the weather will remain generally clear in the rest of the provinces. There is a possibility of light snowfall in one or two places in the high hills and mountainous areas of Koshi and Gandaki provinces today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in Kathmandu today will be 7.5 degrees and the maximum temperature will be between 20 and 22 degrees centigrade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will be generally clear in the hill areas of Bagmati, Sudur Paschim and Koshi provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Weather Forecasting Division, there is possibility of light rain in one or two places in the hill areas of Gandaki and Karnali Provinces as well as Lumbini Province tonight. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19345', 'image' => '20231203103531_20190208014800_aaaa.jpg', 'article_date' => '2023-12-03 10:34:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19616', 'article_category_id' => '1', 'title' => 'Himalayan Airlines Commences Direct Flight to Shanghai', 'sub_title' => '', 'summary' => 'Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 3: Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Kathmandu-Shanghai flight is expected to last for 5 hours and 20 minutes. The airline plans to operate regular flights to Shanghai every Saturday morning. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This marks the airline's inaugural flight to Shanghai. Along with Shanghai, the company has expanded its flight operations to various cities in China, including the capital, Beijing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a press conference today at Tribhuvan International Airport, Himalaya Airlines Vice Chairman Bijay Shrestha expressed confidence that direct flights would further strengthen the relationship between the two countries and attract an increased number of Chinese tourists to Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrestha emphasized the airline's commitment to elevating Nepal-China relations to new heights, fostering increased business collaboration and attracting more Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Vice Chairman also expressed confidence in the capabilities of the Kathmandu-Shanghai air route in boosting confidence among Chinese travelers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He mentioned that the airline had witnessed an increase in Chinese flights to Nepal post-COVID-19, and with the opening of border checkpoints, he anticipates a rise in both flights and tourist arrivals.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pratap Babu Tiwari, the General Manager of Tribhuvan International Airport, mentioned that there has been a gradual expansion of flights from China to Nepal since the COVID-19 pandemic, with Himalaya Airlines contributing significantly. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Tiwari provided information that, recently, the Kathmandu airport has been witnessing the arrival and departure of approximately 15,000 passengers daily through international flights.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19344', 'image' => '20231203103605_H9-8670.jpg', 'article_date' => '2023-12-03 06:48:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19614', 'article_category_id' => '1', 'title' => 'Axiata to Sell Ncell Stakes to Spectrlite UK for US$50 Million', 'sub_title' => '', 'summary' => 'December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Axiata will sell stakes in Ncell for a fixed consideration of US$ 50 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reynolds Holding Limited, a subsidiary of Axiata Group, owns approximately 80 percent equity stake in Ncell. The company plans to sell the shares owned by Reynolds Holding citing unfair taxation and regulatory uncertainties in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Group’s decision to withdraw from Nepal is based on a thorough evaluation of the prevailing business environment in Nepal, which led to the conclusion that continuing operations under the current conditions of unfair taxation and regulatory uncertainties was no longer sustainable for Axiata,” reads a statement issued by Axiata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata entered the Nepal market in 2016, following the acquisition of Reynolds for the purchase price of USD 1.365 billion, effectively securing an 80 percent equity interest and controlling stakes in Ncell. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement added that Ncell had settled a total of Rs 47.0 billion (approximately USD 421.9 million) in capital gains tax (CGT) between 2016 to 2020 as full and final liability under Nepalese law and received confirmation from Large Taxpayers Office of Nepal (LTPO) in April 2020 that no further taxes remain in relation to the acquisition of Reynolds Holding in 2016. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the payment of CGT, Ncell was further assessed in January 2021 by the LTPO under Section 57 of the Income Tax Act of Nepal for a sum of approximately Rs 57.9 (approximately USD 433.6 million) for the same transaction, added Axiata. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Collection on this assessment by the tax authorities has thus far been suspended due to an interim order issued by the Supreme Court of Nepal based on Ncell’s petition disputing the applicability of the assessment,” reads the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata further claimed that the government authorities in Nepal imposed capital gains tax on Ncell and Axiata after Nepal’s efforts to collect tax from the seller (TeliaSonera) failed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by Axiata, the international arbitration proceedings filed by Axiata to the International Centre for the Settlement of Investment Disputes (ICSID) concluded on June 9 , 2023 delivering its verdict that Nepal should refrain from demanding any further tax, fees, penalties or interest in relation to the acquisition of Reynolds Holding in 2016 and, in particular, that Nepal should refrain from enforcing the January 2021 Assessment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata’s exit from Nepal comes at a time when the Government of Nepal has been pledging foreign investors to invest in Nepal promising a conducive environment for doing business in the country, which is in stark contrast to the reality.</span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '19343', 'image' => '20231201093238_ncell.jpg', 'article_date' => '2023-12-01 21:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19613', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Rises to Rs 2357 Billion', 'sub_title' => 'Government Raises debt of Rs 113 Billion in Four Months', 'summary' => 'December 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP).', '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 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP). According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November. </span></span></span></span></p> <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 National Statistics Office has estimated Nepal’s GDP for the last fiscal year to reach Rs 5381 billion.</span></span></span></span></p> <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 public debt has increased to Rs 2357 billion of late mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></span></span></p> <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’s internal debt stands at Rs 1183 billion and external debt is Rs 1173 billion.</span></span></span></span></p> <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"">As of last mid-July, the country’s Rs 2221.67 billion. In the first four months (mid-July to mid-October) of the current fiscal year, the government raised debts of Rs 113 billion through various instruments such as bonds. According to the Public Debt Management Office, the government has taken internal debt of Rs 97.31 billion and external debt worth Rs 15.85 billion as of mid-October. Due to the realization of low external debt, the government has had to rely on internal debt to mobilize the 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"">In the first four months of current FY, the government spent Rs 81.64 billion on financial management which includes payment of interest and principal amounts of internal and external loans. The government has been allocating a large amount of money to pay its debt.</span></span></span></span></p> <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 current fiscal year, the government has allocated a large amount of budget to fulfill the financial obligations created by the debt. The amount allocated to settle the debts is more than the development 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"">The government allocated Rs 302.7 billion for capital expenditure while Rs 307.45 billion has been earmarked for financial management.</span></span></span></span></p> <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 started raising domestic debt from the beginning of the fiscal year by revising the schedule as the interest rate has been cheaper in the current fiscal year. This also the reason for the increase in public debt within a period of four months. </span></span></span></span></p> <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"">Lately, the government has been accused of meeting its recurrent expenses (day-to-day expenses) by taking loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'public, debt, Nepal, government, rising, GDP', 'description' => '', 'sortorder' => '19341', 'image' => '20231201023735_public debt.jpg', 'article_date' => '2023-12-01 14:36:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19612', 'article_category_id' => '1', 'title' => 'IMF Executive Board Completes Third Review of Extended Credit Facility to Nepal', 'sub_title' => '', 'summary' => 'December 1: The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">December 1:</span><strong><span style="font-family:"Helvetica","sans-serif""> </span></strong><span style="font-family:"Helvetica","sans-serif"">The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. This brings the total disbursements under the ECF for budget support so far to SDR 166.90 million (about US$ 222.5 million), reads a statement issued by the IMF on Thursday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement for Nepal was approved by the IMF’s Executive Board on January 12, 2022 in an amount equivalent to SDR 282.42 million (180 percent of quota or about US$ 376.5 million). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF noted that Nepal has made good progress with the implementation of the program, which has helped mitigate the impact of the pandemic and global shocks on economic activity, protect vulnerable groups, and preserve macroeconomic and financial stability. The program is also helping to catalyze additional financing from Nepal’s development partners, added the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Nepal’s post-pandemic rebound, fueled by a credit boom, ended last year as growth slowed markedly. Low domestic demand helped resolve external pressures but also deflated government revenue and led to a widening of the fiscal deficit despite expenditure control.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF stated that inflation is declining but remains high at 8.2 percent in September. Growth is expected to recover to 3.5 percent in FY2023/24, which is below potential, led by increased domestic demand, new hydroelectric capacity, and a continued recovery in tourism added the IMF.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, risks are skewed to the downside while external sector risks dominate Nepal’s outlook given its high remittance income and dependence on imported goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Domestically, further deterioration in bank balance sheets or lack of progress in addressing the deficiencies identified by the Asia Pacific Group of the Financial Action Task Force (FATF) could create financial system stress,” reads the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Following the Executive Board discussion, IMF’s Deputy Managing Director and Acting Chair Bo Li noted that Nepal has made important strides on its economic reform agenda. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Decisive actions in monetary policy, bank regulation and rolling off COVID support policies played a major role in overcoming urgent balance of payments pressure in FY2021-22. Reserves continue to rise without the need to use distortive import restrictions. Fiscal discipline was maintained in FY2022-23 despite a large revenue shortfall,” the statement quoted Bo Li as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank supervision and regulation have improved with the rolling out of new supervisory information systems, the Working Capital Loan Guidelines and Asset Classification Regulations,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to Li, Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“With growth below potential, boosting the execution of capital spending while maintaining fiscal discipline —growth friendly consolidation—is critical to provide much-needed stimulus to near-term economic growth and achieve investments that will underpin medium-term growth. Maintaining momentum on governance reforms is critical to cementing recent gains in fiscal transparency.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to him, further structural reforms, such as mobilizing domestic revenue, strengthen public investment management and addressing fiscal risks, are needed to bolster medium term fiscal sustainability.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“As monetary policy transmission appears weak in a context of balance sheet repair and inflation is elevated —though declining—maintaining the current cautious and data dependent monetary policy is appropriate to preserving price and external stability,” he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Li was of the view that financial policy should remain vigilant and focused on building regulatory frameworks to avoid further boom bust cycles and establish a more stable, pro-growth financial sector equilibrium. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Reforms regarding lending practices and asset classification are encouraging and need to be continued as preparations for the loan portfolio review of the ten largest banks gather steam. Implementation of the financial sector reform agenda should continue with a view to align the local framework more closely to international standards.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He further underscored the urgent need for improving the anti‑money laundering/combatting the financing of terrorism (AML/CFT) framework and its effectiveness in line with international standards and peer evaluations in order to maintain smooth access to the global financial system. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested Nepal to prioritize reforms to implement the 2021 IMF Safeguards Assessment recommendations regarding the Nepal Rastra Bank (NRB) Act and NRB audit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Continued progress on the structural front is also needed to foster investment and more inclusive growth. These include improving the business climate, building human capital, and continuing to improve social safety nets, in particular the coverage of the child grant program.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'International, Monetary, Fund, Nepal, Extended, Credit, Facility, ECF, Special, Drawing, Rights, SDR, million, US, dollars, Nepal, Rastra, Bank, anti-money, laundering', 'description' => '', 'sortorder' => '19340', 'image' => '20231201020447_iiii.jpg', 'article_date' => '2023-12-01 14:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19611', 'article_category_id' => '1', 'title' => 'Upper Arun Hydel Project Doles Out Rs 2.23 Billion for Land Acquisition', 'sub_title' => '', 'summary' => 'December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 2,500 ropani of land was acquired from the locals for the project development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Senior assistant of the project, Grishna Bhandari, confirmed that so far Rs 2.23 billion has been distributed for the affected communities in the district. According to Bhandari, 298 households have received the amount in compensation out of 319 households. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project officials said that the local residents from ward number 2, 4 and 5 of Bhotkhola Rural Municipality and the residents of Chepuwa, Hatiya and Pawakhola would receive the compensation amount. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total cost of the project is estimated to be around Rs 226 billion and the project development is expected to commence by mid of 2024. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Electricity Authority (NEA) has started the construction of access route for the project. Contract for the construction of 22 kilometres access road including 2 kms tunnel route has been given to Gayatri JV of India and Kankai Surunga JV Company of Jhapa. Motorable bridges would also be constructed over the Arun river and Chepuwa river along the access route. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'upper, Arun, hydropower, project, land, acquisition, electricity, generation, access, road, route, compensation, NEA, authority, Nepal, river', 'description' => '', 'sortorder' => '19339', 'image' => '20231201013053_20230414124016_hydro.jpg', 'article_date' => '2023-12-01 13:30:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$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' => '19628', 'article_category_id' => '1', 'title' => 'Gold Price Sets New Record on Sunday, Surges to Rs 120, 800 Per Tola', 'sub_title' => '', 'summary' => 'December 4: The price of gold has once again set a new record in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 4: The price of gold has once again set a new record in the domestic market of Nepal. The price of gold increased by Rs 1,800 per tola (11.66 grams) on Sunday to reach an all-time high record of Rs 120,800 per tola. The price of gold had surged for three consecutive trading days during last week, breaking previous records on Monday, Tuesday and Wednesday. The price of gold remained unchanged on Thursday but fell by Rs 300 per tola on Friday</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data of Federation of Nepal Gold and Silver Dealers’ Associations, the price of gold had reached a record high of Rs 117,400 per tola on Monday, Rs 117,700 per tola on Tuesday and Rs 119,300 per tola on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation, fine gold was traded at Rs 120,800 per tola on Sunday against to Rs 119,000 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Compared to last Sunday, the price of gold has increased by Rs 3,900 per tola this Sunday. Last Sunday, gold was traded at Rs 116,900 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of silver has also increased on Sunday. Silver was traded at Rs 1,545 per tola on Sunday against Rs 1,540 per tola on Friday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19356', 'image' => '20231204081533_gold newwww.jpg', 'article_date' => '2023-12-04 08:13:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19627', 'article_category_id' => '1', 'title' => 'NA Aircraft Grounded at Rara Airport', 'sub_title' => '', 'summary' => 'A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. ', 'content' => '<p><br /> <span style="font-size:20px">December 4: A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. </span></p> <p><span style="font-size:20px">The twin otter plane with flight number 9N-ABU had landed at Rara Airport at 11:00 am on Sunday by taking three passengers and crew members from Nepalgunj Airport. </span></p> <p><span style="font-size:20px">The plane was scheduled to make its flight to Nepalgunj by taking 13 passengers but was grounded following some issues with its battery, Rara Station In-charge of Nepal Airlines Netra Bham said. Engineers from Nepalgunj were immediately brought to Mugu to confirm the status of the plane. </span></p> <p><span style="font-size:20px">Bham shared that the plane would make its flight to Nepalgunj on Monday after bringing the battery from Nepalgunj. The passengers, who had bought the ticket to Nepalgunj from Mugu, are staying in the hotels at Talcha in Mugu. (RSS) </span></p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19355', 'image' => '20231204060355_collage.jpg', 'article_date' => '2023-12-04 06:02:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '19624', 'article_category_id' => '1', 'title' => 'Ministry Directs NEA to seek Clearance of Electricity Dues from Local Levels ', 'sub_title' => '', 'summary' => 'December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This directive aligns with the ministry's decision on November 8. It wants the NEA to settle the electricity dues from the respective offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dues of 331 local levels for street lamps till mid-July amounted to Rs 6.8 billion and a significant portion of these dues has accrued after the fiscal year 2074 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had previously proposed to reconcile the unpaid tariff with the government's account. However, the Finance Ministry declined to entertain the proposal and instead instructed NEA to pursue the collection of payments directly from the respective local offices. "We have proceeded with the clearance of dues accordingly," said NEA managing director Kulman Ghising. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA on October 8 issued a public notice seeking the payment of dues for streetlamps within the next 45 days and on November 22 called on local governments for the payment through a public notice. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19352', 'image' => '20231203045418_finance_ministry_copy1.jpg', 'article_date' => '2023-12-03 16:53:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19623', 'article_category_id' => '1', 'title' => 'NEPSE Drops 7.29 Points to Close at 1851.23', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">December 3: The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The market has been on the bearish mode for quite a long time for various reasons. Seasoned investors and stock analysts attribute to the today’s fall to the negative psychology prevalent among the investors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Veteran investor Prem Oli said, “The stock market may witness sideways for one more year if the Nepal Rastra Bank does not shift its policy on the stock market”. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Oli held the regulators including the NRB for the scary fall of the market. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">A total of 3,419,073 units of shares exchanged their hands through 36,977 transactions. As many as 293 scrips were traded during today’s trading session, amounting to Rs 96 crores. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Sonapur Minerals and Oil Limited(SONA) had the highest turnover of 6.95 crores, closing at a market price of Rs 295 per unit of share. Similarly, Three star Hydropower Limited(TSHL) experienced the highest gain of 9.63%, closing at Rs 387.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mountain Energy Nepal(MEN) and United IDI Mardi RB Hydropower Limited(UMRH) lost 9.99% and closed at Rs 530 and Rs 273 respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Across sector indices, all sectors except Microfinance Index closed in the red territory. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mutual Fund lost the highest 1.25%, while Manufacturing and Processing lost the lowest by 0.22%.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19351', 'image' => '20231203042346_collage (16).jpg', 'article_date' => '2023-12-03 16:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19622', 'article_category_id' => '1', 'title' => 'Ncell Selling Shares Purchased for Rs 143 billion at Throw-Away Price of Rs 6 Raises Suspicion', 'sub_title' => '', 'summary' => 'December 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD 1.38 billion (about NPR 143 billion) in 2016, sold its shares seven years later at a throw-away price of USD 50 million (about Rs 6.68 billion according to Friday’s exchange rate), raising quite a few eyebrows.', '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 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">(</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">about NPR </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion) in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, sold its shares seven years later at a throw-away price of USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion according to Friday’s exchange rate), raising quite a few eyebrows.</span></span></span></span></p> <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"">It seems that the purchase and sale of Ncell’s share will court controversy.</span></span></span></span></p> <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 Malaysian company has cited lack of working environment in Nepal for its decision to exit Nepal while the government officials suspect that selling a profitable company at a much lower price than the purchase price may be for ‘tax evasion’.</span></span></span></span></p> <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"">Nepal Telecommunication Authority has sent a letter to Axiata telling the company that it did not acquire permission to sell the shares of Ncell. </span></span></span></span></p> <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 news of Axiata's withdrawal from Ncell became public, the authority had written to Ncell on Friday to follow legal procedures to sell its stakes in the 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:"Arial","sans-serif"">According to NTA, Rule </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> of the Telecommunication Regulations </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2054</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> states that a telecommunication service provider company must obtain approval from the authority when transferring share ownership. Axiata has not revealed anything about this issue.</span></span></span></span></p> <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"">Aziata said it has sold </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""> percent of Ncell's shares to </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK Ltd, a company registered in the UK. Axiata has informed that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">will receive USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">668.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million) from the sale of shares in six months and the remaining amount after </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">48</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK has expressed its pleasure to purchase the shares of Ncell. The company director Satishlal Acharya stated that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK is happy to announce the agreement for the acquisition of Ncell's shares and said that it will work with Ncell's management to use its experience in the telecommunication sector for innovation, investment and to provide services to the Nepalese people. Acharya is a citizen of Nepali origin living in Singapore. Sunivera Capital Ventures already has a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent stakes in Ncell. Acharya is the director of Sunivera Capital Ventures. With the involvement of </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK,<span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> Acharya now owns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100%</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> shares of Ncell.</span></span></span></span></p> <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"">Axiata bought the ownership of Ncell in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from the Swedish company TeliaSonera. At that time, Ncell was valued at around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Ncell's license period is expiring in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the agreement between Axiata and </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK, Axiata will receive the dividend received by Ncell until </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029</span></span><span style="font-size:15.0pt"><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"">Ncell's net profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion during the last fiscal year (FY) when the operating income was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">39.72</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, Ncell has earned more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">37</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"">44</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion (unaudited report). </span></span></span></span></p> <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 have been critical towards Axiata’s decision to sell a profit-making company at a scrap value.</span></span></span></span></p> <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 statement issued by Axiata states that if the government claims any taxes from Ncell in the future, it will be borne by the buyer </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK.</span></span></span></span></p> <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 corporate law expert argued that Axiata may have decided to exit due to the double taxation of Ncell and the risk of the company's license expiring by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span></span></span></p> <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"">Axiata claimed that the government imposed taxes repeatedly and complying with the regulation meant the company was subject to double taxation.</span></span></span></span></p> <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"">Axiata said it paid Capital Gains Taxes or Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for the purchase of </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""> percent of Ncell's shares in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> although the seller was liable to pay the amount</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Axiata claims it fulfilled all its tax obligations to the Government of Nepal as per the law.</span></span></span></span></p> <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"">However, the Large Taxpayers Office has determined an additional tax of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">57</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"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion for Ncell. Not satisfied with this, Ncell has filed a writ in the Supreme Court. The matter is sub judice.</span></span></span></span></p> <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"">It is mentioned in the statement issued by the company that Ncell has contributed greatly to the economic and social development of Nepal. The statement also mentions that Ncell has directly and indirectly provided employment to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</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"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">people and served </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million customers.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19350', 'image' => '20231203022354_ncell.jpg', 'article_date' => '2023-12-03 14:22:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19621', 'article_category_id' => '1', 'title' => 'Changunarayan to be Made Disaster-Resilient Municipality', 'sub_title' => '', 'summary' => 'December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality. The municipality has formed a quick response team at the ward level and prepared skilled human resources for the purpose. The skilled human resources have been trained to prepare 'one community, one first responder team' to declare the municipality a disaster-resilient municipality, said Mayor Jeevan Khatri. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality handed over basic search and rescue materials to each ward on Saturday. Disaster management programs and activities have been prioritized to minimize the loss of life and property caused by any disaster in the municipality. The municipality has also formed one ward, one rapid response team in addition to one community, one first responder team for disaster response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Administrative Officer of Changunarayan Municipality, Chudamani Panthi informed that the Nexus Project has helped to provide the necessary materials for search and rescue to the municipality. He said that the municipality has also identified the disaster-prone areas and made necessary preparations to mitigate the risks.</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19349', 'image' => '20231203015046_5a.jpg', 'article_date' => '2023-12-03 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19620', 'article_category_id' => '1', 'title' => 'Over 900,000 Tourists Visit Nepal in 11 Months', 'sub_title' => '', 'summary' => 'December 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal year.', '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 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal 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"">The government had announced in the budget statement for the current financial year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> that it would bring one million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> With the arrival of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">918</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"">308</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">in eleven months of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, it seems that the goal of the government will be achieved. In </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2022</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">614</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"">148</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists had visited Nepal after the end of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> pandemic.</span></span></span></span></p> <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 arrival of tourists is satisfactory this year as more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists arrived in Nepal in the last two months.</span></span></span></span></p> <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"">Deepak Raj Joshi, former executive officer of Nepal Tourism Board, says that the government has set a low target of welcoming tourists after improving and developing capacities in air infrastructure, hotel services and other aspects than before. </span></span></span></span></p> <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"">It may be noted that the government had set a target to welcome two million tourists in Nepal in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2020</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> but the outbreak of the global pandemic dented the efforts.</span></span></span></span></p> <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 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2019</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the year before the pandemic, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists visited Nepal. If we had tried a little bit more, we could have brought </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists this year,” Joshi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders say that the government has not worked hard to achieve the goals and has not made proper evaluation of the country's capacity and the current 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"">The number of tourists has increased compared to last year as the coronavirus pandemic has subsided and the capacity of Nepal’s airports has 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"">According to Joshi, Nepal can attract </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2024</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> if the current situation prevails</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","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"">Most tourists visiting Nepal this year were from India. A total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24</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"">443 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists came from India in November alone followed </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"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">461 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists from America, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</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"">601 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from China and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</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"">138 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from Britain.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19348', 'image' => '20231203122831_1701577425.KK_Beni-DSC_0119_1701502836.jpg', 'article_date' => '2023-12-03 12:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19619', 'article_category_id' => '1', 'title' => 'Government Releases Rs 240 Million for Temporary Housing in Quake-Hit Districts ', 'sub_title' => '', 'summary' => 'December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson for the National Disaster Risk Reduction and Management Authority (NDRRMA) Dhruba Bahadur Khadka shared that almost Rs 240 million was released on Friday for the quake survivors' housing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first installment has been released for 18,328 out of 28,527 verified beneficiaries. The beneficiaries receiving the amount include 3,309 in Jajarkot, 214 in Bajura, 14,224 in Rukum West and 577 in Bajhang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NDRRMA Spokesperson Khadka, funds are yet to be disbursed for 1,485 beneficiaries of Salyan and will be disbursed soon. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19347', 'image' => '20231203114838_20231104083356_HKC-Jajarkot-4.jpg', 'article_date' => '2023-12-03 11:47:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19618', 'article_category_id' => '1', 'title' => 'CAAN to Award Ground Handling Services at TIA based on Competitive Bidding ', 'sub_title' => '', 'summary' => 'December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any airline company can compete for taking responsibility of ground handling services at the international airport. The bidding process will start from December 3, said CAAN Spokesperson Jagannath Niraula. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service at TIA is currently being provided by the national flag carrier, Nepal Airlines Corporation. With the bidding service in effect, the NAC is likely to lose the responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CAAN decided to provide ground handling services at the TIA through competitive bidding according to Rule 5 (2) of the Service Tariff Regulations 2078 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service is one of the major sources of income of the ailing state-owned NAC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> "Any airlines that meet the criteria can take part in the ground handling service bidding process, " said spokesperson Niraula. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19346', 'image' => '20231203111026_20220509064759_A.jpg', 'article_date' => '2023-12-03 11:09:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19617', 'article_category_id' => '1', 'title' => 'Possibility of Light Snowfall Today ', 'sub_title' => '', 'summary' => 'December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to meteorologist Saroj Pudasaini of the Weather Forecasting Division, there will be partial rainfall in the hill areas of Koshi and Gandaki provinces this afternoon while the weather will remain generally clear in the rest of the provinces. There is a possibility of light snowfall in one or two places in the high hills and mountainous areas of Koshi and Gandaki provinces today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in Kathmandu today will be 7.5 degrees and the maximum temperature will be between 20 and 22 degrees centigrade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will be generally clear in the hill areas of Bagmati, Sudur Paschim and Koshi provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Weather Forecasting Division, there is possibility of light rain in one or two places in the hill areas of Gandaki and Karnali Provinces as well as Lumbini Province tonight. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19345', 'image' => '20231203103531_20190208014800_aaaa.jpg', 'article_date' => '2023-12-03 10:34:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19616', 'article_category_id' => '1', 'title' => 'Himalayan Airlines Commences Direct Flight to Shanghai', 'sub_title' => '', 'summary' => 'Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 3: Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Kathmandu-Shanghai flight is expected to last for 5 hours and 20 minutes. The airline plans to operate regular flights to Shanghai every Saturday morning. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This marks the airline's inaugural flight to Shanghai. Along with Shanghai, the company has expanded its flight operations to various cities in China, including the capital, Beijing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a press conference today at Tribhuvan International Airport, Himalaya Airlines Vice Chairman Bijay Shrestha expressed confidence that direct flights would further strengthen the relationship between the two countries and attract an increased number of Chinese tourists to Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrestha emphasized the airline's commitment to elevating Nepal-China relations to new heights, fostering increased business collaboration and attracting more Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Vice Chairman also expressed confidence in the capabilities of the Kathmandu-Shanghai air route in boosting confidence among Chinese travelers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He mentioned that the airline had witnessed an increase in Chinese flights to Nepal post-COVID-19, and with the opening of border checkpoints, he anticipates a rise in both flights and tourist arrivals.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pratap Babu Tiwari, the General Manager of Tribhuvan International Airport, mentioned that there has been a gradual expansion of flights from China to Nepal since the COVID-19 pandemic, with Himalaya Airlines contributing significantly. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Tiwari provided information that, recently, the Kathmandu airport has been witnessing the arrival and departure of approximately 15,000 passengers daily through international flights.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19344', 'image' => '20231203103605_H9-8670.jpg', 'article_date' => '2023-12-03 06:48:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19614', 'article_category_id' => '1', 'title' => 'Axiata to Sell Ncell Stakes to Spectrlite UK for US$50 Million', 'sub_title' => '', 'summary' => 'December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Axiata will sell stakes in Ncell for a fixed consideration of US$ 50 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reynolds Holding Limited, a subsidiary of Axiata Group, owns approximately 80 percent equity stake in Ncell. The company plans to sell the shares owned by Reynolds Holding citing unfair taxation and regulatory uncertainties in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Group’s decision to withdraw from Nepal is based on a thorough evaluation of the prevailing business environment in Nepal, which led to the conclusion that continuing operations under the current conditions of unfair taxation and regulatory uncertainties was no longer sustainable for Axiata,” reads a statement issued by Axiata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata entered the Nepal market in 2016, following the acquisition of Reynolds for the purchase price of USD 1.365 billion, effectively securing an 80 percent equity interest and controlling stakes in Ncell. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement added that Ncell had settled a total of Rs 47.0 billion (approximately USD 421.9 million) in capital gains tax (CGT) between 2016 to 2020 as full and final liability under Nepalese law and received confirmation from Large Taxpayers Office of Nepal (LTPO) in April 2020 that no further taxes remain in relation to the acquisition of Reynolds Holding in 2016. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the payment of CGT, Ncell was further assessed in January 2021 by the LTPO under Section 57 of the Income Tax Act of Nepal for a sum of approximately Rs 57.9 (approximately USD 433.6 million) for the same transaction, added Axiata. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Collection on this assessment by the tax authorities has thus far been suspended due to an interim order issued by the Supreme Court of Nepal based on Ncell’s petition disputing the applicability of the assessment,” reads the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata further claimed that the government authorities in Nepal imposed capital gains tax on Ncell and Axiata after Nepal’s efforts to collect tax from the seller (TeliaSonera) failed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by Axiata, the international arbitration proceedings filed by Axiata to the International Centre for the Settlement of Investment Disputes (ICSID) concluded on June 9 , 2023 delivering its verdict that Nepal should refrain from demanding any further tax, fees, penalties or interest in relation to the acquisition of Reynolds Holding in 2016 and, in particular, that Nepal should refrain from enforcing the January 2021 Assessment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata’s exit from Nepal comes at a time when the Government of Nepal has been pledging foreign investors to invest in Nepal promising a conducive environment for doing business in the country, which is in stark contrast to the reality.</span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '19343', 'image' => '20231201093238_ncell.jpg', 'article_date' => '2023-12-01 21:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19613', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Rises to Rs 2357 Billion', 'sub_title' => 'Government Raises debt of Rs 113 Billion in Four Months', 'summary' => 'December 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP).', '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 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP). According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November. </span></span></span></span></p> <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 National Statistics Office has estimated Nepal’s GDP for the last fiscal year to reach Rs 5381 billion.</span></span></span></span></p> <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 public debt has increased to Rs 2357 billion of late mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></span></span></p> <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’s internal debt stands at Rs 1183 billion and external debt is Rs 1173 billion.</span></span></span></span></p> <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"">As of last mid-July, the country’s Rs 2221.67 billion. In the first four months (mid-July to mid-October) of the current fiscal year, the government raised debts of Rs 113 billion through various instruments such as bonds. According to the Public Debt Management Office, the government has taken internal debt of Rs 97.31 billion and external debt worth Rs 15.85 billion as of mid-October. Due to the realization of low external debt, the government has had to rely on internal debt to mobilize the 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"">In the first four months of current FY, the government spent Rs 81.64 billion on financial management which includes payment of interest and principal amounts of internal and external loans. The government has been allocating a large amount of money to pay its debt.</span></span></span></span></p> <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 current fiscal year, the government has allocated a large amount of budget to fulfill the financial obligations created by the debt. The amount allocated to settle the debts is more than the development 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"">The government allocated Rs 302.7 billion for capital expenditure while Rs 307.45 billion has been earmarked for financial management.</span></span></span></span></p> <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 started raising domestic debt from the beginning of the fiscal year by revising the schedule as the interest rate has been cheaper in the current fiscal year. This also the reason for the increase in public debt within a period of four months. </span></span></span></span></p> <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"">Lately, the government has been accused of meeting its recurrent expenses (day-to-day expenses) by taking loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'public, debt, Nepal, government, rising, GDP', 'description' => '', 'sortorder' => '19341', 'image' => '20231201023735_public debt.jpg', 'article_date' => '2023-12-01 14:36:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19612', 'article_category_id' => '1', 'title' => 'IMF Executive Board Completes Third Review of Extended Credit Facility to Nepal', 'sub_title' => '', 'summary' => 'December 1: The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">December 1:</span><strong><span style="font-family:"Helvetica","sans-serif""> </span></strong><span style="font-family:"Helvetica","sans-serif"">The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. This brings the total disbursements under the ECF for budget support so far to SDR 166.90 million (about US$ 222.5 million), reads a statement issued by the IMF on Thursday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement for Nepal was approved by the IMF’s Executive Board on January 12, 2022 in an amount equivalent to SDR 282.42 million (180 percent of quota or about US$ 376.5 million). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF noted that Nepal has made good progress with the implementation of the program, which has helped mitigate the impact of the pandemic and global shocks on economic activity, protect vulnerable groups, and preserve macroeconomic and financial stability. The program is also helping to catalyze additional financing from Nepal’s development partners, added the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Nepal’s post-pandemic rebound, fueled by a credit boom, ended last year as growth slowed markedly. Low domestic demand helped resolve external pressures but also deflated government revenue and led to a widening of the fiscal deficit despite expenditure control.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF stated that inflation is declining but remains high at 8.2 percent in September. Growth is expected to recover to 3.5 percent in FY2023/24, which is below potential, led by increased domestic demand, new hydroelectric capacity, and a continued recovery in tourism added the IMF.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, risks are skewed to the downside while external sector risks dominate Nepal’s outlook given its high remittance income and dependence on imported goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Domestically, further deterioration in bank balance sheets or lack of progress in addressing the deficiencies identified by the Asia Pacific Group of the Financial Action Task Force (FATF) could create financial system stress,” reads the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Following the Executive Board discussion, IMF’s Deputy Managing Director and Acting Chair Bo Li noted that Nepal has made important strides on its economic reform agenda. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Decisive actions in monetary policy, bank regulation and rolling off COVID support policies played a major role in overcoming urgent balance of payments pressure in FY2021-22. Reserves continue to rise without the need to use distortive import restrictions. Fiscal discipline was maintained in FY2022-23 despite a large revenue shortfall,” the statement quoted Bo Li as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank supervision and regulation have improved with the rolling out of new supervisory information systems, the Working Capital Loan Guidelines and Asset Classification Regulations,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to Li, Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“With growth below potential, boosting the execution of capital spending while maintaining fiscal discipline —growth friendly consolidation—is critical to provide much-needed stimulus to near-term economic growth and achieve investments that will underpin medium-term growth. Maintaining momentum on governance reforms is critical to cementing recent gains in fiscal transparency.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to him, further structural reforms, such as mobilizing domestic revenue, strengthen public investment management and addressing fiscal risks, are needed to bolster medium term fiscal sustainability.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“As monetary policy transmission appears weak in a context of balance sheet repair and inflation is elevated —though declining—maintaining the current cautious and data dependent monetary policy is appropriate to preserving price and external stability,” he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Li was of the view that financial policy should remain vigilant and focused on building regulatory frameworks to avoid further boom bust cycles and establish a more stable, pro-growth financial sector equilibrium. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Reforms regarding lending practices and asset classification are encouraging and need to be continued as preparations for the loan portfolio review of the ten largest banks gather steam. Implementation of the financial sector reform agenda should continue with a view to align the local framework more closely to international standards.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He further underscored the urgent need for improving the anti‑money laundering/combatting the financing of terrorism (AML/CFT) framework and its effectiveness in line with international standards and peer evaluations in order to maintain smooth access to the global financial system. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested Nepal to prioritize reforms to implement the 2021 IMF Safeguards Assessment recommendations regarding the Nepal Rastra Bank (NRB) Act and NRB audit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Continued progress on the structural front is also needed to foster investment and more inclusive growth. These include improving the business climate, building human capital, and continuing to improve social safety nets, in particular the coverage of the child grant program.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'International, Monetary, Fund, Nepal, Extended, Credit, Facility, ECF, Special, Drawing, Rights, SDR, million, US, dollars, Nepal, Rastra, Bank, anti-money, laundering', 'description' => '', 'sortorder' => '19340', 'image' => '20231201020447_iiii.jpg', 'article_date' => '2023-12-01 14:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19611', 'article_category_id' => '1', 'title' => 'Upper Arun Hydel Project Doles Out Rs 2.23 Billion for Land Acquisition', 'sub_title' => '', 'summary' => 'December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 2,500 ropani of land was acquired from the locals for the project development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Senior assistant of the project, Grishna Bhandari, confirmed that so far Rs 2.23 billion has been distributed for the affected communities in the district. According to Bhandari, 298 households have received the amount in compensation out of 319 households. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project officials said that the local residents from ward number 2, 4 and 5 of Bhotkhola Rural Municipality and the residents of Chepuwa, Hatiya and Pawakhola would receive the compensation amount. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total cost of the project is estimated to be around Rs 226 billion and the project development is expected to commence by mid of 2024. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Electricity Authority (NEA) has started the construction of access route for the project. Contract for the construction of 22 kilometres access road including 2 kms tunnel route has been given to Gayatri JV of India and Kankai Surunga JV Company of Jhapa. Motorable bridges would also be constructed over the Arun river and Chepuwa river along the access route. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'upper, Arun, hydropower, project, land, acquisition, electricity, generation, access, road, route, compensation, NEA, authority, Nepal, river', 'description' => '', 'sortorder' => '19339', 'image' => '20231201013053_20230414124016_hydro.jpg', 'article_date' => '2023-12-01 13:30:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
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 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$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' => '19628', 'article_category_id' => '1', 'title' => 'Gold Price Sets New Record on Sunday, Surges to Rs 120, 800 Per Tola', 'sub_title' => '', 'summary' => 'December 4: The price of gold has once again set a new record in the domestic market of Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 4: The price of gold has once again set a new record in the domestic market of Nepal. The price of gold increased by Rs 1,800 per tola (11.66 grams) on Sunday to reach an all-time high record of Rs 120,800 per tola. The price of gold had surged for three consecutive trading days during last week, breaking previous records on Monday, Tuesday and Wednesday. The price of gold remained unchanged on Thursday but fell by Rs 300 per tola on Friday</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the data of Federation of Nepal Gold and Silver Dealers’ Associations, the price of gold had reached a record high of Rs 117,400 per tola on Monday, Rs 117,700 per tola on Tuesday and Rs 119,300 per tola on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Federation, fine gold was traded at Rs 120,800 per tola on Sunday against to Rs 119,000 per tola on Friday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Compared to last Sunday, the price of gold has increased by Rs 3,900 per tola this Sunday. Last Sunday, gold was traded at Rs 116,900 per tola.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the price of silver has also increased on Sunday. Silver was traded at Rs 1,545 per tola on Sunday against Rs 1,540 per tola on Friday.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19356', 'image' => '20231204081533_gold newwww.jpg', 'article_date' => '2023-12-04 08:13:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19627', 'article_category_id' => '1', 'title' => 'NA Aircraft Grounded at Rara Airport', 'sub_title' => '', 'summary' => 'A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. ', 'content' => '<p><br /> <span style="font-size:20px">December 4: A twin otter plane of Nepal Airlines (NA), which was scheduled to fly to Nepalgunj from Mugu on Sunday has been grounded at Rara Airport, Mugu. </span></p> <p><span style="font-size:20px">The twin otter plane with flight number 9N-ABU had landed at Rara Airport at 11:00 am on Sunday by taking three passengers and crew members from Nepalgunj Airport. </span></p> <p><span style="font-size:20px">The plane was scheduled to make its flight to Nepalgunj by taking 13 passengers but was grounded following some issues with its battery, Rara Station In-charge of Nepal Airlines Netra Bham said. Engineers from Nepalgunj were immediately brought to Mugu to confirm the status of the plane. </span></p> <p><span style="font-size:20px">Bham shared that the plane would make its flight to Nepalgunj on Monday after bringing the battery from Nepalgunj. The passengers, who had bought the ticket to Nepalgunj from Mugu, are staying in the hotels at Talcha in Mugu. (RSS) </span></p> ', 'published' => true, 'created' => '2023-12-04', 'modified' => '2023-12-04', 'keywords' => '', 'description' => '', 'sortorder' => '19355', 'image' => '20231204060355_collage.jpg', 'article_date' => '2023-12-04 06:02:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '19624', 'article_category_id' => '1', 'title' => 'Ministry Directs NEA to seek Clearance of Electricity Dues from Local Levels ', 'sub_title' => '', 'summary' => 'December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Ministry of Finance has directed the Nepal Electricity Authority (NEA) to proceed ahead with the clearance of dues related to electricity tariffs for street lamps from the respective local-levels. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This directive aligns with the ministry's decision on November 8. It wants the NEA to settle the electricity dues from the respective offices. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dues of 331 local levels for street lamps till mid-July amounted to Rs 6.8 billion and a significant portion of these dues has accrued after the fiscal year 2074 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA had previously proposed to reconcile the unpaid tariff with the government's account. However, the Finance Ministry declined to entertain the proposal and instead instructed NEA to pursue the collection of payments directly from the respective local offices. "We have proceeded with the clearance of dues accordingly," said NEA managing director Kulman Ghising. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA on October 8 issued a public notice seeking the payment of dues for streetlamps within the next 45 days and on November 22 called on local governments for the payment through a public notice. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19352', 'image' => '20231203045418_finance_ministry_copy1.jpg', 'article_date' => '2023-12-03 16:53:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19623', 'article_category_id' => '1', 'title' => 'NEPSE Drops 7.29 Points to Close at 1851.23', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">December 3: The Nepal Stock Exchange(NEPSE) dropped 7.29 points or 0.39% and continued its downward trend, closing at 1851.23 on the first trading day of the week on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The market has been on the bearish mode for quite a long time for various reasons. Seasoned investors and stock analysts attribute to the today’s fall to the negative psychology prevalent among the investors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Veteran investor Prem Oli said, “The stock market may witness sideways for one more year if the Nepal Rastra Bank does not shift its policy on the stock market”. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Oli held the regulators including the NRB for the scary fall of the market. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">A total of 3,419,073 units of shares exchanged their hands through 36,977 transactions. As many as 293 scrips were traded during today’s trading session, amounting to Rs 96 crores. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Sonapur Minerals and Oil Limited(SONA) had the highest turnover of 6.95 crores, closing at a market price of Rs 295 per unit of share. Similarly, Three star Hydropower Limited(TSHL) experienced the highest gain of 9.63%, closing at Rs 387.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mountain Energy Nepal(MEN) and United IDI Mardi RB Hydropower Limited(UMRH) lost 9.99% and closed at Rs 530 and Rs 273 respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Across sector indices, all sectors except Microfinance Index closed in the red territory. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mutual Fund lost the highest 1.25%, while Manufacturing and Processing lost the lowest by 0.22%.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19351', 'image' => '20231203042346_collage (16).jpg', 'article_date' => '2023-12-03 16:22:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19622', 'article_category_id' => '1', 'title' => 'Ncell Selling Shares Purchased for Rs 143 billion at Throw-Away Price of Rs 6 Raises Suspicion', 'sub_title' => '', 'summary' => 'December 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD 1.38 billion (about NPR 143 billion) in 2016, sold its shares seven years later at a throw-away price of USD 50 million (about Rs 6.68 billion according to Friday’s exchange rate), raising quite a few eyebrows.', '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 3: Malaysia's telecommunication conglomerate Axiata Group, which bought Ncell's shares for USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.38</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">(</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">about NPR </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion) in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, sold its shares seven years later at a throw-away price of USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion according to Friday’s exchange rate), raising quite a few eyebrows.</span></span></span></span></p> <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"">It seems that the purchase and sale of Ncell’s share will court controversy.</span></span></span></span></p> <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 Malaysian company has cited lack of working environment in Nepal for its decision to exit Nepal while the government officials suspect that selling a profitable company at a much lower price than the purchase price may be for ‘tax evasion’.</span></span></span></span></p> <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"">Nepal Telecommunication Authority has sent a letter to Axiata telling the company that it did not acquire permission to sell the shares of Ncell. </span></span></span></span></p> <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 news of Axiata's withdrawal from Ncell became public, the authority had written to Ncell on Friday to follow legal procedures to sell its stakes in the 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:"Arial","sans-serif"">According to NTA, Rule </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">14</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> of the Telecommunication Regulations </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2054</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> states that a telecommunication service provider company must obtain approval from the authority when transferring share ownership. Axiata has not revealed anything about this issue.</span></span></span></span></p> <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"">Aziata said it has sold </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""> percent of Ncell's shares to </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK Ltd, a company registered in the UK. Axiata has informed that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">will receive USD </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million (about Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">668.1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million) from the sale of shares in six months and the remaining amount after </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">48</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">UK has expressed its pleasure to purchase the shares of Ncell. The company director Satishlal Acharya stated that </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK is happy to announce the agreement for the acquisition of Ncell's shares and said that it will work with Ncell's management to use its experience in the telecommunication sector for innovation, investment and to provide services to the Nepalese people. Acharya is a citizen of Nepali origin living in Singapore. Sunivera Capital Ventures already has a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent stakes in Ncell. Acharya is the director of Sunivera Capital Ventures. With the involvement of </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span>UK,<span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> Acharya now owns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100%</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> shares of Ncell.</span></span></span></span></p> <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"">Axiata bought the ownership of Ncell in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from the Swedish company TeliaSonera. At that time, Ncell was valued at around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">143</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Ncell's license period is expiring in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the agreement between Axiata and </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK, Axiata will receive the dividend received by Ncell until </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029</span></span><span style="font-size:15.0pt"><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"">Ncell's net profit was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion during the last fiscal year (FY) when the operating income was Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">39.72</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, Ncell has earned more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">37</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"">44</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion (unaudited report). </span></span></span></span></p> <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 have been critical towards Axiata’s decision to sell a profit-making company at a scrap value.</span></span></span></span></p> <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 statement issued by Axiata states that if the government claims any taxes from Ncell in the future, it will be borne by the buyer </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">Spectrlite </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> UK.</span></span></span></span></p> <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 corporate law expert argued that Axiata may have decided to exit due to the double taxation of Ncell and the risk of the company's license expiring by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2029. </span></span></span></span></p> <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"">Axiata claimed that the government imposed taxes repeatedly and complying with the regulation meant the company was subject to double taxation.</span></span></span></span></p> <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"">Axiata said it paid Capital Gains Taxes or Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">47</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion for the purchase of </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""> percent of Ncell's shares in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2016</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> although the seller was liable to pay the amount</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Axiata claims it fulfilled all its tax obligations to the Government of Nepal as per the law.</span></span></span></span></p> <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"">However, the Large Taxpayers Office has determined an additional tax of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">57</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"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion for Ncell. Not satisfied with this, Ncell has filed a writ in the Supreme Court. The matter is sub judice.</span></span></span></span></p> <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"">It is mentioned in the statement issued by the company that Ncell has contributed greatly to the economic and social development of Nepal. The statement also mentions that Ncell has directly and indirectly provided employment to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">25</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"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">people and served </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million customers.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19350', 'image' => '20231203022354_ncell.jpg', 'article_date' => '2023-12-03 14:22:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19621', 'article_category_id' => '1', 'title' => 'Changunarayan to be Made Disaster-Resilient Municipality', 'sub_title' => '', 'summary' => 'December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: Local authorities are preparing to make Changunarayan Municipality a disaster resilient municipality. The municipality has formed a quick response team at the ward level and prepared skilled human resources for the purpose. The skilled human resources have been trained to prepare 'one community, one first responder team' to declare the municipality a disaster-resilient municipality, said Mayor Jeevan Khatri. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The municipality handed over basic search and rescue materials to each ward on Saturday. Disaster management programs and activities have been prioritized to minimize the loss of life and property caused by any disaster in the municipality. The municipality has also formed one ward, one rapid response team in addition to one community, one first responder team for disaster response. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Administrative Officer of Changunarayan Municipality, Chudamani Panthi informed that the Nexus Project has helped to provide the necessary materials for search and rescue to the municipality. He said that the municipality has also identified the disaster-prone areas and made necessary preparations to mitigate the risks.</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19349', 'image' => '20231203015046_5a.jpg', 'article_date' => '2023-12-03 13:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19620', 'article_category_id' => '1', 'title' => 'Over 900,000 Tourists Visit Nepal in 11 Months', 'sub_title' => '', 'summary' => 'December 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal year.', '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 3: The government is likely to achieve its goal of welcoming one million tourists into the country in the current fiscal 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"">The government had announced in the budget statement for the current financial year (FY) </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080/81</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> that it would bring one million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> With the arrival of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">918</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"">308</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">in eleven months of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2023</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, it seems that the goal of the government will be achieved. In </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2022</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, altogether </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">614</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"">148</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists had visited Nepal after the end of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> pandemic.</span></span></span></span></p> <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 arrival of tourists is satisfactory this year as more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> tourists arrived in Nepal in the last two months.</span></span></span></span></p> <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"">Deepak Raj Joshi, former executive officer of Nepal Tourism Board, says that the government has set a low target of welcoming tourists after improving and developing capacities in air infrastructure, hotel services and other aspects than before. </span></span></span></span></p> <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"">It may be noted that the government had set a target to welcome two million tourists in Nepal in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2020</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> but the outbreak of the global pandemic dented the efforts.</span></span></span></span></p> <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 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2019</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the year before the pandemic, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists visited Nepal. If we had tried a little bit more, we could have brought </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists this year,” Joshi said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders say that the government has not worked hard to achieve the goals and has not made proper evaluation of the country's capacity and the current 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"">The number of tourists has increased compared to last year as the coronavirus pandemic has subsided and the capacity of Nepal’s airports has 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"">According to Joshi, Nepal can attract </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million tourists in </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2024</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> if the current situation prevails</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","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"">Most tourists visiting Nepal this year were from India. A total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">24</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"">443 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists came from India in November alone followed </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"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">461 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">tourists from America, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</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"">601 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from China and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</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"">138 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">from Britain.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19348', 'image' => '20231203122831_1701577425.KK_Beni-DSC_0119_1701502836.jpg', 'article_date' => '2023-12-03 12:27:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19619', 'article_category_id' => '1', 'title' => 'Government Releases Rs 240 Million for Temporary Housing in Quake-Hit Districts ', 'sub_title' => '', 'summary' => 'December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The government has disbursed the first installment of funds for the construction of temporary housing for the Jajarkot earthquake survivors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Spokesperson for the National Disaster Risk Reduction and Management Authority (NDRRMA) Dhruba Bahadur Khadka shared that almost Rs 240 million was released on Friday for the quake survivors' housing. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first installment has been released for 18,328 out of 28,527 verified beneficiaries. The beneficiaries receiving the amount include 3,309 in Jajarkot, 214 in Bajura, 14,224 in Rukum West and 577 in Bajhang. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NDRRMA Spokesperson Khadka, funds are yet to be disbursed for 1,485 beneficiaries of Salyan and will be disbursed soon. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19347', 'image' => '20231203114838_20231104083356_HKC-Jajarkot-4.jpg', 'article_date' => '2023-12-03 11:47:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19618', 'article_category_id' => '1', 'title' => 'CAAN to Award Ground Handling Services at TIA based on Competitive Bidding ', 'sub_title' => '', 'summary' => 'December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The Civil Aviation Authority of Nepal (CAAN) has decided to award ground handling services at Tribhuvan International Airport through a competitive bidding process. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Any airline company can compete for taking responsibility of ground handling services at the international airport. The bidding process will start from December 3, said CAAN Spokesperson Jagannath Niraula. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service at TIA is currently being provided by the national flag carrier, Nepal Airlines Corporation. With the bidding service in effect, the NAC is likely to lose the responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">CAAN decided to provide ground handling services at the TIA through competitive bidding according to Rule 5 (2) of the Service Tariff Regulations 2078 BS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ground handling service is one of the major sources of income of the ailing state-owned NAC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif""> "Any airlines that meet the criteria can take part in the ground handling service bidding process, " said spokesperson Niraula. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19346', 'image' => '20231203111026_20220509064759_A.jpg', 'article_date' => '2023-12-03 11:09:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19617', 'article_category_id' => '1', 'title' => 'Possibility of Light Snowfall Today ', 'sub_title' => '', 'summary' => 'December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 3: The weather today (Sunday) is generally clear in the hill areas of Koshi and Gandaki provinces, with partial effect of the Westerly winds in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to meteorologist Saroj Pudasaini of the Weather Forecasting Division, there will be partial rainfall in the hill areas of Koshi and Gandaki provinces this afternoon while the weather will remain generally clear in the rest of the provinces. There is a possibility of light snowfall in one or two places in the high hills and mountainous areas of Koshi and Gandaki provinces today. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum temperature in Kathmandu today will be 7.5 degrees and the maximum temperature will be between 20 and 22 degrees centigrade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tonight, the weather will be generally clear in the hill areas of Bagmati, Sudur Paschim and Koshi provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the Weather Forecasting Division, there is possibility of light rain in one or two places in the hill areas of Gandaki and Karnali Provinces as well as Lumbini Province tonight. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19345', 'image' => '20231203103531_20190208014800_aaaa.jpg', 'article_date' => '2023-12-03 10:34:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19616', 'article_category_id' => '1', 'title' => 'Himalayan Airlines Commences Direct Flight to Shanghai', 'sub_title' => '', 'summary' => 'Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai.', 'content' => '<p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 3: Himalaya Airlines has commenced regular flights to the city of Shanghai, China, starting from December 2. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A Himalaya Airlines aircraft, carrying 137 passengers, took off from Tribhuvan International Airport at 9:20 AM, destined for Shanghai. The same aircraft is scheduled to land at Kathmandu's airport at 9:00 PM on the same day, carrying passengers from Shanghai. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Kathmandu-Shanghai flight is expected to last for 5 hours and 20 minutes. The airline plans to operate regular flights to Shanghai every Saturday morning. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This marks the airline's inaugural flight to Shanghai. Along with Shanghai, the company has expanded its flight operations to various cities in China, including the capital, Beijing. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a press conference today at Tribhuvan International Airport, Himalaya Airlines Vice Chairman Bijay Shrestha expressed confidence that direct flights would further strengthen the relationship between the two countries and attract an increased number of Chinese tourists to Nepal.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrestha emphasized the airline's commitment to elevating Nepal-China relations to new heights, fostering increased business collaboration and attracting more Chinese tourists. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Vice Chairman also expressed confidence in the capabilities of the Kathmandu-Shanghai air route in boosting confidence among Chinese travelers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">He mentioned that the airline had witnessed an increase in Chinese flights to Nepal post-COVID-19, and with the opening of border checkpoints, he anticipates a rise in both flights and tourist arrivals.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Pratap Babu Tiwari, the General Manager of Tribhuvan International Airport, mentioned that there has been a gradual expansion of flights from China to Nepal since the COVID-19 pandemic, with Himalaya Airlines contributing significantly. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Tiwari provided information that, recently, the Kathmandu airport has been witnessing the arrival and departure of approximately 15,000 passengers daily through international flights.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-03', 'modified' => '2023-12-03', 'keywords' => '', 'description' => '', 'sortorder' => '19344', 'image' => '20231203103605_H9-8670.jpg', 'article_date' => '2023-12-03 06:48:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19614', 'article_category_id' => '1', 'title' => 'Axiata to Sell Ncell Stakes to Spectrlite UK for US$50 Million', 'sub_title' => '', 'summary' => 'December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 1: Malaysian telecommunication conglomerate Axiata Group Berhad on Friday announced that it had entered into an unconditional agreement with Spectrlite UK Limited for the sale of its stakes in Ncell, its mobile service unit in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, Axiata will sell stakes in Ncell for a fixed consideration of US$ 50 million.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Reynolds Holding Limited, a subsidiary of Axiata Group, owns approximately 80 percent equity stake in Ncell. The company plans to sell the shares owned by Reynolds Holding citing unfair taxation and regulatory uncertainties in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The Group’s decision to withdraw from Nepal is based on a thorough evaluation of the prevailing business environment in Nepal, which led to the conclusion that continuing operations under the current conditions of unfair taxation and regulatory uncertainties was no longer sustainable for Axiata,” reads a statement issued by Axiata.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata entered the Nepal market in 2016, following the acquisition of Reynolds for the purchase price of USD 1.365 billion, effectively securing an 80 percent equity interest and controlling stakes in Ncell. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement added that Ncell had settled a total of Rs 47.0 billion (approximately USD 421.9 million) in capital gains tax (CGT) between 2016 to 2020 as full and final liability under Nepalese law and received confirmation from Large Taxpayers Office of Nepal (LTPO) in April 2020 that no further taxes remain in relation to the acquisition of Reynolds Holding in 2016. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite the payment of CGT, Ncell was further assessed in January 2021 by the LTPO under Section 57 of the Income Tax Act of Nepal for a sum of approximately Rs 57.9 (approximately USD 433.6 million) for the same transaction, added Axiata. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Collection on this assessment by the tax authorities has thus far been suspended due to an interim order issued by the Supreme Court of Nepal based on Ncell’s petition disputing the applicability of the assessment,” reads the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata further claimed that the government authorities in Nepal imposed capital gains tax on Ncell and Axiata after Nepal’s efforts to collect tax from the seller (TeliaSonera) failed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by Axiata, the international arbitration proceedings filed by Axiata to the International Centre for the Settlement of Investment Disputes (ICSID) concluded on June 9 , 2023 delivering its verdict that Nepal should refrain from demanding any further tax, fees, penalties or interest in relation to the acquisition of Reynolds Holding in 2016 and, in particular, that Nepal should refrain from enforcing the January 2021 Assessment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Axiata’s exit from Nepal comes at a time when the Government of Nepal has been pledging foreign investors to invest in Nepal promising a conducive environment for doing business in the country, which is in stark contrast to the reality.</span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => '', 'description' => '', 'sortorder' => '19343', 'image' => '20231201093238_ncell.jpg', 'article_date' => '2023-12-01 21:31:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19613', 'article_category_id' => '1', 'title' => 'Nepal’s Public Debt Rises to Rs 2357 Billion', 'sub_title' => 'Government Raises debt of Rs 113 Billion in Four Months', 'summary' => 'December 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP).', '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 1: The share of Nepal’s public debt is increasing compared to the gross domestic product (GDP). According to the latest data, Nepal's public debt has soared to 43.80 percent of the total GDP. This figure is based on the loans taken by the government as of mid-November. </span></span></span></span></p> <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 National Statistics Office has estimated Nepal’s GDP for the last fiscal year to reach Rs 5381 billion.</span></span></span></span></p> <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 public debt has increased to Rs 2357 billion of late mainly due to the rise in government’s tendency to raise debt to meet its current expenses.</span></span></span></span></p> <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’s internal debt stands at Rs 1183 billion and external debt is Rs 1173 billion.</span></span></span></span></p> <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"">As of last mid-July, the country’s Rs 2221.67 billion. In the first four months (mid-July to mid-October) of the current fiscal year, the government raised debts of Rs 113 billion through various instruments such as bonds. According to the Public Debt Management Office, the government has taken internal debt of Rs 97.31 billion and external debt worth Rs 15.85 billion as of mid-October. Due to the realization of low external debt, the government has had to rely on internal debt to mobilize the 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"">In the first four months of current FY, the government spent Rs 81.64 billion on financial management which includes payment of interest and principal amounts of internal and external loans. The government has been allocating a large amount of money to pay its debt.</span></span></span></span></p> <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 current fiscal year, the government has allocated a large amount of budget to fulfill the financial obligations created by the debt. The amount allocated to settle the debts is more than the development 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"">The government allocated Rs 302.7 billion for capital expenditure while Rs 307.45 billion has been earmarked for financial management.</span></span></span></span></p> <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 started raising domestic debt from the beginning of the fiscal year by revising the schedule as the interest rate has been cheaper in the current fiscal year. This also the reason for the increase in public debt within a period of four months. </span></span></span></span></p> <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"">Lately, the government has been accused of meeting its recurrent expenses (day-to-day expenses) by taking loans. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'public, debt, Nepal, government, rising, GDP', 'description' => '', 'sortorder' => '19341', 'image' => '20231201023735_public debt.jpg', 'article_date' => '2023-12-01 14:36:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19612', 'article_category_id' => '1', 'title' => 'IMF Executive Board Completes Third Review of Extended Credit Facility to Nepal', 'sub_title' => '', 'summary' => 'December 1: The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">December 1:</span><strong><span style="font-family:"Helvetica","sans-serif""> </span></strong><span style="font-family:"Helvetica","sans-serif"">The Executive Board of the International Monetary Fund (IMF) completed the third review under the four‑year Extended Credit Facility (ECF) for Nepal on November 29, giving the authorities the Special Drawing Rights (SDR) equivalent to about US$ 52.25 million. This brings the total disbursements under the ECF for budget support so far to SDR 166.90 million (about US$ 222.5 million), reads a statement issued by the IMF on Thursday. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement for Nepal was approved by the IMF’s Executive Board on January 12, 2022 in an amount equivalent to SDR 282.42 million (180 percent of quota or about US$ 376.5 million). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF noted that Nepal has made good progress with the implementation of the program, which has helped mitigate the impact of the pandemic and global shocks on economic activity, protect vulnerable groups, and preserve macroeconomic and financial stability. The program is also helping to catalyze additional financing from Nepal’s development partners, added the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Nepal’s post-pandemic rebound, fueled by a credit boom, ended last year as growth slowed markedly. Low domestic demand helped resolve external pressures but also deflated government revenue and led to a widening of the fiscal deficit despite expenditure control.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The IMF stated that inflation is declining but remains high at 8.2 percent in September. Growth is expected to recover to 3.5 percent in FY2023/24, which is below potential, led by increased domestic demand, new hydroelectric capacity, and a continued recovery in tourism added the IMF.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, risks are skewed to the downside while external sector risks dominate Nepal’s outlook given its high remittance income and dependence on imported goods. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Domestically, further deterioration in bank balance sheets or lack of progress in addressing the deficiencies identified by the Asia Pacific Group of the Financial Action Task Force (FATF) could create financial system stress,” reads the statement.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Following the Executive Board discussion, IMF’s Deputy Managing Director and Acting Chair Bo Li noted that Nepal has made important strides on its economic reform agenda. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Decisive actions in monetary policy, bank regulation and rolling off COVID support policies played a major role in overcoming urgent balance of payments pressure in FY2021-22. Reserves continue to rise without the need to use distortive import restrictions. Fiscal discipline was maintained in FY2022-23 despite a large revenue shortfall,” the statement quoted Bo Li as saying.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank supervision and regulation have improved with the rolling out of new supervisory information systems, the Working Capital Loan Guidelines and Asset Classification Regulations,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to Li, Nepal’s medium-term outlook remains favorable as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“With growth below potential, boosting the execution of capital spending while maintaining fiscal discipline —growth friendly consolidation—is critical to provide much-needed stimulus to near-term economic growth and achieve investments that will underpin medium-term growth. Maintaining momentum on governance reforms is critical to cementing recent gains in fiscal transparency.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to him, further structural reforms, such as mobilizing domestic revenue, strengthen public investment management and addressing fiscal risks, are needed to bolster medium term fiscal sustainability.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“As monetary policy transmission appears weak in a context of balance sheet repair and inflation is elevated —though declining—maintaining the current cautious and data dependent monetary policy is appropriate to preserving price and external stability,” he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Li was of the view that financial policy should remain vigilant and focused on building regulatory frameworks to avoid further boom bust cycles and establish a more stable, pro-growth financial sector equilibrium. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Reforms regarding lending practices and asset classification are encouraging and need to be continued as preparations for the loan portfolio review of the ten largest banks gather steam. Implementation of the financial sector reform agenda should continue with a view to align the local framework more closely to international standards.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He further underscored the urgent need for improving the anti‑money laundering/combatting the financing of terrorism (AML/CFT) framework and its effectiveness in line with international standards and peer evaluations in order to maintain smooth access to the global financial system. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested Nepal to prioritize reforms to implement the 2021 IMF Safeguards Assessment recommendations regarding the Nepal Rastra Bank (NRB) Act and NRB audit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Continued progress on the structural front is also needed to foster investment and more inclusive growth. These include improving the business climate, building human capital, and continuing to improve social safety nets, in particular the coverage of the child grant program.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'International, Monetary, Fund, Nepal, Extended, Credit, Facility, ECF, Special, Drawing, Rights, SDR, million, US, dollars, Nepal, Rastra, Bank, anti-money, laundering', 'description' => '', 'sortorder' => '19340', 'image' => '20231201020447_iiii.jpg', 'article_date' => '2023-12-01 14:03:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19611', 'article_category_id' => '1', 'title' => 'Upper Arun Hydel Project Doles Out Rs 2.23 Billion for Land Acquisition', 'sub_title' => '', 'summary' => 'December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 1: The Upper Arun Hydropower Project has distributed a total of Rs 2.23 billion in compensation for the land acquired to develop the 1,063 megawatt project at Bhotkhola Rural Municipality in Sankhuwasabha district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Altogether 2,500 ropani of land was acquired from the locals for the project development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Senior assistant of the project, Grishna Bhandari, confirmed that so far Rs 2.23 billion has been distributed for the affected communities in the district. According to Bhandari, 298 households have received the amount in compensation out of 319 households. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The project officials said that the local residents from ward number 2, 4 and 5 of Bhotkhola Rural Municipality and the residents of Chepuwa, Hatiya and Pawakhola would receive the compensation amount. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The total cost of the project is estimated to be around Rs 226 billion and the project development is expected to commence by mid of 2024. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Nepal Electricity Authority (NEA) has started the construction of access route for the project. Contract for the construction of 22 kilometres access road including 2 kms tunnel route has been given to Gayatri JV of India and Kankai Surunga JV Company of Jhapa. Motorable bridges would also be constructed over the Arun river and Chepuwa river along the access route. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-01', 'modified' => '2023-12-01', 'keywords' => 'upper, Arun, hydropower, project, land, acquisition, electricity, generation, access, road, route, compensation, NEA, authority, Nepal, river', 'description' => '', 'sortorder' => '19339', 'image' => '20231201013053_20230414124016_hydro.jpg', 'article_date' => '2023-12-01 13:30:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
