August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be…
August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be…
The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational…
he Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on…
August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August.…
August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the…
August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the…
August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement…
August 14: The government has formed a taskforce to address the problems faced by the construction…
August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this…
August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a…
Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking…
A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province…
August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night.…
The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61…
August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for…
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), (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' => '18738', 'article_category_id' => '1', 'title' => 'Contracts of Stalled Projects will be Terminated: Minister Mahat', 'sub_title' => '', 'summary' => 'August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be terminated.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be terminated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">During a discussion with the protesting contractors at his office on Monday, the finance minister said that the government would clear the dues of the contractors, but it would not hesitate to cancel the contracts of the stalled projects. </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 case of those projects for which the termination of the contracts is not a feasible option, he urged for the management of budget and the acceleration of the projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Federation of Contractors' Association of Nepal (FCAN) has been agitating since July 30, alleging the government's procrastination to release the payments. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18467', 'image' => '20230814093534_20230402035731_1680390939.prakash sharan mahat.jpg', 'article_date' => '2023-08-14 21:34:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18737', 'article_category_id' => '1', 'title' => 'Six Employees of the Citizens Bank International Held', 'sub_title' => '', 'summary' => 'The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Acting on a tip-off that employees have been working by furnishing counterfeit certificates, six employees have been nabbed from various branches of the bank, said Superintendent of Police (SP) Dan Bahadur Karki, Chief of the District Police Office in Kathmandu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The incident is currently under investigation, police said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18466', 'image' => '20230814061509_collage (12).jpg', 'article_date' => '2023-08-14 18:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18736', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops 3.61 Points to Close at 2077.24 Points', 'sub_title' => '', 'summary' => 'he Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today's trading session, the Nepal Stock Exchange (NEPSE) Index shed 3.61 points or 0.17 percent and closed at 2077.24 points. On the last trading day, the index experienced a gain of 14.81 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading, a total of 279 scrips exchanged their hands through 68,842 transactions. As many as 5,417,928 shares were traded amounting to Rs 2.09 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">IME Life Insurance Company Limited (ILI) recorded the highest turnover of Rs. 11.24 crores and closed at a market price of Rs. 589.90.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, Three Star Hydropower Limited (TSHL) gained the highest 9.98% to close at Rs. 308.50.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, Siddhartha Premier Insurance Limited (SPIL) lost the highest 6.46% today.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Five sector indices closed in the green zone while the remaining closed in the red. Manufacturing and Processing Index gained the most with 0.65 percent positive change while Hydropower Index lost the most 1.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sensitive Index and Sensitive Float Index increased by 0.01 and 0.10 percent respectively, while Float Index dropped by 0.19 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18465', 'image' => '20230814045753_collage (11).jpg', 'article_date' => '2023-08-14 16:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18735', 'article_category_id' => '1', 'title' => 'Implementation of MCC in Full Swing from mid-August', 'sub_title' => '', 'summary' => 'August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. The Millennium Challenge Account Nepal (MCA Nepal), the body responsible for implementing the agreement, has made final preparations to implement the agreement approved by the Parliament. While the MCC is in the implementation phase, there are still some obstructions in the land acquisition process. Due to this, the cost of the project is likely to increase.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">There is also doubt if the project will be completed within five years.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If the MCC project is not completed within five years, the Government of Nepal will have to bear the responsibility for the rest of the work.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If it is not completed on time, there is a risk that the government will have to bear the financial burden and other responsibilities later, said a senior official of MCA Nepal.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“The government agencies should help MCA Nepal to solve the problem of land acquisition,” said the official, adding, "It is not clear how the government will proceed with the land acquisition This has increased the risk of liability increasing later.”</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process for land acquisition has progressed in Chitwan and Nawalparasi but obstacles remain in some places.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Executive Director of MCA Nepal, Khadga Bahadur Bista said that the land acquisition process has progressed in nine districts. According to him, there is problem only in about 2 kilometres stretch of Kathmandu district. There is a dispute between the Nepal Electricity Authority and the locals. Although there was a plan to resolve the dispute and proceed with the work, it was not successful, said Bista.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process of land acquisition in 313 kilometres long area of the other nine districts has already progressed. The transmission line will touch 10 districts namely Kathmandu, Sindhupalchok, Nuwakot, Dhading, Makwanpur, Chitwan, Tanahun, Palpa, Nawalpur and Parasi. After completing the compensation work, it is ready to go into full implementation in some of these districts.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to MCA Nepal, the selection of the company to build the transmission line under the MCC is also underway. Six proposals have been submitted for the construction of the transmission line.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In the bids invited globally, MCA Nepal has received proposals from Mega Engineering and Infrastructure Limited and Power Mech Projects Limited, a joint venture of Kalpataru Power Transmission Limited, KEC International Limited, Transrail Lighting Limited, Tata Projects Limited and Larsen & Turbay Limited. Evaluation of these proposals is underway. It is said that the company will be selected after proper evaluation.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has allocated a budget of Rs 10.84 billion to MCA Nepal for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government will contribute Rs 2.21 billion while the MCC will fund Rs 8.63 billion. </span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had reached an understanding with the US government in 2017 to undertake the MCC project which would cover construction of cross-border transmission lines and road expansion works</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18464', 'image' => '20230814042024_1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2023-08-14 16:19:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18734', 'article_category_id' => '1', 'title' => 'Dusit Princess Launches Kibu Sky Lounge', 'sub_title' => '', 'summary' => 'August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel premises. The lounge is based on the top floor of the hotel with cozy indoor corners and comfortable outdoor seating along with DJ deck. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, this captivating venue promises to redefine the city's scene with a blend of sophisticated ambiance, signature cocktails and handpicked menu inspired by Japanese, Italian and other delectable cuisine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Dusit Princess Kathmandu said that the Kibu Sky Lounge embraces the essence of elegance, offering patrons a breathtaking panoramic view of Kathmandu's skyline. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highlight of Kibu Sky Lounge is its meticulously long bar with large digital screen, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“From tantalizing barbeques to innovative fusion dishes, the culinary offerings at Kibu are destined to captivate your palate,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, curated selection of cocktails, premium spirits, and an extensive wine list are available for connoisseurs and cocktail enthusiasts alike. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're thrilled to introduce Kibu Sky Lounge to the Kathmandu community and beyond," says Dorje Lama, managing director of Dusit Princess Kathmandu. "With its prime location on the top floor, Kibu promises a unique blend of breathtaking views, handcrafted beverages, and culinary delights, making it an ideal destination for those seeking unforgettable nights out."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lounge will operate every day from 5PM to 2AM.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18463', 'image' => '20230814040129_Image 2.jpg', 'article_date' => '2023-08-14 16:00:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18733', 'article_category_id' => '1', 'title' => 'Landslides Block Highways in Nine Places Across Nepal ', 'sub_title' => '', 'summary' => 'August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Continuous rainfall triggered landslides, resulting in the obstructions of highways in various districts including Darchula, Sindhupalchowk, Mugu, Dadheldhura, Palpa, Rolpa, and Rukum (East), as confirmed by the Police Headquarters in Naxal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Gokuleshwar-Darchula Highway in Darchula, Melamchi-Helambu road section and Melamchi- Bhotang road section in Sindhupalchowk, Jumla-Nagma-Mugu road section in Mugu, Dadheldhura-Dipayal road section in Dadheldhura and Bhimdutta Highway have been obstructed, the police headquarters said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Siddhartha Highway in Palpa, Shahidmarga road section in Rolpa and Mid-Hill Highway in Rukum (East) have also been obstructed by landslides, thereby, affecting vehicular movement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Efforts are underway to clear off the landslide debris and restore the traffic along the obstructed highways and road sections, police said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'disaster, rainfall, highway, obstruction, Nepal, induced, block', 'description' => '', 'sortorder' => '18462', 'image' => '20230814022232_KN-Damauli-image_6483441.JPG', 'article_date' => '2023-08-14 14:21:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18732', 'article_category_id' => '1', 'title' => 'Government Report Recommends Prioritizing PPA for State-Sponsored Hydropower Projects', 'sub_title' => '', 'summary' => 'August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The report has recommended giving priority to projects of Nepal Electricity Authority (NEA) and its subsidiaries and government-owned companies for PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 'Report on Policy Arrangements Regarding Power Purchase and Sale Agreement-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">' prepared a committee headed by Joint Secretary of the Ministry of Energy, Water Resources and Irrigation, Sandeep Kumar Dev, made such a recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After publishing the report of the committee formed by the government, the Independent Power Producers Association of Nepal (IPPAN) expressed discontent with the recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Ganesh Karki, president of IPPAN, said that it is not fair that the private sector projects that have already invested millions of rupees are not prioritized for the PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN held a press conference in Kathmandu on Sunday to publicize its views on the report. On the occasion, Karki said, "PPA should be done on a first-come, first-served basis." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee has made </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> recommendations including PPA. Similarly, IPPAN said that that the committee’s recommendation to cancel the survey license and PPA of the projects that have failed to secure financial resources within a certain period is not justifiable in the current situation. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">IPPAN demanded the government grant a special extension period of one year for projects that could not achieve financial closure due to Covid-19 and lack of liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN has suggested that the period of financial management should be fixed for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for 100 to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW projects and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the report of the committee, it is recommended to manage the financial management within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. It has been mentioned that if there is no financial management during this period, regardless of what is written in the production license and PPA, the authority may cancel the PPA and confiscate the bank guarantee of the project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Mohan Kumar Dangi, senior vice president of IPPAN, said that the provision of allowing the return on equity (ROE) of 17 percent and more for large projects has come as per the demand of the private sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee formed by the government has given priority to the government's projects in the PPA, but has recommended to encourage small investors from the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been mentioned that ROR and PROR hydropower projects with a connected capacity of up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts will be given priority over larger projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal as set a target to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2028. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has already signed an agreement with India to achieve this goal and to export up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity from Nepal to India.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18461', 'image' => '20230814121559_hydro.jpg', 'article_date' => '2023-08-14 12:14:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18731', 'article_category_id' => '1', 'title' => 'Government Forms Taskforce to Address the Demands of Contractors ', 'sub_title' => '', 'summary' => 'August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.</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"">The Office of the Prime Minister and Council of Ministers (OPMCM) confirmed that a six-member taskforce has been formed under the coordination of Public Procurement Monitoring Office Secretary Dr Damodar Regmi with join-secretaries of line ministries as members in order to resolve the problems. The taskforce comprises representatives from the ministry of finance, physical infrastructure and, urban development among others. </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"">The committee is mandated to submit a report within 15 days after conducting necessary consultations and coordination with all stakeholders, said Narayan Prasad Bhatta, spokesperson for the OPMCM. </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"">The contractors have been voicing their concerns over the issue of non-payment of their completed works by the government. This has resulted in other problems amid rising inflation, say the agitating contractors. </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"">OPMCM Spokesperson Bhatta said that Prime Minister Pushpa Kamal Dahal has directed the Ministry of Finance and other line ministries to promptly address the demands, including payment of completed works of the contractors. He added that Prime Minister Dahal was serious about addressing several demands of the contractors. </span></span></span><br /> </p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18460', 'image' => '20230814112332_92875562_101727424839026_8489939004500738048_n.jpg', 'article_date' => '2023-08-14 11:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18730', 'article_category_id' => '1', 'title' => 'Koshi River’s Water Current Highest in 34 Years, all 56 Sluice Gates Opened ', 'sub_title' => '', 'summary' => 'August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year, according to the latest measurement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Superintendent of Police (DSP) of the District Police Office, Saptari, Naresh Kumar Singh, informed that water level has gone up in the Koshi barrage due to incessant rainfall in the mountainous area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the water level alarmingly rising, all 56 sluice gates of the Koshi barrage have been kept open, informed the police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Informing that a red light has been issued to mark danger in the barrage, DSP Singh said water current was measured at 462,000 cu sec in the river at 4.00 am this morning. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the water current is declining now. In 1989, the Saptakoshi River had witnessed water current measurement of 472,000 cu sec. This morning, the water current of 462,000 cu sec was almost close to the mark of 1989. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Koshi saw such a higher level of water current after 34 years. Local administration has urged the residents near the river basins to adopt safety measures with the rise in the water current in the Saptakoshi. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18459', 'image' => '20230814104459_115931986_3859907530702809_6841247244640180715_n.jpg', 'article_date' => '2023-08-14 10:42:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18729', 'article_category_id' => '1', 'title' => 'Mustang Floods Sweep away 10 Houses, Police Post and Bridge ', 'sub_title' => '', 'summary' => 'August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood-fed Kag rivulet, that sneaked into the human settlement in Kagbeni, a popular religious site, at 8.00 pm last night caused damages to the physical infrastructures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Muktichhetra Rural municipality Rinjin Gurung shared that the flood took away 10 houses including hotels, a police post, an under-construction motorable bridge on Jomsom-Korala road, a trail bridge, two vehicles and three electricity poles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Human loss was narrowly escaped due to timely evacuation of people after getting information about imminent flood. The flood took place after the Tiri rivulet above Kagbeni was blocked, resulting in a flash flood," he shared, adding, "It has buried houses in Kagbeni. Flood has put human settlement in a mess". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer Anup KC said the Nepalese Army, Armed Police Force and Nepal Police along with the people's representatives are being mobilized in the field for rescue operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood in the Panda stream has caused trouble to the security personnel to reach Kagbeni through Jomsom. The road leading to the Upper Mustang via Kagbeni has been obstructed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mustang has witnessed incessant rain for the past couple of days. Water level has also increased in other rivulets of Mustang due to the incessant rain. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'Flood, Mustang, Kagbeni, Nepal, flash, Army, rescue, Armed, Police', 'description' => '', 'sortorder' => '18458', 'image' => '20230814022455_RSS_Mustang-Kagbenifoodgharmabadipasako.jpg', 'article_date' => '2023-08-14 10:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18728', 'article_category_id' => '1', 'title' => 'Finance Minister Dr Mahat Consults Bankers on Current Challenges Seen in BFIS', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting, which saw the participation of CEOs of the commercial banks at the Ministry of Finance, delved into reasons for limited demand for loan despite sufficient liquidity in the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the recent days, the finance minister is holding consultations with the representatives of the private sector, donor agencies, regulatory bodies and other stakeholders regarding the interventions to be taken for reforms in economy. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahat posed pertinent questions to the participants: "Why has demands for loan not increased in the banks and financial institutions? How the banking sector can help in making economy floating? What the government and Nepal Rastra Bank should do to end the existing status?" </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the session, Sunil KC, Chairman of the Nepal Banker's Association, expressed concerns over the waning confidence levels in both the private sector and the banking industry. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC also cited confusion stemming from the taxation applied to FPOs (Further Public Offerings).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, KC highlighted that funds held at the local level should be accounted for as deposits, emphasizing that approximately Rs 150 billion in deposits has dwindled since the commencement of the current fiscal year. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC predicted a downward trend in interest rates, with the possibility of rates reaching single digit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bankers suggested that the plotting of the land should be opened and the real estate market should be relaxed and loan to the small and medium enterprises should be simplified. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18457', 'image' => '20230814060959_collage (13).jpg', 'article_date' => '2023-08-14 06:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18727', 'article_category_id' => '1', 'title' => '155 Cooperatives Merged in Gandaki Province', 'sub_title' => '', 'summary' => 'A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Ministry of Internal Affairs and Law for the province confirmed this substantial merger that merger efforts have resulted in the formation of 65 new cooperatives as of April 13, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Registrar of the Cooperatives Registrar's Office in Pokhara, Roshan Aryal, said that that cooperatives from districts like Kaski, Baglung, Myagdi, Nawalpur, Gorkha, Tanahu, Lamjung, Syangja, and Parbat actively participated in the merger process. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, cooperatives located in the Manang and Mustang districts are yet to partake in th merger initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Kaski district led the way with the highest number of mergers, witnessing 56 cooperatives going into merger, while Myagdi and Nawalpur followed closely with 27 each. Gorkha recorded eight mergers, Tanahu seven, Lamjung five, Syangja four, and Parbat three.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merged entities include a diverse range of cooperative types, including saving and credit cooperatives, multi-purpose cooperatives, communication cooperatives, agricultural cooperatives, dairy cooperatives, consumer cooperatives, and small farmers' cooperatives. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18456', 'image' => '20230814055142_collage (12).jpg', 'article_date' => '2023-08-14 05:49:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18726', 'article_category_id' => '1', 'title' => 'Kathmandu-Bound Aircraft Diverted as Rain Affects Flights at TIA ', 'sub_title' => '', 'summary' => 'August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. As a result of low visibility, some flights have been diverted and some others cancelled, said TIA General Manager Pratap Babu Tiwari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An Air India aircraft coming from New Delhi was diverted to Varanasi, and airplanes of Air China and Sichuan Airlines heading from Tianfu of China were returned back. Similarly, flights from Kathmandu to Pokhara and Surkhet have been halted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three Kathmandu-Pokhara flights and one Kathmandu-Tumlingtar flight of Buddha Air have been cancelled. According to the Meteorological Forecasting Division, rainfall is predicted to continue until coming Tuesday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18455', 'image' => '20230813052335_Air-India-Twitter-2-1.jpg', 'article_date' => '2023-08-13 17:22:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18725', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 14.81 Points to Close at 2080.86', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">August 13: The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The secondary benchmark index gained 14.81 points or 0.71 percent and closed at 2080. 86 points on the first trading day-Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The NEPSE, which witnessed drop ever since the unveiling of the monetary policy by the Nepal Rastra Bank, has started seeing traders become active. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">Of late, with the easing of the liquidity in the banks and financial institutions, the bank interest rates on loans have started to fall. Consequently, banks have announced to give loan against shares. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 271 scrips exchanged their hands through 95,965 transactions.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">As many as 9,718,754 shares were traded representing a turnover of Rs. 3.018 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Nepal Insurance Co. Ltd Promoter Share (NICLPO) recorded the highest turnover followed by the debutante Ghorahi Cement Industry Limited (GCIL), which recorded an impressive amount of Rs. 23.15 crores, and closed at a market price of Rs. 509.00.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Similarly, Three Star Hydropower Limited (TSHL) on its first day of trading gained the highest with all it could in a day to close at Rs. 280.50.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Ghorahi Cement Industry Limited (GCIL) technically hit the lower circuit with a loss of 9.99 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.99 percent while Float Index and Sensitive Float Index surged by 0.83 and 1.13 per cent respectively. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Out of 13 sub-indices, four Indices-Finance, Manufacturing and Processing, Microfinance, and Others Index closed in the red zone. All others except four sub index settled in the green zone.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Non-Life Insurance gained the highest 2.21 per cent while Banking Subindex witnessed rise of 1.07 percent. </span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18454', 'image' => '20230813042918_collage (10).jpg', 'article_date' => '2023-08-13 16:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18723', 'article_category_id' => '1', 'title' => 'Interest on Bank Loans Declines', 'sub_title' => '', 'summary' => 'August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the liquidity situation eased, the commercial banks reduced the interest on deposits and the spread rate (the difference between the average interest rate given by banks on deposits and the average interest rate taken on loans) was adjusted according to the instructions of Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, the average base rate of commercial banks has remained at 10.12 percent as of mid-July this year. During the corresponding period of the previous fiscal year, the average base rate of banks was 9.32 percent which increased to mid-January earlier this year. The base rate started to decrease from January onwards.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The interest rates, which the banks had earlier increased due to lack of liquidity, have been reduced since February.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In December last year, the interest rate on deposits of commercial banks had reached as high as 12.33 percent. However, the commercial banks have fixed the interest on deposits at a single digit (9.99 percent) since May. The bankers’ umbrella body in July decided that the interest rates will be determined individually by the banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the instructions of the central bank, the commercial banks have reduced the spread rate to 4 percent from mid-June. Banks have also reduced the interest rate to maintain the spread rate. As of mid-July, 12 out of 20 banks had their spread rates below 4 percent. The spread rate of 8 banks is more than 4 percent. The banks involved in merger and acquisition have been given exemption of up to one percentage point for maintaining their spread rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> At present, commercial banks add a maximum of 5 percent premium to the base rate while determining the interest rate on loans. The premium specified in the loan agreement cannot be changed later.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18452', 'image' => '20230813022900_bankkkkkkk.jpg', 'article_date' => '2023-08-13 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18738', 'article_category_id' => '1', 'title' => 'Contracts of Stalled Projects will be Terminated: Minister Mahat', 'sub_title' => '', 'summary' => 'August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be terminated.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be terminated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">During a discussion with the protesting contractors at his office on Monday, the finance minister said that the government would clear the dues of the contractors, but it would not hesitate to cancel the contracts of the stalled projects. </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 case of those projects for which the termination of the contracts is not a feasible option, he urged for the management of budget and the acceleration of the projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Federation of Contractors' Association of Nepal (FCAN) has been agitating since July 30, alleging the government's procrastination to release the payments. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18467', 'image' => '20230814093534_20230402035731_1680390939.prakash sharan mahat.jpg', 'article_date' => '2023-08-14 21:34:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18737', 'article_category_id' => '1', 'title' => 'Six Employees of the Citizens Bank International Held', 'sub_title' => '', 'summary' => 'The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Acting on a tip-off that employees have been working by furnishing counterfeit certificates, six employees have been nabbed from various branches of the bank, said Superintendent of Police (SP) Dan Bahadur Karki, Chief of the District Police Office in Kathmandu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The incident is currently under investigation, police said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18466', 'image' => '20230814061509_collage (12).jpg', 'article_date' => '2023-08-14 18:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18736', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops 3.61 Points to Close at 2077.24 Points', 'sub_title' => '', 'summary' => 'he Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today's trading session, the Nepal Stock Exchange (NEPSE) Index shed 3.61 points or 0.17 percent and closed at 2077.24 points. On the last trading day, the index experienced a gain of 14.81 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading, a total of 279 scrips exchanged their hands through 68,842 transactions. As many as 5,417,928 shares were traded amounting to Rs 2.09 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">IME Life Insurance Company Limited (ILI) recorded the highest turnover of Rs. 11.24 crores and closed at a market price of Rs. 589.90.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, Three Star Hydropower Limited (TSHL) gained the highest 9.98% to close at Rs. 308.50.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, Siddhartha Premier Insurance Limited (SPIL) lost the highest 6.46% today.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Five sector indices closed in the green zone while the remaining closed in the red. Manufacturing and Processing Index gained the most with 0.65 percent positive change while Hydropower Index lost the most 1.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sensitive Index and Sensitive Float Index increased by 0.01 and 0.10 percent respectively, while Float Index dropped by 0.19 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18465', 'image' => '20230814045753_collage (11).jpg', 'article_date' => '2023-08-14 16:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18735', 'article_category_id' => '1', 'title' => 'Implementation of MCC in Full Swing from mid-August', 'sub_title' => '', 'summary' => 'August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. The Millennium Challenge Account Nepal (MCA Nepal), the body responsible for implementing the agreement, has made final preparations to implement the agreement approved by the Parliament. While the MCC is in the implementation phase, there are still some obstructions in the land acquisition process. Due to this, the cost of the project is likely to increase.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">There is also doubt if the project will be completed within five years.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If the MCC project is not completed within five years, the Government of Nepal will have to bear the responsibility for the rest of the work.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If it is not completed on time, there is a risk that the government will have to bear the financial burden and other responsibilities later, said a senior official of MCA Nepal.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“The government agencies should help MCA Nepal to solve the problem of land acquisition,” said the official, adding, "It is not clear how the government will proceed with the land acquisition This has increased the risk of liability increasing later.”</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process for land acquisition has progressed in Chitwan and Nawalparasi but obstacles remain in some places.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Executive Director of MCA Nepal, Khadga Bahadur Bista said that the land acquisition process has progressed in nine districts. According to him, there is problem only in about 2 kilometres stretch of Kathmandu district. There is a dispute between the Nepal Electricity Authority and the locals. Although there was a plan to resolve the dispute and proceed with the work, it was not successful, said Bista.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process of land acquisition in 313 kilometres long area of the other nine districts has already progressed. The transmission line will touch 10 districts namely Kathmandu, Sindhupalchok, Nuwakot, Dhading, Makwanpur, Chitwan, Tanahun, Palpa, Nawalpur and Parasi. After completing the compensation work, it is ready to go into full implementation in some of these districts.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to MCA Nepal, the selection of the company to build the transmission line under the MCC is also underway. Six proposals have been submitted for the construction of the transmission line.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In the bids invited globally, MCA Nepal has received proposals from Mega Engineering and Infrastructure Limited and Power Mech Projects Limited, a joint venture of Kalpataru Power Transmission Limited, KEC International Limited, Transrail Lighting Limited, Tata Projects Limited and Larsen & Turbay Limited. Evaluation of these proposals is underway. It is said that the company will be selected after proper evaluation.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has allocated a budget of Rs 10.84 billion to MCA Nepal for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government will contribute Rs 2.21 billion while the MCC will fund Rs 8.63 billion. </span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had reached an understanding with the US government in 2017 to undertake the MCC project which would cover construction of cross-border transmission lines and road expansion works</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18464', 'image' => '20230814042024_1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2023-08-14 16:19:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18734', 'article_category_id' => '1', 'title' => 'Dusit Princess Launches Kibu Sky Lounge', 'sub_title' => '', 'summary' => 'August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel premises. The lounge is based on the top floor of the hotel with cozy indoor corners and comfortable outdoor seating along with DJ deck. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, this captivating venue promises to redefine the city's scene with a blend of sophisticated ambiance, signature cocktails and handpicked menu inspired by Japanese, Italian and other delectable cuisine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Dusit Princess Kathmandu said that the Kibu Sky Lounge embraces the essence of elegance, offering patrons a breathtaking panoramic view of Kathmandu's skyline. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highlight of Kibu Sky Lounge is its meticulously long bar with large digital screen, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“From tantalizing barbeques to innovative fusion dishes, the culinary offerings at Kibu are destined to captivate your palate,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, curated selection of cocktails, premium spirits, and an extensive wine list are available for connoisseurs and cocktail enthusiasts alike. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're thrilled to introduce Kibu Sky Lounge to the Kathmandu community and beyond," says Dorje Lama, managing director of Dusit Princess Kathmandu. "With its prime location on the top floor, Kibu promises a unique blend of breathtaking views, handcrafted beverages, and culinary delights, making it an ideal destination for those seeking unforgettable nights out."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lounge will operate every day from 5PM to 2AM.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18463', 'image' => '20230814040129_Image 2.jpg', 'article_date' => '2023-08-14 16:00:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18733', 'article_category_id' => '1', 'title' => 'Landslides Block Highways in Nine Places Across Nepal ', 'sub_title' => '', 'summary' => 'August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Continuous rainfall triggered landslides, resulting in the obstructions of highways in various districts including Darchula, Sindhupalchowk, Mugu, Dadheldhura, Palpa, Rolpa, and Rukum (East), as confirmed by the Police Headquarters in Naxal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Gokuleshwar-Darchula Highway in Darchula, Melamchi-Helambu road section and Melamchi- Bhotang road section in Sindhupalchowk, Jumla-Nagma-Mugu road section in Mugu, Dadheldhura-Dipayal road section in Dadheldhura and Bhimdutta Highway have been obstructed, the police headquarters said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Siddhartha Highway in Palpa, Shahidmarga road section in Rolpa and Mid-Hill Highway in Rukum (East) have also been obstructed by landslides, thereby, affecting vehicular movement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Efforts are underway to clear off the landslide debris and restore the traffic along the obstructed highways and road sections, police said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'disaster, rainfall, highway, obstruction, Nepal, induced, block', 'description' => '', 'sortorder' => '18462', 'image' => '20230814022232_KN-Damauli-image_6483441.JPG', 'article_date' => '2023-08-14 14:21:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18732', 'article_category_id' => '1', 'title' => 'Government Report Recommends Prioritizing PPA for State-Sponsored Hydropower Projects', 'sub_title' => '', 'summary' => 'August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The report has recommended giving priority to projects of Nepal Electricity Authority (NEA) and its subsidiaries and government-owned companies for PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 'Report on Policy Arrangements Regarding Power Purchase and Sale Agreement-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">' prepared a committee headed by Joint Secretary of the Ministry of Energy, Water Resources and Irrigation, Sandeep Kumar Dev, made such a recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After publishing the report of the committee formed by the government, the Independent Power Producers Association of Nepal (IPPAN) expressed discontent with the recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Ganesh Karki, president of IPPAN, said that it is not fair that the private sector projects that have already invested millions of rupees are not prioritized for the PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN held a press conference in Kathmandu on Sunday to publicize its views on the report. On the occasion, Karki said, "PPA should be done on a first-come, first-served basis." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee has made </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> recommendations including PPA. Similarly, IPPAN said that that the committee’s recommendation to cancel the survey license and PPA of the projects that have failed to secure financial resources within a certain period is not justifiable in the current situation. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">IPPAN demanded the government grant a special extension period of one year for projects that could not achieve financial closure due to Covid-19 and lack of liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN has suggested that the period of financial management should be fixed for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for 100 to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW projects and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the report of the committee, it is recommended to manage the financial management within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. It has been mentioned that if there is no financial management during this period, regardless of what is written in the production license and PPA, the authority may cancel the PPA and confiscate the bank guarantee of the project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Mohan Kumar Dangi, senior vice president of IPPAN, said that the provision of allowing the return on equity (ROE) of 17 percent and more for large projects has come as per the demand of the private sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee formed by the government has given priority to the government's projects in the PPA, but has recommended to encourage small investors from the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been mentioned that ROR and PROR hydropower projects with a connected capacity of up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts will be given priority over larger projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal as set a target to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2028. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has already signed an agreement with India to achieve this goal and to export up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity from Nepal to India.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18461', 'image' => '20230814121559_hydro.jpg', 'article_date' => '2023-08-14 12:14:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18731', 'article_category_id' => '1', 'title' => 'Government Forms Taskforce to Address the Demands of Contractors ', 'sub_title' => '', 'summary' => 'August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.</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"">The Office of the Prime Minister and Council of Ministers (OPMCM) confirmed that a six-member taskforce has been formed under the coordination of Public Procurement Monitoring Office Secretary Dr Damodar Regmi with join-secretaries of line ministries as members in order to resolve the problems. The taskforce comprises representatives from the ministry of finance, physical infrastructure and, urban development among others. </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"">The committee is mandated to submit a report within 15 days after conducting necessary consultations and coordination with all stakeholders, said Narayan Prasad Bhatta, spokesperson for the OPMCM. </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"">The contractors have been voicing their concerns over the issue of non-payment of their completed works by the government. This has resulted in other problems amid rising inflation, say the agitating contractors. </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"">OPMCM Spokesperson Bhatta said that Prime Minister Pushpa Kamal Dahal has directed the Ministry of Finance and other line ministries to promptly address the demands, including payment of completed works of the contractors. He added that Prime Minister Dahal was serious about addressing several demands of the contractors. </span></span></span><br /> </p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18460', 'image' => '20230814112332_92875562_101727424839026_8489939004500738048_n.jpg', 'article_date' => '2023-08-14 11:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18730', 'article_category_id' => '1', 'title' => 'Koshi River’s Water Current Highest in 34 Years, all 56 Sluice Gates Opened ', 'sub_title' => '', 'summary' => 'August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year, according to the latest measurement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Superintendent of Police (DSP) of the District Police Office, Saptari, Naresh Kumar Singh, informed that water level has gone up in the Koshi barrage due to incessant rainfall in the mountainous area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the water level alarmingly rising, all 56 sluice gates of the Koshi barrage have been kept open, informed the police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Informing that a red light has been issued to mark danger in the barrage, DSP Singh said water current was measured at 462,000 cu sec in the river at 4.00 am this morning. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the water current is declining now. In 1989, the Saptakoshi River had witnessed water current measurement of 472,000 cu sec. This morning, the water current of 462,000 cu sec was almost close to the mark of 1989. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Koshi saw such a higher level of water current after 34 years. Local administration has urged the residents near the river basins to adopt safety measures with the rise in the water current in the Saptakoshi. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18459', 'image' => '20230814104459_115931986_3859907530702809_6841247244640180715_n.jpg', 'article_date' => '2023-08-14 10:42:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18729', 'article_category_id' => '1', 'title' => 'Mustang Floods Sweep away 10 Houses, Police Post and Bridge ', 'sub_title' => '', 'summary' => 'August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood-fed Kag rivulet, that sneaked into the human settlement in Kagbeni, a popular religious site, at 8.00 pm last night caused damages to the physical infrastructures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Muktichhetra Rural municipality Rinjin Gurung shared that the flood took away 10 houses including hotels, a police post, an under-construction motorable bridge on Jomsom-Korala road, a trail bridge, two vehicles and three electricity poles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Human loss was narrowly escaped due to timely evacuation of people after getting information about imminent flood. The flood took place after the Tiri rivulet above Kagbeni was blocked, resulting in a flash flood," he shared, adding, "It has buried houses in Kagbeni. Flood has put human settlement in a mess". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer Anup KC said the Nepalese Army, Armed Police Force and Nepal Police along with the people's representatives are being mobilized in the field for rescue operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood in the Panda stream has caused trouble to the security personnel to reach Kagbeni through Jomsom. The road leading to the Upper Mustang via Kagbeni has been obstructed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mustang has witnessed incessant rain for the past couple of days. Water level has also increased in other rivulets of Mustang due to the incessant rain. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'Flood, Mustang, Kagbeni, Nepal, flash, Army, rescue, Armed, Police', 'description' => '', 'sortorder' => '18458', 'image' => '20230814022455_RSS_Mustang-Kagbenifoodgharmabadipasako.jpg', 'article_date' => '2023-08-14 10:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18728', 'article_category_id' => '1', 'title' => 'Finance Minister Dr Mahat Consults Bankers on Current Challenges Seen in BFIS', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting, which saw the participation of CEOs of the commercial banks at the Ministry of Finance, delved into reasons for limited demand for loan despite sufficient liquidity in the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the recent days, the finance minister is holding consultations with the representatives of the private sector, donor agencies, regulatory bodies and other stakeholders regarding the interventions to be taken for reforms in economy. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahat posed pertinent questions to the participants: "Why has demands for loan not increased in the banks and financial institutions? How the banking sector can help in making economy floating? What the government and Nepal Rastra Bank should do to end the existing status?" </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the session, Sunil KC, Chairman of the Nepal Banker's Association, expressed concerns over the waning confidence levels in both the private sector and the banking industry. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC also cited confusion stemming from the taxation applied to FPOs (Further Public Offerings).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, KC highlighted that funds held at the local level should be accounted for as deposits, emphasizing that approximately Rs 150 billion in deposits has dwindled since the commencement of the current fiscal year. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC predicted a downward trend in interest rates, with the possibility of rates reaching single digit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bankers suggested that the plotting of the land should be opened and the real estate market should be relaxed and loan to the small and medium enterprises should be simplified. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18457', 'image' => '20230814060959_collage (13).jpg', 'article_date' => '2023-08-14 06:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18727', 'article_category_id' => '1', 'title' => '155 Cooperatives Merged in Gandaki Province', 'sub_title' => '', 'summary' => 'A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Ministry of Internal Affairs and Law for the province confirmed this substantial merger that merger efforts have resulted in the formation of 65 new cooperatives as of April 13, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Registrar of the Cooperatives Registrar's Office in Pokhara, Roshan Aryal, said that that cooperatives from districts like Kaski, Baglung, Myagdi, Nawalpur, Gorkha, Tanahu, Lamjung, Syangja, and Parbat actively participated in the merger process. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, cooperatives located in the Manang and Mustang districts are yet to partake in th merger initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Kaski district led the way with the highest number of mergers, witnessing 56 cooperatives going into merger, while Myagdi and Nawalpur followed closely with 27 each. Gorkha recorded eight mergers, Tanahu seven, Lamjung five, Syangja four, and Parbat three.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merged entities include a diverse range of cooperative types, including saving and credit cooperatives, multi-purpose cooperatives, communication cooperatives, agricultural cooperatives, dairy cooperatives, consumer cooperatives, and small farmers' cooperatives. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18456', 'image' => '20230814055142_collage (12).jpg', 'article_date' => '2023-08-14 05:49:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18726', 'article_category_id' => '1', 'title' => 'Kathmandu-Bound Aircraft Diverted as Rain Affects Flights at TIA ', 'sub_title' => '', 'summary' => 'August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. As a result of low visibility, some flights have been diverted and some others cancelled, said TIA General Manager Pratap Babu Tiwari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An Air India aircraft coming from New Delhi was diverted to Varanasi, and airplanes of Air China and Sichuan Airlines heading from Tianfu of China were returned back. Similarly, flights from Kathmandu to Pokhara and Surkhet have been halted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three Kathmandu-Pokhara flights and one Kathmandu-Tumlingtar flight of Buddha Air have been cancelled. According to the Meteorological Forecasting Division, rainfall is predicted to continue until coming Tuesday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18455', 'image' => '20230813052335_Air-India-Twitter-2-1.jpg', 'article_date' => '2023-08-13 17:22:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18725', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 14.81 Points to Close at 2080.86', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">August 13: The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The secondary benchmark index gained 14.81 points or 0.71 percent and closed at 2080. 86 points on the first trading day-Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The NEPSE, which witnessed drop ever since the unveiling of the monetary policy by the Nepal Rastra Bank, has started seeing traders become active. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">Of late, with the easing of the liquidity in the banks and financial institutions, the bank interest rates on loans have started to fall. Consequently, banks have announced to give loan against shares. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 271 scrips exchanged their hands through 95,965 transactions.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">As many as 9,718,754 shares were traded representing a turnover of Rs. 3.018 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Nepal Insurance Co. Ltd Promoter Share (NICLPO) recorded the highest turnover followed by the debutante Ghorahi Cement Industry Limited (GCIL), which recorded an impressive amount of Rs. 23.15 crores, and closed at a market price of Rs. 509.00.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Similarly, Three Star Hydropower Limited (TSHL) on its first day of trading gained the highest with all it could in a day to close at Rs. 280.50.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Ghorahi Cement Industry Limited (GCIL) technically hit the lower circuit with a loss of 9.99 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.99 percent while Float Index and Sensitive Float Index surged by 0.83 and 1.13 per cent respectively. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Out of 13 sub-indices, four Indices-Finance, Manufacturing and Processing, Microfinance, and Others Index closed in the red zone. All others except four sub index settled in the green zone.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Non-Life Insurance gained the highest 2.21 per cent while Banking Subindex witnessed rise of 1.07 percent. </span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18454', 'image' => '20230813042918_collage (10).jpg', 'article_date' => '2023-08-13 16:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18723', 'article_category_id' => '1', 'title' => 'Interest on Bank Loans Declines', 'sub_title' => '', 'summary' => 'August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the liquidity situation eased, the commercial banks reduced the interest on deposits and the spread rate (the difference between the average interest rate given by banks on deposits and the average interest rate taken on loans) was adjusted according to the instructions of Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, the average base rate of commercial banks has remained at 10.12 percent as of mid-July this year. During the corresponding period of the previous fiscal year, the average base rate of banks was 9.32 percent which increased to mid-January earlier this year. The base rate started to decrease from January onwards.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The interest rates, which the banks had earlier increased due to lack of liquidity, have been reduced since February.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In December last year, the interest rate on deposits of commercial banks had reached as high as 12.33 percent. However, the commercial banks have fixed the interest on deposits at a single digit (9.99 percent) since May. The bankers’ umbrella body in July decided that the interest rates will be determined individually by the banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the instructions of the central bank, the commercial banks have reduced the spread rate to 4 percent from mid-June. Banks have also reduced the interest rate to maintain the spread rate. As of mid-July, 12 out of 20 banks had their spread rates below 4 percent. The spread rate of 8 banks is more than 4 percent. The banks involved in merger and acquisition have been given exemption of up to one percentage point for maintaining their spread rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> At present, commercial banks add a maximum of 5 percent premium to the base rate while determining the interest rate on loans. The premium specified in the loan agreement cannot be changed later.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18452', 'image' => '20230813022900_bankkkkkkk.jpg', 'article_date' => '2023-08-13 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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) ), (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' => '18738', 'article_category_id' => '1', 'title' => 'Contracts of Stalled Projects will be Terminated: Minister Mahat', 'sub_title' => '', 'summary' => 'August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be terminated.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be terminated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">During a discussion with the protesting contractors at his office on Monday, the finance minister said that the government would clear the dues of the contractors, but it would not hesitate to cancel the contracts of the stalled projects. </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 case of those projects for which the termination of the contracts is not a feasible option, he urged for the management of budget and the acceleration of the projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Federation of Contractors' Association of Nepal (FCAN) has been agitating since July 30, alleging the government's procrastination to release the payments. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18467', 'image' => '20230814093534_20230402035731_1680390939.prakash sharan mahat.jpg', 'article_date' => '2023-08-14 21:34:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18737', 'article_category_id' => '1', 'title' => 'Six Employees of the Citizens Bank International Held', 'sub_title' => '', 'summary' => 'The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Acting on a tip-off that employees have been working by furnishing counterfeit certificates, six employees have been nabbed from various branches of the bank, said Superintendent of Police (SP) Dan Bahadur Karki, Chief of the District Police Office in Kathmandu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The incident is currently under investigation, police said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18466', 'image' => '20230814061509_collage (12).jpg', 'article_date' => '2023-08-14 18:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18736', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops 3.61 Points to Close at 2077.24 Points', 'sub_title' => '', 'summary' => 'he Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today's trading session, the Nepal Stock Exchange (NEPSE) Index shed 3.61 points or 0.17 percent and closed at 2077.24 points. On the last trading day, the index experienced a gain of 14.81 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading, a total of 279 scrips exchanged their hands through 68,842 transactions. As many as 5,417,928 shares were traded amounting to Rs 2.09 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">IME Life Insurance Company Limited (ILI) recorded the highest turnover of Rs. 11.24 crores and closed at a market price of Rs. 589.90.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, Three Star Hydropower Limited (TSHL) gained the highest 9.98% to close at Rs. 308.50.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, Siddhartha Premier Insurance Limited (SPIL) lost the highest 6.46% today.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Five sector indices closed in the green zone while the remaining closed in the red. Manufacturing and Processing Index gained the most with 0.65 percent positive change while Hydropower Index lost the most 1.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sensitive Index and Sensitive Float Index increased by 0.01 and 0.10 percent respectively, while Float Index dropped by 0.19 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18465', 'image' => '20230814045753_collage (11).jpg', 'article_date' => '2023-08-14 16:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18735', 'article_category_id' => '1', 'title' => 'Implementation of MCC in Full Swing from mid-August', 'sub_title' => '', 'summary' => 'August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. The Millennium Challenge Account Nepal (MCA Nepal), the body responsible for implementing the agreement, has made final preparations to implement the agreement approved by the Parliament. While the MCC is in the implementation phase, there are still some obstructions in the land acquisition process. Due to this, the cost of the project is likely to increase.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">There is also doubt if the project will be completed within five years.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If the MCC project is not completed within five years, the Government of Nepal will have to bear the responsibility for the rest of the work.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If it is not completed on time, there is a risk that the government will have to bear the financial burden and other responsibilities later, said a senior official of MCA Nepal.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“The government agencies should help MCA Nepal to solve the problem of land acquisition,” said the official, adding, "It is not clear how the government will proceed with the land acquisition This has increased the risk of liability increasing later.”</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process for land acquisition has progressed in Chitwan and Nawalparasi but obstacles remain in some places.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Executive Director of MCA Nepal, Khadga Bahadur Bista said that the land acquisition process has progressed in nine districts. According to him, there is problem only in about 2 kilometres stretch of Kathmandu district. There is a dispute between the Nepal Electricity Authority and the locals. Although there was a plan to resolve the dispute and proceed with the work, it was not successful, said Bista.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process of land acquisition in 313 kilometres long area of the other nine districts has already progressed. The transmission line will touch 10 districts namely Kathmandu, Sindhupalchok, Nuwakot, Dhading, Makwanpur, Chitwan, Tanahun, Palpa, Nawalpur and Parasi. After completing the compensation work, it is ready to go into full implementation in some of these districts.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to MCA Nepal, the selection of the company to build the transmission line under the MCC is also underway. Six proposals have been submitted for the construction of the transmission line.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In the bids invited globally, MCA Nepal has received proposals from Mega Engineering and Infrastructure Limited and Power Mech Projects Limited, a joint venture of Kalpataru Power Transmission Limited, KEC International Limited, Transrail Lighting Limited, Tata Projects Limited and Larsen & Turbay Limited. Evaluation of these proposals is underway. It is said that the company will be selected after proper evaluation.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has allocated a budget of Rs 10.84 billion to MCA Nepal for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government will contribute Rs 2.21 billion while the MCC will fund Rs 8.63 billion. </span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had reached an understanding with the US government in 2017 to undertake the MCC project which would cover construction of cross-border transmission lines and road expansion works</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18464', 'image' => '20230814042024_1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2023-08-14 16:19:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18734', 'article_category_id' => '1', 'title' => 'Dusit Princess Launches Kibu Sky Lounge', 'sub_title' => '', 'summary' => 'August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel premises. The lounge is based on the top floor of the hotel with cozy indoor corners and comfortable outdoor seating along with DJ deck. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, this captivating venue promises to redefine the city's scene with a blend of sophisticated ambiance, signature cocktails and handpicked menu inspired by Japanese, Italian and other delectable cuisine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Dusit Princess Kathmandu said that the Kibu Sky Lounge embraces the essence of elegance, offering patrons a breathtaking panoramic view of Kathmandu's skyline. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highlight of Kibu Sky Lounge is its meticulously long bar with large digital screen, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“From tantalizing barbeques to innovative fusion dishes, the culinary offerings at Kibu are destined to captivate your palate,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, curated selection of cocktails, premium spirits, and an extensive wine list are available for connoisseurs and cocktail enthusiasts alike. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're thrilled to introduce Kibu Sky Lounge to the Kathmandu community and beyond," says Dorje Lama, managing director of Dusit Princess Kathmandu. "With its prime location on the top floor, Kibu promises a unique blend of breathtaking views, handcrafted beverages, and culinary delights, making it an ideal destination for those seeking unforgettable nights out."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lounge will operate every day from 5PM to 2AM.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18463', 'image' => '20230814040129_Image 2.jpg', 'article_date' => '2023-08-14 16:00:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18733', 'article_category_id' => '1', 'title' => 'Landslides Block Highways in Nine Places Across Nepal ', 'sub_title' => '', 'summary' => 'August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Continuous rainfall triggered landslides, resulting in the obstructions of highways in various districts including Darchula, Sindhupalchowk, Mugu, Dadheldhura, Palpa, Rolpa, and Rukum (East), as confirmed by the Police Headquarters in Naxal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Gokuleshwar-Darchula Highway in Darchula, Melamchi-Helambu road section and Melamchi- Bhotang road section in Sindhupalchowk, Jumla-Nagma-Mugu road section in Mugu, Dadheldhura-Dipayal road section in Dadheldhura and Bhimdutta Highway have been obstructed, the police headquarters said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Siddhartha Highway in Palpa, Shahidmarga road section in Rolpa and Mid-Hill Highway in Rukum (East) have also been obstructed by landslides, thereby, affecting vehicular movement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Efforts are underway to clear off the landslide debris and restore the traffic along the obstructed highways and road sections, police said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'disaster, rainfall, highway, obstruction, Nepal, induced, block', 'description' => '', 'sortorder' => '18462', 'image' => '20230814022232_KN-Damauli-image_6483441.JPG', 'article_date' => '2023-08-14 14:21:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18732', 'article_category_id' => '1', 'title' => 'Government Report Recommends Prioritizing PPA for State-Sponsored Hydropower Projects', 'sub_title' => '', 'summary' => 'August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The report has recommended giving priority to projects of Nepal Electricity Authority (NEA) and its subsidiaries and government-owned companies for PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 'Report on Policy Arrangements Regarding Power Purchase and Sale Agreement-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">' prepared a committee headed by Joint Secretary of the Ministry of Energy, Water Resources and Irrigation, Sandeep Kumar Dev, made such a recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After publishing the report of the committee formed by the government, the Independent Power Producers Association of Nepal (IPPAN) expressed discontent with the recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Ganesh Karki, president of IPPAN, said that it is not fair that the private sector projects that have already invested millions of rupees are not prioritized for the PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN held a press conference in Kathmandu on Sunday to publicize its views on the report. On the occasion, Karki said, "PPA should be done on a first-come, first-served basis." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee has made </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> recommendations including PPA. Similarly, IPPAN said that that the committee’s recommendation to cancel the survey license and PPA of the projects that have failed to secure financial resources within a certain period is not justifiable in the current situation. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">IPPAN demanded the government grant a special extension period of one year for projects that could not achieve financial closure due to Covid-19 and lack of liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN has suggested that the period of financial management should be fixed for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for 100 to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW projects and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the report of the committee, it is recommended to manage the financial management within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. It has been mentioned that if there is no financial management during this period, regardless of what is written in the production license and PPA, the authority may cancel the PPA and confiscate the bank guarantee of the project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Mohan Kumar Dangi, senior vice president of IPPAN, said that the provision of allowing the return on equity (ROE) of 17 percent and more for large projects has come as per the demand of the private sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee formed by the government has given priority to the government's projects in the PPA, but has recommended to encourage small investors from the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been mentioned that ROR and PROR hydropower projects with a connected capacity of up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts will be given priority over larger projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal as set a target to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2028. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has already signed an agreement with India to achieve this goal and to export up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity from Nepal to India.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18461', 'image' => '20230814121559_hydro.jpg', 'article_date' => '2023-08-14 12:14:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18731', 'article_category_id' => '1', 'title' => 'Government Forms Taskforce to Address the Demands of Contractors ', 'sub_title' => '', 'summary' => 'August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.</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"">The Office of the Prime Minister and Council of Ministers (OPMCM) confirmed that a six-member taskforce has been formed under the coordination of Public Procurement Monitoring Office Secretary Dr Damodar Regmi with join-secretaries of line ministries as members in order to resolve the problems. The taskforce comprises representatives from the ministry of finance, physical infrastructure and, urban development among others. </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"">The committee is mandated to submit a report within 15 days after conducting necessary consultations and coordination with all stakeholders, said Narayan Prasad Bhatta, spokesperson for the OPMCM. </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"">The contractors have been voicing their concerns over the issue of non-payment of their completed works by the government. This has resulted in other problems amid rising inflation, say the agitating contractors. </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"">OPMCM Spokesperson Bhatta said that Prime Minister Pushpa Kamal Dahal has directed the Ministry of Finance and other line ministries to promptly address the demands, including payment of completed works of the contractors. He added that Prime Minister Dahal was serious about addressing several demands of the contractors. </span></span></span><br /> </p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18460', 'image' => '20230814112332_92875562_101727424839026_8489939004500738048_n.jpg', 'article_date' => '2023-08-14 11:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18730', 'article_category_id' => '1', 'title' => 'Koshi River’s Water Current Highest in 34 Years, all 56 Sluice Gates Opened ', 'sub_title' => '', 'summary' => 'August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year, according to the latest measurement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Superintendent of Police (DSP) of the District Police Office, Saptari, Naresh Kumar Singh, informed that water level has gone up in the Koshi barrage due to incessant rainfall in the mountainous area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the water level alarmingly rising, all 56 sluice gates of the Koshi barrage have been kept open, informed the police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Informing that a red light has been issued to mark danger in the barrage, DSP Singh said water current was measured at 462,000 cu sec in the river at 4.00 am this morning. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the water current is declining now. In 1989, the Saptakoshi River had witnessed water current measurement of 472,000 cu sec. This morning, the water current of 462,000 cu sec was almost close to the mark of 1989. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Koshi saw such a higher level of water current after 34 years. Local administration has urged the residents near the river basins to adopt safety measures with the rise in the water current in the Saptakoshi. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18459', 'image' => '20230814104459_115931986_3859907530702809_6841247244640180715_n.jpg', 'article_date' => '2023-08-14 10:42:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18729', 'article_category_id' => '1', 'title' => 'Mustang Floods Sweep away 10 Houses, Police Post and Bridge ', 'sub_title' => '', 'summary' => 'August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood-fed Kag rivulet, that sneaked into the human settlement in Kagbeni, a popular religious site, at 8.00 pm last night caused damages to the physical infrastructures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Muktichhetra Rural municipality Rinjin Gurung shared that the flood took away 10 houses including hotels, a police post, an under-construction motorable bridge on Jomsom-Korala road, a trail bridge, two vehicles and three electricity poles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Human loss was narrowly escaped due to timely evacuation of people after getting information about imminent flood. The flood took place after the Tiri rivulet above Kagbeni was blocked, resulting in a flash flood," he shared, adding, "It has buried houses in Kagbeni. Flood has put human settlement in a mess". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer Anup KC said the Nepalese Army, Armed Police Force and Nepal Police along with the people's representatives are being mobilized in the field for rescue operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood in the Panda stream has caused trouble to the security personnel to reach Kagbeni through Jomsom. The road leading to the Upper Mustang via Kagbeni has been obstructed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mustang has witnessed incessant rain for the past couple of days. Water level has also increased in other rivulets of Mustang due to the incessant rain. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'Flood, Mustang, Kagbeni, Nepal, flash, Army, rescue, Armed, Police', 'description' => '', 'sortorder' => '18458', 'image' => '20230814022455_RSS_Mustang-Kagbenifoodgharmabadipasako.jpg', 'article_date' => '2023-08-14 10:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18728', 'article_category_id' => '1', 'title' => 'Finance Minister Dr Mahat Consults Bankers on Current Challenges Seen in BFIS', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting, which saw the participation of CEOs of the commercial banks at the Ministry of Finance, delved into reasons for limited demand for loan despite sufficient liquidity in the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the recent days, the finance minister is holding consultations with the representatives of the private sector, donor agencies, regulatory bodies and other stakeholders regarding the interventions to be taken for reforms in economy. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahat posed pertinent questions to the participants: "Why has demands for loan not increased in the banks and financial institutions? How the banking sector can help in making economy floating? What the government and Nepal Rastra Bank should do to end the existing status?" </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the session, Sunil KC, Chairman of the Nepal Banker's Association, expressed concerns over the waning confidence levels in both the private sector and the banking industry. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC also cited confusion stemming from the taxation applied to FPOs (Further Public Offerings).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, KC highlighted that funds held at the local level should be accounted for as deposits, emphasizing that approximately Rs 150 billion in deposits has dwindled since the commencement of the current fiscal year. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC predicted a downward trend in interest rates, with the possibility of rates reaching single digit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bankers suggested that the plotting of the land should be opened and the real estate market should be relaxed and loan to the small and medium enterprises should be simplified. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18457', 'image' => '20230814060959_collage (13).jpg', 'article_date' => '2023-08-14 06:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18727', 'article_category_id' => '1', 'title' => '155 Cooperatives Merged in Gandaki Province', 'sub_title' => '', 'summary' => 'A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Ministry of Internal Affairs and Law for the province confirmed this substantial merger that merger efforts have resulted in the formation of 65 new cooperatives as of April 13, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Registrar of the Cooperatives Registrar's Office in Pokhara, Roshan Aryal, said that that cooperatives from districts like Kaski, Baglung, Myagdi, Nawalpur, Gorkha, Tanahu, Lamjung, Syangja, and Parbat actively participated in the merger process. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, cooperatives located in the Manang and Mustang districts are yet to partake in th merger initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Kaski district led the way with the highest number of mergers, witnessing 56 cooperatives going into merger, while Myagdi and Nawalpur followed closely with 27 each. Gorkha recorded eight mergers, Tanahu seven, Lamjung five, Syangja four, and Parbat three.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merged entities include a diverse range of cooperative types, including saving and credit cooperatives, multi-purpose cooperatives, communication cooperatives, agricultural cooperatives, dairy cooperatives, consumer cooperatives, and small farmers' cooperatives. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18456', 'image' => '20230814055142_collage (12).jpg', 'article_date' => '2023-08-14 05:49:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18726', 'article_category_id' => '1', 'title' => 'Kathmandu-Bound Aircraft Diverted as Rain Affects Flights at TIA ', 'sub_title' => '', 'summary' => 'August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. As a result of low visibility, some flights have been diverted and some others cancelled, said TIA General Manager Pratap Babu Tiwari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An Air India aircraft coming from New Delhi was diverted to Varanasi, and airplanes of Air China and Sichuan Airlines heading from Tianfu of China were returned back. Similarly, flights from Kathmandu to Pokhara and Surkhet have been halted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three Kathmandu-Pokhara flights and one Kathmandu-Tumlingtar flight of Buddha Air have been cancelled. According to the Meteorological Forecasting Division, rainfall is predicted to continue until coming Tuesday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18455', 'image' => '20230813052335_Air-India-Twitter-2-1.jpg', 'article_date' => '2023-08-13 17:22:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18725', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 14.81 Points to Close at 2080.86', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">August 13: The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The secondary benchmark index gained 14.81 points or 0.71 percent and closed at 2080. 86 points on the first trading day-Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The NEPSE, which witnessed drop ever since the unveiling of the monetary policy by the Nepal Rastra Bank, has started seeing traders become active. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">Of late, with the easing of the liquidity in the banks and financial institutions, the bank interest rates on loans have started to fall. Consequently, banks have announced to give loan against shares. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 271 scrips exchanged their hands through 95,965 transactions.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">As many as 9,718,754 shares were traded representing a turnover of Rs. 3.018 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Nepal Insurance Co. Ltd Promoter Share (NICLPO) recorded the highest turnover followed by the debutante Ghorahi Cement Industry Limited (GCIL), which recorded an impressive amount of Rs. 23.15 crores, and closed at a market price of Rs. 509.00.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Similarly, Three Star Hydropower Limited (TSHL) on its first day of trading gained the highest with all it could in a day to close at Rs. 280.50.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Ghorahi Cement Industry Limited (GCIL) technically hit the lower circuit with a loss of 9.99 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.99 percent while Float Index and Sensitive Float Index surged by 0.83 and 1.13 per cent respectively. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Out of 13 sub-indices, four Indices-Finance, Manufacturing and Processing, Microfinance, and Others Index closed in the red zone. All others except four sub index settled in the green zone.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Non-Life Insurance gained the highest 2.21 per cent while Banking Subindex witnessed rise of 1.07 percent. </span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18454', 'image' => '20230813042918_collage (10).jpg', 'article_date' => '2023-08-13 16:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18723', 'article_category_id' => '1', 'title' => 'Interest on Bank Loans Declines', 'sub_title' => '', 'summary' => 'August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the liquidity situation eased, the commercial banks reduced the interest on deposits and the spread rate (the difference between the average interest rate given by banks on deposits and the average interest rate taken on loans) was adjusted according to the instructions of Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, the average base rate of commercial banks has remained at 10.12 percent as of mid-July this year. During the corresponding period of the previous fiscal year, the average base rate of banks was 9.32 percent which increased to mid-January earlier this year. The base rate started to decrease from January onwards.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The interest rates, which the banks had earlier increased due to lack of liquidity, have been reduced since February.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In December last year, the interest rate on deposits of commercial banks had reached as high as 12.33 percent. However, the commercial banks have fixed the interest on deposits at a single digit (9.99 percent) since May. The bankers’ umbrella body in July decided that the interest rates will be determined individually by the banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the instructions of the central bank, the commercial banks have reduced the spread rate to 4 percent from mid-June. Banks have also reduced the interest rate to maintain the spread rate. As of mid-July, 12 out of 20 banks had their spread rates below 4 percent. The spread rate of 8 banks is more than 4 percent. The banks involved in merger and acquisition have been given exemption of up to one percentage point for maintaining their spread rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> At present, commercial banks add a maximum of 5 percent premium to the base rate while determining the interest rate on loans. The premium specified in the loan agreement cannot be changed later.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18452', 'image' => '20230813022900_bankkkkkkk.jpg', 'article_date' => '2023-08-13 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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New Roman","serif""><span style="font-size:14.0pt">August 14: Finance Minister Dr Prakash Sharan Mahat has made it clear that the contracts of projects failing to report the progress will be terminated.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">During a discussion with the protesting contractors at his office on Monday, the finance minister said that the government would clear the dues of the contractors, but it would not hesitate to cancel the contracts of the stalled projects. </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 case of those projects for which the termination of the contracts is not a feasible option, he urged for the management of budget and the acceleration of the projects. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The Federation of Contractors' Association of Nepal (FCAN) has been agitating since July 30, alleging the government's procrastination to release the payments. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18467', 'image' => '20230814093534_20230402035731_1680390939.prakash sharan mahat.jpg', 'article_date' => '2023-08-14 21:34:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18737', 'article_category_id' => '1', 'title' => 'Six Employees of the Citizens Bank International Held', 'sub_title' => '', 'summary' => 'The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The police have arrested six employees of Citizens Bank International on the charge of possessing fake educational certificates. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Acting on a tip-off that employees have been working by furnishing counterfeit certificates, six employees have been nabbed from various branches of the bank, said Superintendent of Police (SP) Dan Bahadur Karki, Chief of the District Police Office in Kathmandu. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The incident is currently under investigation, police said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18466', 'image' => '20230814061509_collage (12).jpg', 'article_date' => '2023-08-14 18:14:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18736', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops 3.61 Points to Close at 2077.24 Points', 'sub_title' => '', 'summary' => 'he Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: The Nepal Stock Exchange(NEPSE) Index, which posted the rise of 61 points from three days’ continuous increase, witnessed a normal correction on the second trading day on Monday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In today's trading session, the Nepal Stock Exchange (NEPSE) Index shed 3.61 points or 0.17 percent and closed at 2077.24 points. On the last trading day, the index experienced a gain of 14.81 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading, a total of 279 scrips exchanged their hands through 68,842 transactions. As many as 5,417,928 shares were traded amounting to Rs 2.09 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">IME Life Insurance Company Limited (ILI) recorded the highest turnover of Rs. 11.24 crores and closed at a market price of Rs. 589.90.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, Three Star Hydropower Limited (TSHL) gained the highest 9.98% to close at Rs. 308.50.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Meanwhile, Siddhartha Premier Insurance Limited (SPIL) lost the highest 6.46% today.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Five sector indices closed in the green zone while the remaining closed in the red. Manufacturing and Processing Index gained the most with 0.65 percent positive change while Hydropower Index lost the most 1.59%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sensitive Index and Sensitive Float Index increased by 0.01 and 0.10 percent respectively, while Float Index dropped by 0.19 percent.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18465', 'image' => '20230814045753_collage (11).jpg', 'article_date' => '2023-08-14 16:56:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18735', 'article_category_id' => '1', 'title' => 'Implementation of MCC in Full Swing from mid-August', 'sub_title' => '', 'summary' => 'August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">August 14: The US-funded Millennium Challenge Corporation (MCC) will be fully implemented from mid-August. The Millennium Challenge Account Nepal (MCA Nepal), the body responsible for implementing the agreement, has made final preparations to implement the agreement approved by the Parliament. While the MCC is in the implementation phase, there are still some obstructions in the land acquisition process. Due to this, the cost of the project is likely to increase.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">There is also doubt if the project will be completed within five years.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If the MCC project is not completed within five years, the Government of Nepal will have to bear the responsibility for the rest of the work.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">If it is not completed on time, there is a risk that the government will have to bear the financial burden and other responsibilities later, said a senior official of MCA Nepal.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“The government agencies should help MCA Nepal to solve the problem of land acquisition,” said the official, adding, "It is not clear how the government will proceed with the land acquisition This has increased the risk of liability increasing later.”</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process for land acquisition has progressed in Chitwan and Nawalparasi but obstacles remain in some places.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Executive Director of MCA Nepal, Khadga Bahadur Bista said that the land acquisition process has progressed in nine districts. According to him, there is problem only in about 2 kilometres stretch of Kathmandu district. There is a dispute between the Nepal Electricity Authority and the locals. Although there was a plan to resolve the dispute and proceed with the work, it was not successful, said Bista.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The process of land acquisition in 313 kilometres long area of the other nine districts has already progressed. The transmission line will touch 10 districts namely Kathmandu, Sindhupalchok, Nuwakot, Dhading, Makwanpur, Chitwan, Tanahun, Palpa, Nawalpur and Parasi. After completing the compensation work, it is ready to go into full implementation in some of these districts.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">According to MCA Nepal, the selection of the company to build the transmission line under the MCC is also underway. Six proposals have been submitted for the construction of the transmission line.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">In the bids invited globally, MCA Nepal has received proposals from Mega Engineering and Infrastructure Limited and Power Mech Projects Limited, a joint venture of Kalpataru Power Transmission Limited, KEC International Limited, Transrail Lighting Limited, Tata Projects Limited and Larsen & Turbay Limited. Evaluation of these proposals is underway. It is said that the company will be selected after proper evaluation.</span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has allocated a budget of Rs 10.84 billion to MCA Nepal for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government will contribute Rs 2.21 billion while the MCC will fund Rs 8.63 billion. </span></span></span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal had reached an understanding with the US government in 2017 to undertake the MCC project which would cover construction of cross-border transmission lines and road expansion works</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18464', 'image' => '20230814042024_1691983136.1690248678.1681795913[1].jpg', 'article_date' => '2023-08-14 16:19:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '18734', 'article_category_id' => '1', 'title' => 'Dusit Princess Launches Kibu Sky Lounge', 'sub_title' => '', 'summary' => 'August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">August 14: The newly-opened Dusit Princess Kathmandu has unveiled the Kibu Sky Lounge within the hotel premises. The lounge is based on the top floor of the hotel with cozy indoor corners and comfortable outdoor seating along with DJ deck. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, this captivating venue promises to redefine the city's scene with a blend of sophisticated ambiance, signature cocktails and handpicked menu inspired by Japanese, Italian and other delectable cuisine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, Dusit Princess Kathmandu said that the Kibu Sky Lounge embraces the essence of elegance, offering patrons a breathtaking panoramic view of Kathmandu's skyline. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highlight of Kibu Sky Lounge is its meticulously long bar with large digital screen, added the statement. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“From tantalizing barbeques to innovative fusion dishes, the culinary offerings at Kibu are destined to captivate your palate,” reads the statement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the hotel, curated selection of cocktails, premium spirits, and an extensive wine list are available for connoisseurs and cocktail enthusiasts alike. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"We're thrilled to introduce Kibu Sky Lounge to the Kathmandu community and beyond," says Dorje Lama, managing director of Dusit Princess Kathmandu. "With its prime location on the top floor, Kibu promises a unique blend of breathtaking views, handcrafted beverages, and culinary delights, making it an ideal destination for those seeking unforgettable nights out."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The lounge will operate every day from 5PM to 2AM.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18463', 'image' => '20230814040129_Image 2.jpg', 'article_date' => '2023-08-14 16:00:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18733', 'article_category_id' => '1', 'title' => 'Landslides Block Highways in Nine Places Across Nepal ', 'sub_title' => '', 'summary' => 'August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Monsoon-induced landslides have led to the obstruction of highways and road sections in nine different locations across the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Continuous rainfall triggered landslides, resulting in the obstructions of highways in various districts including Darchula, Sindhupalchowk, Mugu, Dadheldhura, Palpa, Rolpa, and Rukum (East), as confirmed by the Police Headquarters in Naxal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Gokuleshwar-Darchula Highway in Darchula, Melamchi-Helambu road section and Melamchi- Bhotang road section in Sindhupalchowk, Jumla-Nagma-Mugu road section in Mugu, Dadheldhura-Dipayal road section in Dadheldhura and Bhimdutta Highway have been obstructed, the police headquarters said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Siddhartha Highway in Palpa, Shahidmarga road section in Rolpa and Mid-Hill Highway in Rukum (East) have also been obstructed by landslides, thereby, affecting vehicular movement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Efforts are underway to clear off the landslide debris and restore the traffic along the obstructed highways and road sections, police said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'disaster, rainfall, highway, obstruction, Nepal, induced, block', 'description' => '', 'sortorder' => '18462', 'image' => '20230814022232_KN-Damauli-image_6483441.JPG', 'article_date' => '2023-08-14 14:21:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '18732', 'article_category_id' => '1', 'title' => 'Government Report Recommends Prioritizing PPA for State-Sponsored Hydropower Projects', 'sub_title' => '', 'summary' => 'August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 14: At a time when the private sector’s investment in the hydropower sector as well as production is increasing, the government has prepared a report that recommends giving priority to government funded projects for power purchase and sale agreement (PPA). </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The report has recommended giving priority to projects of Nepal Electricity Authority (NEA) and its subsidiaries and government-owned companies for PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The 'Report on Policy Arrangements Regarding Power Purchase and Sale Agreement-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2080</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">' prepared a committee headed by Joint Secretary of the Ministry of Energy, Water Resources and Irrigation, Sandeep Kumar Dev, made such a recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After publishing the report of the committee formed by the government, the Independent Power Producers Association of Nepal (IPPAN) expressed discontent with the recommendation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Ganesh Karki, president of IPPAN, said that it is not fair that the private sector projects that have already invested millions of rupees are not prioritized for the PPA.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN held a press conference in Kathmandu on Sunday to publicize its views on the report. On the occasion, Karki said, "PPA should be done on a first-come, first-served basis." </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee has made </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">16</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> recommendations including PPA. Similarly, IPPAN said that that the committee’s recommendation to cancel the survey license and PPA of the projects that have failed to secure financial resources within a certain period is not justifiable in the current situation. </span></span><span style="font-size:13.5pt"><span style="font-family:"Arial","sans-serif"">IPPAN demanded the government grant a special extension period of one year for projects that could not achieve financial closure due to Covid-19 and lack of liquidity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">IPPAN has suggested that the period of financial management should be fixed for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and for </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for 100 to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW projects and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the report of the committee, it is recommended to manage the financial management within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW and within </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years from the date of completion of PPA for projects above </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> MW. It has been mentioned that if there is no financial management during this period, regardless of what is written in the production license and PPA, the authority may cancel the PPA and confiscate the bank guarantee of the project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, Mohan Kumar Dangi, senior vice president of IPPAN, said that the provision of allowing the return on equity (ROE) of 17 percent and more for large projects has come as per the demand of the private sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The committee formed by the government has given priority to the government's projects in the PPA, but has recommended to encourage small investors from the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">It has been mentioned that ROR and PROR hydropower projects with a connected capacity of up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts will be given priority over larger projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal as set a target to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2028. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepal has already signed an agreement with India to achieve this goal and to export up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">megawatts of electricity from Nepal to India.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18461', 'image' => '20230814121559_hydro.jpg', 'article_date' => '2023-08-14 12:14:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18731', 'article_category_id' => '1', 'title' => 'Government Forms Taskforce to Address the Demands of Contractors ', 'sub_title' => '', 'summary' => 'August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: The government has formed a taskforce to address the problems faced by the construction entrepreneurs.</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"">The Office of the Prime Minister and Council of Ministers (OPMCM) confirmed that a six-member taskforce has been formed under the coordination of Public Procurement Monitoring Office Secretary Dr Damodar Regmi with join-secretaries of line ministries as members in order to resolve the problems. The taskforce comprises representatives from the ministry of finance, physical infrastructure and, urban development among others. </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"">The committee is mandated to submit a report within 15 days after conducting necessary consultations and coordination with all stakeholders, said Narayan Prasad Bhatta, spokesperson for the OPMCM. </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"">The contractors have been voicing their concerns over the issue of non-payment of their completed works by the government. This has resulted in other problems amid rising inflation, say the agitating contractors. </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"">OPMCM Spokesperson Bhatta said that Prime Minister Pushpa Kamal Dahal has directed the Ministry of Finance and other line ministries to promptly address the demands, including payment of completed works of the contractors. He added that Prime Minister Dahal was serious about addressing several demands of the contractors. </span></span></span><br /> </p> <p><br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18460', 'image' => '20230814112332_92875562_101727424839026_8489939004500738048_n.jpg', 'article_date' => '2023-08-14 11:22:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18730', 'article_category_id' => '1', 'title' => 'Koshi River’s Water Current Highest in 34 Years, all 56 Sluice Gates Opened ', 'sub_title' => '', 'summary' => 'August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Water current of the Saptakoshi River in Sunsari has reached the highest level this year, according to the latest measurement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Deputy Superintendent of Police (DSP) of the District Police Office, Saptari, Naresh Kumar Singh, informed that water level has gone up in the Koshi barrage due to incessant rainfall in the mountainous area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the water level alarmingly rising, all 56 sluice gates of the Koshi barrage have been kept open, informed the police. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Informing that a red light has been issued to mark danger in the barrage, DSP Singh said water current was measured at 462,000 cu sec in the river at 4.00 am this morning. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the water current is declining now. In 1989, the Saptakoshi River had witnessed water current measurement of 472,000 cu sec. This morning, the water current of 462,000 cu sec was almost close to the mark of 1989. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Koshi saw such a higher level of water current after 34 years. Local administration has urged the residents near the river basins to adopt safety measures with the rise in the water current in the Saptakoshi. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18459', 'image' => '20230814104459_115931986_3859907530702809_6841247244640180715_n.jpg', 'article_date' => '2023-08-14 10:42:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18729', 'article_category_id' => '1', 'title' => 'Mustang Floods Sweep away 10 Houses, Police Post and Bridge ', 'sub_title' => '', 'summary' => 'August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 14: Floods that occurred in Kagbeni of Baragung Muktichhetra Rrural Municipality-4 in Mustang district on Sunday evening swept away 10 houses, a police post and a bridge. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood-fed Kag rivulet, that sneaked into the human settlement in Kagbeni, a popular religious site, at 8.00 pm last night caused damages to the physical infrastructures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chairperson of Muktichhetra Rural municipality Rinjin Gurung shared that the flood took away 10 houses including hotels, a police post, an under-construction motorable bridge on Jomsom-Korala road, a trail bridge, two vehicles and three electricity poles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Human loss was narrowly escaped due to timely evacuation of people after getting information about imminent flood. The flood took place after the Tiri rivulet above Kagbeni was blocked, resulting in a flash flood," he shared, adding, "It has buried houses in Kagbeni. Flood has put human settlement in a mess". </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer Anup KC said the Nepalese Army, Armed Police Force and Nepal Police along with the people's representatives are being mobilized in the field for rescue operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The flood in the Panda stream has caused trouble to the security personnel to reach Kagbeni through Jomsom. The road leading to the Upper Mustang via Kagbeni has been obstructed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mustang has witnessed incessant rain for the past couple of days. Water level has also increased in other rivulets of Mustang due to the incessant rain. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => 'Flood, Mustang, Kagbeni, Nepal, flash, Army, rescue, Armed, Police', 'description' => '', 'sortorder' => '18458', 'image' => '20230814022455_RSS_Mustang-Kagbenifoodgharmabadipasako.jpg', 'article_date' => '2023-08-14 10:31:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18728', 'article_category_id' => '1', 'title' => 'Finance Minister Dr Mahat Consults Bankers on Current Challenges Seen in BFIS', 'sub_title' => '', 'summary' => 'Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: Finance Minister Dr Prakash Sharan Mahat on Sunday held a meeting with the bankers to discuss the challenges facing the banking system. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting, which saw the participation of CEOs of the commercial banks at the Ministry of Finance, delved into reasons for limited demand for loan despite sufficient liquidity in the market.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the recent days, the finance minister is holding consultations with the representatives of the private sector, donor agencies, regulatory bodies and other stakeholders regarding the interventions to be taken for reforms in economy. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Dr. Mahat posed pertinent questions to the participants: "Why has demands for loan not increased in the banks and financial institutions? How the banking sector can help in making economy floating? What the government and Nepal Rastra Bank should do to end the existing status?" </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During the session, Sunil KC, Chairman of the Nepal Banker's Association, expressed concerns over the waning confidence levels in both the private sector and the banking industry. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC also cited confusion stemming from the taxation applied to FPOs (Further Public Offerings).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, KC highlighted that funds held at the local level should be accounted for as deposits, emphasizing that approximately Rs 150 billion in deposits has dwindled since the commencement of the current fiscal year. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">KC predicted a downward trend in interest rates, with the possibility of rates reaching single digit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bankers suggested that the plotting of the land should be opened and the real estate market should be relaxed and loan to the small and medium enterprises should be simplified. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18457', 'image' => '20230814060959_collage (13).jpg', 'article_date' => '2023-08-14 06:07:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '18727', 'article_category_id' => '1', 'title' => '155 Cooperatives Merged in Gandaki Province', 'sub_title' => '', 'summary' => 'A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">August 14: A total of 155 cooperatives located across various districts in Gandaki province have successfully merged to create 65 entities. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merger process was initiated following the enactment of the Cooperatives Act in 2075 BS, which was subsequently published in the Province Gazette.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Ministry of Internal Affairs and Law for the province confirmed this substantial merger that merger efforts have resulted in the formation of 65 new cooperatives as of April 13, 2023. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Registrar of the Cooperatives Registrar's Office in Pokhara, Roshan Aryal, said that that cooperatives from districts like Kaski, Baglung, Myagdi, Nawalpur, Gorkha, Tanahu, Lamjung, Syangja, and Parbat actively participated in the merger process. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, cooperatives located in the Manang and Mustang districts are yet to partake in th merger initiative.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Kaski district led the way with the highest number of mergers, witnessing 56 cooperatives going into merger, while Myagdi and Nawalpur followed closely with 27 each. Gorkha recorded eight mergers, Tanahu seven, Lamjung five, Syangja four, and Parbat three.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The merged entities include a diverse range of cooperative types, including saving and credit cooperatives, multi-purpose cooperatives, communication cooperatives, agricultural cooperatives, dairy cooperatives, consumer cooperatives, and small farmers' cooperatives. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-08-14', 'modified' => '2023-08-14', 'keywords' => '', 'description' => '', 'sortorder' => '18456', 'image' => '20230814055142_collage (12).jpg', 'article_date' => '2023-08-14 05:49:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '18726', 'article_category_id' => '1', 'title' => 'Kathmandu-Bound Aircraft Diverted as Rain Affects Flights at TIA ', 'sub_title' => '', 'summary' => 'August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">August 13: Domestic and international flights have been affected at the Tribhuvan International Airport on Sunday due to the incessant rainfall since Saturday night. As a result of low visibility, some flights have been diverted and some others cancelled, said TIA General Manager Pratap Babu Tiwari. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">An Air India aircraft coming from New Delhi was diverted to Varanasi, and airplanes of Air China and Sichuan Airlines heading from Tianfu of China were returned back. Similarly, flights from Kathmandu to Pokhara and Surkhet have been halted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Three Kathmandu-Pokhara flights and one Kathmandu-Tumlingtar flight of Buddha Air have been cancelled. According to the Meteorological Forecasting Division, rainfall is predicted to continue until coming Tuesday. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18455', 'image' => '20230813052335_Air-India-Twitter-2-1.jpg', 'article_date' => '2023-08-13 17:22:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '18725', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 14.81 Points to Close at 2080.86', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">August 13: The Nepal Stock Exchange (NEPSE) Index has increased in the last three trading days. In the three trading days, the index has gone up by 61 percent. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The secondary benchmark index gained 14.81 points or 0.71 percent and closed at 2080. 86 points on the first trading day-Sunday. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">The NEPSE, which witnessed drop ever since the unveiling of the monetary policy by the Nepal Rastra Bank, has started seeing traders become active. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Open Sans",sans-serif">Of late, with the easing of the liquidity in the banks and financial institutions, the bank interest rates on loans have started to fall. Consequently, banks have announced to give loan against shares. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">During today's trading, a total of 271 scrips exchanged their hands through 95,965 transactions.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">As many as 9,718,754 shares were traded representing a turnover of Rs. 3.018 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Nepal Insurance Co. Ltd Promoter Share (NICLPO) recorded the highest turnover followed by the debutante Ghorahi Cement Industry Limited (GCIL), which recorded an impressive amount of Rs. 23.15 crores, and closed at a market price of Rs. 509.00.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Similarly, Three Star Hydropower Limited (TSHL) on its first day of trading gained the highest with all it could in a day to close at Rs. 280.50.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Meanwhile, Ghorahi Cement Industry Limited (GCIL) technically hit the lower circuit with a loss of 9.99 percent.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Sensitive Index increased by 0.99 percent while Float Index and Sensitive Float Index surged by 0.83 and 1.13 per cent respectively. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Out of 13 sub-indices, four Indices-Finance, Manufacturing and Processing, Microfinance, and Others Index closed in the red zone. All others except four sub index settled in the green zone.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Open Sans",sans-serif">Non-Life Insurance gained the highest 2.21 per cent while Banking Subindex witnessed rise of 1.07 percent. </span></span></span></p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18454', 'image' => '20230813042918_collage (10).jpg', 'article_date' => '2023-08-13 16:27:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18723', 'article_category_id' => '1', 'title' => 'Interest on Bank Loans Declines', 'sub_title' => '', 'summary' => 'August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">August 13: The cost of capital of commercial banks has decreased, resulting in lower interest rates for loans.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the liquidity situation eased, the commercial banks reduced the interest on deposits and the spread rate (the difference between the average interest rate given by banks on deposits and the average interest rate taken on loans) was adjusted according to the instructions of Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the financial statements published by the banks, the average base rate of commercial banks has remained at 10.12 percent as of mid-July this year. During the corresponding period of the previous fiscal year, the average base rate of banks was 9.32 percent which increased to mid-January earlier this year. The base rate started to decrease from January onwards.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The interest rates, which the banks had earlier increased due to lack of liquidity, have been reduced since February.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In December last year, the interest rate on deposits of commercial banks had reached as high as 12.33 percent. However, the commercial banks have fixed the interest on deposits at a single digit (9.99 percent) since May. The bankers’ umbrella body in July decided that the interest rates will be determined individually by the banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As per the instructions of the central bank, the commercial banks have reduced the spread rate to 4 percent from mid-June. Banks have also reduced the interest rate to maintain the spread rate. As of mid-July, 12 out of 20 banks had their spread rates below 4 percent. The spread rate of 8 banks is more than 4 percent. The banks involved in merger and acquisition have been given exemption of up to one percentage point for maintaining their spread rate.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> At present, commercial banks add a maximum of 5 percent premium to the base rate while determining the interest rate on loans. The premium specified in the loan agreement cannot be changed later.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-08-13', 'modified' => '2023-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '18452', 'image' => '20230813022900_bankkkkkkk.jpg', 'article_date' => '2023-08-13 14:28:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
