According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year,…
According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year,…
September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000…
September 20: The value of the US dollar in the Nepali market has reached a record high.…
September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal.…
September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a…
September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer.…
September 20: The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in…
September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand…
September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their…
In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in…
Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT…
September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide…
September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported…
September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more…
September 19: Farmers of Mustang have started picking apples from…
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This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating 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"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="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 board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </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"">,</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"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</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"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19042', 'article_category_id' => '1', 'title' => 'Locals Halt Construction of Power House of Arun III Hydropower Project', 'sub_title' => '', 'summary' => 'September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have stopped the construction for around three weeks demanding compensation for the land to be acquired for the approach road of the Arun III project site. As a result of the protest by the locals, the work of the power house of the project and the entrance route has come to a standstill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jani Kumar Rai, coordinator of the Arun Entrance Route Struggle Committee, said they were forced to take to the streets after the government did not address their demands.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have been demanding compensation for the land to be acquired along the Chhyangkuti-Diding Pukhuwa road. Four hundred fifty four ropanis of land are yet to be acquired from Chhyangkuti to Pukhuwa. The protesting locals have warned of continuing the protest until the compensation amount is deposited in the account of the district administration office. They have been protesting for the past seven years demanding compensation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project development agreement reached with the Indian construction company, Satluj Jal Vidyut Nigam which is constructing the project, the Government of Nepal has to bear Rs 80 million daily if the construction work is halted by the locals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 9 May, 2023, the compensation determination committee formed to compensate the affected locals had decided to provide Rs 1.1 million in compensation per ropani of land acquired along the Chhyangkuti-Diding road for the project. But the affected people have yet to get the compensation. Upon completion of the project, Nepal will get 197 megawatts of electricity. The estimated cost of the project is said to be over Rs 115 billion. More than 3,000 workers are working in the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18771', 'image' => '20230920022143_20200917093410_Clipboard22.jpg', 'article_date' => '2023-09-20 14:21:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19041', 'article_category_id' => '1', 'title' => 'Ncell Announces Everyday Surprise Prize', 'sub_title' => '', 'summary' => 'September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. The company says that the prize is guaranteed every day for 28 consecutive days under this offer. In addition, the customers will also receive a weekly bonus balance and a scooter as a bumper prize.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company said that it introduced this scheme under the theme 'We are for you' on Sunday. Every customer who participates in it gets a gift. As informed by the company, customers have already started receiving gifts in the form of Ncell service, facility, and gift vouchers since Sunday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this scheme, which will be operational for 28 days, 1,000 customers will receive a surprise of Rs 100 bonus balance. At the end of the scheme, seven customers will win one scooter each as a bumper prize. The company said that customers should dial asterisk 17117 hash at least once a week to receive weekly and bumper prizes.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18770', 'image' => '20230920010524_Untitled.jpg', 'article_date' => '2023-09-20 13:04:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19040', 'article_category_id' => '1', 'title' => 'Turkish Brand Nishane Launches its X Collection Perfume in Nepal', 'sub_title' => '', 'summary' => 'September 20: The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">September 20: </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal. The brand was launched by "Ina Center", a renowned retailer of branded perfumes in the Nepali market last Friday.<br /> Nishane brand perfumes, lauded as the pinnacle of olfactory craftsmanship by perfume connoisseurs worldwide, are meticulously crafted in Turkey, reads a statement issued by Ina Centre. The retailer said it has successfully imported a diverse array of Nishane brand perfumes to Nepal.<br /> “For over 25 years, Ina Center has remained steadfast in its mission to import and offer internationally renowned perfume brands to the Nepali audience,” added the statement.<br /> Uddhav Bartaula, managing director of Ina Center, announced the availability of Nishane brand perfumes in various Ina Center outlets across Nepal. Ina Center currently showcases an exquisite collection of the world's top niche perfume brands, including Clive Christian, Liquids Imaginaries, Tiziana Terenzi, Essential, V Canto, Mancera, Montale, and many more.<br /> According to the company, Nishane stands out as Istanbul's premier niche perfume brand, celebrated globally for its unique approach to the art of scent creation. The brand's distinctiveness is underscored by the unparalleled aroma of its fragrances. <br /> “Nishane has taken a bold step forward by introducing The X Collection, an evolution of its five best-selling fragrances: Hacivat, Hundred Silent Ways, Ani, Fan Your Flames, and Wulong Cha. Each rendition in the X Collection is thoughtfully designed to accentuate and enhance the core characteristics of the original fragrances.”<br /> According to Ina Center, the new additions to the X Collection include:<br /> Hacivat X: A fresh interpretation of the globally acclaimed Hacivat (2017), celebrating the vibrancy of life with stimulating notes of pineapple, bergamot, complemented by woody undertones.<br /> Hundred Silent Ways X: A must-try for those who relish the juicy burst of mandarin and peach, leading to a heart of delicate gardenia, iris, jasmine, and heliotrope, finished with vanilla, leather, and patchouli for a sensual and warm character.<br /> Ani X: A fragrance deeply rooted in its heritage, inviting exploration beyond the boundaries of time and space. It opens with a richer burst of juicy citrus compared to the original Ani (2019), known for its exceptional vanilla scent.<br /> Wulong Cha X: A reimagination of Nishane's inaugural collection launched in 2015, Wulong Cha X is designed to sharpen the edges of the original formula. It opens with zesty citrus notes of bergamot, orange, mandarin, and yuzu, settling into heart notes of magnolia and yuzu for a fresh and revitalizing experience throughout the day.<br /> Fan Your Flames X: An evolution of the global sensation Fan Your Flames (2016), this newer version delicately enhances the fragrance with tropical flavors. Opening with a captivating blend of coconut, rum, and lentisque, it exudes sweet and tropical vibes, culminating in a rich and spicy aroma. Base notes of cedar, oak moss, and patchouli provide a woody and earthy finish to the fragrance, making it an ideal choice for those seeking warm and exotic scents.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18769', 'image' => '20230920121341_Nishane X collection.jpg', 'article_date' => '2023-09-20 12:13:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19039', 'article_category_id' => '1', 'title' => 'Chocofun Starts New Advertising Campaign with the Slogan - Only Chocofun', 'sub_title' => '', 'summary' => 'September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a recent statement, the company said this campaign will run throughout the nation in ‘multiple media’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The advertisement campaign with the slogan “Only Chocofun'' has been initiated with a message that Chocofun will “complete” all the beautiful moments of childhood, added the statement. The company claimed that Chocofun has been the primary choice of children in Nepal for over 20 years and the advertising campaign aims to manifest the certainty of Chocofun adding more colors in the happy moments of the lives of children. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, this advertisement will be broadcast in all the mediums like television, radio, digital media, social media and other publishing platforms. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“Only Chocofun touches the childhood memories of children. It gathers the different moments from their real life and present how they will be completed with the joy of Chocofun. It includes children interacting with each other, having the time of their life with the mouth melting Chocofun whereas some even claim Chocofun to be the savor of their success,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The statement further said that Chocofun is the most popular production of Sujal Foods Private Limited, an ISO 22000:2018 certified company which has been in operation for the last forty years. The company claimed that Chocofun is produced by qualified confectioners using the state-of-the-art technologies following all the necessary hygienic regulations and health standards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“The excellent crispy and crunchy wafer stands impeccable in terms of quality and taste.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Sujal Food Private Limited believes Only Chocofun campaign will successfully gain the place in the heart of customers and consumers. In addition to that, company also believes this campaign will forever enriches the love people have for Chocofun.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18768', 'image' => '20230920111410_Only-chocofun-for PR.jpg', 'article_date' => '2023-09-20 11:12:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19038', 'article_category_id' => '1', 'title' => 'OECD Forecasts 'Sub-Par' Global Growth due to High Interest Rates', 'sub_title' => '', 'summary' => 'September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The world economy is now expected to grow 3.0 percent this year, up from the 2.7 percent forecast in the June outlook of the OECD, reported AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">According to the French news agency, OECD said global growth was projected to remain "sub-par", slowing to 2.7 percent next year -- down from 2.9 percent in the previous forecast.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"After a stronger-than-expected start to 2023, helped by lower energy prices and the reopening of China, global growth is expected to moderate," AFP reported referring to a report published by the OECD.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"The impact of tighter monetary policy is becoming increasingly visible, business and consumer confidence have turned down, and the rebound in China has faded," it added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">Central banks worldwide have sharply increased borrowing costs in an effort to tame consumer prices which soared in the wake of Russia's invasion of Ukraine last year, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"We are all seeing the tightening of monetary policy working its way through our economies. This is necessary to reduce inflation, but it is painful," OECD chief economist Clare Lombardelli said at a press conference.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The European Central Bank raised a key interest rate to a record high last week but hinted this might be its last hike, while the US Federal Reserve is expected to pause its own campaign on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"Inflation is projected to moderate gradually over 2023 and 2024 but to remain above central bank objectives in most economies," the OECD said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18767', 'image' => '20230920105414_oecd-logo.jpg', 'article_date' => '2023-09-20 10:53:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19037', 'article_category_id' => '1', 'title' => 'Foreign Investors Commit Rs 14.65 Billion to Nepal in First Two Months of FY 2023/2024', 'sub_title' => '', 'summary' => 'In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">September 20: In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">This commitment came when the Department of Industry approved 111 plans of foreign investors in the months of Shrawan and Bhadra of FY 2023/2024. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to data released by the Department of Industry on Monday, a significant investment commitments were made in Shrawan. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While the number of approved plans in Shrawan stood at 60, the commitment for investment was Rs 11.93 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Even though there were 51 plans approved in Bhadra, the investment commitment was only Rs 2.72 billion. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Foreign investors can invest in various sectors, including production-based industries, energy, agriculture, tourism, minerals, services, telecommunications, and information technology in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Although investments can be made in eight sectors, the majority of investors seem to be interested in the service and tourism sectors. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">In the first two months of the fiscal year, 53 plans were approved in the tourism sector, and 44 in the service sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While there is only one plan approved for each of the production-based, energy, and agriculture sectors, two plans were approved for telecommunications and information technology.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to the department, these approved plans are expected to create 5,502 jobs in the country when they are implemented.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18766', 'image' => '20230920055204_collage (4).jpg', 'article_date' => '2023-09-20 05:49:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19036', 'article_category_id' => '1', 'title' => 'New Honda Elevate Launched in Nepal', 'sub_title' => '', 'summary' => 'Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 20: Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Elevate comes with a 1.5-liter petrol engine, manual, and automatic gearbox options. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Nepal is offering an introductory offer with cash discounts and additional benefits for the first 10 customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate is powered by a 1.5L i-VTEC DOHC petrol engine generating 121 PS power and 145 Nm torque. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">It features a bold exterior design, LED lights, and a ground clearance of 220mm. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Inside, the new car offers a spacious interior with ample cargo space, a 7-inch TFT meter cluster, a 10.25-inch LCD touch-screen display, and a Wireless Smartphone Charger.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of safety, the Elevate comes equipped with Honda SENSING's Advanced Driver Assistance System, ACE Body Structure, 6 Airbags, Lane Watch Camera, Vehicle Stability Assist, Hill Start Assist, and more.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate will be available at authorized Honda dealerships across Nepal.</span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18765', 'image' => '20230920053210_collage (3).jpg', 'article_date' => '2023-09-20 05:30:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19035', 'article_category_id' => '1', 'title' => 'IMEC Corridor and Nepal', 'sub_title' => '', 'summary' => 'September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The project connecting the three continents is expected to greatly help in economic development. IMEC will speed up the current trade from India to Europe by about 40 percent. It is expected that the expenses incurred will be greatly reduced.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">While the world leaders were making such far-reaching agreements in neighboring India, Nepal remained in a 'quiet' state as if it had not received the information. Although Nepal was not invited to the G-20 Conference, it can still benefit from that project if Nepal uses through diplomatic initiative.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Perhaps, if successful diplomacy had been practiced, Nepal could have participated in the G-20 Conference in one way or another. For that, Nepal was not able to prove its need, nor could it convince the organizers with diplomatic assistance. Meanwhile, Bangladesh, which holds a similar status to that of Nepal, got an opportunity to participate in the G-20 conference and is also participating in the IMEC project initiated by India. There are various reasons why Nepal was not invited to the G-20 Conference, but the prime reason is Nepal's weak diplomatic ability. Therefore, besides focusing on developing Nepal's existing diplomatic capacity, it is necessary to emphasize on how to join the IMEC project. Nepal is becoming more and more dependent day by day. Therefore, it is beneficial for Nepal to fully participate in regional and international projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This project is being initiated by India, Nepal's close neighbor, and it is more necessary for Nepal as it is also related to economic development. If Bangladesh can participate in the project that starts from Mumbai, which is known as the financial capital of India, it does not mean that Nepal cannot participate. Even now, goods are imported from Mumbai to Nepal. Geographically, connecting Nepal with Mumbai does not seem that difficult as Nepal has already decided to participate in China's Belt and Road Initiative (BRI), which is considered more complicated than IMEC. Even though Nepal has been a member of BRI for a long time, there is no visible progress, so there is no problem in becoming a member of IMEC. Countries like Saudi Arabia, Italy, which are members of IMEC, are also members of BRI. Therefore, Nepal needs to take care of what work and what decision is more beneficial.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If Nepal ignores IMEC because of ego, or not being able to participate in the G-20, there is a great danger that Nepal will be isolated from the integrated world. The countries that signed the MoU for the IMEC project are currently at the world's leading level. Only with the help of connectivity, Nepal can benefit from the economic, technical and other progress made by these countries. It is necessary for everyone to understand that the cooperation of developed countries is indispensable and lobbying to become a member of a project like IMEC should not be delayed. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial","sans-serif"">What is IMEC?</span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is a trade link starting from Mumbai, the financial capital of India, and will pass through Jabel Ali (UAE), Al Ghuwaifat (UAE), Haradh (Saudi Arabia), Riyadh (Saudi Arabia), Al Haditha (Saudi Arabia), Haifa (Israel), Jordan, Piraeus (Greece) to connect America and Europe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Initially, the European Union, France, Germany, Italy, Mauritius, United Arab Emirates, Saudi Arabia, Israel, and the United States signed agreement for this project. It has prioritized sea and rail connectivity elsewhere.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18764', 'image' => '20230919035958_download.jpg', 'article_date' => '2023-09-19 15:59:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19034', 'article_category_id' => '1', 'title' => 'Trade Deficit will End if Energy worth Rs 130 Billion is Exported: NRB Governor ', 'sub_title' => '', 'summary' => 'September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a meeting with the office-bearers of the Independent Power Producers' Association, Nepal (IPPAN), Governor Adhikari mentioned that power export would be the best medium to reduce the trade deficit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Governor Adhikari assured that Nepal Rastra Bank will provide necessary facilitation in development of hydropower sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, IPPAN President Ganesh Karki urged Governor Adhikari to a make provision requiring banks and financial institutions to invest 20 per cent of their total investment in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN said around Rs 555 billion is needed within five years for developing projects to generate around 3700-megawatt electricity while around Rs 2,055 billion is needed in 10 years if power export agreement between Nepal-India is to be implemented and more than Rs 3,750 billion if additional 25,000-megawatt electricity is to be produced as per the declaration of Energy Decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As NRB is providing loan to projects with the capacity of producing more than 200 megawatts electricity by adding only one per cent to the base rate, the organisation requested to the central bank to implement this arrangement in all hydropower projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said banks and financial institutions have not shown interest to further invest in hydropower projects due to the directives issued by the Nepal Rastra Bank for banks and financial institutions. As per the directives, the interest income of the under-construction period could not be distributed as dividend. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN also demanded the continuity of sharing of bonus for the interests generated during the construction phase. It has sought the government’s role for management of new financial instruments such as green bond or climate bond or sovereign bond from the international market. The private sector energy producers also want the Nepal Rastra Bank (NRB) to ensure refinancing facility for clean energy, citing high interest rates charged by financial institutions in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the NRB governor said though the matters relating to bond falls under the jurisdictions of the Finance Ministry, the central bank is ready to facilitate towards that end. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has also requested the central bank to make provisions allowing banks and financial institutions to invest in energy production as capital. They also want rules and provisions related to investment, bonuses, and withdrawal of investments for international investors to be eased to achieve ambitious goal of generating 25,000 megawatts of electricity and exporting 15,000 megawatts in the next decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has urged revisions to the NRB’s unified directives regarding the risk weight of hydropower projects. They propose reducing the risk weight for operational projects from 100 to 50 percent and to 75 percent for under-construction projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the IPPAN delegation called on the NRB to develop progressive policy provisions that ensure interest grants, refinancing, interest capitalization, debt restructuring, and an extended moratorium period for rebuilding hydropower projects damaged by water-induced disasters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present at the meeting were NRB Deputy Governor Bam Bahadur Mishra, executive directors Dr Gunakar Bhatta, and Dev Kumar Dhakal. The IPPAN delegation, led by President Karki, included Vice President Mohan Kumar Dangi and former President Shalendra Guragain, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18763', 'image' => '20230919033923_hydro.jpg', 'article_date' => '2023-09-19 15:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19033', 'article_category_id' => '1', 'title' => 'Interest Rates of Bank Loans Likely to Increase', 'sub_title' => '', 'summary' => 'September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive.', '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"">September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive. As the banks have increased the interest rate on deposits, it is certain that the interest rate on loans will also increase due to the increase in cost of the banks.</span></span></span></span></p> <p><span style="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 the data published by Nepal Rastra Bank, the average interest rate and base rate of deposits of commercial banks have increased in a one month period from mid-July to mid-August</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"">In mid-June to mid-July, the average interest rate on bank deposits was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.86</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-July to mid-August.</span></span></span></span></p> <p><span style="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 Bankers Association has removed the practice of setting interest rates and banks have started fixing the interest rates on their own from mid-June. As the competition between the banks has started, the interest rate on deposits has started increasing. Eight banks have increased the interest on deposit starting from mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Only six months ago, the interest rate of fix deposits of the commercial banks had dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.99</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. It has now reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.358</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="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 the instructions of the central bank, the BFIs should publish the interest rate on deposits applicable every month in the previous month. However, when setting the interest rate, there is a provision that banks can increase or decrease it by only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent compared to the interest rate of the previous month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"There is a competition among banks to attract deposits,” said a CEO of one of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With the increase in the interest rate of deposits, the cost of banks is certain to increase and the base rate will subsequently increase. Due to this, there is high possibility for the interest on loans to increase.</span></span></span></span></p> <p><span style="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 mid-June to mid-July, the average base rate of commercial banks was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.11</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent a month later.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions can set the base rate by adding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">0.75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent profit to the cost. Banks have to calculate the base rate monthly and submit it to the central bank within </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""> days of the end of the month and publish it on the website.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that interest rates have increased due to the non-cooperation between the central bank and commercial banks. He commented that even though there is excess liquidity, the central bank is not mopping liquidity through the monetary instruments and the banks are also raising interest rates due to the fear of losing deposits. Therefore, the interest on loans is becoming more expensive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks can determine the loan interest rate by adding a certain percentage premium to the base rate of the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. According to this arrangement, when the average base rate of the bank decreases every quarter, the interest rate of the loan automatically decreases. At present, commercial banks can add a maximum of </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""> percent premium to the base rate while determining the interest on loans. However, there is a provision that the premium specified in the loan agreement cannot be changed.</span></span></span></span></p> <p><span style="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 the NRB report, the average interest on loan of banks has decreased in mid-July to mid-August compared to the previous month</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"">The average interest on loan, which was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.30 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-June has dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.24 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-July. Due to high interest rates, banks have been struggling to increase credit flow.</span></span></span></span></p> <p><span style="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 a result, BFIs have excess liquidity of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">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"">The average credit to deposit ratio of banks is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">82.68 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent as of Saturday. Banks can provide loans by maintaining a CD ratio of up to </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"">percent. As of Saturday, banks and financial institutions have a total of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5726 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion deposits. The loan disbursement of banks has reached Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4908 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18762', 'image' => '20230919022059_1692647212.1689909254.2023-07-21 08.58.56.jpg', 'article_date' => '2023-09-19 14:20:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19032', 'article_category_id' => '1', 'title' => 'Farmers Start Picking Apples in Mustang', 'sub_title' => '', 'summary' => 'September 19: Farmers of Mustang have started picking apples from Monday.', '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"">September 19: Farmers of Mustang have started picking apples from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apple are grown in orchards of Marfa, Tukuche, Kagbeni, Muktinath, Zhong, Chusang, Chaile and other places in the district.</span></span></span></span></p> <p><span style="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 orchards of Marfa and Tukuche, which are also called the capital of apples, are full of apples at present.</span></span></span></span></p> <p><span style="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 farmers have started preparations to pick the apples and send them to the market as the apples have now ripened.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sushilbabu Thakali, a local of Mustang, said that apple picking has started in Mustang from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deep Lalchan, an apple farmer of Marfa, said that in the previous years, farmers used to start picking apples from the first week of September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, farmers were allowed to pick apples only in the third week of September after the apples ripened following complaints in the past that apples plucked before ripening were of poor quality.</span></span></span></span></p> <p><span style="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 local farmers said that traders from outside the district along with local traders have reached the apple orchards to buy apples. </span></span></span></span></p> <p><span style="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 order to buy the apples grown by the farmers of Mustang, the traders sign contract the owners of the entire apple orchard. Traders from Dhading, Kathmandu and other places came to Mustang to buy apples.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmer Lalchan said that traders from Pokhara, Chiwatan and other places along with the neighboring district of Myagdi are coming to buy apples.</span></span></span></span></p> <p><span style="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 locals are involved in commercial farming of apples in more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> hectares of land in Mustang. The district produces around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of apples annually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples of different varieties including golden apples, royal apples and delicious red apples, and Fuji apples are produced in Mustang. High quality Italian varieties of apples are also being planted in Mustang.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples produced in Mustang reach the Nepalese and foreign markets including Baglung, Kushma, Pokhara, Kathmandu, Narayangadh, Butwal and Bhairahawa through Benibazar, the headquarters of Myagdi.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18761', 'image' => '20230919012533_20220908022220_apple.jpg', 'article_date' => '2023-09-19 13:24:26', '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
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This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating 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"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="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 board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </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"">,</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"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</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"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19042', 'article_category_id' => '1', 'title' => 'Locals Halt Construction of Power House of Arun III Hydropower Project', 'sub_title' => '', 'summary' => 'September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have stopped the construction for around three weeks demanding compensation for the land to be acquired for the approach road of the Arun III project site. As a result of the protest by the locals, the work of the power house of the project and the entrance route has come to a standstill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jani Kumar Rai, coordinator of the Arun Entrance Route Struggle Committee, said they were forced to take to the streets after the government did not address their demands.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have been demanding compensation for the land to be acquired along the Chhyangkuti-Diding Pukhuwa road. Four hundred fifty four ropanis of land are yet to be acquired from Chhyangkuti to Pukhuwa. The protesting locals have warned of continuing the protest until the compensation amount is deposited in the account of the district administration office. They have been protesting for the past seven years demanding compensation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project development agreement reached with the Indian construction company, Satluj Jal Vidyut Nigam which is constructing the project, the Government of Nepal has to bear Rs 80 million daily if the construction work is halted by the locals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 9 May, 2023, the compensation determination committee formed to compensate the affected locals had decided to provide Rs 1.1 million in compensation per ropani of land acquired along the Chhyangkuti-Diding road for the project. But the affected people have yet to get the compensation. Upon completion of the project, Nepal will get 197 megawatts of electricity. The estimated cost of the project is said to be over Rs 115 billion. More than 3,000 workers are working in the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18771', 'image' => '20230920022143_20200917093410_Clipboard22.jpg', 'article_date' => '2023-09-20 14:21:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19041', 'article_category_id' => '1', 'title' => 'Ncell Announces Everyday Surprise Prize', 'sub_title' => '', 'summary' => 'September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. The company says that the prize is guaranteed every day for 28 consecutive days under this offer. In addition, the customers will also receive a weekly bonus balance and a scooter as a bumper prize.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company said that it introduced this scheme under the theme 'We are for you' on Sunday. Every customer who participates in it gets a gift. As informed by the company, customers have already started receiving gifts in the form of Ncell service, facility, and gift vouchers since Sunday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this scheme, which will be operational for 28 days, 1,000 customers will receive a surprise of Rs 100 bonus balance. At the end of the scheme, seven customers will win one scooter each as a bumper prize. The company said that customers should dial asterisk 17117 hash at least once a week to receive weekly and bumper prizes.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18770', 'image' => '20230920010524_Untitled.jpg', 'article_date' => '2023-09-20 13:04:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19040', 'article_category_id' => '1', 'title' => 'Turkish Brand Nishane Launches its X Collection Perfume in Nepal', 'sub_title' => '', 'summary' => 'September 20: The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">September 20: </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal. The brand was launched by "Ina Center", a renowned retailer of branded perfumes in the Nepali market last Friday.<br /> Nishane brand perfumes, lauded as the pinnacle of olfactory craftsmanship by perfume connoisseurs worldwide, are meticulously crafted in Turkey, reads a statement issued by Ina Centre. The retailer said it has successfully imported a diverse array of Nishane brand perfumes to Nepal.<br /> “For over 25 years, Ina Center has remained steadfast in its mission to import and offer internationally renowned perfume brands to the Nepali audience,” added the statement.<br /> Uddhav Bartaula, managing director of Ina Center, announced the availability of Nishane brand perfumes in various Ina Center outlets across Nepal. Ina Center currently showcases an exquisite collection of the world's top niche perfume brands, including Clive Christian, Liquids Imaginaries, Tiziana Terenzi, Essential, V Canto, Mancera, Montale, and many more.<br /> According to the company, Nishane stands out as Istanbul's premier niche perfume brand, celebrated globally for its unique approach to the art of scent creation. The brand's distinctiveness is underscored by the unparalleled aroma of its fragrances. <br /> “Nishane has taken a bold step forward by introducing The X Collection, an evolution of its five best-selling fragrances: Hacivat, Hundred Silent Ways, Ani, Fan Your Flames, and Wulong Cha. Each rendition in the X Collection is thoughtfully designed to accentuate and enhance the core characteristics of the original fragrances.”<br /> According to Ina Center, the new additions to the X Collection include:<br /> Hacivat X: A fresh interpretation of the globally acclaimed Hacivat (2017), celebrating the vibrancy of life with stimulating notes of pineapple, bergamot, complemented by woody undertones.<br /> Hundred Silent Ways X: A must-try for those who relish the juicy burst of mandarin and peach, leading to a heart of delicate gardenia, iris, jasmine, and heliotrope, finished with vanilla, leather, and patchouli for a sensual and warm character.<br /> Ani X: A fragrance deeply rooted in its heritage, inviting exploration beyond the boundaries of time and space. It opens with a richer burst of juicy citrus compared to the original Ani (2019), known for its exceptional vanilla scent.<br /> Wulong Cha X: A reimagination of Nishane's inaugural collection launched in 2015, Wulong Cha X is designed to sharpen the edges of the original formula. It opens with zesty citrus notes of bergamot, orange, mandarin, and yuzu, settling into heart notes of magnolia and yuzu for a fresh and revitalizing experience throughout the day.<br /> Fan Your Flames X: An evolution of the global sensation Fan Your Flames (2016), this newer version delicately enhances the fragrance with tropical flavors. Opening with a captivating blend of coconut, rum, and lentisque, it exudes sweet and tropical vibes, culminating in a rich and spicy aroma. Base notes of cedar, oak moss, and patchouli provide a woody and earthy finish to the fragrance, making it an ideal choice for those seeking warm and exotic scents.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18769', 'image' => '20230920121341_Nishane X collection.jpg', 'article_date' => '2023-09-20 12:13:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19039', 'article_category_id' => '1', 'title' => 'Chocofun Starts New Advertising Campaign with the Slogan - Only Chocofun', 'sub_title' => '', 'summary' => 'September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a recent statement, the company said this campaign will run throughout the nation in ‘multiple media’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The advertisement campaign with the slogan “Only Chocofun'' has been initiated with a message that Chocofun will “complete” all the beautiful moments of childhood, added the statement. The company claimed that Chocofun has been the primary choice of children in Nepal for over 20 years and the advertising campaign aims to manifest the certainty of Chocofun adding more colors in the happy moments of the lives of children. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, this advertisement will be broadcast in all the mediums like television, radio, digital media, social media and other publishing platforms. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“Only Chocofun touches the childhood memories of children. It gathers the different moments from their real life and present how they will be completed with the joy of Chocofun. It includes children interacting with each other, having the time of their life with the mouth melting Chocofun whereas some even claim Chocofun to be the savor of their success,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The statement further said that Chocofun is the most popular production of Sujal Foods Private Limited, an ISO 22000:2018 certified company which has been in operation for the last forty years. The company claimed that Chocofun is produced by qualified confectioners using the state-of-the-art technologies following all the necessary hygienic regulations and health standards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“The excellent crispy and crunchy wafer stands impeccable in terms of quality and taste.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Sujal Food Private Limited believes Only Chocofun campaign will successfully gain the place in the heart of customers and consumers. In addition to that, company also believes this campaign will forever enriches the love people have for Chocofun.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18768', 'image' => '20230920111410_Only-chocofun-for PR.jpg', 'article_date' => '2023-09-20 11:12:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19038', 'article_category_id' => '1', 'title' => 'OECD Forecasts 'Sub-Par' Global Growth due to High Interest Rates', 'sub_title' => '', 'summary' => 'September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The world economy is now expected to grow 3.0 percent this year, up from the 2.7 percent forecast in the June outlook of the OECD, reported AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">According to the French news agency, OECD said global growth was projected to remain "sub-par", slowing to 2.7 percent next year -- down from 2.9 percent in the previous forecast.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"After a stronger-than-expected start to 2023, helped by lower energy prices and the reopening of China, global growth is expected to moderate," AFP reported referring to a report published by the OECD.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"The impact of tighter monetary policy is becoming increasingly visible, business and consumer confidence have turned down, and the rebound in China has faded," it added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">Central banks worldwide have sharply increased borrowing costs in an effort to tame consumer prices which soared in the wake of Russia's invasion of Ukraine last year, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"We are all seeing the tightening of monetary policy working its way through our economies. This is necessary to reduce inflation, but it is painful," OECD chief economist Clare Lombardelli said at a press conference.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The European Central Bank raised a key interest rate to a record high last week but hinted this might be its last hike, while the US Federal Reserve is expected to pause its own campaign on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"Inflation is projected to moderate gradually over 2023 and 2024 but to remain above central bank objectives in most economies," the OECD said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18767', 'image' => '20230920105414_oecd-logo.jpg', 'article_date' => '2023-09-20 10:53:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19037', 'article_category_id' => '1', 'title' => 'Foreign Investors Commit Rs 14.65 Billion to Nepal in First Two Months of FY 2023/2024', 'sub_title' => '', 'summary' => 'In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">September 20: In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">This commitment came when the Department of Industry approved 111 plans of foreign investors in the months of Shrawan and Bhadra of FY 2023/2024. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to data released by the Department of Industry on Monday, a significant investment commitments were made in Shrawan. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While the number of approved plans in Shrawan stood at 60, the commitment for investment was Rs 11.93 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Even though there were 51 plans approved in Bhadra, the investment commitment was only Rs 2.72 billion. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Foreign investors can invest in various sectors, including production-based industries, energy, agriculture, tourism, minerals, services, telecommunications, and information technology in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Although investments can be made in eight sectors, the majority of investors seem to be interested in the service and tourism sectors. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">In the first two months of the fiscal year, 53 plans were approved in the tourism sector, and 44 in the service sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While there is only one plan approved for each of the production-based, energy, and agriculture sectors, two plans were approved for telecommunications and information technology.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to the department, these approved plans are expected to create 5,502 jobs in the country when they are implemented.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18766', 'image' => '20230920055204_collage (4).jpg', 'article_date' => '2023-09-20 05:49:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19036', 'article_category_id' => '1', 'title' => 'New Honda Elevate Launched in Nepal', 'sub_title' => '', 'summary' => 'Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 20: Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Elevate comes with a 1.5-liter petrol engine, manual, and automatic gearbox options. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Nepal is offering an introductory offer with cash discounts and additional benefits for the first 10 customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate is powered by a 1.5L i-VTEC DOHC petrol engine generating 121 PS power and 145 Nm torque. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">It features a bold exterior design, LED lights, and a ground clearance of 220mm. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Inside, the new car offers a spacious interior with ample cargo space, a 7-inch TFT meter cluster, a 10.25-inch LCD touch-screen display, and a Wireless Smartphone Charger.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of safety, the Elevate comes equipped with Honda SENSING's Advanced Driver Assistance System, ACE Body Structure, 6 Airbags, Lane Watch Camera, Vehicle Stability Assist, Hill Start Assist, and more.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate will be available at authorized Honda dealerships across Nepal.</span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18765', 'image' => '20230920053210_collage (3).jpg', 'article_date' => '2023-09-20 05:30:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19035', 'article_category_id' => '1', 'title' => 'IMEC Corridor and Nepal', 'sub_title' => '', 'summary' => 'September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The project connecting the three continents is expected to greatly help in economic development. IMEC will speed up the current trade from India to Europe by about 40 percent. It is expected that the expenses incurred will be greatly reduced.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">While the world leaders were making such far-reaching agreements in neighboring India, Nepal remained in a 'quiet' state as if it had not received the information. Although Nepal was not invited to the G-20 Conference, it can still benefit from that project if Nepal uses through diplomatic initiative.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Perhaps, if successful diplomacy had been practiced, Nepal could have participated in the G-20 Conference in one way or another. For that, Nepal was not able to prove its need, nor could it convince the organizers with diplomatic assistance. Meanwhile, Bangladesh, which holds a similar status to that of Nepal, got an opportunity to participate in the G-20 conference and is also participating in the IMEC project initiated by India. There are various reasons why Nepal was not invited to the G-20 Conference, but the prime reason is Nepal's weak diplomatic ability. Therefore, besides focusing on developing Nepal's existing diplomatic capacity, it is necessary to emphasize on how to join the IMEC project. Nepal is becoming more and more dependent day by day. Therefore, it is beneficial for Nepal to fully participate in regional and international projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This project is being initiated by India, Nepal's close neighbor, and it is more necessary for Nepal as it is also related to economic development. If Bangladesh can participate in the project that starts from Mumbai, which is known as the financial capital of India, it does not mean that Nepal cannot participate. Even now, goods are imported from Mumbai to Nepal. Geographically, connecting Nepal with Mumbai does not seem that difficult as Nepal has already decided to participate in China's Belt and Road Initiative (BRI), which is considered more complicated than IMEC. Even though Nepal has been a member of BRI for a long time, there is no visible progress, so there is no problem in becoming a member of IMEC. Countries like Saudi Arabia, Italy, which are members of IMEC, are also members of BRI. Therefore, Nepal needs to take care of what work and what decision is more beneficial.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If Nepal ignores IMEC because of ego, or not being able to participate in the G-20, there is a great danger that Nepal will be isolated from the integrated world. The countries that signed the MoU for the IMEC project are currently at the world's leading level. Only with the help of connectivity, Nepal can benefit from the economic, technical and other progress made by these countries. It is necessary for everyone to understand that the cooperation of developed countries is indispensable and lobbying to become a member of a project like IMEC should not be delayed. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial","sans-serif"">What is IMEC?</span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is a trade link starting from Mumbai, the financial capital of India, and will pass through Jabel Ali (UAE), Al Ghuwaifat (UAE), Haradh (Saudi Arabia), Riyadh (Saudi Arabia), Al Haditha (Saudi Arabia), Haifa (Israel), Jordan, Piraeus (Greece) to connect America and Europe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Initially, the European Union, France, Germany, Italy, Mauritius, United Arab Emirates, Saudi Arabia, Israel, and the United States signed agreement for this project. It has prioritized sea and rail connectivity elsewhere.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18764', 'image' => '20230919035958_download.jpg', 'article_date' => '2023-09-19 15:59:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19034', 'article_category_id' => '1', 'title' => 'Trade Deficit will End if Energy worth Rs 130 Billion is Exported: NRB Governor ', 'sub_title' => '', 'summary' => 'September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a meeting with the office-bearers of the Independent Power Producers' Association, Nepal (IPPAN), Governor Adhikari mentioned that power export would be the best medium to reduce the trade deficit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Governor Adhikari assured that Nepal Rastra Bank will provide necessary facilitation in development of hydropower sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, IPPAN President Ganesh Karki urged Governor Adhikari to a make provision requiring banks and financial institutions to invest 20 per cent of their total investment in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN said around Rs 555 billion is needed within five years for developing projects to generate around 3700-megawatt electricity while around Rs 2,055 billion is needed in 10 years if power export agreement between Nepal-India is to be implemented and more than Rs 3,750 billion if additional 25,000-megawatt electricity is to be produced as per the declaration of Energy Decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As NRB is providing loan to projects with the capacity of producing more than 200 megawatts electricity by adding only one per cent to the base rate, the organisation requested to the central bank to implement this arrangement in all hydropower projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said banks and financial institutions have not shown interest to further invest in hydropower projects due to the directives issued by the Nepal Rastra Bank for banks and financial institutions. As per the directives, the interest income of the under-construction period could not be distributed as dividend. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN also demanded the continuity of sharing of bonus for the interests generated during the construction phase. It has sought the government’s role for management of new financial instruments such as green bond or climate bond or sovereign bond from the international market. The private sector energy producers also want the Nepal Rastra Bank (NRB) to ensure refinancing facility for clean energy, citing high interest rates charged by financial institutions in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the NRB governor said though the matters relating to bond falls under the jurisdictions of the Finance Ministry, the central bank is ready to facilitate towards that end. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has also requested the central bank to make provisions allowing banks and financial institutions to invest in energy production as capital. They also want rules and provisions related to investment, bonuses, and withdrawal of investments for international investors to be eased to achieve ambitious goal of generating 25,000 megawatts of electricity and exporting 15,000 megawatts in the next decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has urged revisions to the NRB’s unified directives regarding the risk weight of hydropower projects. They propose reducing the risk weight for operational projects from 100 to 50 percent and to 75 percent for under-construction projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the IPPAN delegation called on the NRB to develop progressive policy provisions that ensure interest grants, refinancing, interest capitalization, debt restructuring, and an extended moratorium period for rebuilding hydropower projects damaged by water-induced disasters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present at the meeting were NRB Deputy Governor Bam Bahadur Mishra, executive directors Dr Gunakar Bhatta, and Dev Kumar Dhakal. The IPPAN delegation, led by President Karki, included Vice President Mohan Kumar Dangi and former President Shalendra Guragain, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18763', 'image' => '20230919033923_hydro.jpg', 'article_date' => '2023-09-19 15:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19033', 'article_category_id' => '1', 'title' => 'Interest Rates of Bank Loans Likely to Increase', 'sub_title' => '', 'summary' => 'September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive.', '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"">September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive. As the banks have increased the interest rate on deposits, it is certain that the interest rate on loans will also increase due to the increase in cost of the banks.</span></span></span></span></p> <p><span style="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 the data published by Nepal Rastra Bank, the average interest rate and base rate of deposits of commercial banks have increased in a one month period from mid-July to mid-August</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"">In mid-June to mid-July, the average interest rate on bank deposits was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.86</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-July to mid-August.</span></span></span></span></p> <p><span style="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 Bankers Association has removed the practice of setting interest rates and banks have started fixing the interest rates on their own from mid-June. As the competition between the banks has started, the interest rate on deposits has started increasing. Eight banks have increased the interest on deposit starting from mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Only six months ago, the interest rate of fix deposits of the commercial banks had dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.99</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. It has now reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.358</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="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 the instructions of the central bank, the BFIs should publish the interest rate on deposits applicable every month in the previous month. However, when setting the interest rate, there is a provision that banks can increase or decrease it by only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent compared to the interest rate of the previous month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"There is a competition among banks to attract deposits,” said a CEO of one of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With the increase in the interest rate of deposits, the cost of banks is certain to increase and the base rate will subsequently increase. Due to this, there is high possibility for the interest on loans to increase.</span></span></span></span></p> <p><span style="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 mid-June to mid-July, the average base rate of commercial banks was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.11</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent a month later.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions can set the base rate by adding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">0.75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent profit to the cost. Banks have to calculate the base rate monthly and submit it to the central bank within </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""> days of the end of the month and publish it on the website.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that interest rates have increased due to the non-cooperation between the central bank and commercial banks. He commented that even though there is excess liquidity, the central bank is not mopping liquidity through the monetary instruments and the banks are also raising interest rates due to the fear of losing deposits. Therefore, the interest on loans is becoming more expensive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks can determine the loan interest rate by adding a certain percentage premium to the base rate of the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. According to this arrangement, when the average base rate of the bank decreases every quarter, the interest rate of the loan automatically decreases. At present, commercial banks can add a maximum of </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""> percent premium to the base rate while determining the interest on loans. However, there is a provision that the premium specified in the loan agreement cannot be changed.</span></span></span></span></p> <p><span style="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 the NRB report, the average interest on loan of banks has decreased in mid-July to mid-August compared to the previous month</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"">The average interest on loan, which was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.30 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-June has dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.24 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-July. Due to high interest rates, banks have been struggling to increase credit flow.</span></span></span></span></p> <p><span style="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 a result, BFIs have excess liquidity of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">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"">The average credit to deposit ratio of banks is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">82.68 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent as of Saturday. Banks can provide loans by maintaining a CD ratio of up to </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"">percent. As of Saturday, banks and financial institutions have a total of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5726 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion deposits. The loan disbursement of banks has reached Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4908 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18762', 'image' => '20230919022059_1692647212.1689909254.2023-07-21 08.58.56.jpg', 'article_date' => '2023-09-19 14:20:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19032', 'article_category_id' => '1', 'title' => 'Farmers Start Picking Apples in Mustang', 'sub_title' => '', 'summary' => 'September 19: Farmers of Mustang have started picking apples from Monday.', '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"">September 19: Farmers of Mustang have started picking apples from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apple are grown in orchards of Marfa, Tukuche, Kagbeni, Muktinath, Zhong, Chusang, Chaile and other places in the district.</span></span></span></span></p> <p><span style="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 orchards of Marfa and Tukuche, which are also called the capital of apples, are full of apples at present.</span></span></span></span></p> <p><span style="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 farmers have started preparations to pick the apples and send them to the market as the apples have now ripened.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sushilbabu Thakali, a local of Mustang, said that apple picking has started in Mustang from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deep Lalchan, an apple farmer of Marfa, said that in the previous years, farmers used to start picking apples from the first week of September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, farmers were allowed to pick apples only in the third week of September after the apples ripened following complaints in the past that apples plucked before ripening were of poor quality.</span></span></span></span></p> <p><span style="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 local farmers said that traders from outside the district along with local traders have reached the apple orchards to buy apples. </span></span></span></span></p> <p><span style="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 order to buy the apples grown by the farmers of Mustang, the traders sign contract the owners of the entire apple orchard. Traders from Dhading, Kathmandu and other places came to Mustang to buy apples.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmer Lalchan said that traders from Pokhara, Chiwatan and other places along with the neighboring district of Myagdi are coming to buy apples.</span></span></span></span></p> <p><span style="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 locals are involved in commercial farming of apples in more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> hectares of land in Mustang. The district produces around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of apples annually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples of different varieties including golden apples, royal apples and delicious red apples, and Fuji apples are produced in Mustang. High quality Italian varieties of apples are also being planted in Mustang.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples produced in Mustang reach the Nepalese and foreign markets including Baglung, Kushma, Pokhara, Kathmandu, Narayangadh, Butwal and Bhairahawa through Benibazar, the headquarters of Myagdi.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18761', 'image' => '20230919012533_20220908022220_apple.jpg', 'article_date' => '2023-09-19 13:24:26', '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
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This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating 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"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="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 board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </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"">,</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"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</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"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19042', 'article_category_id' => '1', 'title' => 'Locals Halt Construction of Power House of Arun III Hydropower Project', 'sub_title' => '', 'summary' => 'September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have stopped the construction for around three weeks demanding compensation for the land to be acquired for the approach road of the Arun III project site. As a result of the protest by the locals, the work of the power house of the project and the entrance route has come to a standstill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jani Kumar Rai, coordinator of the Arun Entrance Route Struggle Committee, said they were forced to take to the streets after the government did not address their demands.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have been demanding compensation for the land to be acquired along the Chhyangkuti-Diding Pukhuwa road. Four hundred fifty four ropanis of land are yet to be acquired from Chhyangkuti to Pukhuwa. The protesting locals have warned of continuing the protest until the compensation amount is deposited in the account of the district administration office. They have been protesting for the past seven years demanding compensation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project development agreement reached with the Indian construction company, Satluj Jal Vidyut Nigam which is constructing the project, the Government of Nepal has to bear Rs 80 million daily if the construction work is halted by the locals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 9 May, 2023, the compensation determination committee formed to compensate the affected locals had decided to provide Rs 1.1 million in compensation per ropani of land acquired along the Chhyangkuti-Diding road for the project. But the affected people have yet to get the compensation. Upon completion of the project, Nepal will get 197 megawatts of electricity. The estimated cost of the project is said to be over Rs 115 billion. More than 3,000 workers are working in the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18771', 'image' => '20230920022143_20200917093410_Clipboard22.jpg', 'article_date' => '2023-09-20 14:21:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19041', 'article_category_id' => '1', 'title' => 'Ncell Announces Everyday Surprise Prize', 'sub_title' => '', 'summary' => 'September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. The company says that the prize is guaranteed every day for 28 consecutive days under this offer. In addition, the customers will also receive a weekly bonus balance and a scooter as a bumper prize.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company said that it introduced this scheme under the theme 'We are for you' on Sunday. Every customer who participates in it gets a gift. As informed by the company, customers have already started receiving gifts in the form of Ncell service, facility, and gift vouchers since Sunday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this scheme, which will be operational for 28 days, 1,000 customers will receive a surprise of Rs 100 bonus balance. At the end of the scheme, seven customers will win one scooter each as a bumper prize. The company said that customers should dial asterisk 17117 hash at least once a week to receive weekly and bumper prizes.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18770', 'image' => '20230920010524_Untitled.jpg', 'article_date' => '2023-09-20 13:04:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19040', 'article_category_id' => '1', 'title' => 'Turkish Brand Nishane Launches its X Collection Perfume in Nepal', 'sub_title' => '', 'summary' => 'September 20: The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">September 20: </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal. The brand was launched by "Ina Center", a renowned retailer of branded perfumes in the Nepali market last Friday.<br /> Nishane brand perfumes, lauded as the pinnacle of olfactory craftsmanship by perfume connoisseurs worldwide, are meticulously crafted in Turkey, reads a statement issued by Ina Centre. The retailer said it has successfully imported a diverse array of Nishane brand perfumes to Nepal.<br /> “For over 25 years, Ina Center has remained steadfast in its mission to import and offer internationally renowned perfume brands to the Nepali audience,” added the statement.<br /> Uddhav Bartaula, managing director of Ina Center, announced the availability of Nishane brand perfumes in various Ina Center outlets across Nepal. Ina Center currently showcases an exquisite collection of the world's top niche perfume brands, including Clive Christian, Liquids Imaginaries, Tiziana Terenzi, Essential, V Canto, Mancera, Montale, and many more.<br /> According to the company, Nishane stands out as Istanbul's premier niche perfume brand, celebrated globally for its unique approach to the art of scent creation. The brand's distinctiveness is underscored by the unparalleled aroma of its fragrances. <br /> “Nishane has taken a bold step forward by introducing The X Collection, an evolution of its five best-selling fragrances: Hacivat, Hundred Silent Ways, Ani, Fan Your Flames, and Wulong Cha. Each rendition in the X Collection is thoughtfully designed to accentuate and enhance the core characteristics of the original fragrances.”<br /> According to Ina Center, the new additions to the X Collection include:<br /> Hacivat X: A fresh interpretation of the globally acclaimed Hacivat (2017), celebrating the vibrancy of life with stimulating notes of pineapple, bergamot, complemented by woody undertones.<br /> Hundred Silent Ways X: A must-try for those who relish the juicy burst of mandarin and peach, leading to a heart of delicate gardenia, iris, jasmine, and heliotrope, finished with vanilla, leather, and patchouli for a sensual and warm character.<br /> Ani X: A fragrance deeply rooted in its heritage, inviting exploration beyond the boundaries of time and space. It opens with a richer burst of juicy citrus compared to the original Ani (2019), known for its exceptional vanilla scent.<br /> Wulong Cha X: A reimagination of Nishane's inaugural collection launched in 2015, Wulong Cha X is designed to sharpen the edges of the original formula. It opens with zesty citrus notes of bergamot, orange, mandarin, and yuzu, settling into heart notes of magnolia and yuzu for a fresh and revitalizing experience throughout the day.<br /> Fan Your Flames X: An evolution of the global sensation Fan Your Flames (2016), this newer version delicately enhances the fragrance with tropical flavors. Opening with a captivating blend of coconut, rum, and lentisque, it exudes sweet and tropical vibes, culminating in a rich and spicy aroma. Base notes of cedar, oak moss, and patchouli provide a woody and earthy finish to the fragrance, making it an ideal choice for those seeking warm and exotic scents.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18769', 'image' => '20230920121341_Nishane X collection.jpg', 'article_date' => '2023-09-20 12:13:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19039', 'article_category_id' => '1', 'title' => 'Chocofun Starts New Advertising Campaign with the Slogan - Only Chocofun', 'sub_title' => '', 'summary' => 'September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a recent statement, the company said this campaign will run throughout the nation in ‘multiple media’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The advertisement campaign with the slogan “Only Chocofun'' has been initiated with a message that Chocofun will “complete” all the beautiful moments of childhood, added the statement. The company claimed that Chocofun has been the primary choice of children in Nepal for over 20 years and the advertising campaign aims to manifest the certainty of Chocofun adding more colors in the happy moments of the lives of children. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, this advertisement will be broadcast in all the mediums like television, radio, digital media, social media and other publishing platforms. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“Only Chocofun touches the childhood memories of children. It gathers the different moments from their real life and present how they will be completed with the joy of Chocofun. It includes children interacting with each other, having the time of their life with the mouth melting Chocofun whereas some even claim Chocofun to be the savor of their success,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The statement further said that Chocofun is the most popular production of Sujal Foods Private Limited, an ISO 22000:2018 certified company which has been in operation for the last forty years. The company claimed that Chocofun is produced by qualified confectioners using the state-of-the-art technologies following all the necessary hygienic regulations and health standards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“The excellent crispy and crunchy wafer stands impeccable in terms of quality and taste.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Sujal Food Private Limited believes Only Chocofun campaign will successfully gain the place in the heart of customers and consumers. In addition to that, company also believes this campaign will forever enriches the love people have for Chocofun.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18768', 'image' => '20230920111410_Only-chocofun-for PR.jpg', 'article_date' => '2023-09-20 11:12:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19038', 'article_category_id' => '1', 'title' => 'OECD Forecasts 'Sub-Par' Global Growth due to High Interest Rates', 'sub_title' => '', 'summary' => 'September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The world economy is now expected to grow 3.0 percent this year, up from the 2.7 percent forecast in the June outlook of the OECD, reported AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">According to the French news agency, OECD said global growth was projected to remain "sub-par", slowing to 2.7 percent next year -- down from 2.9 percent in the previous forecast.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"After a stronger-than-expected start to 2023, helped by lower energy prices and the reopening of China, global growth is expected to moderate," AFP reported referring to a report published by the OECD.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"The impact of tighter monetary policy is becoming increasingly visible, business and consumer confidence have turned down, and the rebound in China has faded," it added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">Central banks worldwide have sharply increased borrowing costs in an effort to tame consumer prices which soared in the wake of Russia's invasion of Ukraine last year, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"We are all seeing the tightening of monetary policy working its way through our economies. This is necessary to reduce inflation, but it is painful," OECD chief economist Clare Lombardelli said at a press conference.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The European Central Bank raised a key interest rate to a record high last week but hinted this might be its last hike, while the US Federal Reserve is expected to pause its own campaign on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"Inflation is projected to moderate gradually over 2023 and 2024 but to remain above central bank objectives in most economies," the OECD said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18767', 'image' => '20230920105414_oecd-logo.jpg', 'article_date' => '2023-09-20 10:53:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19037', 'article_category_id' => '1', 'title' => 'Foreign Investors Commit Rs 14.65 Billion to Nepal in First Two Months of FY 2023/2024', 'sub_title' => '', 'summary' => 'In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">September 20: In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">This commitment came when the Department of Industry approved 111 plans of foreign investors in the months of Shrawan and Bhadra of FY 2023/2024. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to data released by the Department of Industry on Monday, a significant investment commitments were made in Shrawan. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While the number of approved plans in Shrawan stood at 60, the commitment for investment was Rs 11.93 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Even though there were 51 plans approved in Bhadra, the investment commitment was only Rs 2.72 billion. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Foreign investors can invest in various sectors, including production-based industries, energy, agriculture, tourism, minerals, services, telecommunications, and information technology in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Although investments can be made in eight sectors, the majority of investors seem to be interested in the service and tourism sectors. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">In the first two months of the fiscal year, 53 plans were approved in the tourism sector, and 44 in the service sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While there is only one plan approved for each of the production-based, energy, and agriculture sectors, two plans were approved for telecommunications and information technology.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to the department, these approved plans are expected to create 5,502 jobs in the country when they are implemented.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18766', 'image' => '20230920055204_collage (4).jpg', 'article_date' => '2023-09-20 05:49:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19036', 'article_category_id' => '1', 'title' => 'New Honda Elevate Launched in Nepal', 'sub_title' => '', 'summary' => 'Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 20: Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Elevate comes with a 1.5-liter petrol engine, manual, and automatic gearbox options. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Nepal is offering an introductory offer with cash discounts and additional benefits for the first 10 customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate is powered by a 1.5L i-VTEC DOHC petrol engine generating 121 PS power and 145 Nm torque. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">It features a bold exterior design, LED lights, and a ground clearance of 220mm. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Inside, the new car offers a spacious interior with ample cargo space, a 7-inch TFT meter cluster, a 10.25-inch LCD touch-screen display, and a Wireless Smartphone Charger.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of safety, the Elevate comes equipped with Honda SENSING's Advanced Driver Assistance System, ACE Body Structure, 6 Airbags, Lane Watch Camera, Vehicle Stability Assist, Hill Start Assist, and more.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate will be available at authorized Honda dealerships across Nepal.</span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18765', 'image' => '20230920053210_collage (3).jpg', 'article_date' => '2023-09-20 05:30:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19035', 'article_category_id' => '1', 'title' => 'IMEC Corridor and Nepal', 'sub_title' => '', 'summary' => 'September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The project connecting the three continents is expected to greatly help in economic development. IMEC will speed up the current trade from India to Europe by about 40 percent. It is expected that the expenses incurred will be greatly reduced.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">While the world leaders were making such far-reaching agreements in neighboring India, Nepal remained in a 'quiet' state as if it had not received the information. Although Nepal was not invited to the G-20 Conference, it can still benefit from that project if Nepal uses through diplomatic initiative.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Perhaps, if successful diplomacy had been practiced, Nepal could have participated in the G-20 Conference in one way or another. For that, Nepal was not able to prove its need, nor could it convince the organizers with diplomatic assistance. Meanwhile, Bangladesh, which holds a similar status to that of Nepal, got an opportunity to participate in the G-20 conference and is also participating in the IMEC project initiated by India. There are various reasons why Nepal was not invited to the G-20 Conference, but the prime reason is Nepal's weak diplomatic ability. Therefore, besides focusing on developing Nepal's existing diplomatic capacity, it is necessary to emphasize on how to join the IMEC project. Nepal is becoming more and more dependent day by day. Therefore, it is beneficial for Nepal to fully participate in regional and international projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This project is being initiated by India, Nepal's close neighbor, and it is more necessary for Nepal as it is also related to economic development. If Bangladesh can participate in the project that starts from Mumbai, which is known as the financial capital of India, it does not mean that Nepal cannot participate. Even now, goods are imported from Mumbai to Nepal. Geographically, connecting Nepal with Mumbai does not seem that difficult as Nepal has already decided to participate in China's Belt and Road Initiative (BRI), which is considered more complicated than IMEC. Even though Nepal has been a member of BRI for a long time, there is no visible progress, so there is no problem in becoming a member of IMEC. Countries like Saudi Arabia, Italy, which are members of IMEC, are also members of BRI. Therefore, Nepal needs to take care of what work and what decision is more beneficial.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If Nepal ignores IMEC because of ego, or not being able to participate in the G-20, there is a great danger that Nepal will be isolated from the integrated world. The countries that signed the MoU for the IMEC project are currently at the world's leading level. Only with the help of connectivity, Nepal can benefit from the economic, technical and other progress made by these countries. It is necessary for everyone to understand that the cooperation of developed countries is indispensable and lobbying to become a member of a project like IMEC should not be delayed. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial","sans-serif"">What is IMEC?</span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is a trade link starting from Mumbai, the financial capital of India, and will pass through Jabel Ali (UAE), Al Ghuwaifat (UAE), Haradh (Saudi Arabia), Riyadh (Saudi Arabia), Al Haditha (Saudi Arabia), Haifa (Israel), Jordan, Piraeus (Greece) to connect America and Europe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Initially, the European Union, France, Germany, Italy, Mauritius, United Arab Emirates, Saudi Arabia, Israel, and the United States signed agreement for this project. It has prioritized sea and rail connectivity elsewhere.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18764', 'image' => '20230919035958_download.jpg', 'article_date' => '2023-09-19 15:59:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19034', 'article_category_id' => '1', 'title' => 'Trade Deficit will End if Energy worth Rs 130 Billion is Exported: NRB Governor ', 'sub_title' => '', 'summary' => 'September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a meeting with the office-bearers of the Independent Power Producers' Association, Nepal (IPPAN), Governor Adhikari mentioned that power export would be the best medium to reduce the trade deficit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Governor Adhikari assured that Nepal Rastra Bank will provide necessary facilitation in development of hydropower sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, IPPAN President Ganesh Karki urged Governor Adhikari to a make provision requiring banks and financial institutions to invest 20 per cent of their total investment in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN said around Rs 555 billion is needed within five years for developing projects to generate around 3700-megawatt electricity while around Rs 2,055 billion is needed in 10 years if power export agreement between Nepal-India is to be implemented and more than Rs 3,750 billion if additional 25,000-megawatt electricity is to be produced as per the declaration of Energy Decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As NRB is providing loan to projects with the capacity of producing more than 200 megawatts electricity by adding only one per cent to the base rate, the organisation requested to the central bank to implement this arrangement in all hydropower projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said banks and financial institutions have not shown interest to further invest in hydropower projects due to the directives issued by the Nepal Rastra Bank for banks and financial institutions. As per the directives, the interest income of the under-construction period could not be distributed as dividend. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN also demanded the continuity of sharing of bonus for the interests generated during the construction phase. It has sought the government’s role for management of new financial instruments such as green bond or climate bond or sovereign bond from the international market. The private sector energy producers also want the Nepal Rastra Bank (NRB) to ensure refinancing facility for clean energy, citing high interest rates charged by financial institutions in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the NRB governor said though the matters relating to bond falls under the jurisdictions of the Finance Ministry, the central bank is ready to facilitate towards that end. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has also requested the central bank to make provisions allowing banks and financial institutions to invest in energy production as capital. They also want rules and provisions related to investment, bonuses, and withdrawal of investments for international investors to be eased to achieve ambitious goal of generating 25,000 megawatts of electricity and exporting 15,000 megawatts in the next decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has urged revisions to the NRB’s unified directives regarding the risk weight of hydropower projects. They propose reducing the risk weight for operational projects from 100 to 50 percent and to 75 percent for under-construction projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the IPPAN delegation called on the NRB to develop progressive policy provisions that ensure interest grants, refinancing, interest capitalization, debt restructuring, and an extended moratorium period for rebuilding hydropower projects damaged by water-induced disasters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present at the meeting were NRB Deputy Governor Bam Bahadur Mishra, executive directors Dr Gunakar Bhatta, and Dev Kumar Dhakal. The IPPAN delegation, led by President Karki, included Vice President Mohan Kumar Dangi and former President Shalendra Guragain, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18763', 'image' => '20230919033923_hydro.jpg', 'article_date' => '2023-09-19 15:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19033', 'article_category_id' => '1', 'title' => 'Interest Rates of Bank Loans Likely to Increase', 'sub_title' => '', 'summary' => 'September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive.', '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"">September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive. As the banks have increased the interest rate on deposits, it is certain that the interest rate on loans will also increase due to the increase in cost of the banks.</span></span></span></span></p> <p><span style="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 the data published by Nepal Rastra Bank, the average interest rate and base rate of deposits of commercial banks have increased in a one month period from mid-July to mid-August</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"">In mid-June to mid-July, the average interest rate on bank deposits was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.86</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-July to mid-August.</span></span></span></span></p> <p><span style="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 Bankers Association has removed the practice of setting interest rates and banks have started fixing the interest rates on their own from mid-June. As the competition between the banks has started, the interest rate on deposits has started increasing. Eight banks have increased the interest on deposit starting from mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Only six months ago, the interest rate of fix deposits of the commercial banks had dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.99</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. It has now reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.358</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="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 the instructions of the central bank, the BFIs should publish the interest rate on deposits applicable every month in the previous month. However, when setting the interest rate, there is a provision that banks can increase or decrease it by only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent compared to the interest rate of the previous month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"There is a competition among banks to attract deposits,” said a CEO of one of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With the increase in the interest rate of deposits, the cost of banks is certain to increase and the base rate will subsequently increase. Due to this, there is high possibility for the interest on loans to increase.</span></span></span></span></p> <p><span style="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 mid-June to mid-July, the average base rate of commercial banks was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.11</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent a month later.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions can set the base rate by adding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">0.75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent profit to the cost. Banks have to calculate the base rate monthly and submit it to the central bank within </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""> days of the end of the month and publish it on the website.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that interest rates have increased due to the non-cooperation between the central bank and commercial banks. He commented that even though there is excess liquidity, the central bank is not mopping liquidity through the monetary instruments and the banks are also raising interest rates due to the fear of losing deposits. Therefore, the interest on loans is becoming more expensive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks can determine the loan interest rate by adding a certain percentage premium to the base rate of the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. According to this arrangement, when the average base rate of the bank decreases every quarter, the interest rate of the loan automatically decreases. At present, commercial banks can add a maximum of </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""> percent premium to the base rate while determining the interest on loans. However, there is a provision that the premium specified in the loan agreement cannot be changed.</span></span></span></span></p> <p><span style="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 the NRB report, the average interest on loan of banks has decreased in mid-July to mid-August compared to the previous month</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"">The average interest on loan, which was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.30 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-June has dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.24 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-July. Due to high interest rates, banks have been struggling to increase credit flow.</span></span></span></span></p> <p><span style="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 a result, BFIs have excess liquidity of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">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"">The average credit to deposit ratio of banks is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">82.68 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent as of Saturday. Banks can provide loans by maintaining a CD ratio of up to </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"">percent. As of Saturday, banks and financial institutions have a total of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5726 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion deposits. The loan disbursement of banks has reached Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4908 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18762', 'image' => '20230919022059_1692647212.1689909254.2023-07-21 08.58.56.jpg', 'article_date' => '2023-09-19 14:20:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19032', 'article_category_id' => '1', 'title' => 'Farmers Start Picking Apples in Mustang', 'sub_title' => '', 'summary' => 'September 19: Farmers of Mustang have started picking apples from Monday.', '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"">September 19: Farmers of Mustang have started picking apples from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apple are grown in orchards of Marfa, Tukuche, Kagbeni, Muktinath, Zhong, Chusang, Chaile and other places in the district.</span></span></span></span></p> <p><span style="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 orchards of Marfa and Tukuche, which are also called the capital of apples, are full of apples at present.</span></span></span></span></p> <p><span style="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 farmers have started preparations to pick the apples and send them to the market as the apples have now ripened.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sushilbabu Thakali, a local of Mustang, said that apple picking has started in Mustang from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deep Lalchan, an apple farmer of Marfa, said that in the previous years, farmers used to start picking apples from the first week of September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, farmers were allowed to pick apples only in the third week of September after the apples ripened following complaints in the past that apples plucked before ripening were of poor quality.</span></span></span></span></p> <p><span style="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 local farmers said that traders from outside the district along with local traders have reached the apple orchards to buy apples. </span></span></span></span></p> <p><span style="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 order to buy the apples grown by the farmers of Mustang, the traders sign contract the owners of the entire apple orchard. Traders from Dhading, Kathmandu and other places came to Mustang to buy apples.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmer Lalchan said that traders from Pokhara, Chiwatan and other places along with the neighboring district of Myagdi are coming to buy apples.</span></span></span></span></p> <p><span style="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 locals are involved in commercial farming of apples in more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> hectares of land in Mustang. The district produces around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of apples annually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples of different varieties including golden apples, royal apples and delicious red apples, and Fuji apples are produced in Mustang. High quality Italian varieties of apples are also being planted in Mustang.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples produced in Mustang reach the Nepalese and foreign markets including Baglung, Kushma, Pokhara, Kathmandu, Narayangadh, Butwal and Bhairahawa through Benibazar, the headquarters of Myagdi.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18761', 'image' => '20230919012533_20220908022220_apple.jpg', 'article_date' => '2023-09-19 13:24:26', '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
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This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating 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"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="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 board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </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"">,</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"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</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"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19042', 'article_category_id' => '1', 'title' => 'Locals Halt Construction of Power House of Arun III Hydropower Project', 'sub_title' => '', 'summary' => 'September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: Construction work of the power house of 900 megawatts Arun III hydropower project under construction in Sankhuwasabha has come to a halt. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have stopped the construction for around three weeks demanding compensation for the land to be acquired for the approach road of the Arun III project site. As a result of the protest by the locals, the work of the power house of the project and the entrance route has come to a standstill. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jani Kumar Rai, coordinator of the Arun Entrance Route Struggle Committee, said they were forced to take to the streets after the government did not address their demands.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The locals have been demanding compensation for the land to be acquired along the Chhyangkuti-Diding Pukhuwa road. Four hundred fifty four ropanis of land are yet to be acquired from Chhyangkuti to Pukhuwa. The protesting locals have warned of continuing the protest until the compensation amount is deposited in the account of the district administration office. They have been protesting for the past seven years demanding compensation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the project development agreement reached with the Indian construction company, Satluj Jal Vidyut Nigam which is constructing the project, the Government of Nepal has to bear Rs 80 million daily if the construction work is halted by the locals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On 9 May, 2023, the compensation determination committee formed to compensate the affected locals had decided to provide Rs 1.1 million in compensation per ropani of land acquired along the Chhyangkuti-Diding road for the project. But the affected people have yet to get the compensation. Upon completion of the project, Nepal will get 197 megawatts of electricity. The estimated cost of the project is said to be over Rs 115 billion. More than 3,000 workers are working in the project. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18771', 'image' => '20230920022143_20200917093410_Clipboard22.jpg', 'article_date' => '2023-09-20 14:21:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19041', 'article_category_id' => '1', 'title' => 'Ncell Announces Everyday Surprise Prize', 'sub_title' => '', 'summary' => 'September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 20: On the occasion of its 18th anniversary, Ncell has introduced 'everyday surprise, sure-prize for everyone' offer. The company says that the prize is guaranteed every day for 28 consecutive days under this offer. In addition, the customers will also receive a weekly bonus balance and a scooter as a bumper prize.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company said that it introduced this scheme under the theme 'We are for you' on Sunday. Every customer who participates in it gets a gift. As informed by the company, customers have already started receiving gifts in the form of Ncell service, facility, and gift vouchers since Sunday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Under this scheme, which will be operational for 28 days, 1,000 customers will receive a surprise of Rs 100 bonus balance. At the end of the scheme, seven customers will win one scooter each as a bumper prize. The company said that customers should dial asterisk 17117 hash at least once a week to receive weekly and bumper prizes.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18770', 'image' => '20230920010524_Untitled.jpg', 'article_date' => '2023-09-20 13:04:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19040', 'article_category_id' => '1', 'title' => 'Turkish Brand Nishane Launches its X Collection Perfume in Nepal', 'sub_title' => '', 'summary' => 'September 20: The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">September 20: </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The highly acclaimed Turkish perfume brand, Nishane, has officially unveiled its coveted The X Collection in Nepal. The brand was launched by "Ina Center", a renowned retailer of branded perfumes in the Nepali market last Friday.<br /> Nishane brand perfumes, lauded as the pinnacle of olfactory craftsmanship by perfume connoisseurs worldwide, are meticulously crafted in Turkey, reads a statement issued by Ina Centre. The retailer said it has successfully imported a diverse array of Nishane brand perfumes to Nepal.<br /> “For over 25 years, Ina Center has remained steadfast in its mission to import and offer internationally renowned perfume brands to the Nepali audience,” added the statement.<br /> Uddhav Bartaula, managing director of Ina Center, announced the availability of Nishane brand perfumes in various Ina Center outlets across Nepal. Ina Center currently showcases an exquisite collection of the world's top niche perfume brands, including Clive Christian, Liquids Imaginaries, Tiziana Terenzi, Essential, V Canto, Mancera, Montale, and many more.<br /> According to the company, Nishane stands out as Istanbul's premier niche perfume brand, celebrated globally for its unique approach to the art of scent creation. The brand's distinctiveness is underscored by the unparalleled aroma of its fragrances. <br /> “Nishane has taken a bold step forward by introducing The X Collection, an evolution of its five best-selling fragrances: Hacivat, Hundred Silent Ways, Ani, Fan Your Flames, and Wulong Cha. Each rendition in the X Collection is thoughtfully designed to accentuate and enhance the core characteristics of the original fragrances.”<br /> According to Ina Center, the new additions to the X Collection include:<br /> Hacivat X: A fresh interpretation of the globally acclaimed Hacivat (2017), celebrating the vibrancy of life with stimulating notes of pineapple, bergamot, complemented by woody undertones.<br /> Hundred Silent Ways X: A must-try for those who relish the juicy burst of mandarin and peach, leading to a heart of delicate gardenia, iris, jasmine, and heliotrope, finished with vanilla, leather, and patchouli for a sensual and warm character.<br /> Ani X: A fragrance deeply rooted in its heritage, inviting exploration beyond the boundaries of time and space. It opens with a richer burst of juicy citrus compared to the original Ani (2019), known for its exceptional vanilla scent.<br /> Wulong Cha X: A reimagination of Nishane's inaugural collection launched in 2015, Wulong Cha X is designed to sharpen the edges of the original formula. It opens with zesty citrus notes of bergamot, orange, mandarin, and yuzu, settling into heart notes of magnolia and yuzu for a fresh and revitalizing experience throughout the day.<br /> Fan Your Flames X: An evolution of the global sensation Fan Your Flames (2016), this newer version delicately enhances the fragrance with tropical flavors. Opening with a captivating blend of coconut, rum, and lentisque, it exudes sweet and tropical vibes, culminating in a rich and spicy aroma. Base notes of cedar, oak moss, and patchouli provide a woody and earthy finish to the fragrance, making it an ideal choice for those seeking warm and exotic scents.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18769', 'image' => '20230920121341_Nishane X collection.jpg', 'article_date' => '2023-09-20 12:13:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19039', 'article_category_id' => '1', 'title' => 'Chocofun Starts New Advertising Campaign with the Slogan - Only Chocofun', 'sub_title' => '', 'summary' => 'September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">September 20: Sujal Foods Private Limited, a leading confectionery company of Nepal, has announced a new advertising campaign “Only Chocofun” for its popular wafer brand Chocofun.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Issuing a recent statement, the company said this campaign will run throughout the nation in ‘multiple media’.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The advertisement campaign with the slogan “Only Chocofun'' has been initiated with a message that Chocofun will “complete” all the beautiful moments of childhood, added the statement. The company claimed that Chocofun has been the primary choice of children in Nepal for over 20 years and the advertising campaign aims to manifest the certainty of Chocofun adding more colors in the happy moments of the lives of children. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">According to the company, this advertisement will be broadcast in all the mediums like television, radio, digital media, social media and other publishing platforms. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“Only Chocofun touches the childhood memories of children. It gathers the different moments from their real life and present how they will be completed with the joy of Chocofun. It includes children interacting with each other, having the time of their life with the mouth melting Chocofun whereas some even claim Chocofun to be the savor of their success,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">The statement further said that Chocofun is the most popular production of Sujal Foods Private Limited, an ISO 22000:2018 certified company which has been in operation for the last forty years. The company claimed that Chocofun is produced by qualified confectioners using the state-of-the-art technologies following all the necessary hygienic regulations and health standards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">“The excellent crispy and crunchy wafer stands impeccable in terms of quality and taste.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif"">Sujal Food Private Limited believes Only Chocofun campaign will successfully gain the place in the heart of customers and consumers. In addition to that, company also believes this campaign will forever enriches the love people have for Chocofun.</span></span></p> <p> </p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Arial,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18768', 'image' => '20230920111410_Only-chocofun-for PR.jpg', 'article_date' => '2023-09-20 11:12:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19038', 'article_category_id' => '1', 'title' => 'OECD Forecasts 'Sub-Par' Global Growth due to High Interest Rates', 'sub_title' => '', 'summary' => 'September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">September 20: The Organisation for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as "painful" interest-rate hikes aimed at curbing inflation take their toll.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The world economy is now expected to grow 3.0 percent this year, up from the 2.7 percent forecast in the June outlook of the OECD, reported AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">According to the French news agency, OECD said global growth was projected to remain "sub-par", slowing to 2.7 percent next year -- down from 2.9 percent in the previous forecast.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"After a stronger-than-expected start to 2023, helped by lower energy prices and the reopening of China, global growth is expected to moderate," AFP reported referring to a report published by the OECD.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"The impact of tighter monetary policy is becoming increasingly visible, business and consumer confidence have turned down, and the rebound in China has faded," it added.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">Central banks worldwide have sharply increased borrowing costs in an effort to tame consumer prices which soared in the wake of Russia's invasion of Ukraine last year, added AFP.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"We are all seeing the tightening of monetary policy working its way through our economies. This is necessary to reduce inflation, but it is painful," OECD chief economist Clare Lombardelli said at a press conference.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">The European Central Bank raised a key interest rate to a record high last week but hinted this might be its last hike, while the US Federal Reserve is expected to pause its own campaign on Wednesday.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Verdana","sans-serif"">"Inflation is projected to moderate gradually over 2023 and 2024 but to remain above central bank objectives in most economies," the OECD said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18767', 'image' => '20230920105414_oecd-logo.jpg', 'article_date' => '2023-09-20 10:53:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19037', 'article_category_id' => '1', 'title' => 'Foreign Investors Commit Rs 14.65 Billion to Nepal in First Two Months of FY 2023/2024', 'sub_title' => '', 'summary' => 'In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">September 20: In the first two months of the current fiscal year 2023/2024, foreign investors have committed to investing Rs 14.65 billion in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">This commitment came when the Department of Industry approved 111 plans of foreign investors in the months of Shrawan and Bhadra of FY 2023/2024. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to data released by the Department of Industry on Monday, a significant investment commitments were made in Shrawan. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While the number of approved plans in Shrawan stood at 60, the commitment for investment was Rs 11.93 billion. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Even though there were 51 plans approved in Bhadra, the investment commitment was only Rs 2.72 billion. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Foreign investors can invest in various sectors, including production-based industries, energy, agriculture, tourism, minerals, services, telecommunications, and information technology in Nepal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">Although investments can be made in eight sectors, the majority of investors seem to be interested in the service and tourism sectors. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">In the first two months of the fiscal year, 53 plans were approved in the tourism sector, and 44 in the service sector. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">While there is only one plan approved for each of the production-based, energy, and agriculture sectors, two plans were approved for telecommunications and information technology.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">According to the department, these approved plans are expected to create 5,502 jobs in the country when they are implemented.</span></span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18766', 'image' => '20230920055204_collage (4).jpg', 'article_date' => '2023-09-20 05:49:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '19036', 'article_category_id' => '1', 'title' => 'New Honda Elevate Launched in Nepal', 'sub_title' => '', 'summary' => 'Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 20: Syakar Trading Company Pvt. Ltd, the authorized distributor for Honda Cars in Nepal, has officially launched new Honda Elevate car in the country. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The SUV is priced starting at Rs 56,35,000 for the base SV MT variant and goes up to Rs 79,44,000 for the top-spec DT CVT variant. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Elevate comes with a 1.5-liter petrol engine, manual, and automatic gearbox options. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Honda Nepal is offering an introductory offer with cash discounts and additional benefits for the first 10 customers.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate is powered by a 1.5L i-VTEC DOHC petrol engine generating 121 PS power and 145 Nm torque. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">It features a bold exterior design, LED lights, and a ground clearance of 220mm. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Inside, the new car offers a spacious interior with ample cargo space, a 7-inch TFT meter cluster, a 10.25-inch LCD touch-screen display, and a Wireless Smartphone Charger.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of safety, the Elevate comes equipped with Honda SENSING's Advanced Driver Assistance System, ACE Body Structure, 6 Airbags, Lane Watch Camera, Vehicle Stability Assist, Hill Start Assist, and more.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Honda Elevate will be available at authorized Honda dealerships across Nepal.</span></span></p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18765', 'image' => '20230920053210_collage (3).jpg', 'article_date' => '2023-09-20 05:30:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '19035', 'article_category_id' => '1', 'title' => 'IMEC Corridor and Nepal', 'sub_title' => '', 'summary' => 'September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">September 19: The Memorandum of Understanding (MOU) signed to advance the 'India-Middle East-Europe Economic Corridor' (IMEC) project recently during the G-20 Conference held in New Delhi, India, has gained worldwide attention.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The project connecting the three continents is expected to greatly help in economic development. IMEC will speed up the current trade from India to Europe by about 40 percent. It is expected that the expenses incurred will be greatly reduced.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">While the world leaders were making such far-reaching agreements in neighboring India, Nepal remained in a 'quiet' state as if it had not received the information. Although Nepal was not invited to the G-20 Conference, it can still benefit from that project if Nepal uses through diplomatic initiative.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Perhaps, if successful diplomacy had been practiced, Nepal could have participated in the G-20 Conference in one way or another. For that, Nepal was not able to prove its need, nor could it convince the organizers with diplomatic assistance. Meanwhile, Bangladesh, which holds a similar status to that of Nepal, got an opportunity to participate in the G-20 conference and is also participating in the IMEC project initiated by India. There are various reasons why Nepal was not invited to the G-20 Conference, but the prime reason is Nepal's weak diplomatic ability. Therefore, besides focusing on developing Nepal's existing diplomatic capacity, it is necessary to emphasize on how to join the IMEC project. Nepal is becoming more and more dependent day by day. Therefore, it is beneficial for Nepal to fully participate in regional and international projects.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">This project is being initiated by India, Nepal's close neighbor, and it is more necessary for Nepal as it is also related to economic development. If Bangladesh can participate in the project that starts from Mumbai, which is known as the financial capital of India, it does not mean that Nepal cannot participate. Even now, goods are imported from Mumbai to Nepal. Geographically, connecting Nepal with Mumbai does not seem that difficult as Nepal has already decided to participate in China's Belt and Road Initiative (BRI), which is considered more complicated than IMEC. Even though Nepal has been a member of BRI for a long time, there is no visible progress, so there is no problem in becoming a member of IMEC. Countries like Saudi Arabia, Italy, which are members of IMEC, are also members of BRI. Therefore, Nepal needs to take care of what work and what decision is more beneficial.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If Nepal ignores IMEC because of ego, or not being able to participate in the G-20, there is a great danger that Nepal will be isolated from the integrated world. The countries that signed the MoU for the IMEC project are currently at the world's leading level. Only with the help of connectivity, Nepal can benefit from the economic, technical and other progress made by these countries. It is necessary for everyone to understand that the cooperation of developed countries is indispensable and lobbying to become a member of a project like IMEC should not be delayed. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial","sans-serif"">What is IMEC?</span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">It is a trade link starting from Mumbai, the financial capital of India, and will pass through Jabel Ali (UAE), Al Ghuwaifat (UAE), Haradh (Saudi Arabia), Riyadh (Saudi Arabia), Al Haditha (Saudi Arabia), Haifa (Israel), Jordan, Piraeus (Greece) to connect America and Europe.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Initially, the European Union, France, Germany, Italy, Mauritius, United Arab Emirates, Saudi Arabia, Israel, and the United States signed agreement for this project. It has prioritized sea and rail connectivity elsewhere.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18764', 'image' => '20230919035958_download.jpg', 'article_date' => '2023-09-19 15:59:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19034', 'article_category_id' => '1', 'title' => 'Trade Deficit will End if Energy worth Rs 130 Billion is Exported: NRB Governor ', 'sub_title' => '', 'summary' => 'September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 19: Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said the situation of trade deficit would end if power worth Rs 130 billion is exported annually. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During a meeting with the office-bearers of the Independent Power Producers' Association, Nepal (IPPAN), Governor Adhikari mentioned that power export would be the best medium to reduce the trade deficit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Governor Adhikari assured that Nepal Rastra Bank will provide necessary facilitation in development of hydropower sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, IPPAN President Ganesh Karki urged Governor Adhikari to a make provision requiring banks and financial institutions to invest 20 per cent of their total investment in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN said around Rs 555 billion is needed within five years for developing projects to generate around 3700-megawatt electricity while around Rs 2,055 billion is needed in 10 years if power export agreement between Nepal-India is to be implemented and more than Rs 3,750 billion if additional 25,000-megawatt electricity is to be produced as per the declaration of Energy Decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As NRB is providing loan to projects with the capacity of producing more than 200 megawatts electricity by adding only one per cent to the base rate, the organisation requested to the central bank to implement this arrangement in all hydropower projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">IPPAN further said banks and financial institutions have not shown interest to further invest in hydropower projects due to the directives issued by the Nepal Rastra Bank for banks and financial institutions. As per the directives, the interest income of the under-construction period could not be distributed as dividend. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN also demanded the continuity of sharing of bonus for the interests generated during the construction phase. It has sought the government’s role for management of new financial instruments such as green bond or climate bond or sovereign bond from the international market. The private sector energy producers also want the Nepal Rastra Bank (NRB) to ensure refinancing facility for clean energy, citing high interest rates charged by financial institutions in the energy sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In response, the NRB governor said though the matters relating to bond falls under the jurisdictions of the Finance Ministry, the central bank is ready to facilitate towards that end. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has also requested the central bank to make provisions allowing banks and financial institutions to invest in energy production as capital. They also want rules and provisions related to investment, bonuses, and withdrawal of investments for international investors to be eased to achieve ambitious goal of generating 25,000 megawatts of electricity and exporting 15,000 megawatts in the next decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The IPPAN has urged revisions to the NRB’s unified directives regarding the risk weight of hydropower projects. They propose reducing the risk weight for operational projects from 100 to 50 percent and to 75 percent for under-construction projects. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the IPPAN delegation called on the NRB to develop progressive policy provisions that ensure interest grants, refinancing, interest capitalization, debt restructuring, and an extended moratorium period for rebuilding hydropower projects damaged by water-induced disasters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present at the meeting were NRB Deputy Governor Bam Bahadur Mishra, executive directors Dr Gunakar Bhatta, and Dev Kumar Dhakal. The IPPAN delegation, led by President Karki, included Vice President Mohan Kumar Dangi and former President Shalendra Guragain, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18763', 'image' => '20230919033923_hydro.jpg', 'article_date' => '2023-09-19 15:38:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19033', 'article_category_id' => '1', 'title' => 'Interest Rates of Bank Loans Likely to Increase', 'sub_title' => '', 'summary' => 'September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive.', '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"">September 19: At a time when the industrialists are lobbying to reduce interest rates, it seems that the loans of banks and financial institutions will become more expensive. As the banks have increased the interest rate on deposits, it is certain that the interest rate on loans will also increase due to the increase in cost of the banks.</span></span></span></span></p> <p><span style="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 the data published by Nepal Rastra Bank, the average interest rate and base rate of deposits of commercial banks have increased in a one month period from mid-July to mid-August</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"">In mid-June to mid-July, the average interest rate on bank deposits was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.86</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in mid-July to mid-August.</span></span></span></span></p> <p><span style="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 Bankers Association has removed the practice of setting interest rates and banks have started fixing the interest rates on their own from mid-June. As the competition between the banks has started, the interest rate on deposits has started increasing. Eight banks have increased the interest on deposit starting from mid-September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Only six months ago, the interest rate of fix deposits of the commercial banks had dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.99</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. It has now reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11.358</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="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 the instructions of the central bank, the BFIs should publish the interest rate on deposits applicable every month in the previous month. However, when setting the interest rate, there is a provision that banks can increase or decrease it by only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent compared to the interest rate of the previous month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"There is a competition among banks to attract deposits,” said a CEO of one of the commercial banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With the increase in the interest rate of deposits, the cost of banks is certain to increase and the base rate will subsequently increase. Due to this, there is high possibility for the interest on loans to increase.</span></span></span></span></p> <p><span style="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 mid-June to mid-July, the average base rate of commercial banks was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.03</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, but it reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10.11</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent a month later.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions can set the base rate by adding </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">0.75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent profit to the cost. Banks have to calculate the base rate monthly and submit it to the central bank within </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""> days of the end of the month and publish it on the website.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Former Executive Director of Nepal Rastra Bank Trilochan Pangeni says that interest rates have increased due to the non-cooperation between the central bank and commercial banks. He commented that even though there is excess liquidity, the central bank is not mopping liquidity through the monetary instruments and the banks are also raising interest rates due to the fear of losing deposits. Therefore, the interest on loans is becoming more expensive.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks can determine the loan interest rate by adding a certain percentage premium to the base rate of the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> months. According to this arrangement, when the average base rate of the bank decreases every quarter, the interest rate of the loan automatically decreases. At present, commercial banks can add a maximum of </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""> percent premium to the base rate while determining the interest on loans. However, there is a provision that the premium specified in the loan agreement cannot be changed.</span></span></span></span></p> <p><span style="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 the NRB report, the average interest on loan of banks has decreased in mid-July to mid-August compared to the previous month</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"">The average interest on loan, which was </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.30 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-June has dropped to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.24 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent in mid-July. Due to high interest rates, banks have been struggling to increase credit flow.</span></span></span></span></p> <p><span style="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 a result, BFIs have excess liquidity of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">400 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">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"">The average credit to deposit ratio of banks is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">82.68 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent as of Saturday. Banks can provide loans by maintaining a CD ratio of up to </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"">percent. As of Saturday, banks and financial institutions have a total of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5726 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion deposits. The loan disbursement of banks has reached Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4908 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18762', 'image' => '20230919022059_1692647212.1689909254.2023-07-21 08.58.56.jpg', 'article_date' => '2023-09-19 14:20:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19032', 'article_category_id' => '1', 'title' => 'Farmers Start Picking Apples in Mustang', 'sub_title' => '', 'summary' => 'September 19: Farmers of Mustang have started picking apples from Monday.', '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"">September 19: Farmers of Mustang have started picking apples from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apple are grown in orchards of Marfa, Tukuche, Kagbeni, Muktinath, Zhong, Chusang, Chaile and other places in the district.</span></span></span></span></p> <p><span style="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 orchards of Marfa and Tukuche, which are also called the capital of apples, are full of apples at present.</span></span></span></span></p> <p><span style="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 farmers have started preparations to pick the apples and send them to the market as the apples have now ripened.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sushilbabu Thakali, a local of Mustang, said that apple picking has started in Mustang from Monday.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Deep Lalchan, an apple farmer of Marfa, said that in the previous years, farmers used to start picking apples from the first week of September.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">This year, farmers were allowed to pick apples only in the third week of September after the apples ripened following complaints in the past that apples plucked before ripening were of poor quality.</span></span></span></span></p> <p><span style="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 local farmers said that traders from outside the district along with local traders have reached the apple orchards to buy apples. </span></span></span></span></p> <p><span style="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 order to buy the apples grown by the farmers of Mustang, the traders sign contract the owners of the entire apple orchard. Traders from Dhading, Kathmandu and other places came to Mustang to buy apples.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Farmer Lalchan said that traders from Pokhara, Chiwatan and other places along with the neighboring district of Myagdi are coming to buy apples.</span></span></span></span></p> <p><span style="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 locals are involved in commercial farming of apples in more than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> hectares of land in Mustang. The district produces around </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> metric tons of apples annually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples of different varieties including golden apples, royal apples and delicious red apples, and Fuji apples are produced in Mustang. High quality Italian varieties of apples are also being planted in Mustang.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apples produced in Mustang reach the Nepalese and foreign markets including Baglung, Kushma, Pokhara, Kathmandu, Narayangadh, Butwal and Bhairahawa through Benibazar, the headquarters of Myagdi.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-19', 'modified' => '2023-09-19', 'keywords' => '', 'description' => '', 'sortorder' => '18761', 'image' => '20230919012533_20220908022220_apple.jpg', 'article_date' => '2023-09-19 13:24:26', '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
