KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today.…
KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today.…
Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower…
KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on…
KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year.…
MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15).…
BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential…
KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on…
The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at…
KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit.…
KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds.…
KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive.…
KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized.…
KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today.…
The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the…
Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21534', 'article_category_id' => '1', 'title' => 'Trump Survives Assassination Attempt ', 'sub_title' => '', 'summary' => ' BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 78-year-old former president was rushed off stage with blood streaked across his face after the shooting in Butler, Pennsylvania, while the shooter and a bystander were killed and two spectators critically injured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republican candidate raised a defiant fist to the crowd as he was bundled away to safety, and said afterward: "I was shot with a bullet that pierced the upper part of my right ear." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Joe Biden, who is set to face Trump in November's deeply polarized election, said the incident was "sick" and added that there was "no place in America for this kind of violence." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Biden later spoke to Trump, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Unconfirmed images appeared to show the assailant's body lying on the sloping roof of a low building from where he had fired, plunging the rally filled with Trump supporters into screams and panic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FBI confirmed in a press conference that the shooting was being treated as "an assassination attempt against our former president, Donald Trump." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The shooter had been "tentatively identified," police said, and was believed to be working alone, but law enforcement officials said they would not release any details yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After multiple witnesses said they saw the gunman before the shooting and alerted authorities, Butler police said they had "responded to a number of reports of suspicious activity" but gave no further details. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">'Ripping through the skin' </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Trump, wearing a red "Make America Great Again" cap, had just started speaking at his final rally before the Republican National Convention when multiple bangs ran out. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He grimaced and clutched his ear, with blood visible on his ear and cheek, then ducked to the floor as Secret Service agents swarmed onto the podium, surrounding him and escorting him roughly off the stage to a nearby vehicle. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It is incredible that such an act can take place in our Country," Trump said on his Truth Social network hours later, in remarks sure to stoke the political hostility already engulfing the United States. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin," Trump said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Much bleeding took place, so I realized then what was happening." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He later could be seen walking unaided from his plane, though his wounded ear was not facing the camera, in video footage posted by his deputy communications director. The New York Times reported that he was staying the night in New Jersey. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US Secret Service said in a statement that the suspected shooter "fired multiple shots toward the stage from an elevated position outside the rally" before being "neutralized" by agents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police confirmed that a male spectator was killed and two critically injured, all of them male adults. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack sent shock waves around the world, with the leaders of Britain, Israel, Japan and a host of other countries expressing outrage. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Biden cut short a weekend trip to his Delaware beach house to return to Washington. He will receive an updated briefing from security officials on Sunday morning, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack has already stoked political tensions, with some Republicans pointing the finger at Biden and right-wing conspiracy theories flooding social media. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Possible Trump vice presidential pick J.D. Vance said Biden's "rhetoric" had "led directly" to the Trump attack. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Trump's campaign said he would still attend the Republican National Convention in Milwaukee, after he was reported to have had a precautionary hospital checkup. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Screams and panic </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">But the convention will now be dominated by the shooting at the rally, which descended into panic with screams and shouts ringing out after the gunshots. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Let me get my shoes," Trump was heard saying on the microphone, as security agents helped him back to his feet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He turned back to the crowd and repeatedly raised his fist, as well as mouthing words that weren't immediately discernible, in what instantly became an iconic image. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Agents bundled the tycoon into an SUV, as he once more shook his fist. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We saw a lot of people go down, looking confused. I heard the shots," said John Yeykal from Franklin, Pennsylvania, who was attending his first Trump rally. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">US political figures including former presidents Barack Obama and Bill Clinton lined up to condemn the attack and say there was no place for violence in politics. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Billionaire Elon Musk meanwhile reacted by quickly endorsing Trump. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The United States has a history of political violence, and presidents, former presidents and candidates have tight security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President John F. Kennedy was assassinated in 1963 while riding in his motorcade, and his brother Bobby Kennedy was shot dead in 1968. President Ronald Reagan survived an assassination attempt in 1981. – AFP/RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21260', 'image' => '20240714065036_AP24196225006460.jpg', 'article_date' => '2024-07-14 18:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21533', 'article_category_id' => '1', 'title' => 'UML Chair Oli Appointed New Prime Minister ', 'sub_title' => '', 'summary' => 'KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Ram Chandra Paudel on Sunday appointed UML Chairman Oli as the prime minister in accordance with Article 76 (2) of the constitution, informed the President's Press Advisor, Kiran Pokhrel. Oli was appointed the PM with the backing of largest political party in parliament, the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UML Chairman Oli and NC President Sher Bahadur Deuba had submitted the signatures of majority of lawmakers proposing Oli as the new prime minister in the wake of President Paudel's call on staking a claim for the post of PM on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president had called to stake a claim for the post of PM with the support of two or more political parties in parliament within a deadline of 5 pm on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The oath-taking ceremony will be held at 11:00am on Monday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21259', 'image' => '20240714061427_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2024-07-14 18:13:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21532', 'article_category_id' => '1', 'title' => 'NEPSE Sees Substantial Gain of 52.97 to Close at 2,257.59', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 14: The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 309 stocks were traded through 96,274 transactions on the NEPSE. A total of 22,047,327 units of shares were exchanged, resulting in a total turnover of Rs. 7.62 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Janaki Finance Limited (JFL) led the market in terms of turnover, achieving Rs. 24.27 Crores and closing at Rs. 825 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ridi Power Company Limited (RIDI) and Mandu Hydropower Limited (MANDU) saw the highest gains, each hitting the positive circuit for the day with a 10% surge. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, 10.15% Prime Debenture 2084 (PBD84) experienced the highest loss, declining by 4.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sector-wise, all indices ended the day in positive territory. The Banking Index recorded the highest gain, rising by 3.74%, while the Microfinance Index saw a slight loss of 0.82%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21258', 'image' => '20240714042526_collage (2).jpg', 'article_date' => '2024-07-14 16:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21531', 'article_category_id' => '1', 'title' => 'Farmers 'Cheated' Again in Payment of Milk Dues', 'sub_title' => '', 'summary' => 'KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. On June 30, the government, dairy industry, and farmers' representatives agreed to settle the outstanding amounts up to mid-April by July 11. However, no farmer has received the arrears payment within the agreed date, according to farmers' representatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers are yet to receive dues amounting to Rs 4 billion by the government-owned Dairy Development Corporation (DDC) and private dairy industries. Of that amount, DDC alone owes about Rs 2 billion. "Neither the government agency DDC nor the private dairies have paid the farmers," Thaneshwar Sapkota, president of the Central Milk Producers' Cooperative Association, told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sapkota criticized the government for failing to fulfill its responsibilities. "Even though the government coordinated the agreement with both parties, it did not take any initiative to implement it," he complained. Among private sector dairies, Sujal Dairy, Rajdhani Dairy, Gayatri Dairy, and Tulsa Dairy owe the most to the farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both DDC and other dairies claim they lack the funds to pay farmers due to unsold stocks of powdered milk and butter. According to the National Dairy Development Board, as of mid-April 2023 to mid-April 2024, 1,400 metric tons of butter and 4,800 metric tons of milk powder worth about Rs 5 billion are in stock, with the balance still increasing. "DDC currently has 1,100 tons of powdered milk and 850 tons of butter worth Rs 1.5 billion, but it has not been possible to pay the farmers within the specified time," said Rajendra Prasad Adhikari, Acting Deputy General Manager of DDC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Adhikari mentioned that DDC requested a loan of Rs 600 million from the Ministry of Agriculture and Livestock Development to pay the farmers, but the payment was halted due to lack of approval from the Ministry of Finance. "We have no intention to cheat farmers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers' representatives argue that private sector dairies use the non-payment from the government-owned company as an excuse to withhold payments. Previous agreements to pay farmers on December 12, 2023, and March 2, 2024, were not implemented, leading to a third agreement on June 30, which also failed. Farmers even protested in Kathmandu recently, demanding payment, but the government clamped down on the protests. The latest memorandum of understanding stipulated that arrears arrears for mid-April to mid-June must be paid by mid-September, and that from now on, the dairy industry should pay for milk purchased from farmers in two installments every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers Plan to Protest Again from mid-July</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With arrears still unpaid, frustrated farmers have warned of further protests from mid-July to fulfill their demands. Sapkota said that they will wait for a few days due to the new government formation process and will present their demands to the new agriculture minister once the new government is in place.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21257', 'image' => '20240714023445_20240711020544_milk.jpg', 'article_date' => '2024-07-14 14:34:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21530', 'article_category_id' => '1', 'title' => 'Dedicated and Trunk Line Tariff Dispute: Businesses Stand Firm on Non-payment, NEA Warns Line Cuts', 'sub_title' => '', 'summary' => 'KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. Industrialists are steadfast in their refusal to pay outstanding amounts, while the NEA threatens to cut power lines to the industries until payments are made.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On June 24, NEA sent a letter to 61 industries, demanding payment of arrears within 15 days. The deadline expired on Tuesday, and none of the industrialists paid within the deadline. Consequently, NEA began cutting power lines to the industries. On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, it cut lines to Jagdamba Synthetic and Hulas Steel, followed by Jagdamba Steel on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shashikant Agarwal, owner of Reliance Spinning Mills, contested the NEA's demand, stating that the letter sent to industrialists did not specify the amount of electricity used or the basis for the charges.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The authority has sent us a letter, not a bill. The amount to be paid should be clearly disclosed with details on electricity usage. However, the authority just sent a letter and arbitrarily asked for money. We cannot pay under these circumstances," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NEA, Ghorahi Cement owes Rs 406.8 million, Reliance Rs 602.9 million, and Arghakhanchi Cement Rs 358.8 million. Jagdamba Synthetics, whose line was cut in the second phase, owes Rs 160.4 million, and Hulas Steel owes Rs 112.9 million. Jagdamba Steel, which had its line cut on Thursday, owes Rs 1.28 billion. The NEA has billed the industrialists with an additional 25% penalty on these amounts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NEA remains resolute in collecting the outstanding amounts and will continue cutting lines until payments are made. Manoj Silwal, Deputy Executive Director of NEA, stated that if the dues are not paid, the process of cutting lines will persist and intensify.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Silwal refuted the industrialists' claims of unclear billing, asserting that all bills were clearly detailed and sent in an excel sheet. He urged industrialists to focus on paying the outstanding amounts and resolving the dispute swiftly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In response to the line cuts, industrialists have sought intervention from Prime Minister Pushpa Kamal Dahal and senior leaders of the newly formed government. A group of industrialists met with the Prime Minister and other leaders on Thursday to address the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last December, as the tax dispute escalated, the government formed a judicial inquiry committee led by former Supreme Court justice Girish Chandra Lal. The committee reported that industrialists should only pay fees from January 2072 to May 2075. According to NEA, industrialists owe about Rs 8.25 billion for that period, including Rs 6.658 billion in additional taxes and a 25% fine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The industrialists insist that while they are willing to make payments, the NEA must provide clear evidence of electricity consumption.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21256', 'image' => '20240714013154_20220811020636_NEA.jpg', 'article_date' => '2024-07-14 13:30:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21529', 'article_category_id' => '1', 'title' => 'Nepal Lacks Binding Laws to Address Climate Change', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. The division bench of then Chief Justice Om Prakash Mishra and Justice Tej Bahadur KC ordered the creation of a Climate Change Act in accordance with the new Constitution of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Environmental Protection Act, 2053, includes some provisions on climate change and environmental protection, but lacks a comprehensive legal framework for climate adaptation and mitigation. The court emphasized the necessity of a separate law to address these issues and mandated the implementation of the National Framework for Climate Change Policy 2067, the National Adaptation Action Plan, and the Local Adaptation Action Plan until the new Act is enacted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Advocate Padam Bahadur Shrestha filed a writ on October 31, 2017, against the Office of the Prime Minister and the Council of Ministers, highlighting the absence of legal provisions for climate adaptation and mitigation in the existing Environmental Protection Act. Despite the court's immediate order to implement the provisions of the Climate Change Policy 2067, the government has yet to take steps toward enacting a separate law. The government maintains that existing laws are sufficient.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Badriraj Dhungana, joint secretary of the Ministry of Forests and Environment, argues that while there is no separate, integrated law to address climate change, the Forests Act, Environment Act, and Nepal's Nationally Determined Contributions (NDC) policies are adequate. "We don't lack laws; we have a significant financial shortfall to address the problem," he said, expressing hope that resources will be mobilized in the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Stakeholders' Views</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stakeholders argue that a specific climate change law is necessary to mitigate the effects of climate change and ensure justice for those disproportionately affected. Nepal's contribution to climate change is minimal, yet it faces high climate risk. According to the "Global Climate Risk Index 2021" by Germanwatch, Nepal is among the 10 most vulnerable countries. Poor communities in Nepal are increasingly struggling to earn a living due to climate-related impacts such as floods and droughts, prompting calls for climate justice and compensation for damages.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mahesh Badal, Senior Program and Business Development Manager of ActionAid, an international NGO, highlights the dramatic increase in climate change victims who cannot find justice under current laws. "Few people can achieve climate justice with the existing laws, so a new law is urgently needed," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Real-life Impacts</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Examples of climate impacts include a fire in a paddy field in Birtamod-10, West Biratpokhara, which destroyed about 5,680 kilograms of paddy, causing significant financial loss to Santa Kumar Lohar. In another instance, continuous rainfall for five days in June destroyed all maize crops planted by Sita Paudel in her 10-ropani field in Bhumikasthan Municipality, Arghakhanchi, without any government compensation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Government studies also reveal widespread climate change effects. The "National Climate Change Survey 2022" by the National Statistics Office, which interviewed 6,500 citizens, found that about 90% of citizens suffered crop losses due to drought over the past 25 years. Other significant impacts include flood damage, insect infestations, and drying water sources.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The "Nepal Development Report" by the World Bank in October 2022 noted that climate change negatively impacts Nepal's agriculture, infrastructure, and labor productivity. The report highlighted issues like changing weather patterns, increasing temperatures, erratic rainfall, floods, landslides, and river erosion affecting agricultural productivity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Policy vs Implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While Nepal has policies and plans to allocate 80% of the climate change budget to the local level, implementation is hindered by the lack of adequate laws. The government has prepared and passed the second Nationally Determined Contribution (NDC), with an estimated implementation cost of Rs 435.3 billion by 2030. Despite these commitments, experts doubt their successful implementation without robust legal backing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Madhukar Upadhyay, a watershed expert, emphasized the need for legal enforcement to ensure policy implementation. "Policies without legal status are unlikely to be implemented," he said, comparing it to the mandatory requirement of a driving license.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Call for Action</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior advocate Padam Bahadur Shrestha stresses that the government has ignored the Supreme Court's order to create a separate climate change law, forcing reliance on the Environmental Protection Act. Article 30 of the Fundamental Rights in Nepal defines environmental protection as a right, but current laws lack binding provisions and clear responsibilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ashok Chaudhary, MP of the House of Representatives and member of the Agriculture, Cooperatives, and Natural Resources Committee, calls for legislation to compensate citizens affected by climate change. "Farmers' crops are being destroyed due to climate change, and the state is not providing support," he said. Dhungana, from the Ministry of Forestry, acknowledged the state's limited capacity to pay compensation, highlighting the financial constraints.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts are unanimous that Nepal urgently needs a binding climate change law to address the severe impacts on its citizens, ensure climate justice, and fulfill its international commitments effectively.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21255', 'image' => '20240714010306_climate law.jpg', 'article_date' => '2024-07-14 13:02:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21528', 'article_category_id' => '1', 'title' => 'Nepal Received Only a Third of Foreign Investment Commitment in 13 Years', 'sub_title' => '', 'summary' => 'KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. Despite receiving significant foreign investment commitments, actual investment inflows have lagged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A recent report, "Foreign Investment in Nepal-2024," published by the Department of Industry, highlights the disparity between foreign investment commitments and actual investments. Over the past 13 years, Nepal has received foreign investment commitments totaling Rs 425.72 billion. However, only Rs 148.87 billion has been realized, which is just one-third of the committed amount.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report details the gap between commitments and actual investments from FY 2068/69 to FY 2080/81. Stakeholders attribute the shortfall to an unfavorable investment environment in Nepal, citing political instability, policy inconsistency, bureaucratic red tape, and corruption as primary obstacles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An investor involved in supporting foreign investment in Nepal expressed frustration over bureaucratic delays. He noted that despite the implementation of a one-point service by the Investment Board and the Department of Industry, investors still need to engage with multiple government agencies. "All the documents must be resubmitted again and again, making the process cumbersome," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government introduced a one-door in 2019. However, the representative offices of all relevant government agencies were not established in time at the Department of Industry’s service center, forcing investors to approach various agencies individually. The third investment summit held in late April this year introduced an automated investment system. While the country received investment commitments through this new system, actual investments have not materialized.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investors also face complex procedures when seeking additional capital for expanding existing projects. "After initial capital approval, raising more capital requires another application to the Investment Board, followed by another round of study and board meeting for approval," the investor explained. "The board meeting, chaired by the prime minister, can be delayed, causing significant delays."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Political instability exacerbates the unpredictability of government policies, deterring foreign investors. In the past 18 months, Nepal has seen three different governments under Prime Minister Pushpa Kamal Dahal, supported by CPN (UML) and the Nepali Congress. The recent collapse of Dahal's government, replaced by UML president KP Sharma Oli's administration, has only added to the instability. Such political flux makes foreign investors hesitant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors seek assurance that policies and laws will remain stable after their investments," said former secretary Krishna Gyawali. "They also assess the state of governance in the country." Nepal, ranked 108th out of 180 countries in terms of corruption, scores just 35 points in the Transparency International's Corruption Perceptions Index, where a score below 50 indicates high levels of corruption.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors are concerned about the efficiency, transparency, and integrity of government offices," Gyawali said. The difficulty in securing investment commitments at the third investment summit underscores the challenges in attracting foreign investment. The Investment Board of Nepal extended the deadline twice for investors to submit letters of intent for 12 government-presented projects, indicating lukewarm interest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Secretary Gyawali noted that while government agencies were active during the investment summit, they failed to follow up regularly with investors, further hindering the investment process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21254', 'image' => '20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-07-14 11:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21527', 'article_category_id' => '1', 'title' => 'New Prime Minister to be Appointed Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today (Sunday). The process of appointment and swearing-in of the prime minister will take place today after the deadline set by the president for the formation of the new government comes to an end, said Kiran Pokharel, the press advisor to the President. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Paudel had, in accordance with Article 76 (2) of the Constitution, called on parties on Friday to submit their stake on the new government leadership by 5:00 pm today, July 14. Accordingly, the Chairperson of CPN (UML) KP Sharma Oli had submitted his claim for the post of the prime minister on Friday itself with the support of the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the expiring of the deadline at 5:00 pm, President Paudel will appoint the new prime minister this evening. However, the swearing-in ceremony of the prime minister and ministers will be held at 11 a.m. on Monday, as the time will not be enough for the same on Sunday, added Press Adivsor Pokharel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A new government is being formed after incumbent Prime Minister Pushpa Kamal Dahal lost a majority in the parliament after the CPN-UML deciding to part ways with him and join hands with the main opposition, Nepali Congress. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21253', 'image' => '20240714111152_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-14 11:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21526', 'article_category_id' => '1', 'title' => 'Heavy Rainfall Expected in Koshi, Bagmati, and Gandaki Provinces ', 'sub_title' => '', 'summary' => 'The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 14: The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the next 24 hours, heavy rain is forecasted for some areas within the Koshi, Bagmati, and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the weather bulletin issued this morning, the afternoon will see partly to mostly cloudy skies nationwide, with light to moderate rain accompanied by thunder and lightning expected in the Koshi, Madhes, Bagmati, Gandaki, and Lumbini provinces, as well as in some areas of Karnali and Sudurpaschim provinces. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Heavy rainfall is particularly expected in one or two places in the Koshi and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Tonight, the weather is expected to remain partly to mostly cloudy, with light to moderate rain and thunderstorms likely in the Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim provinces. Additionally, heavy rain is anticipated in one or two locations within the Koshi, Bagmati, and Gandaki regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Department advises residents in these areas to be prepared for potential heavy rainfall and associated weather conditions. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21252', 'image' => '20240714081831_collage (66).jpg', 'article_date' => '2024-07-14 08:15:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21525', 'article_category_id' => '1', 'title' => 'Nepal's IT Sector Holds Immense Potential for Economic Development, Says FNCCI President', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 13: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the international ICT discussion titled "Positioning Nepal as a Global IT Hub", Dhakal highlighted the rapid progress Nepal has made in the IT sector in recent years.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhakal stated that Nepal should capitalize on this growth to enhance industrial development and boost service exports. He pointed out that the country's youths are increasingly engaging in IT courses and launching IT-driven enterprises. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Dhakal, there are currently around 500 IT companies in Nepal, and this number could grow further if the government adopts IT-friendly policies and creates a conducive environment for investment. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21251', 'image' => '20240714080730_collage (65).jpg', 'article_date' => '2024-07-14 08:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21539', 'article_category_id' => '1', 'title' => 'Newly-Appointed Prime Minister Oli Takes Oath of Office', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21534', 'article_category_id' => '1', 'title' => 'Trump Survives Assassination Attempt ', 'sub_title' => '', 'summary' => ' BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 78-year-old former president was rushed off stage with blood streaked across his face after the shooting in Butler, Pennsylvania, while the shooter and a bystander were killed and two spectators critically injured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republican candidate raised a defiant fist to the crowd as he was bundled away to safety, and said afterward: "I was shot with a bullet that pierced the upper part of my right ear." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Joe Biden, who is set to face Trump in November's deeply polarized election, said the incident was "sick" and added that there was "no place in America for this kind of violence." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Biden later spoke to Trump, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Unconfirmed images appeared to show the assailant's body lying on the sloping roof of a low building from where he had fired, plunging the rally filled with Trump supporters into screams and panic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FBI confirmed in a press conference that the shooting was being treated as "an assassination attempt against our former president, Donald Trump." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The shooter had been "tentatively identified," police said, and was believed to be working alone, but law enforcement officials said they would not release any details yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After multiple witnesses said they saw the gunman before the shooting and alerted authorities, Butler police said they had "responded to a number of reports of suspicious activity" but gave no further details. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">'Ripping through the skin' </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Trump, wearing a red "Make America Great Again" cap, had just started speaking at his final rally before the Republican National Convention when multiple bangs ran out. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He grimaced and clutched his ear, with blood visible on his ear and cheek, then ducked to the floor as Secret Service agents swarmed onto the podium, surrounding him and escorting him roughly off the stage to a nearby vehicle. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It is incredible that such an act can take place in our Country," Trump said on his Truth Social network hours later, in remarks sure to stoke the political hostility already engulfing the United States. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin," Trump said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Much bleeding took place, so I realized then what was happening." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He later could be seen walking unaided from his plane, though his wounded ear was not facing the camera, in video footage posted by his deputy communications director. The New York Times reported that he was staying the night in New Jersey. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US Secret Service said in a statement that the suspected shooter "fired multiple shots toward the stage from an elevated position outside the rally" before being "neutralized" by agents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police confirmed that a male spectator was killed and two critically injured, all of them male adults. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack sent shock waves around the world, with the leaders of Britain, Israel, Japan and a host of other countries expressing outrage. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Biden cut short a weekend trip to his Delaware beach house to return to Washington. He will receive an updated briefing from security officials on Sunday morning, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack has already stoked political tensions, with some Republicans pointing the finger at Biden and right-wing conspiracy theories flooding social media. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Possible Trump vice presidential pick J.D. Vance said Biden's "rhetoric" had "led directly" to the Trump attack. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Trump's campaign said he would still attend the Republican National Convention in Milwaukee, after he was reported to have had a precautionary hospital checkup. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Screams and panic </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">But the convention will now be dominated by the shooting at the rally, which descended into panic with screams and shouts ringing out after the gunshots. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Let me get my shoes," Trump was heard saying on the microphone, as security agents helped him back to his feet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He turned back to the crowd and repeatedly raised his fist, as well as mouthing words that weren't immediately discernible, in what instantly became an iconic image. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Agents bundled the tycoon into an SUV, as he once more shook his fist. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We saw a lot of people go down, looking confused. I heard the shots," said John Yeykal from Franklin, Pennsylvania, who was attending his first Trump rally. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">US political figures including former presidents Barack Obama and Bill Clinton lined up to condemn the attack and say there was no place for violence in politics. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Billionaire Elon Musk meanwhile reacted by quickly endorsing Trump. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The United States has a history of political violence, and presidents, former presidents and candidates have tight security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President John F. Kennedy was assassinated in 1963 while riding in his motorcade, and his brother Bobby Kennedy was shot dead in 1968. President Ronald Reagan survived an assassination attempt in 1981. – AFP/RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21260', 'image' => '20240714065036_AP24196225006460.jpg', 'article_date' => '2024-07-14 18:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21533', 'article_category_id' => '1', 'title' => 'UML Chair Oli Appointed New Prime Minister ', 'sub_title' => '', 'summary' => 'KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Ram Chandra Paudel on Sunday appointed UML Chairman Oli as the prime minister in accordance with Article 76 (2) of the constitution, informed the President's Press Advisor, Kiran Pokhrel. Oli was appointed the PM with the backing of largest political party in parliament, the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UML Chairman Oli and NC President Sher Bahadur Deuba had submitted the signatures of majority of lawmakers proposing Oli as the new prime minister in the wake of President Paudel's call on staking a claim for the post of PM on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president had called to stake a claim for the post of PM with the support of two or more political parties in parliament within a deadline of 5 pm on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The oath-taking ceremony will be held at 11:00am on Monday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21259', 'image' => '20240714061427_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2024-07-14 18:13:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21532', 'article_category_id' => '1', 'title' => 'NEPSE Sees Substantial Gain of 52.97 to Close at 2,257.59', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 14: The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 309 stocks were traded through 96,274 transactions on the NEPSE. A total of 22,047,327 units of shares were exchanged, resulting in a total turnover of Rs. 7.62 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Janaki Finance Limited (JFL) led the market in terms of turnover, achieving Rs. 24.27 Crores and closing at Rs. 825 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ridi Power Company Limited (RIDI) and Mandu Hydropower Limited (MANDU) saw the highest gains, each hitting the positive circuit for the day with a 10% surge. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, 10.15% Prime Debenture 2084 (PBD84) experienced the highest loss, declining by 4.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sector-wise, all indices ended the day in positive territory. The Banking Index recorded the highest gain, rising by 3.74%, while the Microfinance Index saw a slight loss of 0.82%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21258', 'image' => '20240714042526_collage (2).jpg', 'article_date' => '2024-07-14 16:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21531', 'article_category_id' => '1', 'title' => 'Farmers 'Cheated' Again in Payment of Milk Dues', 'sub_title' => '', 'summary' => 'KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. On June 30, the government, dairy industry, and farmers' representatives agreed to settle the outstanding amounts up to mid-April by July 11. However, no farmer has received the arrears payment within the agreed date, according to farmers' representatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers are yet to receive dues amounting to Rs 4 billion by the government-owned Dairy Development Corporation (DDC) and private dairy industries. Of that amount, DDC alone owes about Rs 2 billion. "Neither the government agency DDC nor the private dairies have paid the farmers," Thaneshwar Sapkota, president of the Central Milk Producers' Cooperative Association, told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sapkota criticized the government for failing to fulfill its responsibilities. "Even though the government coordinated the agreement with both parties, it did not take any initiative to implement it," he complained. Among private sector dairies, Sujal Dairy, Rajdhani Dairy, Gayatri Dairy, and Tulsa Dairy owe the most to the farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both DDC and other dairies claim they lack the funds to pay farmers due to unsold stocks of powdered milk and butter. According to the National Dairy Development Board, as of mid-April 2023 to mid-April 2024, 1,400 metric tons of butter and 4,800 metric tons of milk powder worth about Rs 5 billion are in stock, with the balance still increasing. "DDC currently has 1,100 tons of powdered milk and 850 tons of butter worth Rs 1.5 billion, but it has not been possible to pay the farmers within the specified time," said Rajendra Prasad Adhikari, Acting Deputy General Manager of DDC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Adhikari mentioned that DDC requested a loan of Rs 600 million from the Ministry of Agriculture and Livestock Development to pay the farmers, but the payment was halted due to lack of approval from the Ministry of Finance. "We have no intention to cheat farmers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers' representatives argue that private sector dairies use the non-payment from the government-owned company as an excuse to withhold payments. Previous agreements to pay farmers on December 12, 2023, and March 2, 2024, were not implemented, leading to a third agreement on June 30, which also failed. Farmers even protested in Kathmandu recently, demanding payment, but the government clamped down on the protests. The latest memorandum of understanding stipulated that arrears arrears for mid-April to mid-June must be paid by mid-September, and that from now on, the dairy industry should pay for milk purchased from farmers in two installments every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers Plan to Protest Again from mid-July</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With arrears still unpaid, frustrated farmers have warned of further protests from mid-July to fulfill their demands. Sapkota said that they will wait for a few days due to the new government formation process and will present their demands to the new agriculture minister once the new government is in place.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21257', 'image' => '20240714023445_20240711020544_milk.jpg', 'article_date' => '2024-07-14 14:34:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21530', 'article_category_id' => '1', 'title' => 'Dedicated and Trunk Line Tariff Dispute: Businesses Stand Firm on Non-payment, NEA Warns Line Cuts', 'sub_title' => '', 'summary' => 'KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. Industrialists are steadfast in their refusal to pay outstanding amounts, while the NEA threatens to cut power lines to the industries until payments are made.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On June 24, NEA sent a letter to 61 industries, demanding payment of arrears within 15 days. The deadline expired on Tuesday, and none of the industrialists paid within the deadline. Consequently, NEA began cutting power lines to the industries. On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, it cut lines to Jagdamba Synthetic and Hulas Steel, followed by Jagdamba Steel on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shashikant Agarwal, owner of Reliance Spinning Mills, contested the NEA's demand, stating that the letter sent to industrialists did not specify the amount of electricity used or the basis for the charges.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The authority has sent us a letter, not a bill. The amount to be paid should be clearly disclosed with details on electricity usage. However, the authority just sent a letter and arbitrarily asked for money. We cannot pay under these circumstances," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NEA, Ghorahi Cement owes Rs 406.8 million, Reliance Rs 602.9 million, and Arghakhanchi Cement Rs 358.8 million. Jagdamba Synthetics, whose line was cut in the second phase, owes Rs 160.4 million, and Hulas Steel owes Rs 112.9 million. Jagdamba Steel, which had its line cut on Thursday, owes Rs 1.28 billion. The NEA has billed the industrialists with an additional 25% penalty on these amounts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NEA remains resolute in collecting the outstanding amounts and will continue cutting lines until payments are made. Manoj Silwal, Deputy Executive Director of NEA, stated that if the dues are not paid, the process of cutting lines will persist and intensify.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Silwal refuted the industrialists' claims of unclear billing, asserting that all bills were clearly detailed and sent in an excel sheet. He urged industrialists to focus on paying the outstanding amounts and resolving the dispute swiftly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In response to the line cuts, industrialists have sought intervention from Prime Minister Pushpa Kamal Dahal and senior leaders of the newly formed government. A group of industrialists met with the Prime Minister and other leaders on Thursday to address the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last December, as the tax dispute escalated, the government formed a judicial inquiry committee led by former Supreme Court justice Girish Chandra Lal. The committee reported that industrialists should only pay fees from January 2072 to May 2075. According to NEA, industrialists owe about Rs 8.25 billion for that period, including Rs 6.658 billion in additional taxes and a 25% fine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The industrialists insist that while they are willing to make payments, the NEA must provide clear evidence of electricity consumption.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21256', 'image' => '20240714013154_20220811020636_NEA.jpg', 'article_date' => '2024-07-14 13:30:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21529', 'article_category_id' => '1', 'title' => 'Nepal Lacks Binding Laws to Address Climate Change', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. The division bench of then Chief Justice Om Prakash Mishra and Justice Tej Bahadur KC ordered the creation of a Climate Change Act in accordance with the new Constitution of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Environmental Protection Act, 2053, includes some provisions on climate change and environmental protection, but lacks a comprehensive legal framework for climate adaptation and mitigation. The court emphasized the necessity of a separate law to address these issues and mandated the implementation of the National Framework for Climate Change Policy 2067, the National Adaptation Action Plan, and the Local Adaptation Action Plan until the new Act is enacted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Advocate Padam Bahadur Shrestha filed a writ on October 31, 2017, against the Office of the Prime Minister and the Council of Ministers, highlighting the absence of legal provisions for climate adaptation and mitigation in the existing Environmental Protection Act. Despite the court's immediate order to implement the provisions of the Climate Change Policy 2067, the government has yet to take steps toward enacting a separate law. The government maintains that existing laws are sufficient.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Badriraj Dhungana, joint secretary of the Ministry of Forests and Environment, argues that while there is no separate, integrated law to address climate change, the Forests Act, Environment Act, and Nepal's Nationally Determined Contributions (NDC) policies are adequate. "We don't lack laws; we have a significant financial shortfall to address the problem," he said, expressing hope that resources will be mobilized in the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Stakeholders' Views</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stakeholders argue that a specific climate change law is necessary to mitigate the effects of climate change and ensure justice for those disproportionately affected. Nepal's contribution to climate change is minimal, yet it faces high climate risk. According to the "Global Climate Risk Index 2021" by Germanwatch, Nepal is among the 10 most vulnerable countries. Poor communities in Nepal are increasingly struggling to earn a living due to climate-related impacts such as floods and droughts, prompting calls for climate justice and compensation for damages.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mahesh Badal, Senior Program and Business Development Manager of ActionAid, an international NGO, highlights the dramatic increase in climate change victims who cannot find justice under current laws. "Few people can achieve climate justice with the existing laws, so a new law is urgently needed," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Real-life Impacts</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Examples of climate impacts include a fire in a paddy field in Birtamod-10, West Biratpokhara, which destroyed about 5,680 kilograms of paddy, causing significant financial loss to Santa Kumar Lohar. In another instance, continuous rainfall for five days in June destroyed all maize crops planted by Sita Paudel in her 10-ropani field in Bhumikasthan Municipality, Arghakhanchi, without any government compensation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Government studies also reveal widespread climate change effects. The "National Climate Change Survey 2022" by the National Statistics Office, which interviewed 6,500 citizens, found that about 90% of citizens suffered crop losses due to drought over the past 25 years. Other significant impacts include flood damage, insect infestations, and drying water sources.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The "Nepal Development Report" by the World Bank in October 2022 noted that climate change negatively impacts Nepal's agriculture, infrastructure, and labor productivity. The report highlighted issues like changing weather patterns, increasing temperatures, erratic rainfall, floods, landslides, and river erosion affecting agricultural productivity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Policy vs Implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While Nepal has policies and plans to allocate 80% of the climate change budget to the local level, implementation is hindered by the lack of adequate laws. The government has prepared and passed the second Nationally Determined Contribution (NDC), with an estimated implementation cost of Rs 435.3 billion by 2030. Despite these commitments, experts doubt their successful implementation without robust legal backing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Madhukar Upadhyay, a watershed expert, emphasized the need for legal enforcement to ensure policy implementation. "Policies without legal status are unlikely to be implemented," he said, comparing it to the mandatory requirement of a driving license.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Call for Action</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior advocate Padam Bahadur Shrestha stresses that the government has ignored the Supreme Court's order to create a separate climate change law, forcing reliance on the Environmental Protection Act. Article 30 of the Fundamental Rights in Nepal defines environmental protection as a right, but current laws lack binding provisions and clear responsibilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ashok Chaudhary, MP of the House of Representatives and member of the Agriculture, Cooperatives, and Natural Resources Committee, calls for legislation to compensate citizens affected by climate change. "Farmers' crops are being destroyed due to climate change, and the state is not providing support," he said. Dhungana, from the Ministry of Forestry, acknowledged the state's limited capacity to pay compensation, highlighting the financial constraints.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts are unanimous that Nepal urgently needs a binding climate change law to address the severe impacts on its citizens, ensure climate justice, and fulfill its international commitments effectively.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21255', 'image' => '20240714010306_climate law.jpg', 'article_date' => '2024-07-14 13:02:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21528', 'article_category_id' => '1', 'title' => 'Nepal Received Only a Third of Foreign Investment Commitment in 13 Years', 'sub_title' => '', 'summary' => 'KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. Despite receiving significant foreign investment commitments, actual investment inflows have lagged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A recent report, "Foreign Investment in Nepal-2024," published by the Department of Industry, highlights the disparity between foreign investment commitments and actual investments. Over the past 13 years, Nepal has received foreign investment commitments totaling Rs 425.72 billion. However, only Rs 148.87 billion has been realized, which is just one-third of the committed amount.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report details the gap between commitments and actual investments from FY 2068/69 to FY 2080/81. Stakeholders attribute the shortfall to an unfavorable investment environment in Nepal, citing political instability, policy inconsistency, bureaucratic red tape, and corruption as primary obstacles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An investor involved in supporting foreign investment in Nepal expressed frustration over bureaucratic delays. He noted that despite the implementation of a one-point service by the Investment Board and the Department of Industry, investors still need to engage with multiple government agencies. "All the documents must be resubmitted again and again, making the process cumbersome," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government introduced a one-door in 2019. However, the representative offices of all relevant government agencies were not established in time at the Department of Industry’s service center, forcing investors to approach various agencies individually. The third investment summit held in late April this year introduced an automated investment system. While the country received investment commitments through this new system, actual investments have not materialized.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investors also face complex procedures when seeking additional capital for expanding existing projects. "After initial capital approval, raising more capital requires another application to the Investment Board, followed by another round of study and board meeting for approval," the investor explained. "The board meeting, chaired by the prime minister, can be delayed, causing significant delays."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Political instability exacerbates the unpredictability of government policies, deterring foreign investors. In the past 18 months, Nepal has seen three different governments under Prime Minister Pushpa Kamal Dahal, supported by CPN (UML) and the Nepali Congress. The recent collapse of Dahal's government, replaced by UML president KP Sharma Oli's administration, has only added to the instability. Such political flux makes foreign investors hesitant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors seek assurance that policies and laws will remain stable after their investments," said former secretary Krishna Gyawali. "They also assess the state of governance in the country." Nepal, ranked 108th out of 180 countries in terms of corruption, scores just 35 points in the Transparency International's Corruption Perceptions Index, where a score below 50 indicates high levels of corruption.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors are concerned about the efficiency, transparency, and integrity of government offices," Gyawali said. The difficulty in securing investment commitments at the third investment summit underscores the challenges in attracting foreign investment. The Investment Board of Nepal extended the deadline twice for investors to submit letters of intent for 12 government-presented projects, indicating lukewarm interest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Secretary Gyawali noted that while government agencies were active during the investment summit, they failed to follow up regularly with investors, further hindering the investment process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21254', 'image' => '20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-07-14 11:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21527', 'article_category_id' => '1', 'title' => 'New Prime Minister to be Appointed Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today (Sunday). The process of appointment and swearing-in of the prime minister will take place today after the deadline set by the president for the formation of the new government comes to an end, said Kiran Pokharel, the press advisor to the President. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Paudel had, in accordance with Article 76 (2) of the Constitution, called on parties on Friday to submit their stake on the new government leadership by 5:00 pm today, July 14. Accordingly, the Chairperson of CPN (UML) KP Sharma Oli had submitted his claim for the post of the prime minister on Friday itself with the support of the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the expiring of the deadline at 5:00 pm, President Paudel will appoint the new prime minister this evening. However, the swearing-in ceremony of the prime minister and ministers will be held at 11 a.m. on Monday, as the time will not be enough for the same on Sunday, added Press Adivsor Pokharel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A new government is being formed after incumbent Prime Minister Pushpa Kamal Dahal lost a majority in the parliament after the CPN-UML deciding to part ways with him and join hands with the main opposition, Nepali Congress. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21253', 'image' => '20240714111152_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-14 11:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21526', 'article_category_id' => '1', 'title' => 'Heavy Rainfall Expected in Koshi, Bagmati, and Gandaki Provinces ', 'sub_title' => '', 'summary' => 'The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 14: The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the next 24 hours, heavy rain is forecasted for some areas within the Koshi, Bagmati, and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the weather bulletin issued this morning, the afternoon will see partly to mostly cloudy skies nationwide, with light to moderate rain accompanied by thunder and lightning expected in the Koshi, Madhes, Bagmati, Gandaki, and Lumbini provinces, as well as in some areas of Karnali and Sudurpaschim provinces. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Heavy rainfall is particularly expected in one or two places in the Koshi and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Tonight, the weather is expected to remain partly to mostly cloudy, with light to moderate rain and thunderstorms likely in the Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim provinces. Additionally, heavy rain is anticipated in one or two locations within the Koshi, Bagmati, and Gandaki regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Department advises residents in these areas to be prepared for potential heavy rainfall and associated weather conditions. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21252', 'image' => '20240714081831_collage (66).jpg', 'article_date' => '2024-07-14 08:15:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21525', 'article_category_id' => '1', 'title' => 'Nepal's IT Sector Holds Immense Potential for Economic Development, Says FNCCI President', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 13: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the international ICT discussion titled "Positioning Nepal as a Global IT Hub", Dhakal highlighted the rapid progress Nepal has made in the IT sector in recent years.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhakal stated that Nepal should capitalize on this growth to enhance industrial development and boost service exports. He pointed out that the country's youths are increasingly engaging in IT courses and launching IT-driven enterprises. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Dhakal, there are currently around 500 IT companies in Nepal, and this number could grow further if the government adopts IT-friendly policies and creates a conducive environment for investment. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21251', 'image' => '20240714080730_collage (65).jpg', 'article_date' => '2024-07-14 08:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21539', 'article_category_id' => '1', 'title' => 'Newly-Appointed Prime Minister Oli Takes Oath of Office', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21534', 'article_category_id' => '1', 'title' => 'Trump Survives Assassination Attempt ', 'sub_title' => '', 'summary' => ' BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 78-year-old former president was rushed off stage with blood streaked across his face after the shooting in Butler, Pennsylvania, while the shooter and a bystander were killed and two spectators critically injured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republican candidate raised a defiant fist to the crowd as he was bundled away to safety, and said afterward: "I was shot with a bullet that pierced the upper part of my right ear." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Joe Biden, who is set to face Trump in November's deeply polarized election, said the incident was "sick" and added that there was "no place in America for this kind of violence." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Biden later spoke to Trump, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Unconfirmed images appeared to show the assailant's body lying on the sloping roof of a low building from where he had fired, plunging the rally filled with Trump supporters into screams and panic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FBI confirmed in a press conference that the shooting was being treated as "an assassination attempt against our former president, Donald Trump." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The shooter had been "tentatively identified," police said, and was believed to be working alone, but law enforcement officials said they would not release any details yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After multiple witnesses said they saw the gunman before the shooting and alerted authorities, Butler police said they had "responded to a number of reports of suspicious activity" but gave no further details. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">'Ripping through the skin' </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Trump, wearing a red "Make America Great Again" cap, had just started speaking at his final rally before the Republican National Convention when multiple bangs ran out. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He grimaced and clutched his ear, with blood visible on his ear and cheek, then ducked to the floor as Secret Service agents swarmed onto the podium, surrounding him and escorting him roughly off the stage to a nearby vehicle. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It is incredible that such an act can take place in our Country," Trump said on his Truth Social network hours later, in remarks sure to stoke the political hostility already engulfing the United States. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin," Trump said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Much bleeding took place, so I realized then what was happening." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He later could be seen walking unaided from his plane, though his wounded ear was not facing the camera, in video footage posted by his deputy communications director. The New York Times reported that he was staying the night in New Jersey. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US Secret Service said in a statement that the suspected shooter "fired multiple shots toward the stage from an elevated position outside the rally" before being "neutralized" by agents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police confirmed that a male spectator was killed and two critically injured, all of them male adults. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack sent shock waves around the world, with the leaders of Britain, Israel, Japan and a host of other countries expressing outrage. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Biden cut short a weekend trip to his Delaware beach house to return to Washington. He will receive an updated briefing from security officials on Sunday morning, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack has already stoked political tensions, with some Republicans pointing the finger at Biden and right-wing conspiracy theories flooding social media. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Possible Trump vice presidential pick J.D. Vance said Biden's "rhetoric" had "led directly" to the Trump attack. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Trump's campaign said he would still attend the Republican National Convention in Milwaukee, after he was reported to have had a precautionary hospital checkup. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Screams and panic </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">But the convention will now be dominated by the shooting at the rally, which descended into panic with screams and shouts ringing out after the gunshots. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Let me get my shoes," Trump was heard saying on the microphone, as security agents helped him back to his feet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He turned back to the crowd and repeatedly raised his fist, as well as mouthing words that weren't immediately discernible, in what instantly became an iconic image. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Agents bundled the tycoon into an SUV, as he once more shook his fist. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We saw a lot of people go down, looking confused. I heard the shots," said John Yeykal from Franklin, Pennsylvania, who was attending his first Trump rally. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">US political figures including former presidents Barack Obama and Bill Clinton lined up to condemn the attack and say there was no place for violence in politics. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Billionaire Elon Musk meanwhile reacted by quickly endorsing Trump. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The United States has a history of political violence, and presidents, former presidents and candidates have tight security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President John F. Kennedy was assassinated in 1963 while riding in his motorcade, and his brother Bobby Kennedy was shot dead in 1968. President Ronald Reagan survived an assassination attempt in 1981. – AFP/RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21260', 'image' => '20240714065036_AP24196225006460.jpg', 'article_date' => '2024-07-14 18:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21533', 'article_category_id' => '1', 'title' => 'UML Chair Oli Appointed New Prime Minister ', 'sub_title' => '', 'summary' => 'KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Ram Chandra Paudel on Sunday appointed UML Chairman Oli as the prime minister in accordance with Article 76 (2) of the constitution, informed the President's Press Advisor, Kiran Pokhrel. Oli was appointed the PM with the backing of largest political party in parliament, the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UML Chairman Oli and NC President Sher Bahadur Deuba had submitted the signatures of majority of lawmakers proposing Oli as the new prime minister in the wake of President Paudel's call on staking a claim for the post of PM on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president had called to stake a claim for the post of PM with the support of two or more political parties in parliament within a deadline of 5 pm on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The oath-taking ceremony will be held at 11:00am on Monday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21259', 'image' => '20240714061427_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2024-07-14 18:13:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21532', 'article_category_id' => '1', 'title' => 'NEPSE Sees Substantial Gain of 52.97 to Close at 2,257.59', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 14: The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 309 stocks were traded through 96,274 transactions on the NEPSE. A total of 22,047,327 units of shares were exchanged, resulting in a total turnover of Rs. 7.62 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Janaki Finance Limited (JFL) led the market in terms of turnover, achieving Rs. 24.27 Crores and closing at Rs. 825 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ridi Power Company Limited (RIDI) and Mandu Hydropower Limited (MANDU) saw the highest gains, each hitting the positive circuit for the day with a 10% surge. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, 10.15% Prime Debenture 2084 (PBD84) experienced the highest loss, declining by 4.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sector-wise, all indices ended the day in positive territory. The Banking Index recorded the highest gain, rising by 3.74%, while the Microfinance Index saw a slight loss of 0.82%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21258', 'image' => '20240714042526_collage (2).jpg', 'article_date' => '2024-07-14 16:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21531', 'article_category_id' => '1', 'title' => 'Farmers 'Cheated' Again in Payment of Milk Dues', 'sub_title' => '', 'summary' => 'KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. On June 30, the government, dairy industry, and farmers' representatives agreed to settle the outstanding amounts up to mid-April by July 11. However, no farmer has received the arrears payment within the agreed date, according to farmers' representatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers are yet to receive dues amounting to Rs 4 billion by the government-owned Dairy Development Corporation (DDC) and private dairy industries. Of that amount, DDC alone owes about Rs 2 billion. "Neither the government agency DDC nor the private dairies have paid the farmers," Thaneshwar Sapkota, president of the Central Milk Producers' Cooperative Association, told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sapkota criticized the government for failing to fulfill its responsibilities. "Even though the government coordinated the agreement with both parties, it did not take any initiative to implement it," he complained. Among private sector dairies, Sujal Dairy, Rajdhani Dairy, Gayatri Dairy, and Tulsa Dairy owe the most to the farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both DDC and other dairies claim they lack the funds to pay farmers due to unsold stocks of powdered milk and butter. According to the National Dairy Development Board, as of mid-April 2023 to mid-April 2024, 1,400 metric tons of butter and 4,800 metric tons of milk powder worth about Rs 5 billion are in stock, with the balance still increasing. "DDC currently has 1,100 tons of powdered milk and 850 tons of butter worth Rs 1.5 billion, but it has not been possible to pay the farmers within the specified time," said Rajendra Prasad Adhikari, Acting Deputy General Manager of DDC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Adhikari mentioned that DDC requested a loan of Rs 600 million from the Ministry of Agriculture and Livestock Development to pay the farmers, but the payment was halted due to lack of approval from the Ministry of Finance. "We have no intention to cheat farmers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers' representatives argue that private sector dairies use the non-payment from the government-owned company as an excuse to withhold payments. Previous agreements to pay farmers on December 12, 2023, and March 2, 2024, were not implemented, leading to a third agreement on June 30, which also failed. Farmers even protested in Kathmandu recently, demanding payment, but the government clamped down on the protests. The latest memorandum of understanding stipulated that arrears arrears for mid-April to mid-June must be paid by mid-September, and that from now on, the dairy industry should pay for milk purchased from farmers in two installments every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers Plan to Protest Again from mid-July</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With arrears still unpaid, frustrated farmers have warned of further protests from mid-July to fulfill their demands. Sapkota said that they will wait for a few days due to the new government formation process and will present their demands to the new agriculture minister once the new government is in place.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21257', 'image' => '20240714023445_20240711020544_milk.jpg', 'article_date' => '2024-07-14 14:34:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21530', 'article_category_id' => '1', 'title' => 'Dedicated and Trunk Line Tariff Dispute: Businesses Stand Firm on Non-payment, NEA Warns Line Cuts', 'sub_title' => '', 'summary' => 'KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. Industrialists are steadfast in their refusal to pay outstanding amounts, while the NEA threatens to cut power lines to the industries until payments are made.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On June 24, NEA sent a letter to 61 industries, demanding payment of arrears within 15 days. The deadline expired on Tuesday, and none of the industrialists paid within the deadline. Consequently, NEA began cutting power lines to the industries. On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, it cut lines to Jagdamba Synthetic and Hulas Steel, followed by Jagdamba Steel on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shashikant Agarwal, owner of Reliance Spinning Mills, contested the NEA's demand, stating that the letter sent to industrialists did not specify the amount of electricity used or the basis for the charges.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The authority has sent us a letter, not a bill. The amount to be paid should be clearly disclosed with details on electricity usage. However, the authority just sent a letter and arbitrarily asked for money. We cannot pay under these circumstances," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NEA, Ghorahi Cement owes Rs 406.8 million, Reliance Rs 602.9 million, and Arghakhanchi Cement Rs 358.8 million. Jagdamba Synthetics, whose line was cut in the second phase, owes Rs 160.4 million, and Hulas Steel owes Rs 112.9 million. Jagdamba Steel, which had its line cut on Thursday, owes Rs 1.28 billion. The NEA has billed the industrialists with an additional 25% penalty on these amounts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NEA remains resolute in collecting the outstanding amounts and will continue cutting lines until payments are made. Manoj Silwal, Deputy Executive Director of NEA, stated that if the dues are not paid, the process of cutting lines will persist and intensify.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Silwal refuted the industrialists' claims of unclear billing, asserting that all bills were clearly detailed and sent in an excel sheet. He urged industrialists to focus on paying the outstanding amounts and resolving the dispute swiftly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In response to the line cuts, industrialists have sought intervention from Prime Minister Pushpa Kamal Dahal and senior leaders of the newly formed government. A group of industrialists met with the Prime Minister and other leaders on Thursday to address the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last December, as the tax dispute escalated, the government formed a judicial inquiry committee led by former Supreme Court justice Girish Chandra Lal. The committee reported that industrialists should only pay fees from January 2072 to May 2075. According to NEA, industrialists owe about Rs 8.25 billion for that period, including Rs 6.658 billion in additional taxes and a 25% fine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The industrialists insist that while they are willing to make payments, the NEA must provide clear evidence of electricity consumption.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21256', 'image' => '20240714013154_20220811020636_NEA.jpg', 'article_date' => '2024-07-14 13:30:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21529', 'article_category_id' => '1', 'title' => 'Nepal Lacks Binding Laws to Address Climate Change', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. The division bench of then Chief Justice Om Prakash Mishra and Justice Tej Bahadur KC ordered the creation of a Climate Change Act in accordance with the new Constitution of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Environmental Protection Act, 2053, includes some provisions on climate change and environmental protection, but lacks a comprehensive legal framework for climate adaptation and mitigation. The court emphasized the necessity of a separate law to address these issues and mandated the implementation of the National Framework for Climate Change Policy 2067, the National Adaptation Action Plan, and the Local Adaptation Action Plan until the new Act is enacted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Advocate Padam Bahadur Shrestha filed a writ on October 31, 2017, against the Office of the Prime Minister and the Council of Ministers, highlighting the absence of legal provisions for climate adaptation and mitigation in the existing Environmental Protection Act. Despite the court's immediate order to implement the provisions of the Climate Change Policy 2067, the government has yet to take steps toward enacting a separate law. The government maintains that existing laws are sufficient.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Badriraj Dhungana, joint secretary of the Ministry of Forests and Environment, argues that while there is no separate, integrated law to address climate change, the Forests Act, Environment Act, and Nepal's Nationally Determined Contributions (NDC) policies are adequate. "We don't lack laws; we have a significant financial shortfall to address the problem," he said, expressing hope that resources will be mobilized in the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Stakeholders' Views</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stakeholders argue that a specific climate change law is necessary to mitigate the effects of climate change and ensure justice for those disproportionately affected. Nepal's contribution to climate change is minimal, yet it faces high climate risk. According to the "Global Climate Risk Index 2021" by Germanwatch, Nepal is among the 10 most vulnerable countries. Poor communities in Nepal are increasingly struggling to earn a living due to climate-related impacts such as floods and droughts, prompting calls for climate justice and compensation for damages.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mahesh Badal, Senior Program and Business Development Manager of ActionAid, an international NGO, highlights the dramatic increase in climate change victims who cannot find justice under current laws. "Few people can achieve climate justice with the existing laws, so a new law is urgently needed," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Real-life Impacts</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Examples of climate impacts include a fire in a paddy field in Birtamod-10, West Biratpokhara, which destroyed about 5,680 kilograms of paddy, causing significant financial loss to Santa Kumar Lohar. In another instance, continuous rainfall for five days in June destroyed all maize crops planted by Sita Paudel in her 10-ropani field in Bhumikasthan Municipality, Arghakhanchi, without any government compensation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Government studies also reveal widespread climate change effects. The "National Climate Change Survey 2022" by the National Statistics Office, which interviewed 6,500 citizens, found that about 90% of citizens suffered crop losses due to drought over the past 25 years. Other significant impacts include flood damage, insect infestations, and drying water sources.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The "Nepal Development Report" by the World Bank in October 2022 noted that climate change negatively impacts Nepal's agriculture, infrastructure, and labor productivity. The report highlighted issues like changing weather patterns, increasing temperatures, erratic rainfall, floods, landslides, and river erosion affecting agricultural productivity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Policy vs Implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While Nepal has policies and plans to allocate 80% of the climate change budget to the local level, implementation is hindered by the lack of adequate laws. The government has prepared and passed the second Nationally Determined Contribution (NDC), with an estimated implementation cost of Rs 435.3 billion by 2030. Despite these commitments, experts doubt their successful implementation without robust legal backing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Madhukar Upadhyay, a watershed expert, emphasized the need for legal enforcement to ensure policy implementation. "Policies without legal status are unlikely to be implemented," he said, comparing it to the mandatory requirement of a driving license.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Call for Action</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior advocate Padam Bahadur Shrestha stresses that the government has ignored the Supreme Court's order to create a separate climate change law, forcing reliance on the Environmental Protection Act. Article 30 of the Fundamental Rights in Nepal defines environmental protection as a right, but current laws lack binding provisions and clear responsibilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ashok Chaudhary, MP of the House of Representatives and member of the Agriculture, Cooperatives, and Natural Resources Committee, calls for legislation to compensate citizens affected by climate change. "Farmers' crops are being destroyed due to climate change, and the state is not providing support," he said. Dhungana, from the Ministry of Forestry, acknowledged the state's limited capacity to pay compensation, highlighting the financial constraints.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts are unanimous that Nepal urgently needs a binding climate change law to address the severe impacts on its citizens, ensure climate justice, and fulfill its international commitments effectively.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21255', 'image' => '20240714010306_climate law.jpg', 'article_date' => '2024-07-14 13:02:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21528', 'article_category_id' => '1', 'title' => 'Nepal Received Only a Third of Foreign Investment Commitment in 13 Years', 'sub_title' => '', 'summary' => 'KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. Despite receiving significant foreign investment commitments, actual investment inflows have lagged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A recent report, "Foreign Investment in Nepal-2024," published by the Department of Industry, highlights the disparity between foreign investment commitments and actual investments. Over the past 13 years, Nepal has received foreign investment commitments totaling Rs 425.72 billion. However, only Rs 148.87 billion has been realized, which is just one-third of the committed amount.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report details the gap between commitments and actual investments from FY 2068/69 to FY 2080/81. Stakeholders attribute the shortfall to an unfavorable investment environment in Nepal, citing political instability, policy inconsistency, bureaucratic red tape, and corruption as primary obstacles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An investor involved in supporting foreign investment in Nepal expressed frustration over bureaucratic delays. He noted that despite the implementation of a one-point service by the Investment Board and the Department of Industry, investors still need to engage with multiple government agencies. "All the documents must be resubmitted again and again, making the process cumbersome," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government introduced a one-door in 2019. However, the representative offices of all relevant government agencies were not established in time at the Department of Industry’s service center, forcing investors to approach various agencies individually. The third investment summit held in late April this year introduced an automated investment system. While the country received investment commitments through this new system, actual investments have not materialized.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investors also face complex procedures when seeking additional capital for expanding existing projects. "After initial capital approval, raising more capital requires another application to the Investment Board, followed by another round of study and board meeting for approval," the investor explained. "The board meeting, chaired by the prime minister, can be delayed, causing significant delays."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Political instability exacerbates the unpredictability of government policies, deterring foreign investors. In the past 18 months, Nepal has seen three different governments under Prime Minister Pushpa Kamal Dahal, supported by CPN (UML) and the Nepali Congress. The recent collapse of Dahal's government, replaced by UML president KP Sharma Oli's administration, has only added to the instability. Such political flux makes foreign investors hesitant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors seek assurance that policies and laws will remain stable after their investments," said former secretary Krishna Gyawali. "They also assess the state of governance in the country." Nepal, ranked 108th out of 180 countries in terms of corruption, scores just 35 points in the Transparency International's Corruption Perceptions Index, where a score below 50 indicates high levels of corruption.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors are concerned about the efficiency, transparency, and integrity of government offices," Gyawali said. The difficulty in securing investment commitments at the third investment summit underscores the challenges in attracting foreign investment. The Investment Board of Nepal extended the deadline twice for investors to submit letters of intent for 12 government-presented projects, indicating lukewarm interest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Secretary Gyawali noted that while government agencies were active during the investment summit, they failed to follow up regularly with investors, further hindering the investment process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21254', 'image' => '20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-07-14 11:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21527', 'article_category_id' => '1', 'title' => 'New Prime Minister to be Appointed Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today (Sunday). The process of appointment and swearing-in of the prime minister will take place today after the deadline set by the president for the formation of the new government comes to an end, said Kiran Pokharel, the press advisor to the President. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Paudel had, in accordance with Article 76 (2) of the Constitution, called on parties on Friday to submit their stake on the new government leadership by 5:00 pm today, July 14. Accordingly, the Chairperson of CPN (UML) KP Sharma Oli had submitted his claim for the post of the prime minister on Friday itself with the support of the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the expiring of the deadline at 5:00 pm, President Paudel will appoint the new prime minister this evening. However, the swearing-in ceremony of the prime minister and ministers will be held at 11 a.m. on Monday, as the time will not be enough for the same on Sunday, added Press Adivsor Pokharel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A new government is being formed after incumbent Prime Minister Pushpa Kamal Dahal lost a majority in the parliament after the CPN-UML deciding to part ways with him and join hands with the main opposition, Nepali Congress. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21253', 'image' => '20240714111152_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-14 11:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21526', 'article_category_id' => '1', 'title' => 'Heavy Rainfall Expected in Koshi, Bagmati, and Gandaki Provinces ', 'sub_title' => '', 'summary' => 'The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 14: The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the next 24 hours, heavy rain is forecasted for some areas within the Koshi, Bagmati, and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the weather bulletin issued this morning, the afternoon will see partly to mostly cloudy skies nationwide, with light to moderate rain accompanied by thunder and lightning expected in the Koshi, Madhes, Bagmati, Gandaki, and Lumbini provinces, as well as in some areas of Karnali and Sudurpaschim provinces. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Heavy rainfall is particularly expected in one or two places in the Koshi and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Tonight, the weather is expected to remain partly to mostly cloudy, with light to moderate rain and thunderstorms likely in the Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim provinces. Additionally, heavy rain is anticipated in one or two locations within the Koshi, Bagmati, and Gandaki regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Department advises residents in these areas to be prepared for potential heavy rainfall and associated weather conditions. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21252', 'image' => '20240714081831_collage (66).jpg', 'article_date' => '2024-07-14 08:15:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21525', 'article_category_id' => '1', 'title' => 'Nepal's IT Sector Holds Immense Potential for Economic Development, Says FNCCI President', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 13: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the international ICT discussion titled "Positioning Nepal as a Global IT Hub", Dhakal highlighted the rapid progress Nepal has made in the IT sector in recent years.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhakal stated that Nepal should capitalize on this growth to enhance industrial development and boost service exports. He pointed out that the country's youths are increasingly engaging in IT courses and launching IT-driven enterprises. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Dhakal, there are currently around 500 IT companies in Nepal, and this number could grow further if the government adopts IT-friendly policies and creates a conducive environment for investment. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21251', 'image' => '20240714080730_collage (65).jpg', 'article_date' => '2024-07-14 08:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21539', 'article_category_id' => '1', 'title' => 'Newly-Appointed Prime Minister Oli Takes Oath of Office', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President Ram Chandra Paudel administered the oath of office and secrecy to newly-appointed Prime Minister KP Sharma Oli today, July 15. The ceremony took place this morning at Rashtrapati Bhawan, Sheetal Niwas.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The event was attended by Vice President Ram Sahay Prasad Yadav, Chief Justice Bishwambhar Prasad Shrestha, Speaker Devraj Ghimire, National Assembly Chairman Narayan Prasad Dahal, outgoing Prime Minister Pushpa Kamal Dahal, former prime ministers Sher Bahadur Deuba, Jhalanath Khanal, and Dr. Baburam Bhattarai, leaders of various political parties, MPs, senior government officials, chiefs of the security bodies, heads and representatives of Nepal-based diplomatic missions, and distinguished persons from various walks of life.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">President Paudel appointed CPN (UML) Chair Oli to the post of Prime Minister on July 14 in accordance with Article 76 (2) of the Constitution of Nepal. Oli has the support of the Nepali Congress, the largest party, and the UML, the second largest party, in the House of Representatives, the lower chamber of the Federal Parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chair Oli was appointed Prime Minister following an agreement between the Nepali Congress and the UML on July 1 to form a new government. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21265', 'image' => '20240715124736_PRO-KTM-31066A4498copy.jpg', 'article_date' => '2024-07-15 12:46:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21538', 'article_category_id' => '1', 'title' => 'Floods Damage Indrawati III Hydropower Project', 'sub_title' => '', 'summary' => 'Sindhupalchok: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Sindhupalchok</span>: Floods in the Yangri and Indrawati rivers last night damaged the 7.5 MW Indrawati III Hydropower Project. The dam in Tipeni of Panchpokhari has been filled with sand, and the substation and power house have suffered damage, according to Tashi Lama, chair of Panchpokhari Thangpal Rural Municipality. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, power supply in most parts of constituency number 2 of the district has been interrupted. Additionally, the road from Khaldekhola to Tipeni has been blocked.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Local resident Galbo Samden reported that the bridge connecting Chinde Jatan, along with the Yangri bridge, were also swept away by the flood. The Yangri and Indrawati rivers have washed away agricultural land along the riverbanks. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Bailey bridge built last year in Melamchi, which connects Melamchi, Indrawati, and Panchpokhari, is also at risk. Similarly, the newly constructed bus park, playground, and covered hall under construction in Melamchi are said to be at risk of flooding.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21264', 'image' => '20240715114813_hydro.jpg', 'article_date' => '2024-07-15 11:47:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21537', 'article_category_id' => '1', 'title' => 'Private Sector Expects Stability and Economic Reform During Oli’s Tenure', 'sub_title' => '', 'summary' => 'KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the formation of a new government in collaboration between the Nepali Congress and the CPN (UML), UML Chairman KP Sharma Oli was appointed as prime minister on Sunday. President Ram Chandra Paudel appointed Oli as Prime Minister on Sunday (July 14) according to Article 76 (2) of the Constitution. As the newly appointed Prime Minister prepares to take oath on Monday (today), the private sector is optimistic about the new government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The stock market has reflected this optimism. On Sunday, the NEPSE index increased by 52.97 points. "The stock market has already welcomed the new government," Hemraj Dhakal, Vice President of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI), told New Business Age. He added, "The private sector expects political stability."</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">FNCCI Vice President Dhakal expressed hope that the coalition of the two major political parties would revitalize the economy. He believes the new government will have the ability to make decisive economic reforms due to the collaboration of major parties. Historically, no government in Nepal has lasted five years since the political change of 1990. The KP Oli-led government formed after the 2017 election did not last five years due to internal strife within the then Nepal Communist Party, despite having an overwhelming majority. The private sector has long complained about the lack of a predictable investment environment due to frequent government changes and shifting policies.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A 2014 study report by the Millennium Challenge Corporation, an American international aid organization, highlighted political instability as a major obstacle to Nepal's economic development. The report also cited the lack of electricity, high transportation costs, and strict labor laws as significant challenges. While there have been improvements in electricity supply and labor laws, political instability and high transportation costs remain major obstacles. With the new government formed through a coalition of two major parties, industrialists and businessmen hope for better political stability and a more favorable investment environment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rajesh Agrawal, President of the Confederation of Nepalese Industries (CNI), stated that the formation of the new government will increase confidence in the market. He noted that the power equation between the two political parties is well-suited to providing a solid direction for the economy and strengthening it. He highlighted several economic challenges, including a slowdown in economic activities, a shrinking real estate market, industrial businesses operating at only 30 to 40 percent capacity, high bank interest rates, and a stagnant capital market. Businessmen have had to bear the instability caused by frequent government changes every 4-6 months, he said, adding, "The new power equation has made us optimistic about political stability and a stable government." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal suggested that the government take immediate steps to stabilize the economy for the next three years and make tough decisions to keep it running.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">When the government failed to pay construction workers, it not only affected them but also impacted the suppliers and manufacturers of construction materials. The government is one of the main buyers of industrial products. Industrialists have also reported that industries have not been able to operate at maximum capacity due to weak market demand. Despite large remittance inflows, there has not been a corresponding increase in market demand, affecting production.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, the economy is projected to grow by 3.87 percent in the current fiscal year. The office estimates that the manufacturing industry and construction sector will shrink while the wholesale and retail trade sector will grow moderately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Agrawal emphasized the need for policy reforms to make the economy sustainable. Although the Pushpa Kamal Dahal-led government announced a new reform program in the budget for the next fiscal year, there is uncertainty about whether the new government will adopt the budget. The budget for the current year 2080/81 was introduced by former Finance Minister Dr. Prakash Sharan Mahat, and the budget for the upcoming year 2081/82 was presented by Finance Minister Barshman Pun.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Kamlesh Agrawal, President of the Nepal Chamber of Commerce, stated that he is always hopeful when a new government comes into power, but that hope often turns into disappointment. However, he is more optimistic about the government formed by the two major parties in parliament.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"If the two big parties form a government together, it will bring stability," he told New Business Age. He believes that frequent government changes disrupt previous policies and disturb the investment environment. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21263', 'image' => '20240715105532_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-15 10:54:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21536', 'article_category_id' => '1', 'title' => 'Monsoon-Induced Disaster Death Toll Climbs to 108', 'sub_title' => '', 'summary' => 'KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: A total of 108 people have died due to monsoon-induced disasters, including floods, landslides, and inundations in different parts of the country so far this year. According to the Nepal Police headquarters, the death toll in the monsoon season, which began on June 10, has reached 108 as of July 14.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Among the deceased, two were from Kathmandu Valley, 19 from Koshi Province, five from Madhesh Province, nine from Bagmati Province, 38 from Gandaki Province, 23 from Lumbini Province, four from Karnali Province, and eight from Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">In addition, 119 people were injured in these incidents: eight in Kathmandu Valley, 31 in Koshi Province, nine in Madhesh Province, seven in Bagmati Province, 28 in Gandaki Province, nine in Lumbini Province, 16 in Karnali Province, and 11 in Sudurpaschim Province.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Nepal Police reported that 53 people affected by floods and landslides have been rescued, while six people are still missing. During this period, a total of 182 houses were inundated due to floods. Additionally, 203 houses, 75 sheds, 41 bridges, one school, and two government offices were damaged. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21262', 'image' => '20240715101234_KDN_Dang-20240706_171042.jpg', 'article_date' => '2024-07-15 10:11:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21535', 'article_category_id' => '1', 'title' => 'Manakamana Cable Car to Remain Closed for 50 Days', 'sub_title' => '', 'summary' => 'MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">MUGLIN: The Manakamana Cable Car will be closed for the next 50 days starting from today (July 15). The operator, Manakamana Darshan Pvt Ltd, announced that the closure is necessary to upgrade the system from analog to digital technology. Ujjwal Sherchan, Deputy General Manager of Manakamana Darshan Pvt Ltd, stated that the main metal cable, in use for 26 years, will also be replaced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Technicians from the Austrian company Doppelmayr are handling the upgrades and maintenance. The project includes several stages of modernization to ensure the system meets current standards.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Operating since 1998 (2055 BS), the Manakamana cable car has provided convenience to pilgrims visiting the Manakamana temple, a prominent religious site in Sahid Lakhan Rural Municipality of Gorkha. During the closure, the restaurant at the bottom station in Ichchakamana-4 Kurintar, Chitwan, will remain open. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-15', 'modified' => '2024-07-15', 'keywords' => '', 'description' => '', 'sortorder' => '21261', 'image' => '20240715092846_20240616051409_collage (13).jpg', 'article_date' => '2024-07-15 09:28:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21534', 'article_category_id' => '1', 'title' => 'Trump Survives Assassination Attempt ', 'sub_title' => '', 'summary' => ' BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BUTLER: Donald Trump was hit in the ear in an assassination attempt by a gunman at a campaign rally Saturday, in a chaotic and shocking incident set to supercharge political tensions ahead of the polarising US presidential election. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 78-year-old former president was rushed off stage with blood streaked across his face after the shooting in Butler, Pennsylvania, while the shooter and a bystander were killed and two spectators critically injured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Republican candidate raised a defiant fist to the crowd as he was bundled away to safety, and said afterward: "I was shot with a bullet that pierced the upper part of my right ear." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Joe Biden, who is set to face Trump in November's deeply polarized election, said the incident was "sick" and added that there was "no place in America for this kind of violence." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Biden later spoke to Trump, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Unconfirmed images appeared to show the assailant's body lying on the sloping roof of a low building from where he had fired, plunging the rally filled with Trump supporters into screams and panic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The FBI confirmed in a press conference that the shooting was being treated as "an assassination attempt against our former president, Donald Trump." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The shooter had been "tentatively identified," police said, and was believed to be working alone, but law enforcement officials said they would not release any details yet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After multiple witnesses said they saw the gunman before the shooting and alerted authorities, Butler police said they had "responded to a number of reports of suspicious activity" but gave no further details. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">'Ripping through the skin' </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Trump, wearing a red "Make America Great Again" cap, had just started speaking at his final rally before the Republican National Convention when multiple bangs ran out. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">He grimaced and clutched his ear, with blood visible on his ear and cheek, then ducked to the floor as Secret Service agents swarmed onto the podium, surrounding him and escorting him roughly off the stage to a nearby vehicle. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"It is incredible that such an act can take place in our Country," Trump said on his Truth Social network hours later, in remarks sure to stoke the political hostility already engulfing the United States. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin," Trump said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Much bleeding took place, so I realized then what was happening." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He later could be seen walking unaided from his plane, though his wounded ear was not facing the camera, in video footage posted by his deputy communications director. The New York Times reported that he was staying the night in New Jersey. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US Secret Service said in a statement that the suspected shooter "fired multiple shots toward the stage from an elevated position outside the rally" before being "neutralized" by agents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police confirmed that a male spectator was killed and two critically injured, all of them male adults. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack sent shock waves around the world, with the leaders of Britain, Israel, Japan and a host of other countries expressing outrage. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Biden cut short a weekend trip to his Delaware beach house to return to Washington. He will receive an updated briefing from security officials on Sunday morning, the White House said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The attack has already stoked political tensions, with some Republicans pointing the finger at Biden and right-wing conspiracy theories flooding social media. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Possible Trump vice presidential pick J.D. Vance said Biden's "rhetoric" had "led directly" to the Trump attack. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Trump's campaign said he would still attend the Republican National Convention in Milwaukee, after he was reported to have had a precautionary hospital checkup. </span><br /> <strong><span style="font-family:"Arial Unicode MS","sans-serif"">Screams and panic </span></strong><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">But the convention will now be dominated by the shooting at the rally, which descended into panic with screams and shouts ringing out after the gunshots. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Let me get my shoes," Trump was heard saying on the microphone, as security agents helped him back to his feet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He turned back to the crowd and repeatedly raised his fist, as well as mouthing words that weren't immediately discernible, in what instantly became an iconic image. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Agents bundled the tycoon into an SUV, as he once more shook his fist. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We saw a lot of people go down, looking confused. I heard the shots," said John Yeykal from Franklin, Pennsylvania, who was attending his first Trump rally. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">US political figures including former presidents Barack Obama and Bill Clinton lined up to condemn the attack and say there was no place for violence in politics. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Billionaire Elon Musk meanwhile reacted by quickly endorsing Trump. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The United States has a history of political violence, and presidents, former presidents and candidates have tight security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President John F. Kennedy was assassinated in 1963 while riding in his motorcade, and his brother Bobby Kennedy was shot dead in 1968. President Ronald Reagan survived an assassination attempt in 1981. – AFP/RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21260', 'image' => '20240714065036_AP24196225006460.jpg', 'article_date' => '2024-07-14 18:47:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21533', 'article_category_id' => '1', 'title' => 'UML Chair Oli Appointed New Prime Minister ', 'sub_title' => '', 'summary' => 'KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Chairman of the CPN UML, KP Sharma Oli, has been appointed the new prime minister after the outgoing Prime Minister Pushpa Kamal Dahal failed to receive the vote of confidence in parliament on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Ram Chandra Paudel on Sunday appointed UML Chairman Oli as the prime minister in accordance with Article 76 (2) of the constitution, informed the President's Press Advisor, Kiran Pokhrel. Oli was appointed the PM with the backing of largest political party in parliament, the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UML Chairman Oli and NC President Sher Bahadur Deuba had submitted the signatures of majority of lawmakers proposing Oli as the new prime minister in the wake of President Paudel's call on staking a claim for the post of PM on Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The president had called to stake a claim for the post of PM with the support of two or more political parties in parliament within a deadline of 5 pm on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The oath-taking ceremony will be held at 11:00am on Monday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21259', 'image' => '20240714061427_PRO_KTM_PRACHANDA_SPEECH.jpg', 'article_date' => '2024-07-14 18:13:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21532', 'article_category_id' => '1', 'title' => 'NEPSE Sees Substantial Gain of 52.97 to Close at 2,257.59', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 14: The Nepal Stock Exchange (NEPSE) Index surged by 52.97 points, or 2.40%, closing at 2,257.59 points on the first trading day of the week on Sunday. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The index opened at 2,239.41 and recorded an intraday low of 2,230.50. It climbed to an intraday high of 2,290.95 before closing at 2,257.59.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today’s trading session, 309 stocks were traded through 96,274 transactions on the NEPSE. A total of 22,047,327 units of shares were exchanged, resulting in a total turnover of Rs. 7.62 billion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Janaki Finance Limited (JFL) led the market in terms of turnover, achieving Rs. 24.27 Crores and closing at Rs. 825 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ridi Power Company Limited (RIDI) and Mandu Hydropower Limited (MANDU) saw the highest gains, each hitting the positive circuit for the day with a 10% surge. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, 10.15% Prime Debenture 2084 (PBD84) experienced the highest loss, declining by 4.12%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sector-wise, all indices ended the day in positive territory. The Banking Index recorded the highest gain, rising by 3.74%, while the Microfinance Index saw a slight loss of 0.82%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21258', 'image' => '20240714042526_collage (2).jpg', 'article_date' => '2024-07-14 16:24:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21531', 'article_category_id' => '1', 'title' => 'Farmers 'Cheated' Again in Payment of Milk Dues', 'sub_title' => '', 'summary' => 'KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Dairy industries have cheated farmers for the third time in the payment of arrears for milk sold on credit. On June 30, the government, dairy industry, and farmers' representatives agreed to settle the outstanding amounts up to mid-April by July 11. However, no farmer has received the arrears payment within the agreed date, according to farmers' representatives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers are yet to receive dues amounting to Rs 4 billion by the government-owned Dairy Development Corporation (DDC) and private dairy industries. Of that amount, DDC alone owes about Rs 2 billion. "Neither the government agency DDC nor the private dairies have paid the farmers," Thaneshwar Sapkota, president of the Central Milk Producers' Cooperative Association, told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sapkota criticized the government for failing to fulfill its responsibilities. "Even though the government coordinated the agreement with both parties, it did not take any initiative to implement it," he complained. Among private sector dairies, Sujal Dairy, Rajdhani Dairy, Gayatri Dairy, and Tulsa Dairy owe the most to the farmers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Both DDC and other dairies claim they lack the funds to pay farmers due to unsold stocks of powdered milk and butter. According to the National Dairy Development Board, as of mid-April 2023 to mid-April 2024, 1,400 metric tons of butter and 4,800 metric tons of milk powder worth about Rs 5 billion are in stock, with the balance still increasing. "DDC currently has 1,100 tons of powdered milk and 850 tons of butter worth Rs 1.5 billion, but it has not been possible to pay the farmers within the specified time," said Rajendra Prasad Adhikari, Acting Deputy General Manager of DDC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Adhikari mentioned that DDC requested a loan of Rs 600 million from the Ministry of Agriculture and Livestock Development to pay the farmers, but the payment was halted due to lack of approval from the Ministry of Finance. "We have no intention to cheat farmers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers' representatives argue that private sector dairies use the non-payment from the government-owned company as an excuse to withhold payments. Previous agreements to pay farmers on December 12, 2023, and March 2, 2024, were not implemented, leading to a third agreement on June 30, which also failed. Farmers even protested in Kathmandu recently, demanding payment, but the government clamped down on the protests. The latest memorandum of understanding stipulated that arrears arrears for mid-April to mid-June must be paid by mid-September, and that from now on, the dairy industry should pay for milk purchased from farmers in two installments every month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Farmers Plan to Protest Again from mid-July</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With arrears still unpaid, frustrated farmers have warned of further protests from mid-July to fulfill their demands. Sapkota said that they will wait for a few days due to the new government formation process and will present their demands to the new agriculture minister once the new government is in place.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21257', 'image' => '20240714023445_20240711020544_milk.jpg', 'article_date' => '2024-07-14 14:34:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21530', 'article_category_id' => '1', 'title' => 'Dedicated and Trunk Line Tariff Dispute: Businesses Stand Firm on Non-payment, NEA Warns Line Cuts', 'sub_title' => '', 'summary' => 'KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A longstanding dispute over the electricity tariff for dedicated feeders and trunk lines has placed industrialists and the Nepal Electricity Authority (NEA) at odds. Industrialists are steadfast in their refusal to pay outstanding amounts, while the NEA threatens to cut power lines to the industries until payments are made.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On June 24, NEA sent a letter to 61 industries, demanding payment of arrears within 15 days. The deadline expired on Tuesday, and none of the industrialists paid within the deadline. Consequently, NEA began cutting power lines to the industries. On Tuesday, NEA cut the lines of Reliance Spinning Mills, Ghorahi Cement, and Arghakhanchi Cement. On Wednesday, it cut lines to Jagdamba Synthetic and Hulas Steel, followed by Jagdamba Steel on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shashikant Agarwal, owner of Reliance Spinning Mills, contested the NEA's demand, stating that the letter sent to industrialists did not specify the amount of electricity used or the basis for the charges.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The authority has sent us a letter, not a bill. The amount to be paid should be clearly disclosed with details on electricity usage. However, the authority just sent a letter and arbitrarily asked for money. We cannot pay under these circumstances," he told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to NEA, Ghorahi Cement owes Rs 406.8 million, Reliance Rs 602.9 million, and Arghakhanchi Cement Rs 358.8 million. Jagdamba Synthetics, whose line was cut in the second phase, owes Rs 160.4 million, and Hulas Steel owes Rs 112.9 million. Jagdamba Steel, which had its line cut on Thursday, owes Rs 1.28 billion. The NEA has billed the industrialists with an additional 25% penalty on these amounts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NEA remains resolute in collecting the outstanding amounts and will continue cutting lines until payments are made. Manoj Silwal, Deputy Executive Director of NEA, stated that if the dues are not paid, the process of cutting lines will persist and intensify.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Silwal refuted the industrialists' claims of unclear billing, asserting that all bills were clearly detailed and sent in an excel sheet. He urged industrialists to focus on paying the outstanding amounts and resolving the dispute swiftly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In response to the line cuts, industrialists have sought intervention from Prime Minister Pushpa Kamal Dahal and senior leaders of the newly formed government. A group of industrialists met with the Prime Minister and other leaders on Thursday to address the issue.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last December, as the tax dispute escalated, the government formed a judicial inquiry committee led by former Supreme Court justice Girish Chandra Lal. The committee reported that industrialists should only pay fees from January 2072 to May 2075. According to NEA, industrialists owe about Rs 8.25 billion for that period, including Rs 6.658 billion in additional taxes and a 25% fine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The industrialists insist that while they are willing to make payments, the NEA must provide clear evidence of electricity consumption.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21256', 'image' => '20240714013154_20220811020636_NEA.jpg', 'article_date' => '2024-07-14 13:30:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21529', 'article_category_id' => '1', 'title' => 'Nepal Lacks Binding Laws to Address Climate Change', 'sub_title' => '', 'summary' => 'KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">BIJAY DAMASE</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Despite a Supreme Court order on December 25, 2018, instructing the government to enact a specific law on climate change, the government has not shown diligence in complying with the directive. The division bench of then Chief Justice Om Prakash Mishra and Justice Tej Bahadur KC ordered the creation of a Climate Change Act in accordance with the new Constitution of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Environmental Protection Act, 2053, includes some provisions on climate change and environmental protection, but lacks a comprehensive legal framework for climate adaptation and mitigation. The court emphasized the necessity of a separate law to address these issues and mandated the implementation of the National Framework for Climate Change Policy 2067, the National Adaptation Action Plan, and the Local Adaptation Action Plan until the new Act is enacted.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Advocate Padam Bahadur Shrestha filed a writ on October 31, 2017, against the Office of the Prime Minister and the Council of Ministers, highlighting the absence of legal provisions for climate adaptation and mitigation in the existing Environmental Protection Act. Despite the court's immediate order to implement the provisions of the Climate Change Policy 2067, the government has yet to take steps toward enacting a separate law. The government maintains that existing laws are sufficient.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Badriraj Dhungana, joint secretary of the Ministry of Forests and Environment, argues that while there is no separate, integrated law to address climate change, the Forests Act, Environment Act, and Nepal's Nationally Determined Contributions (NDC) policies are adequate. "We don't lack laws; we have a significant financial shortfall to address the problem," he said, expressing hope that resources will be mobilized in the future.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Stakeholders' Views</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stakeholders argue that a specific climate change law is necessary to mitigate the effects of climate change and ensure justice for those disproportionately affected. Nepal's contribution to climate change is minimal, yet it faces high climate risk. According to the "Global Climate Risk Index 2021" by Germanwatch, Nepal is among the 10 most vulnerable countries. Poor communities in Nepal are increasingly struggling to earn a living due to climate-related impacts such as floods and droughts, prompting calls for climate justice and compensation for damages.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mahesh Badal, Senior Program and Business Development Manager of ActionAid, an international NGO, highlights the dramatic increase in climate change victims who cannot find justice under current laws. "Few people can achieve climate justice with the existing laws, so a new law is urgently needed," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Real-life Impacts</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Examples of climate impacts include a fire in a paddy field in Birtamod-10, West Biratpokhara, which destroyed about 5,680 kilograms of paddy, causing significant financial loss to Santa Kumar Lohar. In another instance, continuous rainfall for five days in June destroyed all maize crops planted by Sita Paudel in her 10-ropani field in Bhumikasthan Municipality, Arghakhanchi, without any government compensation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Government studies also reveal widespread climate change effects. The "National Climate Change Survey 2022" by the National Statistics Office, which interviewed 6,500 citizens, found that about 90% of citizens suffered crop losses due to drought over the past 25 years. Other significant impacts include flood damage, insect infestations, and drying water sources.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The "Nepal Development Report" by the World Bank in October 2022 noted that climate change negatively impacts Nepal's agriculture, infrastructure, and labor productivity. The report highlighted issues like changing weather patterns, increasing temperatures, erratic rainfall, floods, landslides, and river erosion affecting agricultural productivity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Policy vs Implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While Nepal has policies and plans to allocate 80% of the climate change budget to the local level, implementation is hindered by the lack of adequate laws. The government has prepared and passed the second Nationally Determined Contribution (NDC), with an estimated implementation cost of Rs 435.3 billion by 2030. Despite these commitments, experts doubt their successful implementation without robust legal backing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Madhukar Upadhyay, a watershed expert, emphasized the need for legal enforcement to ensure policy implementation. "Policies without legal status are unlikely to be implemented," he said, comparing it to the mandatory requirement of a driving license.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Call for Action</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior advocate Padam Bahadur Shrestha stresses that the government has ignored the Supreme Court's order to create a separate climate change law, forcing reliance on the Environmental Protection Act. Article 30 of the Fundamental Rights in Nepal defines environmental protection as a right, but current laws lack binding provisions and clear responsibilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ashok Chaudhary, MP of the House of Representatives and member of the Agriculture, Cooperatives, and Natural Resources Committee, calls for legislation to compensate citizens affected by climate change. "Farmers' crops are being destroyed due to climate change, and the state is not providing support," he said. Dhungana, from the Ministry of Forestry, acknowledged the state's limited capacity to pay compensation, highlighting the financial constraints.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Experts are unanimous that Nepal urgently needs a binding climate change law to address the severe impacts on its citizens, ensure climate justice, and fulfill its international commitments effectively.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-16', 'keywords' => '', 'description' => '', 'sortorder' => '21255', 'image' => '20240714010306_climate law.jpg', 'article_date' => '2024-07-14 13:02:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21528', 'article_category_id' => '1', 'title' => 'Nepal Received Only a Third of Foreign Investment Commitment in 13 Years', 'sub_title' => '', 'summary' => 'KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: While Nepal is making efforts to attract foreign investment, the corresponding returns have not materialized. Despite receiving significant foreign investment commitments, actual investment inflows have lagged.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A recent report, "Foreign Investment in Nepal-2024," published by the Department of Industry, highlights the disparity between foreign investment commitments and actual investments. Over the past 13 years, Nepal has received foreign investment commitments totaling Rs 425.72 billion. However, only Rs 148.87 billion has been realized, which is just one-third of the committed amount.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report details the gap between commitments and actual investments from FY 2068/69 to FY 2080/81. Stakeholders attribute the shortfall to an unfavorable investment environment in Nepal, citing political instability, policy inconsistency, bureaucratic red tape, and corruption as primary obstacles.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An investor involved in supporting foreign investment in Nepal expressed frustration over bureaucratic delays. He noted that despite the implementation of a one-point service by the Investment Board and the Department of Industry, investors still need to engage with multiple government agencies. "All the documents must be resubmitted again and again, making the process cumbersome," he said, requesting anonymity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government introduced a one-door in 2019. However, the representative offices of all relevant government agencies were not established in time at the Department of Industry’s service center, forcing investors to approach various agencies individually. The third investment summit held in late April this year introduced an automated investment system. While the country received investment commitments through this new system, actual investments have not materialized.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Investors also face complex procedures when seeking additional capital for expanding existing projects. "After initial capital approval, raising more capital requires another application to the Investment Board, followed by another round of study and board meeting for approval," the investor explained. "The board meeting, chaired by the prime minister, can be delayed, causing significant delays."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Political instability exacerbates the unpredictability of government policies, deterring foreign investors. In the past 18 months, Nepal has seen three different governments under Prime Minister Pushpa Kamal Dahal, supported by CPN (UML) and the Nepali Congress. The recent collapse of Dahal's government, replaced by UML president KP Sharma Oli's administration, has only added to the instability. Such political flux makes foreign investors hesitant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors seek assurance that policies and laws will remain stable after their investments," said former secretary Krishna Gyawali. "They also assess the state of governance in the country." Nepal, ranked 108th out of 180 countries in terms of corruption, scores just 35 points in the Transparency International's Corruption Perceptions Index, where a score below 50 indicates high levels of corruption.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"Investors are concerned about the efficiency, transparency, and integrity of government offices," Gyawali said. The difficulty in securing investment commitments at the third investment summit underscores the challenges in attracting foreign investment. The Investment Board of Nepal extended the deadline twice for investors to submit letters of intent for 12 government-presented projects, indicating lukewarm interest.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Secretary Gyawali noted that while government agencies were active during the investment summit, they failed to follow up regularly with investors, further hindering the investment process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21254', 'image' => '20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-07-14 11:54:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21527', 'article_category_id' => '1', 'title' => 'New Prime Minister to be Appointed Today ', 'sub_title' => '', 'summary' => 'KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: President Ram Chandra Paudel will appoint the new prime minister today (Sunday). The process of appointment and swearing-in of the prime minister will take place today after the deadline set by the president for the formation of the new government comes to an end, said Kiran Pokharel, the press advisor to the President. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">President Paudel had, in accordance with Article 76 (2) of the Constitution, called on parties on Friday to submit their stake on the new government leadership by 5:00 pm today, July 14. Accordingly, the Chairperson of CPN (UML) KP Sharma Oli had submitted his claim for the post of the prime minister on Friday itself with the support of the Nepali Congress. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the expiring of the deadline at 5:00 pm, President Paudel will appoint the new prime minister this evening. However, the swearing-in ceremony of the prime minister and ministers will be held at 11 a.m. on Monday, as the time will not be enough for the same on Sunday, added Press Adivsor Pokharel. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A new government is being formed after incumbent Prime Minister Pushpa Kamal Dahal lost a majority in the parliament after the CPN-UML deciding to part ways with him and join hands with the main opposition, Nepali Congress. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21253', 'image' => '20240714111152_1661323579_kpanddeuba-1200x560_20220824130259.jpg', 'article_date' => '2024-07-14 11:10:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21526', 'article_category_id' => '1', 'title' => 'Heavy Rainfall Expected in Koshi, Bagmati, and Gandaki Provinces ', 'sub_title' => '', 'summary' => 'The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 14: The Department of Hydrology and Meteorology reports that light to moderate rainfall is taking place in the Koshi, Madhes, Bagmati, and Gandaki provinces due to the monsoon winds affecting the country. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In the next 24 hours, heavy rain is forecasted for some areas within the Koshi, Bagmati, and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to the weather bulletin issued this morning, the afternoon will see partly to mostly cloudy skies nationwide, with light to moderate rain accompanied by thunder and lightning expected in the Koshi, Madhes, Bagmati, Gandaki, and Lumbini provinces, as well as in some areas of Karnali and Sudurpaschim provinces. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Heavy rainfall is particularly expected in one or two places in the Koshi and Gandaki provinces.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Tonight, the weather is expected to remain partly to mostly cloudy, with light to moderate rain and thunderstorms likely in the Koshi, Madhes, Bagmati, Gandaki, Lumbini, Karnali, and Sudurpaschim provinces. Additionally, heavy rain is anticipated in one or two locations within the Koshi, Bagmati, and Gandaki regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Department advises residents in these areas to be prepared for potential heavy rainfall and associated weather conditions. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21252', 'image' => '20240714081831_collage (66).jpg', 'article_date' => '2024-07-14 08:15:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21525', 'article_category_id' => '1', 'title' => 'Nepal's IT Sector Holds Immense Potential for Economic Development, Says FNCCI President', 'sub_title' => '', 'summary' => 'Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 13: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the significant potential of the information technology (IT) sector in driving Nepal's economic growth. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the international ICT discussion titled "Positioning Nepal as a Global IT Hub", Dhakal highlighted the rapid progress Nepal has made in the IT sector in recent years.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Dhakal stated that Nepal should capitalize on this growth to enhance industrial development and boost service exports. He pointed out that the country's youths are increasingly engaging in IT courses and launching IT-driven enterprises. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">According to Dhakal, there are currently around 500 IT companies in Nepal, and this number could grow further if the government adopts IT-friendly policies and creates a conducive environment for investment. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-14', 'modified' => '2024-07-14', 'keywords' => '', 'description' => '', 'sortorder' => '21251', 'image' => '20240714080730_collage (65).jpg', 'article_date' => '2024-07-14 08:06:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ) ) $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
