NEWS

Women Entrepreneurs Have Made Country Proud, Says NRB Governor

Jul 05, 2024 0 1 minutes 59 seconds to read

Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international…

Panel Discussion on 'Strengthening Women's Business Leadership' Held

Jul 05, 2024 0 2 minutes 4 seconds to read

KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday.…

‘Let's Respect the Work of Women Entrepreneurs’

Jul 05, 2024 0 2 minutes 19 seconds to read

KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on…

Newbiz Business Women Summit and Awards-2024 Begins

Jul 05, 2024 0 3 minutes 28 seconds to read

KATHMANDU: The fourth edition of the 'New Biz Business Women Summit and Awards-2024' has commenced at Hotel Soaltee, Kathmandu on…

Newbiz Business Women Summit and Awards 2024 Today

Jul 05, 2024 0 1 minutes 50 seconds to read

KATHMANDU: The fourth edition of the 'Newbiz Business Women Summit and Awards 2024' is being held today (Friday) in…

Reliance Spinning Mills Shares to Become a Burden for Investors

Jul 05, 2024 0 4 minutes 35 seconds to read

KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors.…

Mines, Expressway, and Airport Fall Along the Proposed Kathmandu-Raxaul Railway

Jul 05, 2024 0 2 minutes 43 seconds to read

KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway.…

Energy Ministry to Hire CTEVT Students for its Projects

Jul 05, 2024 0 2 minutes 4 seconds to read

KATHMANDU: In a bid to promote the concept of 'learning by earning', the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT…

Lendanda Tunnel Under Kathmandu-Tarai Fast Track Completed

Jul 05, 2024 0 1 minutes 1 seconds to read

The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed. The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on…

Nepal Telecom and Ncell Deprived of Foreign Exchange Facility

Jul 04, 2024 0 5 minutes 37 seconds to read

KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell's internet…

NEPSE Index Gains 15.46 Points as NRN Infrastructure Leads Turnover

Jul 04, 2024 0 1 minutes 7 seconds to read

The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on…

Federal Government Overstepping its Jurisdiction to Raise House Rent Taxes

Jul 04, 2024 0 4 minutes 47 seconds to read

KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal…

Industries Refuse to Pay Reduced Tariff for Using Dedicated Feeder and Trunk Line

Jul 04, 2024 0 3 minutes 26 seconds to read

KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount.…

Significant Number of Nepali Migrants Imprisoned in Malaysia due to Lack of Valid Document: Study

Jul 04, 2024 0 3 minutes 14 seconds to read

KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations.…

Industrialists Attracted to Special Economic Zone in Bhairahawa

Jul 04, 2024 0 3 minutes 50 seconds to read

BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'title' => 'Women Entrepreneurs Have Made Country Proud, Says NRB Governor',
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			'summary' => 'Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community. ',
			'content' => '<p><span style="font-size:20px">July 5: Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community.&nbsp;</span></p>

<p><span style="font-size:20px">Speaking at the NEWBIZ Business Women Summit and Awards 2024, Governor Adhikari expressed his gratitude and congratulations for organizing&nbsp;programs focused on women&#39;s empowerment and entrepreneurship.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari highlighted significant improvements in the gender gap, noting a 6% increase in women&#39;s inclusion in banking, according to the latest NRB report.</span></p>

<p><span style="font-size:20px">Adhikari revealed that 126,000 people have taken concessional loans from banks, with 75,000 of them being women, who have collectively borrowed Rs 43 billion.&nbsp;</span></p>

<p><span style="font-size:20px">He urged bankers to support women entrepreneurs. &quot;If any woman is interested in starting a business, do support them making the access to loan easy and simple,&quot; he emphasized.</span></p>

<p><span style="font-size:20px">The Governor also addressed concerns regarding the misuse of concessional loans provided to women entrepreneurs. He stressed that as long as the loans achieve their intended objectives, their use should not be misinterpreted.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari also encouraged borrowers to develop sustainable business models, noting that subsidies will not last forever. &quot;Nepali women entrepreneurs can compete with any women in the world as they have successfully run hotels and agro farms,&quot; Adhikari added.</span></p>

<p><span style="font-size:20px">Governor also invited suggestions as the NRB is preparing for its new monetary policy, aiming to further support and enhance women&#39;s roles in the economy.</span></p>

<p><span style="font-size:20px">Similarly, Chief Executive Officer of Standard Chartered Bank Nepal Limited Anirvan Ghosh Dastidar thanked New Business Age for the organization of the programme focused on women. &nbsp;&ldquo;We thank the NBA for conducting programs that support women&#39;s entrepreneurship, leadership, and empowerment,&rdquo; said Dastidar.&nbsp;</span></p>

<p><span style="font-size:20px">He joyfully reminded the unique initiative where the Japanese Yen is made from Nepali paper, with the majority of the workforce being women. Appreciating the 16th national plan focusing on gender equality, he shared &quot;Our association with NBA is strengthened by our Global Connect Program.&nbsp;</span></p>
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			'title' => 'Panel Discussion on 'Strengthening Women's Business Leadership' Held',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. The speakers in the panel discussion on the theme of &#39;Strengthening Women&#39;s Business Leadership&#39; were Mahesh Bhattarai, Joint Secretary and Chief of the Economic Management Division of the National Planning Commission, Swastika Shrestha, CEO of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, Co-founder and Program Head of Startup Discovery Asia, facilitated in the discussion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The event organized by New Business Age was inaugurated by Nepal Rastra Bank&rsquo;s Governor Mahaprasad Adhikari. The awards ceremony sponsored by Standard Chartered Bank Nepal Limited will hand out awards in 12 categories including &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;, &#39;Professional Woman of Excellence&#39;, &#39;Pioneer Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Women Entrepreneur&#39; category. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, in the &#39;Emerging Enterprising Woman of the Year&#39; category, one person from each of the seven provinces will be awarded. They will also be given a prize of Rs 51,000 each.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. Similarly, IME Life is a life insurance partner.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the fourth edition of the awards ceremony organized by New Business Age under the New Business Women Summit and Awards series that started in 2021. The company has been conducting various other awards programs to encourage entrepreneurship.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => '‘Let's Respect the Work of Women Entrepreneurs’',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday. Sabita Subedi, Director of Operations and Finance at New Business Age Pvt. Ltd., delivered a welcome speech on behalf of the organizers. She emphasized the importance of encouraging and respecting the work of women entrepreneurs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Subedi highlighted that financial literacy and entrepreneurship training were provided to women entrepreneurs in all seven provinces of the country as part of the event. This initiative, started by New Business Age Pvt. Ltd., aims to honor women entrepreneurs and is now in its fourth year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The main slogan of the series is &quot;Empowering Business Leadership of Nepali Women,&quot; and the theme of this year&#39;s summit is &quot;Strengthening Women&#39;s Business Leadership.&quot; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A special panel discussion on this topic is scheduled during the program. Subedi described the summit as a small effort by the company to promote women&#39;s entrepreneurship.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sponsored by Standard Chartered Bank Nepal Limited, the event will present awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship,&#39; &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Women in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39; Additionally, one person from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category, with each recipient receiving a prize of Rs 51,000.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The program will feature a panel discussion on &#39;Strengthening Women&#39;s Business Leadership,&#39; with speakers Mahesh Bhattarai, Joint Secretary and Chief of Economic Management Division of the National Planning Commission; Swastika Shrestha, CEO of Teach for Nepal; and Padmakshi Rana, Executive Director of Impact Hub, Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21442',
			'article_category_id' => '1',
			'title' => 'Newbiz Business Women Summit and Awards-2024 Begins',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'New Biz Business Women Summit and Awards-2024' has commenced at Hotel Soaltee, Kathmandu on Friday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The fourth edition of the &#39;New Biz Business Women Summit and Awards-2024&#39; has commenced at Hotel Soaltee, Kathmandu on Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Organized annually by New Biz Business Edge Pvt Ltd, this event aims to encourage and appreciate women entrepreneurs for their contributions to the field.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chief Guest Maha Prasad Adhikari, Governor of NRB, and Madan Lamsal, Chairman of NBA jointly inaugurated the event by lighting the ceremonial lamp. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabita Subedi, Director of Operations and Finance at New Business Age Pvt Ltd, welcomed the guests on behalf of NBA. In her welcome speech, she emphasized the importance of encouraging and respecting women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Subedi also highlighted that financial literacy and entrepreneurship training had been provided to women entrepreneurs in all seven provinces of the country as part of the program. She noted that this is the fourth edition of the &#39;Business Women Summit and Awards,&#39; a special initiative by New Business Age Pvt Ltd to honor women entrepreneurs. The main slogan of the series is &#39;Empowering Business Leadership of Women,&#39; and this year&#39;s summit theme is &lsquo;Strengthening Women&rsquo;s Business Leadership.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">She added that this event represents a small effort by the company to promote women&#39;s entrepreneurship. New Business Age has been organising this program since 2021 to encourage women who have made significant contributions in various enterprise sectors and those who have dedicated a long time to women&#39;s entrepreneurship and empowerment in all seven provinces. The event will award the best women entrepreneurs in various categories, selected by an independent panel of judges.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Standard Chartered Bank Nepal Limited is the title sponsor of the event. The NBA, the organizer, has announced awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship.&#39; Other categories include &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Woman in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, NBA will honor one female entrepreneur from each of all seven provinces under the &#39;Emerging Enterprising Woman of the Year&#39; category, along with a cash prize of Rs 51,000 each. A panel discussion on Empowering Women&#39;s Business Leadership&#39; will also be held as part of the program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speakers for the panel discussion include Mahesh Bhattarai, Chief and Joint Secretary of the Economic Management Division of the National Planning Commission, Swastika Shrestha, Chief Executive Officer of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the run-up to the event, NBA had provided special training on financial literacy and entrepreneurship to nearly 300 women entrepreneurs in Butwal and Nepalgunj.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Rastra Bank&rsquo;s Governor Maha Prasad Adhikari was the chief guest for the first half of the awards ceremony while Supreme Court Justice Sapana Pradhan Malla was the chief guest for the second half.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21439',
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			'title' => 'Newbiz Business Women Summit and Awards 2024 Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'Newbiz Business Women Summit and Awards 2024' is being held today (Friday) in Kathmandu.',
			'content' => '<p><span style="font-size:18px">KATHMANDU: The fourth edition of the &#39;Newbiz Business Women Summit and Awards 2024&#39; is being held today (Friday) in Kathmandu. New Business Age has been organising this annual event since 2021 to encourage women entrepreneurs and recognize their contributions.</span></p>

<p><span style="font-size:18px">The event recognizes the contribution of women entrepreneurs from all seven provinces who have dedicated themselves to entrepreneurship and empowerment. An independent jury will select the best women entrepreneurs across various categories for awards.</span></p>

<p><span style="font-size:18px">Standard Chartered Bank (Nepal) Limited is the sponsor of this year&#39;s event. Awards will be presented in 12 categories, including the &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;. Other categories include &#39;Professional Woman of Excellence&#39;, &#39;Pioneering Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Woman Entrepreneur&#39;.</span></p>

<p><span style="font-size:18px">Similarly, one female entrepreneur from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category. Winners will receive a prize of Rs 51,000 each.</span></p>

<p><span style="font-size:18px">The program will also feature a group discussion on &#39;Strengthening Women&#39;s Business Leadership&#39;, with speakers Mahesh Bhattarai (Division Chief and Joint Secretary of the Economic Management Division of the National Planning Commission), Swastika Shrestha (CEO of Teach for Nepal), and Padmakshi Rana (Executive Director of Impact Hub, Kathmandu). Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></p>

<p><span style="font-size:18px">In the run-up to the event, New Business Age conducted training sessions on financial literacy and women entrepreneurship in Butwal and Nepalgunj. The main theme of this year&#39;s event is &quot;Strengthening Women&#39;s Business Leadership&quot;. The event will feature interactions between stakeholders focusing on this topic.</span></p>

<p><span style="font-size:18px">Other sponsors of the program include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life Insurance is the life insurance partner. New Business Age has been organizing various events, including this summit, to support and promote entrepreneurship.</span></p>
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			'id' => '21441',
			'article_category_id' => '1',
			'title' => 'Reliance Spinning Mills Shares to Become a Burden for Investors',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. The company is about to issue shares (IPO) at the rate of Rs 820.80 per share to the general public through the book-building method, but concerns have arisen that the price may be too high for investors due to a reported decrease in its actual net worth per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the book-building method, qualified institutional investors buy a certain percentage of IPO shares at a fixed price, and this price is used as a basis for issuing shares to the general public. The company has already sold 40 percent of the total shares to qualified institutional investors at Rs 912 per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to regulations, when institutional investors try to sell shares to the general public at a price 10 percent lower than their purchase price, the company&#39;s net worth per share should reflect this change. However, the company&#39;s net worth per share has decreased due to an outstanding electricity tariff liability of over Rs 753.68 million to the Nepal Electricity Authority, which was not accounted for when institutional investors bought the shares.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The company&rsquo;s net worth per share as of the last fiscal year (FY 2079/80) is Rs 242.5. After deducting the electricity liabilities until mid-April, the auditor-certified net worth per share is Rs 179.45.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Stock Exchange (NEPSE), the secondary market operator of securities, sets the first trading price of the IPO from the company&#39;s actual net worth per share to three times that value. Consequently, the initial trading value of Reliance Spinning Mills&#39; shares may be lower than the price determined through the book-building process, which worries investors. A group of investors has submitted a petition with complaints about this issue.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of the end of the last year, the actual net worth per share is Rs 242.5, and the maximum price that can be maintained is Rs 726.15. Based on the net worth per share of Rs 179.45 as of mid-April, the maximum price would be Rs 538.35 when first listed. This indicates that investors may incur losses even at the initial listing price. Former Chairman of Nepal Investors Forum, Chhotelal Rauniyar, criticized the Securities Board of Nepal for granting IPO permission to the company, suggesting it was done without proper assessment and may harm investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite several companies waiting for IPO issuance, the board prioritized a company with weakened financial conditions due to electricity tariff arrears, causing dissatisfaction among investors. There is a possibility of manipulation as the shares might be traded at a lower price in the secondary market than the purchase price by institutional investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Reliance has permission to sell 1,155,960 shares worth Rs 9,488,811,968 to the general public, with a legal requirement to sell 10 percent of these shares to Nepalis employed abroad. From July 11, Nepalis abroad can apply to purchase a minimum of 50 shares and a maximum of 20,000 shares until July 25. Global IME Capital Limited is managing the share issuance and sales, with applications accepted through participating banks, financial institutions, and My Share online. Care Rating Nepal has rated the company Care NPA minus, indicating sufficient capacity to meet financial obligations on time.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the second time shares are being sold through the book-building method in Nepal, previously by Sarvottam Cements. Reliance Spinning Mills, operating since September 4, 1995, produces yarn, exporting 70 to 75 percent of its products to countries like India, Turkey, Vietnam, and the UK. Chairman Pawan Golyan holds 89.860 percent of shares, with 4.0056 percent owned by qualified institutional investors and 6.0084 percent by Nepalis employed abroad and other general public. After the issuance and distribution of all shares, the paid-up capital will be Rs 1.90 billion, with proceeds used for product diversification and industry capacity building.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>Questionable Financial Statements</strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are concerns about the financial statements released by the company. For the last year 2079/80, the company reported a profit of over Rs 927.8 million. However, as of mid-April this year, the profit shrank to a little over Rs 26.3 million. The company projects a profit of over Rs 40.62 million for the current year, which some experts view as unrealistic. Chartered Accountant Mukti Subedi noted that the actual financial situation typically changes only due to equity adjustments under the NFRS system. Despite attempts to contact Chairman Golyan for clarification, he was unavailable.</span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '21166',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21440',
			'article_category_id' => '1',
			'title' => 'Mines, Expressway, and Airport Fall Along the Proposed Kathmandu-Raxaul Railway',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. After reviewing the proposed railway, designed by the Indian company Konkan Railway Corporation Limited, the Government of Nepal highlighted the need for changes to avoid areas rich in minerals such as uranium. A new map is recommended for the final location survey, which is similar to a detailed project report (DPR) submitted by the Indian company during Prime Minister Pushpa Kamal Dahal&#39;s visit to India in May last year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We have requested to include in the report what kind of structures need to be built in case of railway intersections with the highway and Nijgadh airport,&quot; said Krishnaraj Pant, joint secretary of the Ministry of Physical Infrastructure and Transport. Many foreign affairs experts view the proposed railway connecting Nepal&#39;s capital Kathmandu with the Indian border town of Raxaul as a strategic project for India. While China is exploring the feasibility of a rail link between Kathmandu and its border city of Kerung, India is advancing the Raxaul-Kathmandu railway.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pant, the current study report does not address issues concerning highways, airports, and mines. A 70.97 km long expressway connecting Kathmandu with the Terai region is under construction, and the government has initiated the process to build an international airport in Nijgadh. Due to the presence of a uranium mine along the proposed route, Nepal has suggested altering the railway&#39;s path to mitigate health risks. Pant said, &quot;The final location survey will be completed once the report incorporates these suggestions provided by the ministry.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Mines and Geology has already issued license for survey of precious minerals in six places along the proposed railway. The Indian company&#39;s report proposes that the entire railway, spanning 140.79 km, will connect Raxaul with Kathmandu and include 12 stations at Raxaul, Birganj, Belwa, Manharwa, Saphi Bazar, Nijgadh, Makwanpur, Diyal, Shikharpur, Sisneri, Satikhel, and Kathmandu.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The final location survey report submitted by Konkan to the Ministry indicates that the railway can be completed in five years, with an estimated construction cost of Rs 383 billion (approximately INR 2.39 billion). This estimate excludes land acquisition and other compensation costs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In 2020, the Government of Nepal requested the Indian government to prepare a detailed project report (DPR) for this railway, but the survey was halted due to the COVID-19 pandemic. An agreement regarding the feasibility study of the Kathmandu-Raxaul railway was reached in August 2018 between the governments of Nepal and India. </span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-07-05',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21165',
			'image' => '20240705115423_1671839534.fastrrack.jpg',
			'article_date' => '2024-07-05 11:53:54',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21438',
			'article_category_id' => '1',
			'title' => 'Energy Ministry to Hire CTEVT Students for its Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In a bid to promote the concept of 'learning by earning', the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In a bid to promote the concept of &#39;learning by earning&#39;, the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU is expected to ensure skill enhancement for students of the Council for Technical Education and Vocational Training (CTEVT) through workplace learning. Under this agreement, CTEVT students will be hired for projects under the Ministry of Energy, Water Resources, and Irrigation in an apprenticeship model.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU was signed on Thursday by the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet, and the Minister for Education, Science, and Technology, Sumana Shrestha.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On the occasion, Minister Shrestha emphasized that education should equip the workforce with the necessary skills to meet the labor market&#39;s demands. &quot;We can retain our youth in the country only by providing them with employment,&quot; she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Minister Basnet stated that the MoU aims to develop a labor culture and impart practical skills by placing students in the workplace. He described the MoU as a milestone in connecting CTEVT students to the workplace and the labor market.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive Director of the Nepal Electricity Authority (NEA), Kulman Ghising, highlighted that the performance of interns hired by the NEA for various projects has been highly praiseworthy and mentioned that such best practices would be expanded if the MoU is well implemented.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Education will develop the relevant curriculum, while the Ministry of Energy will provide economic support to the Ministry of Education in accordance with the existing rules of the CTEVT. -- RSS</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '21164',
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			'article_date' => '2024-07-05 10:38:01',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21437',
			'article_category_id' => '1',
			'title' => 'Lendanda Tunnel Under Kathmandu-Tarai Fast Track Completed',
			'sub_title' => '',
			'summary' => 'The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed. The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 5:&nbsp; The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed.</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the press statement, Nepal Army stated that excavation of one of the twin tube tunnels providing the passage of the vehicles from Nijgadh to Kathmandu at Package Number 2 located Bakaiya and Gadhi Rural Municipalities of Makawanpur has been completed. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The tunnel is 1,612 meters long. Chief of Army Staff Prabhuram Sharma observed the breakthrough of the tunnel.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, on May 18, the 1,633-meter-long Lendanda Tunnel from Kathmandu to Nijgadh was completed. Additionally, the 1,653-meter-long twin tube tunnel of the Dhedre Tunnel from Nijgadh to Kathmandu was also excavated on May 25. </span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '21163',
			'image' => '20240705061247_collage (55).jpg',
			'article_date' => '2024-07-05 06:11:26',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21436',
			'article_category_id' => '1',
			'title' => 'Nepal Telecom and Ncell Deprived of Foreign Exchange Facility',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell's internet service.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell&#39;s internet service.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior official from the Nepal Telecommunications Authority (NTA) disclosed that both Ncell and Nepal Telecom, whose majority shares are owned by the government, have been deprived of foreign exchange facilities for the past six months due to non-payment of the specified frequency fee.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers and the regulatory body are in dispute over whether the fee should be paid. Ncell has filed a case in the Supreme Court. Unless Ncell settles the dues, the NTA has taken a stance recommending foreign exchange facility to the private sector telecommunication service provider. As a result, Ncell has been unable to pay Tata Communication International for bandwidth.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Tata stopped providing bandwidth from June 17,&quot; an Ncell source confirmed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the source, Ncell owes Tata Singapore about $4 million (approximately Rs 540 million). &quot;Tata has sent a legal notice indicating legal action if payment is not made,&quot; the source added. &quot;Despite being ready to pay, we cannot proceed due to the lack of foreign exchange facility,&quot; the source revealed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The same source mentioned that Ncell has also been unable to procure equipment for service improvements or pay for consulting services from abroad for almost six months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The competition between Nepal Telecom and Ncell is intense, and Ncell officials are concerned that without paying for internet bandwidth, equipment, and consulting services, their service quality will suffer, putting them at a disadvantage against Nepal Telecom.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ncell&rsquo;s internet service is currently sustained through various measures, but the cessation of bandwidth supply by Tata&mdash;accounting for over 30% of Ncell&#39;s total bandwidth purchases&mdash;poses a significant threat. If other suppliers also stop providing bandwidth, Ncell&rsquo;s service quality will deteriorate.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Internet services were previously affected when Airtel, an Indian company, stopped providing bandwidth to various internet service providers on May 2, causing internet speeds to slow down significantly for several hours. The NTA had deprived ISPs of foreign exchange facilities due to disputes over the rural telecommunication fund and royalty amounts. Although Airtel resumed bandwidth supply following government intervention, the Supreme Court recently ruled in favor of the NTA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There is also an ongoing dispute between the NTA and two telecommunication service providers regarding frequency fees. In 2019, 2100 bandwidths were auctioned for 3G services, and the frequency price was determined through bidding. Previously, service providers were allowed to use the frequency for a minimum charge, which was Rs 240 million. The dispute arose when the NTA demanded that providers pay fees for the previously used time at the newly determined auction price. Ncell has contested this in court, filing a writ in the Supreme Court.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Pradeep Paudyal, deputy spokesperson and deputy director of the NTA, stated that the original license agreement required payment of fees based on price determined in the future. However, Ncell sources argue that there was no such condition and that the NTA&rsquo;s fee demand is unfair. The NTA claims the two telecommunication providers owes it about Rs 2 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudyal asserted that the NTA aims to provide quality services and that service providers must fulfill their obligations to the government. He indicated that services could be reinstated once obligations are met and warned that continuous delay in payments would result in additional fees as per government law.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers contend that while the case is pending in court, the NTA should not deprive them of foreign exchange facility. Paudyal noted that since the court has not issued an interim order against fee collection, the NTA is justified in its actions.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite both Ncell and Nepal Telecom being deprived of foreign exchange facilities, Nepal Telecom claims it has not faced any issues with foreign payments. Acting Managing Director of Nepal Telecom, Sangeeta Pahadi (Aryal), stated that Nepal Telecom has fulfilled its payment obligations for services from foreign companies and has also paid the required fees to the NTA.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '21162',
			'image' => '20240704032234_1611827864.money-exchange.jpg',
			'article_date' => '2024-07-04 15:22:02',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21435',
			'article_category_id' => '1',
			'title' => 'NEPSE Index Gains 15.46 Points as NRN Infrastructure Leads Turnover',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 4: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During Thursday&rsquo;s trading session, 313 scrips were traded through 84,126 transactions on NEPSE. A total of 22,167,678 units of shares were exchanged, resulting in a total turnover of Rs 6.48 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) led the turnover, with total transactions worth Rs 30 crores. Ankhu Khola Jalvidhyut Company Limited (AKJCL) saw the highest gain of 10%, hitting the positive circuit for the day. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In contrast, Mailung Khola Jal Vidhyut Company Limited (MKJC) experienced the biggest loss, dropping 9.37% to settle at Rs 629.90 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sectoral performance, all sectors closed in the green except for Finance and Manufacturing &amp; Processing. The Development Bank Index achieved the highest gain of 3.43%, while the Finance Index suffered the largest decline at 0.59%.</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21161',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21434',
			'article_category_id' => '1',
			'title' => 'Federal Government Overstepping its Jurisdiction to Raise House Rent Taxes',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions. As state and local governments accuse the federal government of trying to maintain a monopoly on rights and resources in the federal system, it has emerged that the federal government is collecting house rent tax, which, according to the constitution, falls under the local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Some state governments have filed cases in the Supreme Court against the federal government, arguing that their constitutional rights are being infringed. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Clauses (4) of Article 57, Clause (2) of Article 214, Clause (2) of Article 221, and Clause (1) of Article 226 in Schedule-8 of the Constitution of Nepal list the rights of local governments, including city police, cooperatives, FM operations, and local taxes. Local governments are authorized to collect taxes such as property tax, house rent tax, real estate registration fee, vehicle tax, service tax, tourism fee, advertising tax, business tax, land revenue tax, fines, entertainment tax, and property tax. However, not all local governments have been able to collect the institutional house rent tax.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bhimprasad Dhungana, president of the Municipal Association of Nepal, says they have not been able to exercise their rights due to federal government&rsquo;s intervention. &quot;Even now, our municipality has not been able to collect the housing rental tax,&quot; he said. &quot;The federal government has not allowed us to collect it.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Local Government Operation Act, 2074, specifies that property tax, house rent tax, real estate registration fee, vehicle tax, service fee, tourism fee, advertisement tax, business tax, land revenue tax, and other local taxes are subject to federal and state laws. Schedule 3 of the Inter-Governmental Finance Management Act, 2074, places house rent tax within the sole jurisdiction of local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, the Ministry of Finance has tasked the Inland Revenue Department with collecting more than Rs 3 billion in house rent tax for the current fiscal year. By mid-June, the department had collected Rs 2.19 billion in house rent tax. This raises concerns about the federal government collecting revenue against the spirit of federalism. A tax officer in the Baneshwar Tax Office confirmed that they continue to collect the institutional house rent tax. &quot;If someone comes to pay the tax, we will accept it,&quot; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">When asked why the federal government is collecting a tax that falls under local jurisdiction, a Ministry of Finance official stated that the revenue would be distributed to the lower levels through revenue sharing.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Even if the federal government raises it, it will go to the lower levels through revenue distribution,&quot; the official said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Taxes that are the fall under the full authority of local governments are not shared with the central and state governments. According to the Inter-Governmental Finance Management Act, 2074, value-added tax (VAT) and royalties from natural resources are distributed among the three levels of government.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Federalist Khimlal Devkota maintains that the federal government is still encroaching on the rights of some local levels. He believes it is necessary for the federal government to clarify to local governments which taxes they can collect. &quot;If we explain these things, the capacity of the local level will increase,&quot; he said, &quot;And they can develop further.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kathmandu Metropolitan City, the largest city in the country, has begun collecting corporate tax independently. According to Naveen Manandhar, spokesperson for the metropolis, the tax collection falls under their jurisdiction. &quot;There is no need to keep asking anyone because the constitution and the laws give clear authority,&quot; he said. &quot;We are collecting taxes.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added that because the federal government previously collected most taxes, including house rent tax, there might still be some confusion among taxpayers. &quot;We are also working to raise awareness,&quot; he said. </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21433',
			'article_category_id' => '1',
			'title' => 'Industries Refuse to Pay Reduced Tariff for Using Dedicated Feeder and Trunk Line',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. The NEA has also extended the payment deadline and allowed the amount to be paid in up to six installments.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the NEA had sent a letter to industrialists, setting a 15-day deadline to pay the additional fees accrued from January 2072 to April 2075. According to the NEA, industrialists owe approximately Rs 8.25 billion, which includes Rs 6.6 billion in dues and a 25 percent fine. This is significantly lower than the Rs 22 billion initially claimed by the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the industrialists are unwilling to pay, citing a lack of proof from the NEA regarding electricity usage during the specified period. Shashikant Agarwal, owner of Reliance Spinning Mills, stated that they would not pay the amount, regardless of the installment terms provided.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal argued that if the NEA cannot justify the billed amount, the time extension for payments is irrelevant. He claimed that the NEA&rsquo;s billing went against the Lal Commission&#39;s decision. The Lal Commission, led by former Supreme Court Justice Girish Chandra Lal, was formed by the government to study the dispute and provide recommendations. The commission&#39;s report suggested that fees should be based on verified evidence for a limited period.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bills sent by the NEA have not clearly disclosed the amount of electricity consumed by industrialists. Agarwal emphasized that if the NEA can provide evidence of consumption, the dues would be paid within two days without any need for extended time. The industrialists had previously requested clarification from the NEA regarding the tariff demands.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In a reply to the industrialists&#39; inquiry, the NEA claimed to have provided detailed consumption records from January 2072 to April 2075, specifying the billing categories. However, industrialists, including Pashupati Murarka, owner of Arghakhanchi Cement, stated they had not received such correspondence from the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chandan Kumar Ghosh, NEA spokesperson, refuted the industrialists&#39; claims, stating that the installment facility was provided upon their request. He suggested that due to pressure from industrial organizations, some industrialists were reluctant to openly acknowledge their agreement to the tariff. Ghosh mentioned that about 50 percent of the industrialists who have yet to pay the tariff have requested the installment facility.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Contrary to Ghosh&#39;s statement, industrialists insist they have not requested such facilities. Murarka accused the NEA of spreading rumors to create division among industrialists and generate unnecessary confusion. He reiterated that there was no reason to request more time for an amount they do not owe.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Significant Number of Nepali Migrants Imprisoned in Malaysia due to Lack of Valid Document: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. The study, titled &quot;Deception, Arrest, and Detention of Nepali Migrant Workers in Malaysia,&quot; was carried out by the Pravasi Nepali Coordination Committee (PNCC) and the Centre for the Study of Labour and Mobility (CESLAM).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study revealed that 61 percent of the imprisoned migrants were detained due to documentation issues, followed by conflicts with colleagues or employers (8 percent). Additionally, 3 percent were jailed for criminal activities such as murder, theft, illegal drug trafficking, gambling, the sale of counterfeit alcohol, and kidnapping.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The findings were shared and discussed at a program in Kathmandu on Sunday. The study used a mixed-method approach, including a review of existing policies, data, and publications, and an analysis of 758 individual cases of imprisonment in Malaysia recorded by the Pravasi Nepali Coordination Committee between 2020 and 2023.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">It was noted that approximately 84 percent of migrant workers used private recruitment agencies for their migration to Malaysia, while 15 percent migrated independently, often with the help of relatives or agents.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite a Memorandum of Understanding (MoU) between the Government of Nepal and the Malaysian government in 2018, which obliges employers to cover recruitment fees and related costs for migrant workers, it was found that migrants still paid hefty recruitment fees. &quot;More than 50 percent paid between Rs 100,000 and Rs 200,000 in recruitment fees,&quot; the report stated. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report highlighted that one of the major barriers preventing Nepali migrant workers from accessing justice is their lack of awareness regarding their rights, legal processes, and available support avenues. &quot;The language barrier also hinders access to justice for imprisoned Nepali migrant workers,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study recommended implementing the &#39;free-visa, free-ticket&#39; policy and the &#39;employer pays&#39; principle with robust monitoring. &quot;The Government of Nepal should collaborate with Malaysia to ensure proper implementation of the &#39;employer pays&#39; principle as stipulated in the MoU between the two countries,&quot; it suggested.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Furthermore, the report proposed that pre-departure orientation training for Nepali migrant workers should include comprehensive counseling on the rules and regulations of the destination country. It also mentioned that skill training on soft skills such as communication, language proficiency of the destination countries, teamwork, adaptability, patience, negotiation, and cultural awareness should be provided to migrant workers before their departure.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Other recommendations included providing psychosocial support to returnee migrant workers who were imprisoned and establishing a comprehensive system for recording data on imprisoned Nepali migrant workers. &quot;It is crucial to establish a comprehensive system for monitoring and recording data on imprisoned migrant workers to track the number of workers in jail, those returning, and other relevant data to facilitate targeted assistance and policymaking,&quot; the report stated.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21431',
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			'title' => 'Industrialists Attracted to Special Economic Zone in Bhairahawa',
			'sub_title' => '',
			'summary' => 'BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the state-owned news agency, these amendments were made to facilitate industrial activities and promote exports, attracting numerous industrialists to the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, there are no vacant plots available in the Bhairahawa SEZ. Acting Executive Director of the Special Economic Zone Authority, Tulsiram Marasini, told RSS that all 69 plots spanning across 52 bighas of land in the SEZ have been leased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Eight industries are currently operational within the SEZ. They include Shakti Minerals Pvt Ltd, Vistar Global Pvt Ltd, Tirupati Metals Pvt Ltd, Brilliant Lighting Industry, Panchkanya SS Pvt Ltd, Yash Plastic Products, Jaya Buddha Metal Craft, and Himalayan Granite. Additionally, Eco Nepal Energy Pvt Ltd, Arshi Industries, and Spurt Electronic Industries are under construction. Furthermore, agreements have been signed with Mishakh Sheikh, Deepesh Chalise, Rahul Jain as well as Larke Himal Herbs Pvt Ltd, White Mountain Mining Pvt Ltd, Tanyaegro Pvt Ltd, and Data World Pvt Ltd for establishing their industries in the Bhairahawa SEZ, the RSS further reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the interest, industrialists have raised concerns regarding high rent, export difficulties at the border, and challenges in securing loans. Acting Executive Director Marasini assured that the government has addressed these complaints.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Initially, the Special Economic Zones Act of 2073 required that at least 60% of the goods or services produced in the SEZ be exported. This provision has been amended by the Ordinance to amend some Nepal Acts related to Investment Facilitation, now requiring at least 15% of production to be exported initially and 30% in subsequent years from the start of production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini mentioned that the provision allowing goods or services produced in SEZ to be sold in Nepal&rsquo;s domestic market within one year from establishment has been extended to three years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, regulations prohibited the transfer of existing industries and their equipment into SEZ. These regulations have been amended, allowing for such transfers and operations within the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Industrialists have called for various concessions to establish industries in SEZ. Initially, SEZ rent was set at Rs 150 per square meter, which was later revised to Rs 20. Following further complaints, the authority is preparing to reduce it to Rs 10.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini emphasized that the SEZ was established not for profit but to provide maximum opportunities for entrepreneurs in Nepal. He insisted that the authority would maintain maximum flexibility to create a conducive environment for industrialists.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the fiscal year 2076-77, SEZ reported export sales worth Rs 148 million, domestic sales of Rs 564 million, and total sales of Rs 204 million. In 2077-78, export sales dropped to Rs 85.47 million, and domestic sales totaled Rs 183 million. For the year 2079-80, SEZ recorded export sales of Rs 454.1 million, domestic sales of Rs 387.9 million, and total sales of Rs 845.9 million.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Special Economic Zone Authority held an interaction in Bhairahawa regarding the smooth operation of SEZ. Industrialists expressed concerns that initial assurances given when establishing their industries were not fulfilled. They highlighted that the one-door system, a basic principle of SEZ, has yet to be implemented and requested the authority to facilitate it. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the interaction, Thakur Kumar Shrestha, president of Siddharth Chamber of Commerce and Industry, noted that land rent in SEZ remains more expensive than outside. Industrialists also pointed out issues with basic amenities such as drinking water, electricity, and sanitation within the SEZ.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21445',
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			'title' => 'Women Entrepreneurs Have Made Country Proud, Says NRB Governor',
			'sub_title' => '',
			'summary' => 'Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community. ',
			'content' => '<p><span style="font-size:20px">July 5: Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community.&nbsp;</span></p>

<p><span style="font-size:20px">Speaking at the NEWBIZ Business Women Summit and Awards 2024, Governor Adhikari expressed his gratitude and congratulations for organizing&nbsp;programs focused on women&#39;s empowerment and entrepreneurship.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari highlighted significant improvements in the gender gap, noting a 6% increase in women&#39;s inclusion in banking, according to the latest NRB report.</span></p>

<p><span style="font-size:20px">Adhikari revealed that 126,000 people have taken concessional loans from banks, with 75,000 of them being women, who have collectively borrowed Rs 43 billion.&nbsp;</span></p>

<p><span style="font-size:20px">He urged bankers to support women entrepreneurs. &quot;If any woman is interested in starting a business, do support them making the access to loan easy and simple,&quot; he emphasized.</span></p>

<p><span style="font-size:20px">The Governor also addressed concerns regarding the misuse of concessional loans provided to women entrepreneurs. He stressed that as long as the loans achieve their intended objectives, their use should not be misinterpreted.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari also encouraged borrowers to develop sustainable business models, noting that subsidies will not last forever. &quot;Nepali women entrepreneurs can compete with any women in the world as they have successfully run hotels and agro farms,&quot; Adhikari added.</span></p>

<p><span style="font-size:20px">Governor also invited suggestions as the NRB is preparing for its new monetary policy, aiming to further support and enhance women&#39;s roles in the economy.</span></p>

<p><span style="font-size:20px">Similarly, Chief Executive Officer of Standard Chartered Bank Nepal Limited Anirvan Ghosh Dastidar thanked New Business Age for the organization of the programme focused on women. &nbsp;&ldquo;We thank the NBA for conducting programs that support women&#39;s entrepreneurship, leadership, and empowerment,&rdquo; said Dastidar.&nbsp;</span></p>

<p><span style="font-size:20px">He joyfully reminded the unique initiative where the Japanese Yen is made from Nepali paper, with the majority of the workforce being women. Appreciating the 16th national plan focusing on gender equality, he shared &quot;Our association with NBA is strengthened by our Global Connect Program.&nbsp;</span></p>
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	(int) 1 => array(
		'Article' => array(
			'id' => '21444',
			'article_category_id' => '1',
			'title' => 'Panel Discussion on 'Strengthening Women's Business Leadership' Held',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. The speakers in the panel discussion on the theme of &#39;Strengthening Women&#39;s Business Leadership&#39; were Mahesh Bhattarai, Joint Secretary and Chief of the Economic Management Division of the National Planning Commission, Swastika Shrestha, CEO of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, Co-founder and Program Head of Startup Discovery Asia, facilitated in the discussion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The event organized by New Business Age was inaugurated by Nepal Rastra Bank&rsquo;s Governor Mahaprasad Adhikari. The awards ceremony sponsored by Standard Chartered Bank Nepal Limited will hand out awards in 12 categories including &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;, &#39;Professional Woman of Excellence&#39;, &#39;Pioneer Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Women Entrepreneur&#39; category. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, in the &#39;Emerging Enterprising Woman of the Year&#39; category, one person from each of the seven provinces will be awarded. They will also be given a prize of Rs 51,000 each.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. Similarly, IME Life is a life insurance partner.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the fourth edition of the awards ceremony organized by New Business Age under the New Business Women Summit and Awards series that started in 2021. The company has been conducting various other awards programs to encourage entrepreneurship.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '21443',
			'article_category_id' => '1',
			'title' => '‘Let's Respect the Work of Women Entrepreneurs’',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday. Sabita Subedi, Director of Operations and Finance at New Business Age Pvt. Ltd., delivered a welcome speech on behalf of the organizers. She emphasized the importance of encouraging and respecting the work of women entrepreneurs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Subedi highlighted that financial literacy and entrepreneurship training were provided to women entrepreneurs in all seven provinces of the country as part of the event. This initiative, started by New Business Age Pvt. Ltd., aims to honor women entrepreneurs and is now in its fourth year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The main slogan of the series is &quot;Empowering Business Leadership of Nepali Women,&quot; and the theme of this year&#39;s summit is &quot;Strengthening Women&#39;s Business Leadership.&quot; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A special panel discussion on this topic is scheduled during the program. Subedi described the summit as a small effort by the company to promote women&#39;s entrepreneurship.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sponsored by Standard Chartered Bank Nepal Limited, the event will present awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship,&#39; &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Women in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39; Additionally, one person from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category, with each recipient receiving a prize of Rs 51,000.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The program will feature a panel discussion on &#39;Strengthening Women&#39;s Business Leadership,&#39; with speakers Mahesh Bhattarai, Joint Secretary and Chief of Economic Management Division of the National Planning Commission; Swastika Shrestha, CEO of Teach for Nepal; and Padmakshi Rana, Executive Director of Impact Hub, Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner.</span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '21442',
			'article_category_id' => '1',
			'title' => 'Newbiz Business Women Summit and Awards-2024 Begins',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'New Biz Business Women Summit and Awards-2024' has commenced at Hotel Soaltee, Kathmandu on Friday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The fourth edition of the &#39;New Biz Business Women Summit and Awards-2024&#39; has commenced at Hotel Soaltee, Kathmandu on Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Organized annually by New Biz Business Edge Pvt Ltd, this event aims to encourage and appreciate women entrepreneurs for their contributions to the field.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chief Guest Maha Prasad Adhikari, Governor of NRB, and Madan Lamsal, Chairman of NBA jointly inaugurated the event by lighting the ceremonial lamp. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabita Subedi, Director of Operations and Finance at New Business Age Pvt Ltd, welcomed the guests on behalf of NBA. In her welcome speech, she emphasized the importance of encouraging and respecting women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Subedi also highlighted that financial literacy and entrepreneurship training had been provided to women entrepreneurs in all seven provinces of the country as part of the program. She noted that this is the fourth edition of the &#39;Business Women Summit and Awards,&#39; a special initiative by New Business Age Pvt Ltd to honor women entrepreneurs. The main slogan of the series is &#39;Empowering Business Leadership of Women,&#39; and this year&#39;s summit theme is &lsquo;Strengthening Women&rsquo;s Business Leadership.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">She added that this event represents a small effort by the company to promote women&#39;s entrepreneurship. New Business Age has been organising this program since 2021 to encourage women who have made significant contributions in various enterprise sectors and those who have dedicated a long time to women&#39;s entrepreneurship and empowerment in all seven provinces. The event will award the best women entrepreneurs in various categories, selected by an independent panel of judges.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Standard Chartered Bank Nepal Limited is the title sponsor of the event. The NBA, the organizer, has announced awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship.&#39; Other categories include &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Woman in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, NBA will honor one female entrepreneur from each of all seven provinces under the &#39;Emerging Enterprising Woman of the Year&#39; category, along with a cash prize of Rs 51,000 each. A panel discussion on Empowering Women&#39;s Business Leadership&#39; will also be held as part of the program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speakers for the panel discussion include Mahesh Bhattarai, Chief and Joint Secretary of the Economic Management Division of the National Planning Commission, Swastika Shrestha, Chief Executive Officer of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the run-up to the event, NBA had provided special training on financial literacy and entrepreneurship to nearly 300 women entrepreneurs in Butwal and Nepalgunj.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Rastra Bank&rsquo;s Governor Maha Prasad Adhikari was the chief guest for the first half of the awards ceremony while Supreme Court Justice Sapana Pradhan Malla was the chief guest for the second half.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21439',
			'article_category_id' => '1',
			'title' => 'Newbiz Business Women Summit and Awards 2024 Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'Newbiz Business Women Summit and Awards 2024' is being held today (Friday) in Kathmandu.',
			'content' => '<p><span style="font-size:18px">KATHMANDU: The fourth edition of the &#39;Newbiz Business Women Summit and Awards 2024&#39; is being held today (Friday) in Kathmandu. New Business Age has been organising this annual event since 2021 to encourage women entrepreneurs and recognize their contributions.</span></p>

<p><span style="font-size:18px">The event recognizes the contribution of women entrepreneurs from all seven provinces who have dedicated themselves to entrepreneurship and empowerment. An independent jury will select the best women entrepreneurs across various categories for awards.</span></p>

<p><span style="font-size:18px">Standard Chartered Bank (Nepal) Limited is the sponsor of this year&#39;s event. Awards will be presented in 12 categories, including the &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;. Other categories include &#39;Professional Woman of Excellence&#39;, &#39;Pioneering Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Woman Entrepreneur&#39;.</span></p>

<p><span style="font-size:18px">Similarly, one female entrepreneur from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category. Winners will receive a prize of Rs 51,000 each.</span></p>

<p><span style="font-size:18px">The program will also feature a group discussion on &#39;Strengthening Women&#39;s Business Leadership&#39;, with speakers Mahesh Bhattarai (Division Chief and Joint Secretary of the Economic Management Division of the National Planning Commission), Swastika Shrestha (CEO of Teach for Nepal), and Padmakshi Rana (Executive Director of Impact Hub, Kathmandu). Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></p>

<p><span style="font-size:18px">In the run-up to the event, New Business Age conducted training sessions on financial literacy and women entrepreneurship in Butwal and Nepalgunj. The main theme of this year&#39;s event is &quot;Strengthening Women&#39;s Business Leadership&quot;. The event will feature interactions between stakeholders focusing on this topic.</span></p>

<p><span style="font-size:18px">Other sponsors of the program include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life Insurance is the life insurance partner. New Business Age has been organizing various events, including this summit, to support and promote entrepreneurship.</span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '21441',
			'article_category_id' => '1',
			'title' => 'Reliance Spinning Mills Shares to Become a Burden for Investors',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. The company is about to issue shares (IPO) at the rate of Rs 820.80 per share to the general public through the book-building method, but concerns have arisen that the price may be too high for investors due to a reported decrease in its actual net worth per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the book-building method, qualified institutional investors buy a certain percentage of IPO shares at a fixed price, and this price is used as a basis for issuing shares to the general public. The company has already sold 40 percent of the total shares to qualified institutional investors at Rs 912 per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to regulations, when institutional investors try to sell shares to the general public at a price 10 percent lower than their purchase price, the company&#39;s net worth per share should reflect this change. However, the company&#39;s net worth per share has decreased due to an outstanding electricity tariff liability of over Rs 753.68 million to the Nepal Electricity Authority, which was not accounted for when institutional investors bought the shares.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The company&rsquo;s net worth per share as of the last fiscal year (FY 2079/80) is Rs 242.5. After deducting the electricity liabilities until mid-April, the auditor-certified net worth per share is Rs 179.45.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Stock Exchange (NEPSE), the secondary market operator of securities, sets the first trading price of the IPO from the company&#39;s actual net worth per share to three times that value. Consequently, the initial trading value of Reliance Spinning Mills&#39; shares may be lower than the price determined through the book-building process, which worries investors. A group of investors has submitted a petition with complaints about this issue.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of the end of the last year, the actual net worth per share is Rs 242.5, and the maximum price that can be maintained is Rs 726.15. Based on the net worth per share of Rs 179.45 as of mid-April, the maximum price would be Rs 538.35 when first listed. This indicates that investors may incur losses even at the initial listing price. Former Chairman of Nepal Investors Forum, Chhotelal Rauniyar, criticized the Securities Board of Nepal for granting IPO permission to the company, suggesting it was done without proper assessment and may harm investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite several companies waiting for IPO issuance, the board prioritized a company with weakened financial conditions due to electricity tariff arrears, causing dissatisfaction among investors. There is a possibility of manipulation as the shares might be traded at a lower price in the secondary market than the purchase price by institutional investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Reliance has permission to sell 1,155,960 shares worth Rs 9,488,811,968 to the general public, with a legal requirement to sell 10 percent of these shares to Nepalis employed abroad. From July 11, Nepalis abroad can apply to purchase a minimum of 50 shares and a maximum of 20,000 shares until July 25. Global IME Capital Limited is managing the share issuance and sales, with applications accepted through participating banks, financial institutions, and My Share online. Care Rating Nepal has rated the company Care NPA minus, indicating sufficient capacity to meet financial obligations on time.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the second time shares are being sold through the book-building method in Nepal, previously by Sarvottam Cements. Reliance Spinning Mills, operating since September 4, 1995, produces yarn, exporting 70 to 75 percent of its products to countries like India, Turkey, Vietnam, and the UK. Chairman Pawan Golyan holds 89.860 percent of shares, with 4.0056 percent owned by qualified institutional investors and 6.0084 percent by Nepalis employed abroad and other general public. After the issuance and distribution of all shares, the paid-up capital will be Rs 1.90 billion, with proceeds used for product diversification and industry capacity building.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>Questionable Financial Statements</strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are concerns about the financial statements released by the company. For the last year 2079/80, the company reported a profit of over Rs 927.8 million. However, as of mid-April this year, the profit shrank to a little over Rs 26.3 million. The company projects a profit of over Rs 40.62 million for the current year, which some experts view as unrealistic. Chartered Accountant Mukti Subedi noted that the actual financial situation typically changes only due to equity adjustments under the NFRS system. Despite attempts to contact Chairman Golyan for clarification, he was unavailable.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21440',
			'article_category_id' => '1',
			'title' => 'Mines, Expressway, and Airport Fall Along the Proposed Kathmandu-Raxaul Railway',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. After reviewing the proposed railway, designed by the Indian company Konkan Railway Corporation Limited, the Government of Nepal highlighted the need for changes to avoid areas rich in minerals such as uranium. A new map is recommended for the final location survey, which is similar to a detailed project report (DPR) submitted by the Indian company during Prime Minister Pushpa Kamal Dahal&#39;s visit to India in May last year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We have requested to include in the report what kind of structures need to be built in case of railway intersections with the highway and Nijgadh airport,&quot; said Krishnaraj Pant, joint secretary of the Ministry of Physical Infrastructure and Transport. Many foreign affairs experts view the proposed railway connecting Nepal&#39;s capital Kathmandu with the Indian border town of Raxaul as a strategic project for India. While China is exploring the feasibility of a rail link between Kathmandu and its border city of Kerung, India is advancing the Raxaul-Kathmandu railway.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pant, the current study report does not address issues concerning highways, airports, and mines. A 70.97 km long expressway connecting Kathmandu with the Terai region is under construction, and the government has initiated the process to build an international airport in Nijgadh. Due to the presence of a uranium mine along the proposed route, Nepal has suggested altering the railway&#39;s path to mitigate health risks. Pant said, &quot;The final location survey will be completed once the report incorporates these suggestions provided by the ministry.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Mines and Geology has already issued license for survey of precious minerals in six places along the proposed railway. The Indian company&#39;s report proposes that the entire railway, spanning 140.79 km, will connect Raxaul with Kathmandu and include 12 stations at Raxaul, Birganj, Belwa, Manharwa, Saphi Bazar, Nijgadh, Makwanpur, Diyal, Shikharpur, Sisneri, Satikhel, and Kathmandu.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The final location survey report submitted by Konkan to the Ministry indicates that the railway can be completed in five years, with an estimated construction cost of Rs 383 billion (approximately INR 2.39 billion). This estimate excludes land acquisition and other compensation costs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In 2020, the Government of Nepal requested the Indian government to prepare a detailed project report (DPR) for this railway, but the survey was halted due to the COVID-19 pandemic. An agreement regarding the feasibility study of the Kathmandu-Raxaul railway was reached in August 2018 between the governments of Nepal and India. </span></span></p>

<p>&nbsp;</p>
',
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			'image' => '20240705115423_1671839534.fastrrack.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21438',
			'article_category_id' => '1',
			'title' => 'Energy Ministry to Hire CTEVT Students for its Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In a bid to promote the concept of 'learning by earning', the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In a bid to promote the concept of &#39;learning by earning&#39;, the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU is expected to ensure skill enhancement for students of the Council for Technical Education and Vocational Training (CTEVT) through workplace learning. Under this agreement, CTEVT students will be hired for projects under the Ministry of Energy, Water Resources, and Irrigation in an apprenticeship model.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU was signed on Thursday by the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet, and the Minister for Education, Science, and Technology, Sumana Shrestha.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On the occasion, Minister Shrestha emphasized that education should equip the workforce with the necessary skills to meet the labor market&#39;s demands. &quot;We can retain our youth in the country only by providing them with employment,&quot; she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Minister Basnet stated that the MoU aims to develop a labor culture and impart practical skills by placing students in the workplace. He described the MoU as a milestone in connecting CTEVT students to the workplace and the labor market.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive Director of the Nepal Electricity Authority (NEA), Kulman Ghising, highlighted that the performance of interns hired by the NEA for various projects has been highly praiseworthy and mentioned that such best practices would be expanded if the MoU is well implemented.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Education will develop the relevant curriculum, while the Ministry of Energy will provide economic support to the Ministry of Education in accordance with the existing rules of the CTEVT. -- RSS</span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2024-07-05 10:38:01',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21437',
			'article_category_id' => '1',
			'title' => 'Lendanda Tunnel Under Kathmandu-Tarai Fast Track Completed',
			'sub_title' => '',
			'summary' => 'The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed. The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 5:&nbsp; The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed.</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the press statement, Nepal Army stated that excavation of one of the twin tube tunnels providing the passage of the vehicles from Nijgadh to Kathmandu at Package Number 2 located Bakaiya and Gadhi Rural Municipalities of Makawanpur has been completed. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The tunnel is 1,612 meters long. Chief of Army Staff Prabhuram Sharma observed the breakthrough of the tunnel.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, on May 18, the 1,633-meter-long Lendanda Tunnel from Kathmandu to Nijgadh was completed. Additionally, the 1,653-meter-long twin tube tunnel of the Dhedre Tunnel from Nijgadh to Kathmandu was also excavated on May 25. </span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '21163',
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			'article_date' => '2024-07-05 06:11:26',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21436',
			'article_category_id' => '1',
			'title' => 'Nepal Telecom and Ncell Deprived of Foreign Exchange Facility',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell's internet service.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell&#39;s internet service.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior official from the Nepal Telecommunications Authority (NTA) disclosed that both Ncell and Nepal Telecom, whose majority shares are owned by the government, have been deprived of foreign exchange facilities for the past six months due to non-payment of the specified frequency fee.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers and the regulatory body are in dispute over whether the fee should be paid. Ncell has filed a case in the Supreme Court. Unless Ncell settles the dues, the NTA has taken a stance recommending foreign exchange facility to the private sector telecommunication service provider. As a result, Ncell has been unable to pay Tata Communication International for bandwidth.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Tata stopped providing bandwidth from June 17,&quot; an Ncell source confirmed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the source, Ncell owes Tata Singapore about $4 million (approximately Rs 540 million). &quot;Tata has sent a legal notice indicating legal action if payment is not made,&quot; the source added. &quot;Despite being ready to pay, we cannot proceed due to the lack of foreign exchange facility,&quot; the source revealed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The same source mentioned that Ncell has also been unable to procure equipment for service improvements or pay for consulting services from abroad for almost six months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The competition between Nepal Telecom and Ncell is intense, and Ncell officials are concerned that without paying for internet bandwidth, equipment, and consulting services, their service quality will suffer, putting them at a disadvantage against Nepal Telecom.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ncell&rsquo;s internet service is currently sustained through various measures, but the cessation of bandwidth supply by Tata&mdash;accounting for over 30% of Ncell&#39;s total bandwidth purchases&mdash;poses a significant threat. If other suppliers also stop providing bandwidth, Ncell&rsquo;s service quality will deteriorate.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Internet services were previously affected when Airtel, an Indian company, stopped providing bandwidth to various internet service providers on May 2, causing internet speeds to slow down significantly for several hours. The NTA had deprived ISPs of foreign exchange facilities due to disputes over the rural telecommunication fund and royalty amounts. Although Airtel resumed bandwidth supply following government intervention, the Supreme Court recently ruled in favor of the NTA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There is also an ongoing dispute between the NTA and two telecommunication service providers regarding frequency fees. In 2019, 2100 bandwidths were auctioned for 3G services, and the frequency price was determined through bidding. Previously, service providers were allowed to use the frequency for a minimum charge, which was Rs 240 million. The dispute arose when the NTA demanded that providers pay fees for the previously used time at the newly determined auction price. Ncell has contested this in court, filing a writ in the Supreme Court.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Pradeep Paudyal, deputy spokesperson and deputy director of the NTA, stated that the original license agreement required payment of fees based on price determined in the future. However, Ncell sources argue that there was no such condition and that the NTA&rsquo;s fee demand is unfair. The NTA claims the two telecommunication providers owes it about Rs 2 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudyal asserted that the NTA aims to provide quality services and that service providers must fulfill their obligations to the government. He indicated that services could be reinstated once obligations are met and warned that continuous delay in payments would result in additional fees as per government law.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers contend that while the case is pending in court, the NTA should not deprive them of foreign exchange facility. Paudyal noted that since the court has not issued an interim order against fee collection, the NTA is justified in its actions.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite both Ncell and Nepal Telecom being deprived of foreign exchange facilities, Nepal Telecom claims it has not faced any issues with foreign payments. Acting Managing Director of Nepal Telecom, Sangeeta Pahadi (Aryal), stated that Nepal Telecom has fulfilled its payment obligations for services from foreign companies and has also paid the required fees to the NTA.</span></span></span></span></p>

<p>&nbsp;</p>
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			'image' => '20240704032234_1611827864.money-exchange.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21435',
			'article_category_id' => '1',
			'title' => 'NEPSE Index Gains 15.46 Points as NRN Infrastructure Leads Turnover',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 4: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During Thursday&rsquo;s trading session, 313 scrips were traded through 84,126 transactions on NEPSE. A total of 22,167,678 units of shares were exchanged, resulting in a total turnover of Rs 6.48 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) led the turnover, with total transactions worth Rs 30 crores. Ankhu Khola Jalvidhyut Company Limited (AKJCL) saw the highest gain of 10%, hitting the positive circuit for the day. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In contrast, Mailung Khola Jal Vidhyut Company Limited (MKJC) experienced the biggest loss, dropping 9.37% to settle at Rs 629.90 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sectoral performance, all sectors closed in the green except for Finance and Manufacturing &amp; Processing. The Development Bank Index achieved the highest gain of 3.43%, while the Finance Index suffered the largest decline at 0.59%.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '21161',
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			'article_date' => '2024-07-04 15:17:51',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21434',
			'article_category_id' => '1',
			'title' => 'Federal Government Overstepping its Jurisdiction to Raise House Rent Taxes',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions. As state and local governments accuse the federal government of trying to maintain a monopoly on rights and resources in the federal system, it has emerged that the federal government is collecting house rent tax, which, according to the constitution, falls under the local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Some state governments have filed cases in the Supreme Court against the federal government, arguing that their constitutional rights are being infringed. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Clauses (4) of Article 57, Clause (2) of Article 214, Clause (2) of Article 221, and Clause (1) of Article 226 in Schedule-8 of the Constitution of Nepal list the rights of local governments, including city police, cooperatives, FM operations, and local taxes. Local governments are authorized to collect taxes such as property tax, house rent tax, real estate registration fee, vehicle tax, service tax, tourism fee, advertising tax, business tax, land revenue tax, fines, entertainment tax, and property tax. However, not all local governments have been able to collect the institutional house rent tax.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bhimprasad Dhungana, president of the Municipal Association of Nepal, says they have not been able to exercise their rights due to federal government&rsquo;s intervention. &quot;Even now, our municipality has not been able to collect the housing rental tax,&quot; he said. &quot;The federal government has not allowed us to collect it.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Local Government Operation Act, 2074, specifies that property tax, house rent tax, real estate registration fee, vehicle tax, service fee, tourism fee, advertisement tax, business tax, land revenue tax, and other local taxes are subject to federal and state laws. Schedule 3 of the Inter-Governmental Finance Management Act, 2074, places house rent tax within the sole jurisdiction of local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, the Ministry of Finance has tasked the Inland Revenue Department with collecting more than Rs 3 billion in house rent tax for the current fiscal year. By mid-June, the department had collected Rs 2.19 billion in house rent tax. This raises concerns about the federal government collecting revenue against the spirit of federalism. A tax officer in the Baneshwar Tax Office confirmed that they continue to collect the institutional house rent tax. &quot;If someone comes to pay the tax, we will accept it,&quot; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">When asked why the federal government is collecting a tax that falls under local jurisdiction, a Ministry of Finance official stated that the revenue would be distributed to the lower levels through revenue sharing.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Even if the federal government raises it, it will go to the lower levels through revenue distribution,&quot; the official said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Taxes that are the fall under the full authority of local governments are not shared with the central and state governments. According to the Inter-Governmental Finance Management Act, 2074, value-added tax (VAT) and royalties from natural resources are distributed among the three levels of government.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Federalist Khimlal Devkota maintains that the federal government is still encroaching on the rights of some local levels. He believes it is necessary for the federal government to clarify to local governments which taxes they can collect. &quot;If we explain these things, the capacity of the local level will increase,&quot; he said, &quot;And they can develop further.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kathmandu Metropolitan City, the largest city in the country, has begun collecting corporate tax independently. According to Naveen Manandhar, spokesperson for the metropolis, the tax collection falls under their jurisdiction. &quot;There is no need to keep asking anyone because the constitution and the laws give clear authority,&quot; he said. &quot;We are collecting taxes.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added that because the federal government previously collected most taxes, including house rent tax, there might still be some confusion among taxpayers. &quot;We are also working to raise awareness,&quot; he said. </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21433',
			'article_category_id' => '1',
			'title' => 'Industries Refuse to Pay Reduced Tariff for Using Dedicated Feeder and Trunk Line',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. The NEA has also extended the payment deadline and allowed the amount to be paid in up to six installments.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the NEA had sent a letter to industrialists, setting a 15-day deadline to pay the additional fees accrued from January 2072 to April 2075. According to the NEA, industrialists owe approximately Rs 8.25 billion, which includes Rs 6.6 billion in dues and a 25 percent fine. This is significantly lower than the Rs 22 billion initially claimed by the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the industrialists are unwilling to pay, citing a lack of proof from the NEA regarding electricity usage during the specified period. Shashikant Agarwal, owner of Reliance Spinning Mills, stated that they would not pay the amount, regardless of the installment terms provided.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal argued that if the NEA cannot justify the billed amount, the time extension for payments is irrelevant. He claimed that the NEA&rsquo;s billing went against the Lal Commission&#39;s decision. The Lal Commission, led by former Supreme Court Justice Girish Chandra Lal, was formed by the government to study the dispute and provide recommendations. The commission&#39;s report suggested that fees should be based on verified evidence for a limited period.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bills sent by the NEA have not clearly disclosed the amount of electricity consumed by industrialists. Agarwal emphasized that if the NEA can provide evidence of consumption, the dues would be paid within two days without any need for extended time. The industrialists had previously requested clarification from the NEA regarding the tariff demands.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In a reply to the industrialists&#39; inquiry, the NEA claimed to have provided detailed consumption records from January 2072 to April 2075, specifying the billing categories. However, industrialists, including Pashupati Murarka, owner of Arghakhanchi Cement, stated they had not received such correspondence from the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chandan Kumar Ghosh, NEA spokesperson, refuted the industrialists&#39; claims, stating that the installment facility was provided upon their request. He suggested that due to pressure from industrial organizations, some industrialists were reluctant to openly acknowledge their agreement to the tariff. Ghosh mentioned that about 50 percent of the industrialists who have yet to pay the tariff have requested the installment facility.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Contrary to Ghosh&#39;s statement, industrialists insist they have not requested such facilities. Murarka accused the NEA of spreading rumors to create division among industrialists and generate unnecessary confusion. He reiterated that there was no reason to request more time for an amount they do not owe.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Significant Number of Nepali Migrants Imprisoned in Malaysia due to Lack of Valid Document: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. The study, titled &quot;Deception, Arrest, and Detention of Nepali Migrant Workers in Malaysia,&quot; was carried out by the Pravasi Nepali Coordination Committee (PNCC) and the Centre for the Study of Labour and Mobility (CESLAM).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study revealed that 61 percent of the imprisoned migrants were detained due to documentation issues, followed by conflicts with colleagues or employers (8 percent). Additionally, 3 percent were jailed for criminal activities such as murder, theft, illegal drug trafficking, gambling, the sale of counterfeit alcohol, and kidnapping.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The findings were shared and discussed at a program in Kathmandu on Sunday. The study used a mixed-method approach, including a review of existing policies, data, and publications, and an analysis of 758 individual cases of imprisonment in Malaysia recorded by the Pravasi Nepali Coordination Committee between 2020 and 2023.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">It was noted that approximately 84 percent of migrant workers used private recruitment agencies for their migration to Malaysia, while 15 percent migrated independently, often with the help of relatives or agents.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite a Memorandum of Understanding (MoU) between the Government of Nepal and the Malaysian government in 2018, which obliges employers to cover recruitment fees and related costs for migrant workers, it was found that migrants still paid hefty recruitment fees. &quot;More than 50 percent paid between Rs 100,000 and Rs 200,000 in recruitment fees,&quot; the report stated. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report highlighted that one of the major barriers preventing Nepali migrant workers from accessing justice is their lack of awareness regarding their rights, legal processes, and available support avenues. &quot;The language barrier also hinders access to justice for imprisoned Nepali migrant workers,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study recommended implementing the &#39;free-visa, free-ticket&#39; policy and the &#39;employer pays&#39; principle with robust monitoring. &quot;The Government of Nepal should collaborate with Malaysia to ensure proper implementation of the &#39;employer pays&#39; principle as stipulated in the MoU between the two countries,&quot; it suggested.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Furthermore, the report proposed that pre-departure orientation training for Nepali migrant workers should include comprehensive counseling on the rules and regulations of the destination country. It also mentioned that skill training on soft skills such as communication, language proficiency of the destination countries, teamwork, adaptability, patience, negotiation, and cultural awareness should be provided to migrant workers before their departure.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Other recommendations included providing psychosocial support to returnee migrant workers who were imprisoned and establishing a comprehensive system for recording data on imprisoned Nepali migrant workers. &quot;It is crucial to establish a comprehensive system for monitoring and recording data on imprisoned migrant workers to track the number of workers in jail, those returning, and other relevant data to facilitate targeted assistance and policymaking,&quot; the report stated.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Industrialists Attracted to Special Economic Zone in Bhairahawa',
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			'summary' => 'BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the state-owned news agency, these amendments were made to facilitate industrial activities and promote exports, attracting numerous industrialists to the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, there are no vacant plots available in the Bhairahawa SEZ. Acting Executive Director of the Special Economic Zone Authority, Tulsiram Marasini, told RSS that all 69 plots spanning across 52 bighas of land in the SEZ have been leased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Eight industries are currently operational within the SEZ. They include Shakti Minerals Pvt Ltd, Vistar Global Pvt Ltd, Tirupati Metals Pvt Ltd, Brilliant Lighting Industry, Panchkanya SS Pvt Ltd, Yash Plastic Products, Jaya Buddha Metal Craft, and Himalayan Granite. Additionally, Eco Nepal Energy Pvt Ltd, Arshi Industries, and Spurt Electronic Industries are under construction. Furthermore, agreements have been signed with Mishakh Sheikh, Deepesh Chalise, Rahul Jain as well as Larke Himal Herbs Pvt Ltd, White Mountain Mining Pvt Ltd, Tanyaegro Pvt Ltd, and Data World Pvt Ltd for establishing their industries in the Bhairahawa SEZ, the RSS further reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the interest, industrialists have raised concerns regarding high rent, export difficulties at the border, and challenges in securing loans. Acting Executive Director Marasini assured that the government has addressed these complaints.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Initially, the Special Economic Zones Act of 2073 required that at least 60% of the goods or services produced in the SEZ be exported. This provision has been amended by the Ordinance to amend some Nepal Acts related to Investment Facilitation, now requiring at least 15% of production to be exported initially and 30% in subsequent years from the start of production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini mentioned that the provision allowing goods or services produced in SEZ to be sold in Nepal&rsquo;s domestic market within one year from establishment has been extended to three years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, regulations prohibited the transfer of existing industries and their equipment into SEZ. These regulations have been amended, allowing for such transfers and operations within the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Industrialists have called for various concessions to establish industries in SEZ. Initially, SEZ rent was set at Rs 150 per square meter, which was later revised to Rs 20. Following further complaints, the authority is preparing to reduce it to Rs 10.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini emphasized that the SEZ was established not for profit but to provide maximum opportunities for entrepreneurs in Nepal. He insisted that the authority would maintain maximum flexibility to create a conducive environment for industrialists.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the fiscal year 2076-77, SEZ reported export sales worth Rs 148 million, domestic sales of Rs 564 million, and total sales of Rs 204 million. In 2077-78, export sales dropped to Rs 85.47 million, and domestic sales totaled Rs 183 million. For the year 2079-80, SEZ recorded export sales of Rs 454.1 million, domestic sales of Rs 387.9 million, and total sales of Rs 845.9 million.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Special Economic Zone Authority held an interaction in Bhairahawa regarding the smooth operation of SEZ. Industrialists expressed concerns that initial assurances given when establishing their industries were not fulfilled. They highlighted that the one-door system, a basic principle of SEZ, has yet to be implemented and requested the authority to facilitate it. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the interaction, Thakur Kumar Shrestha, president of Siddharth Chamber of Commerce and Industry, noted that land rent in SEZ remains more expensive than outside. Industrialists also pointed out issues with basic amenities such as drinking water, electricity, and sanitation within the SEZ.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21445',
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			'title' => 'Women Entrepreneurs Have Made Country Proud, Says NRB Governor',
			'sub_title' => '',
			'summary' => 'Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community. ',
			'content' => '<p><span style="font-size:20px">July 5: Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community.&nbsp;</span></p>

<p><span style="font-size:20px">Speaking at the NEWBIZ Business Women Summit and Awards 2024, Governor Adhikari expressed his gratitude and congratulations for organizing&nbsp;programs focused on women&#39;s empowerment and entrepreneurship.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari highlighted significant improvements in the gender gap, noting a 6% increase in women&#39;s inclusion in banking, according to the latest NRB report.</span></p>

<p><span style="font-size:20px">Adhikari revealed that 126,000 people have taken concessional loans from banks, with 75,000 of them being women, who have collectively borrowed Rs 43 billion.&nbsp;</span></p>

<p><span style="font-size:20px">He urged bankers to support women entrepreneurs. &quot;If any woman is interested in starting a business, do support them making the access to loan easy and simple,&quot; he emphasized.</span></p>

<p><span style="font-size:20px">The Governor also addressed concerns regarding the misuse of concessional loans provided to women entrepreneurs. He stressed that as long as the loans achieve their intended objectives, their use should not be misinterpreted.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari also encouraged borrowers to develop sustainable business models, noting that subsidies will not last forever. &quot;Nepali women entrepreneurs can compete with any women in the world as they have successfully run hotels and agro farms,&quot; Adhikari added.</span></p>

<p><span style="font-size:20px">Governor also invited suggestions as the NRB is preparing for its new monetary policy, aiming to further support and enhance women&#39;s roles in the economy.</span></p>

<p><span style="font-size:20px">Similarly, Chief Executive Officer of Standard Chartered Bank Nepal Limited Anirvan Ghosh Dastidar thanked New Business Age for the organization of the programme focused on women. &nbsp;&ldquo;We thank the NBA for conducting programs that support women&#39;s entrepreneurship, leadership, and empowerment,&rdquo; said Dastidar.&nbsp;</span></p>

<p><span style="font-size:20px">He joyfully reminded the unique initiative where the Japanese Yen is made from Nepali paper, with the majority of the workforce being women. Appreciating the 16th national plan focusing on gender equality, he shared &quot;Our association with NBA is strengthened by our Global Connect Program.&nbsp;</span></p>
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			'title' => 'Panel Discussion on 'Strengthening Women's Business Leadership' Held',
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			'summary' => 'KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. The speakers in the panel discussion on the theme of &#39;Strengthening Women&#39;s Business Leadership&#39; were Mahesh Bhattarai, Joint Secretary and Chief of the Economic Management Division of the National Planning Commission, Swastika Shrestha, CEO of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, Co-founder and Program Head of Startup Discovery Asia, facilitated in the discussion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The event organized by New Business Age was inaugurated by Nepal Rastra Bank&rsquo;s Governor Mahaprasad Adhikari. The awards ceremony sponsored by Standard Chartered Bank Nepal Limited will hand out awards in 12 categories including &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;, &#39;Professional Woman of Excellence&#39;, &#39;Pioneer Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Women Entrepreneur&#39; category. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, in the &#39;Emerging Enterprising Woman of the Year&#39; category, one person from each of the seven provinces will be awarded. They will also be given a prize of Rs 51,000 each.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. Similarly, IME Life is a life insurance partner.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the fourth edition of the awards ceremony organized by New Business Age under the New Business Women Summit and Awards series that started in 2021. The company has been conducting various other awards programs to encourage entrepreneurship.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => '‘Let's Respect the Work of Women Entrepreneurs’',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday. Sabita Subedi, Director of Operations and Finance at New Business Age Pvt. Ltd., delivered a welcome speech on behalf of the organizers. She emphasized the importance of encouraging and respecting the work of women entrepreneurs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Subedi highlighted that financial literacy and entrepreneurship training were provided to women entrepreneurs in all seven provinces of the country as part of the event. This initiative, started by New Business Age Pvt. Ltd., aims to honor women entrepreneurs and is now in its fourth year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The main slogan of the series is &quot;Empowering Business Leadership of Nepali Women,&quot; and the theme of this year&#39;s summit is &quot;Strengthening Women&#39;s Business Leadership.&quot; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A special panel discussion on this topic is scheduled during the program. Subedi described the summit as a small effort by the company to promote women&#39;s entrepreneurship.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sponsored by Standard Chartered Bank Nepal Limited, the event will present awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship,&#39; &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Women in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39; Additionally, one person from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category, with each recipient receiving a prize of Rs 51,000.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The program will feature a panel discussion on &#39;Strengthening Women&#39;s Business Leadership,&#39; with speakers Mahesh Bhattarai, Joint Secretary and Chief of Economic Management Division of the National Planning Commission; Swastika Shrestha, CEO of Teach for Nepal; and Padmakshi Rana, Executive Director of Impact Hub, Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21442',
			'article_category_id' => '1',
			'title' => 'Newbiz Business Women Summit and Awards-2024 Begins',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'New Biz Business Women Summit and Awards-2024' has commenced at Hotel Soaltee, Kathmandu on Friday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The fourth edition of the &#39;New Biz Business Women Summit and Awards-2024&#39; has commenced at Hotel Soaltee, Kathmandu on Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Organized annually by New Biz Business Edge Pvt Ltd, this event aims to encourage and appreciate women entrepreneurs for their contributions to the field.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chief Guest Maha Prasad Adhikari, Governor of NRB, and Madan Lamsal, Chairman of NBA jointly inaugurated the event by lighting the ceremonial lamp. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabita Subedi, Director of Operations and Finance at New Business Age Pvt Ltd, welcomed the guests on behalf of NBA. In her welcome speech, she emphasized the importance of encouraging and respecting women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Subedi also highlighted that financial literacy and entrepreneurship training had been provided to women entrepreneurs in all seven provinces of the country as part of the program. She noted that this is the fourth edition of the &#39;Business Women Summit and Awards,&#39; a special initiative by New Business Age Pvt Ltd to honor women entrepreneurs. The main slogan of the series is &#39;Empowering Business Leadership of Women,&#39; and this year&#39;s summit theme is &lsquo;Strengthening Women&rsquo;s Business Leadership.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">She added that this event represents a small effort by the company to promote women&#39;s entrepreneurship. New Business Age has been organising this program since 2021 to encourage women who have made significant contributions in various enterprise sectors and those who have dedicated a long time to women&#39;s entrepreneurship and empowerment in all seven provinces. The event will award the best women entrepreneurs in various categories, selected by an independent panel of judges.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Standard Chartered Bank Nepal Limited is the title sponsor of the event. The NBA, the organizer, has announced awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship.&#39; Other categories include &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Woman in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, NBA will honor one female entrepreneur from each of all seven provinces under the &#39;Emerging Enterprising Woman of the Year&#39; category, along with a cash prize of Rs 51,000 each. A panel discussion on Empowering Women&#39;s Business Leadership&#39; will also be held as part of the program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speakers for the panel discussion include Mahesh Bhattarai, Chief and Joint Secretary of the Economic Management Division of the National Planning Commission, Swastika Shrestha, Chief Executive Officer of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the run-up to the event, NBA had provided special training on financial literacy and entrepreneurship to nearly 300 women entrepreneurs in Butwal and Nepalgunj.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Rastra Bank&rsquo;s Governor Maha Prasad Adhikari was the chief guest for the first half of the awards ceremony while Supreme Court Justice Sapana Pradhan Malla was the chief guest for the second half.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21439',
			'article_category_id' => '1',
			'title' => 'Newbiz Business Women Summit and Awards 2024 Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'Newbiz Business Women Summit and Awards 2024' is being held today (Friday) in Kathmandu.',
			'content' => '<p><span style="font-size:18px">KATHMANDU: The fourth edition of the &#39;Newbiz Business Women Summit and Awards 2024&#39; is being held today (Friday) in Kathmandu. New Business Age has been organising this annual event since 2021 to encourage women entrepreneurs and recognize their contributions.</span></p>

<p><span style="font-size:18px">The event recognizes the contribution of women entrepreneurs from all seven provinces who have dedicated themselves to entrepreneurship and empowerment. An independent jury will select the best women entrepreneurs across various categories for awards.</span></p>

<p><span style="font-size:18px">Standard Chartered Bank (Nepal) Limited is the sponsor of this year&#39;s event. Awards will be presented in 12 categories, including the &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;. Other categories include &#39;Professional Woman of Excellence&#39;, &#39;Pioneering Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Woman Entrepreneur&#39;.</span></p>

<p><span style="font-size:18px">Similarly, one female entrepreneur from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category. Winners will receive a prize of Rs 51,000 each.</span></p>

<p><span style="font-size:18px">The program will also feature a group discussion on &#39;Strengthening Women&#39;s Business Leadership&#39;, with speakers Mahesh Bhattarai (Division Chief and Joint Secretary of the Economic Management Division of the National Planning Commission), Swastika Shrestha (CEO of Teach for Nepal), and Padmakshi Rana (Executive Director of Impact Hub, Kathmandu). Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></p>

<p><span style="font-size:18px">In the run-up to the event, New Business Age conducted training sessions on financial literacy and women entrepreneurship in Butwal and Nepalgunj. The main theme of this year&#39;s event is &quot;Strengthening Women&#39;s Business Leadership&quot;. The event will feature interactions between stakeholders focusing on this topic.</span></p>

<p><span style="font-size:18px">Other sponsors of the program include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life Insurance is the life insurance partner. New Business Age has been organizing various events, including this summit, to support and promote entrepreneurship.</span></p>
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		'Article' => array(
			'id' => '21441',
			'article_category_id' => '1',
			'title' => 'Reliance Spinning Mills Shares to Become a Burden for Investors',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. The company is about to issue shares (IPO) at the rate of Rs 820.80 per share to the general public through the book-building method, but concerns have arisen that the price may be too high for investors due to a reported decrease in its actual net worth per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the book-building method, qualified institutional investors buy a certain percentage of IPO shares at a fixed price, and this price is used as a basis for issuing shares to the general public. The company has already sold 40 percent of the total shares to qualified institutional investors at Rs 912 per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to regulations, when institutional investors try to sell shares to the general public at a price 10 percent lower than their purchase price, the company&#39;s net worth per share should reflect this change. However, the company&#39;s net worth per share has decreased due to an outstanding electricity tariff liability of over Rs 753.68 million to the Nepal Electricity Authority, which was not accounted for when institutional investors bought the shares.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The company&rsquo;s net worth per share as of the last fiscal year (FY 2079/80) is Rs 242.5. After deducting the electricity liabilities until mid-April, the auditor-certified net worth per share is Rs 179.45.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Stock Exchange (NEPSE), the secondary market operator of securities, sets the first trading price of the IPO from the company&#39;s actual net worth per share to three times that value. Consequently, the initial trading value of Reliance Spinning Mills&#39; shares may be lower than the price determined through the book-building process, which worries investors. A group of investors has submitted a petition with complaints about this issue.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of the end of the last year, the actual net worth per share is Rs 242.5, and the maximum price that can be maintained is Rs 726.15. Based on the net worth per share of Rs 179.45 as of mid-April, the maximum price would be Rs 538.35 when first listed. This indicates that investors may incur losses even at the initial listing price. Former Chairman of Nepal Investors Forum, Chhotelal Rauniyar, criticized the Securities Board of Nepal for granting IPO permission to the company, suggesting it was done without proper assessment and may harm investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite several companies waiting for IPO issuance, the board prioritized a company with weakened financial conditions due to electricity tariff arrears, causing dissatisfaction among investors. There is a possibility of manipulation as the shares might be traded at a lower price in the secondary market than the purchase price by institutional investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Reliance has permission to sell 1,155,960 shares worth Rs 9,488,811,968 to the general public, with a legal requirement to sell 10 percent of these shares to Nepalis employed abroad. From July 11, Nepalis abroad can apply to purchase a minimum of 50 shares and a maximum of 20,000 shares until July 25. Global IME Capital Limited is managing the share issuance and sales, with applications accepted through participating banks, financial institutions, and My Share online. Care Rating Nepal has rated the company Care NPA minus, indicating sufficient capacity to meet financial obligations on time.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the second time shares are being sold through the book-building method in Nepal, previously by Sarvottam Cements. Reliance Spinning Mills, operating since September 4, 1995, produces yarn, exporting 70 to 75 percent of its products to countries like India, Turkey, Vietnam, and the UK. Chairman Pawan Golyan holds 89.860 percent of shares, with 4.0056 percent owned by qualified institutional investors and 6.0084 percent by Nepalis employed abroad and other general public. After the issuance and distribution of all shares, the paid-up capital will be Rs 1.90 billion, with proceeds used for product diversification and industry capacity building.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>Questionable Financial Statements</strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are concerns about the financial statements released by the company. For the last year 2079/80, the company reported a profit of over Rs 927.8 million. However, as of mid-April this year, the profit shrank to a little over Rs 26.3 million. The company projects a profit of over Rs 40.62 million for the current year, which some experts view as unrealistic. Chartered Accountant Mukti Subedi noted that the actual financial situation typically changes only due to equity adjustments under the NFRS system. Despite attempts to contact Chairman Golyan for clarification, he was unavailable.</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '21440',
			'article_category_id' => '1',
			'title' => 'Mines, Expressway, and Airport Fall Along the Proposed Kathmandu-Raxaul Railway',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. After reviewing the proposed railway, designed by the Indian company Konkan Railway Corporation Limited, the Government of Nepal highlighted the need for changes to avoid areas rich in minerals such as uranium. A new map is recommended for the final location survey, which is similar to a detailed project report (DPR) submitted by the Indian company during Prime Minister Pushpa Kamal Dahal&#39;s visit to India in May last year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We have requested to include in the report what kind of structures need to be built in case of railway intersections with the highway and Nijgadh airport,&quot; said Krishnaraj Pant, joint secretary of the Ministry of Physical Infrastructure and Transport. Many foreign affairs experts view the proposed railway connecting Nepal&#39;s capital Kathmandu with the Indian border town of Raxaul as a strategic project for India. While China is exploring the feasibility of a rail link between Kathmandu and its border city of Kerung, India is advancing the Raxaul-Kathmandu railway.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pant, the current study report does not address issues concerning highways, airports, and mines. A 70.97 km long expressway connecting Kathmandu with the Terai region is under construction, and the government has initiated the process to build an international airport in Nijgadh. Due to the presence of a uranium mine along the proposed route, Nepal has suggested altering the railway&#39;s path to mitigate health risks. Pant said, &quot;The final location survey will be completed once the report incorporates these suggestions provided by the ministry.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Mines and Geology has already issued license for survey of precious minerals in six places along the proposed railway. The Indian company&#39;s report proposes that the entire railway, spanning 140.79 km, will connect Raxaul with Kathmandu and include 12 stations at Raxaul, Birganj, Belwa, Manharwa, Saphi Bazar, Nijgadh, Makwanpur, Diyal, Shikharpur, Sisneri, Satikhel, and Kathmandu.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The final location survey report submitted by Konkan to the Ministry indicates that the railway can be completed in five years, with an estimated construction cost of Rs 383 billion (approximately INR 2.39 billion). This estimate excludes land acquisition and other compensation costs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In 2020, the Government of Nepal requested the Indian government to prepare a detailed project report (DPR) for this railway, but the survey was halted due to the COVID-19 pandemic. An agreement regarding the feasibility study of the Kathmandu-Raxaul railway was reached in August 2018 between the governments of Nepal and India. </span></span></p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '21438',
			'article_category_id' => '1',
			'title' => 'Energy Ministry to Hire CTEVT Students for its Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In a bid to promote the concept of 'learning by earning', the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In a bid to promote the concept of &#39;learning by earning&#39;, the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU is expected to ensure skill enhancement for students of the Council for Technical Education and Vocational Training (CTEVT) through workplace learning. Under this agreement, CTEVT students will be hired for projects under the Ministry of Energy, Water Resources, and Irrigation in an apprenticeship model.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU was signed on Thursday by the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet, and the Minister for Education, Science, and Technology, Sumana Shrestha.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On the occasion, Minister Shrestha emphasized that education should equip the workforce with the necessary skills to meet the labor market&#39;s demands. &quot;We can retain our youth in the country only by providing them with employment,&quot; she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Minister Basnet stated that the MoU aims to develop a labor culture and impart practical skills by placing students in the workplace. He described the MoU as a milestone in connecting CTEVT students to the workplace and the labor market.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive Director of the Nepal Electricity Authority (NEA), Kulman Ghising, highlighted that the performance of interns hired by the NEA for various projects has been highly praiseworthy and mentioned that such best practices would be expanded if the MoU is well implemented.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Education will develop the relevant curriculum, while the Ministry of Energy will provide economic support to the Ministry of Education in accordance with the existing rules of the CTEVT. -- RSS</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21437',
			'article_category_id' => '1',
			'title' => 'Lendanda Tunnel Under Kathmandu-Tarai Fast Track Completed',
			'sub_title' => '',
			'summary' => 'The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed. The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 5:&nbsp; The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed.</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the press statement, Nepal Army stated that excavation of one of the twin tube tunnels providing the passage of the vehicles from Nijgadh to Kathmandu at Package Number 2 located Bakaiya and Gadhi Rural Municipalities of Makawanpur has been completed. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The tunnel is 1,612 meters long. Chief of Army Staff Prabhuram Sharma observed the breakthrough of the tunnel.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, on May 18, the 1,633-meter-long Lendanda Tunnel from Kathmandu to Nijgadh was completed. Additionally, the 1,653-meter-long twin tube tunnel of the Dhedre Tunnel from Nijgadh to Kathmandu was also excavated on May 25. </span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21163',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21436',
			'article_category_id' => '1',
			'title' => 'Nepal Telecom and Ncell Deprived of Foreign Exchange Facility',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell's internet service.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell&#39;s internet service.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior official from the Nepal Telecommunications Authority (NTA) disclosed that both Ncell and Nepal Telecom, whose majority shares are owned by the government, have been deprived of foreign exchange facilities for the past six months due to non-payment of the specified frequency fee.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers and the regulatory body are in dispute over whether the fee should be paid. Ncell has filed a case in the Supreme Court. Unless Ncell settles the dues, the NTA has taken a stance recommending foreign exchange facility to the private sector telecommunication service provider. As a result, Ncell has been unable to pay Tata Communication International for bandwidth.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Tata stopped providing bandwidth from June 17,&quot; an Ncell source confirmed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the source, Ncell owes Tata Singapore about $4 million (approximately Rs 540 million). &quot;Tata has sent a legal notice indicating legal action if payment is not made,&quot; the source added. &quot;Despite being ready to pay, we cannot proceed due to the lack of foreign exchange facility,&quot; the source revealed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The same source mentioned that Ncell has also been unable to procure equipment for service improvements or pay for consulting services from abroad for almost six months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The competition between Nepal Telecom and Ncell is intense, and Ncell officials are concerned that without paying for internet bandwidth, equipment, and consulting services, their service quality will suffer, putting them at a disadvantage against Nepal Telecom.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ncell&rsquo;s internet service is currently sustained through various measures, but the cessation of bandwidth supply by Tata&mdash;accounting for over 30% of Ncell&#39;s total bandwidth purchases&mdash;poses a significant threat. If other suppliers also stop providing bandwidth, Ncell&rsquo;s service quality will deteriorate.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Internet services were previously affected when Airtel, an Indian company, stopped providing bandwidth to various internet service providers on May 2, causing internet speeds to slow down significantly for several hours. The NTA had deprived ISPs of foreign exchange facilities due to disputes over the rural telecommunication fund and royalty amounts. Although Airtel resumed bandwidth supply following government intervention, the Supreme Court recently ruled in favor of the NTA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There is also an ongoing dispute between the NTA and two telecommunication service providers regarding frequency fees. In 2019, 2100 bandwidths were auctioned for 3G services, and the frequency price was determined through bidding. Previously, service providers were allowed to use the frequency for a minimum charge, which was Rs 240 million. The dispute arose when the NTA demanded that providers pay fees for the previously used time at the newly determined auction price. Ncell has contested this in court, filing a writ in the Supreme Court.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Pradeep Paudyal, deputy spokesperson and deputy director of the NTA, stated that the original license agreement required payment of fees based on price determined in the future. However, Ncell sources argue that there was no such condition and that the NTA&rsquo;s fee demand is unfair. The NTA claims the two telecommunication providers owes it about Rs 2 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudyal asserted that the NTA aims to provide quality services and that service providers must fulfill their obligations to the government. He indicated that services could be reinstated once obligations are met and warned that continuous delay in payments would result in additional fees as per government law.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers contend that while the case is pending in court, the NTA should not deprive them of foreign exchange facility. Paudyal noted that since the court has not issued an interim order against fee collection, the NTA is justified in its actions.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite both Ncell and Nepal Telecom being deprived of foreign exchange facilities, Nepal Telecom claims it has not faced any issues with foreign payments. Acting Managing Director of Nepal Telecom, Sangeeta Pahadi (Aryal), stated that Nepal Telecom has fulfilled its payment obligations for services from foreign companies and has also paid the required fees to the NTA.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '21435',
			'article_category_id' => '1',
			'title' => 'NEPSE Index Gains 15.46 Points as NRN Infrastructure Leads Turnover',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 4: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During Thursday&rsquo;s trading session, 313 scrips were traded through 84,126 transactions on NEPSE. A total of 22,167,678 units of shares were exchanged, resulting in a total turnover of Rs 6.48 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) led the turnover, with total transactions worth Rs 30 crores. Ankhu Khola Jalvidhyut Company Limited (AKJCL) saw the highest gain of 10%, hitting the positive circuit for the day. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In contrast, Mailung Khola Jal Vidhyut Company Limited (MKJC) experienced the biggest loss, dropping 9.37% to settle at Rs 629.90 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sectoral performance, all sectors closed in the green except for Finance and Manufacturing &amp; Processing. The Development Bank Index achieved the highest gain of 3.43%, while the Finance Index suffered the largest decline at 0.59%.</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '21161',
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			'article_date' => '2024-07-04 15:17:51',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21434',
			'article_category_id' => '1',
			'title' => 'Federal Government Overstepping its Jurisdiction to Raise House Rent Taxes',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions. As state and local governments accuse the federal government of trying to maintain a monopoly on rights and resources in the federal system, it has emerged that the federal government is collecting house rent tax, which, according to the constitution, falls under the local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Some state governments have filed cases in the Supreme Court against the federal government, arguing that their constitutional rights are being infringed. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Clauses (4) of Article 57, Clause (2) of Article 214, Clause (2) of Article 221, and Clause (1) of Article 226 in Schedule-8 of the Constitution of Nepal list the rights of local governments, including city police, cooperatives, FM operations, and local taxes. Local governments are authorized to collect taxes such as property tax, house rent tax, real estate registration fee, vehicle tax, service tax, tourism fee, advertising tax, business tax, land revenue tax, fines, entertainment tax, and property tax. However, not all local governments have been able to collect the institutional house rent tax.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bhimprasad Dhungana, president of the Municipal Association of Nepal, says they have not been able to exercise their rights due to federal government&rsquo;s intervention. &quot;Even now, our municipality has not been able to collect the housing rental tax,&quot; he said. &quot;The federal government has not allowed us to collect it.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Local Government Operation Act, 2074, specifies that property tax, house rent tax, real estate registration fee, vehicle tax, service fee, tourism fee, advertisement tax, business tax, land revenue tax, and other local taxes are subject to federal and state laws. Schedule 3 of the Inter-Governmental Finance Management Act, 2074, places house rent tax within the sole jurisdiction of local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, the Ministry of Finance has tasked the Inland Revenue Department with collecting more than Rs 3 billion in house rent tax for the current fiscal year. By mid-June, the department had collected Rs 2.19 billion in house rent tax. This raises concerns about the federal government collecting revenue against the spirit of federalism. A tax officer in the Baneshwar Tax Office confirmed that they continue to collect the institutional house rent tax. &quot;If someone comes to pay the tax, we will accept it,&quot; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">When asked why the federal government is collecting a tax that falls under local jurisdiction, a Ministry of Finance official stated that the revenue would be distributed to the lower levels through revenue sharing.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Even if the federal government raises it, it will go to the lower levels through revenue distribution,&quot; the official said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Taxes that are the fall under the full authority of local governments are not shared with the central and state governments. According to the Inter-Governmental Finance Management Act, 2074, value-added tax (VAT) and royalties from natural resources are distributed among the three levels of government.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Federalist Khimlal Devkota maintains that the federal government is still encroaching on the rights of some local levels. He believes it is necessary for the federal government to clarify to local governments which taxes they can collect. &quot;If we explain these things, the capacity of the local level will increase,&quot; he said, &quot;And they can develop further.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kathmandu Metropolitan City, the largest city in the country, has begun collecting corporate tax independently. According to Naveen Manandhar, spokesperson for the metropolis, the tax collection falls under their jurisdiction. &quot;There is no need to keep asking anyone because the constitution and the laws give clear authority,&quot; he said. &quot;We are collecting taxes.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added that because the federal government previously collected most taxes, including house rent tax, there might still be some confusion among taxpayers. &quot;We are also working to raise awareness,&quot; he said. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '21433',
			'article_category_id' => '1',
			'title' => 'Industries Refuse to Pay Reduced Tariff for Using Dedicated Feeder and Trunk Line',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. The NEA has also extended the payment deadline and allowed the amount to be paid in up to six installments.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the NEA had sent a letter to industrialists, setting a 15-day deadline to pay the additional fees accrued from January 2072 to April 2075. According to the NEA, industrialists owe approximately Rs 8.25 billion, which includes Rs 6.6 billion in dues and a 25 percent fine. This is significantly lower than the Rs 22 billion initially claimed by the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the industrialists are unwilling to pay, citing a lack of proof from the NEA regarding electricity usage during the specified period. Shashikant Agarwal, owner of Reliance Spinning Mills, stated that they would not pay the amount, regardless of the installment terms provided.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal argued that if the NEA cannot justify the billed amount, the time extension for payments is irrelevant. He claimed that the NEA&rsquo;s billing went against the Lal Commission&#39;s decision. The Lal Commission, led by former Supreme Court Justice Girish Chandra Lal, was formed by the government to study the dispute and provide recommendations. The commission&#39;s report suggested that fees should be based on verified evidence for a limited period.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bills sent by the NEA have not clearly disclosed the amount of electricity consumed by industrialists. Agarwal emphasized that if the NEA can provide evidence of consumption, the dues would be paid within two days without any need for extended time. The industrialists had previously requested clarification from the NEA regarding the tariff demands.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In a reply to the industrialists&#39; inquiry, the NEA claimed to have provided detailed consumption records from January 2072 to April 2075, specifying the billing categories. However, industrialists, including Pashupati Murarka, owner of Arghakhanchi Cement, stated they had not received such correspondence from the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chandan Kumar Ghosh, NEA spokesperson, refuted the industrialists&#39; claims, stating that the installment facility was provided upon their request. He suggested that due to pressure from industrial organizations, some industrialists were reluctant to openly acknowledge their agreement to the tariff. Ghosh mentioned that about 50 percent of the industrialists who have yet to pay the tariff have requested the installment facility.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Contrary to Ghosh&#39;s statement, industrialists insist they have not requested such facilities. Murarka accused the NEA of spreading rumors to create division among industrialists and generate unnecessary confusion. He reiterated that there was no reason to request more time for an amount they do not owe.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 13 => array(
		'Article' => array(
			'id' => '21432',
			'article_category_id' => '1',
			'title' => 'Significant Number of Nepali Migrants Imprisoned in Malaysia due to Lack of Valid Document: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. The study, titled &quot;Deception, Arrest, and Detention of Nepali Migrant Workers in Malaysia,&quot; was carried out by the Pravasi Nepali Coordination Committee (PNCC) and the Centre for the Study of Labour and Mobility (CESLAM).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study revealed that 61 percent of the imprisoned migrants were detained due to documentation issues, followed by conflicts with colleagues or employers (8 percent). Additionally, 3 percent were jailed for criminal activities such as murder, theft, illegal drug trafficking, gambling, the sale of counterfeit alcohol, and kidnapping.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The findings were shared and discussed at a program in Kathmandu on Sunday. The study used a mixed-method approach, including a review of existing policies, data, and publications, and an analysis of 758 individual cases of imprisonment in Malaysia recorded by the Pravasi Nepali Coordination Committee between 2020 and 2023.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">It was noted that approximately 84 percent of migrant workers used private recruitment agencies for their migration to Malaysia, while 15 percent migrated independently, often with the help of relatives or agents.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite a Memorandum of Understanding (MoU) between the Government of Nepal and the Malaysian government in 2018, which obliges employers to cover recruitment fees and related costs for migrant workers, it was found that migrants still paid hefty recruitment fees. &quot;More than 50 percent paid between Rs 100,000 and Rs 200,000 in recruitment fees,&quot; the report stated. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report highlighted that one of the major barriers preventing Nepali migrant workers from accessing justice is their lack of awareness regarding their rights, legal processes, and available support avenues. &quot;The language barrier also hinders access to justice for imprisoned Nepali migrant workers,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study recommended implementing the &#39;free-visa, free-ticket&#39; policy and the &#39;employer pays&#39; principle with robust monitoring. &quot;The Government of Nepal should collaborate with Malaysia to ensure proper implementation of the &#39;employer pays&#39; principle as stipulated in the MoU between the two countries,&quot; it suggested.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Furthermore, the report proposed that pre-departure orientation training for Nepali migrant workers should include comprehensive counseling on the rules and regulations of the destination country. It also mentioned that skill training on soft skills such as communication, language proficiency of the destination countries, teamwork, adaptability, patience, negotiation, and cultural awareness should be provided to migrant workers before their departure.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Other recommendations included providing psychosocial support to returnee migrant workers who were imprisoned and establishing a comprehensive system for recording data on imprisoned Nepali migrant workers. &quot;It is crucial to establish a comprehensive system for monitoring and recording data on imprisoned migrant workers to track the number of workers in jail, those returning, and other relevant data to facilitate targeted assistance and policymaking,&quot; the report stated.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Industrialists Attracted to Special Economic Zone in Bhairahawa',
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			'summary' => 'BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the state-owned news agency, these amendments were made to facilitate industrial activities and promote exports, attracting numerous industrialists to the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, there are no vacant plots available in the Bhairahawa SEZ. Acting Executive Director of the Special Economic Zone Authority, Tulsiram Marasini, told RSS that all 69 plots spanning across 52 bighas of land in the SEZ have been leased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Eight industries are currently operational within the SEZ. They include Shakti Minerals Pvt Ltd, Vistar Global Pvt Ltd, Tirupati Metals Pvt Ltd, Brilliant Lighting Industry, Panchkanya SS Pvt Ltd, Yash Plastic Products, Jaya Buddha Metal Craft, and Himalayan Granite. Additionally, Eco Nepal Energy Pvt Ltd, Arshi Industries, and Spurt Electronic Industries are under construction. Furthermore, agreements have been signed with Mishakh Sheikh, Deepesh Chalise, Rahul Jain as well as Larke Himal Herbs Pvt Ltd, White Mountain Mining Pvt Ltd, Tanyaegro Pvt Ltd, and Data World Pvt Ltd for establishing their industries in the Bhairahawa SEZ, the RSS further reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the interest, industrialists have raised concerns regarding high rent, export difficulties at the border, and challenges in securing loans. Acting Executive Director Marasini assured that the government has addressed these complaints.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Initially, the Special Economic Zones Act of 2073 required that at least 60% of the goods or services produced in the SEZ be exported. This provision has been amended by the Ordinance to amend some Nepal Acts related to Investment Facilitation, now requiring at least 15% of production to be exported initially and 30% in subsequent years from the start of production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini mentioned that the provision allowing goods or services produced in SEZ to be sold in Nepal&rsquo;s domestic market within one year from establishment has been extended to three years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, regulations prohibited the transfer of existing industries and their equipment into SEZ. These regulations have been amended, allowing for such transfers and operations within the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Industrialists have called for various concessions to establish industries in SEZ. Initially, SEZ rent was set at Rs 150 per square meter, which was later revised to Rs 20. Following further complaints, the authority is preparing to reduce it to Rs 10.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini emphasized that the SEZ was established not for profit but to provide maximum opportunities for entrepreneurs in Nepal. He insisted that the authority would maintain maximum flexibility to create a conducive environment for industrialists.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the fiscal year 2076-77, SEZ reported export sales worth Rs 148 million, domestic sales of Rs 564 million, and total sales of Rs 204 million. In 2077-78, export sales dropped to Rs 85.47 million, and domestic sales totaled Rs 183 million. For the year 2079-80, SEZ recorded export sales of Rs 454.1 million, domestic sales of Rs 387.9 million, and total sales of Rs 845.9 million.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Special Economic Zone Authority held an interaction in Bhairahawa regarding the smooth operation of SEZ. Industrialists expressed concerns that initial assurances given when establishing their industries were not fulfilled. They highlighted that the one-door system, a basic principle of SEZ, has yet to be implemented and requested the authority to facilitate it. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the interaction, Thakur Kumar Shrestha, president of Siddharth Chamber of Commerce and Industry, noted that land rent in SEZ remains more expensive than outside. Industrialists also pointed out issues with basic amenities such as drinking water, electricity, and sanitation within the SEZ.</span></span></p>

<p>&nbsp;</p>
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			'title' => 'Women Entrepreneurs Have Made Country Proud, Says NRB Governor',
			'sub_title' => '',
			'summary' => 'Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community. ',
			'content' => '<p><span style="font-size:20px">July 5: Maha Prasad Adhikari, Governor of Nepal Rastra Bank said that Nepal should highlight women entrepreneurs as their entrepreneurship has made the country proud in the international community.&nbsp;</span></p>

<p><span style="font-size:20px">Speaking at the NEWBIZ Business Women Summit and Awards 2024, Governor Adhikari expressed his gratitude and congratulations for organizing&nbsp;programs focused on women&#39;s empowerment and entrepreneurship.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari highlighted significant improvements in the gender gap, noting a 6% increase in women&#39;s inclusion in banking, according to the latest NRB report.</span></p>

<p><span style="font-size:20px">Adhikari revealed that 126,000 people have taken concessional loans from banks, with 75,000 of them being women, who have collectively borrowed Rs 43 billion.&nbsp;</span></p>

<p><span style="font-size:20px">He urged bankers to support women entrepreneurs. &quot;If any woman is interested in starting a business, do support them making the access to loan easy and simple,&quot; he emphasized.</span></p>

<p><span style="font-size:20px">The Governor also addressed concerns regarding the misuse of concessional loans provided to women entrepreneurs. He stressed that as long as the loans achieve their intended objectives, their use should not be misinterpreted.&nbsp;</span></p>

<p><span style="font-size:20px">Adhikari also encouraged borrowers to develop sustainable business models, noting that subsidies will not last forever. &quot;Nepali women entrepreneurs can compete with any women in the world as they have successfully run hotels and agro farms,&quot; Adhikari added.</span></p>

<p><span style="font-size:20px">Governor also invited suggestions as the NRB is preparing for its new monetary policy, aiming to further support and enhance women&#39;s roles in the economy.</span></p>

<p><span style="font-size:20px">Similarly, Chief Executive Officer of Standard Chartered Bank Nepal Limited Anirvan Ghosh Dastidar thanked New Business Age for the organization of the programme focused on women. &nbsp;&ldquo;We thank the NBA for conducting programs that support women&#39;s entrepreneurship, leadership, and empowerment,&rdquo; said Dastidar.&nbsp;</span></p>

<p><span style="font-size:20px">He joyfully reminded the unique initiative where the Japanese Yen is made from Nepali paper, with the majority of the workforce being women. Appreciating the 16th national plan focusing on gender equality, he shared &quot;Our association with NBA is strengthened by our Global Connect Program.&nbsp;</span></p>
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			'id' => '21444',
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			'title' => 'Panel Discussion on 'Strengthening Women's Business Leadership' Held',
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			'summary' => 'KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: A panel discussion was held under the NewBiz Business Women Summit and Awards 2024 on Friday. The speakers in the panel discussion on the theme of &#39;Strengthening Women&#39;s Business Leadership&#39; were Mahesh Bhattarai, Joint Secretary and Chief of the Economic Management Division of the National Planning Commission, Swastika Shrestha, CEO of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, Co-founder and Program Head of Startup Discovery Asia, facilitated in the discussion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The event organized by New Business Age was inaugurated by Nepal Rastra Bank&rsquo;s Governor Mahaprasad Adhikari. The awards ceremony sponsored by Standard Chartered Bank Nepal Limited will hand out awards in 12 categories including &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;, &#39;Professional Woman of Excellence&#39;, &#39;Pioneer Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Women Entrepreneur&#39; category. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, in the &#39;Emerging Enterprising Woman of the Year&#39; category, one person from each of the seven provinces will be awarded. They will also be given a prize of Rs 51,000 each.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. Similarly, IME Life is a life insurance partner.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the fourth edition of the awards ceremony organized by New Business Age under the New Business Women Summit and Awards series that started in 2021. The company has been conducting various other awards programs to encourage entrepreneurship.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => '‘Let's Respect the Work of Women Entrepreneurs’',
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			'summary' => 'KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The fourth edition of the Newbiz Business Women Summit and Awards has commenced in Kathmandu on Friday. Sabita Subedi, Director of Operations and Finance at New Business Age Pvt. Ltd., delivered a welcome speech on behalf of the organizers. She emphasized the importance of encouraging and respecting the work of women entrepreneurs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Subedi highlighted that financial literacy and entrepreneurship training were provided to women entrepreneurs in all seven provinces of the country as part of the event. This initiative, started by New Business Age Pvt. Ltd., aims to honor women entrepreneurs and is now in its fourth year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The main slogan of the series is &quot;Empowering Business Leadership of Nepali Women,&quot; and the theme of this year&#39;s summit is &quot;Strengthening Women&#39;s Business Leadership.&quot; </span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A special panel discussion on this topic is scheduled during the program. Subedi described the summit as a small effort by the company to promote women&#39;s entrepreneurship.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Sponsored by Standard Chartered Bank Nepal Limited, the event will present awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship,&#39; &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Women in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39; Additionally, one person from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category, with each recipient receiving a prize of Rs 51,000.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The program will feature a panel discussion on &#39;Strengthening Women&#39;s Business Leadership,&#39; with speakers Mahesh Bhattarai, Joint Secretary and Chief of Economic Management Division of the National Planning Commission; Swastika Shrestha, CEO of Teach for Nepal; and Padmakshi Rana, Executive Director of Impact Hub, Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Other sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21442',
			'article_category_id' => '1',
			'title' => 'Newbiz Business Women Summit and Awards-2024 Begins',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'New Biz Business Women Summit and Awards-2024' has commenced at Hotel Soaltee, Kathmandu on Friday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">KATHMANDU: The fourth edition of the &#39;New Biz Business Women Summit and Awards-2024&#39; has commenced at Hotel Soaltee, Kathmandu on Friday. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Organized annually by New Biz Business Edge Pvt Ltd, this event aims to encourage and appreciate women entrepreneurs for their contributions to the field.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Chief Guest Maha Prasad Adhikari, Governor of NRB, and Madan Lamsal, Chairman of NBA jointly inaugurated the event by lighting the ceremonial lamp. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabita Subedi, Director of Operations and Finance at New Business Age Pvt Ltd, welcomed the guests on behalf of NBA. In her welcome speech, she emphasized the importance of encouraging and respecting women entrepreneurs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Subedi also highlighted that financial literacy and entrepreneurship training had been provided to women entrepreneurs in all seven provinces of the country as part of the program. She noted that this is the fourth edition of the &#39;Business Women Summit and Awards,&#39; a special initiative by New Business Age Pvt Ltd to honor women entrepreneurs. The main slogan of the series is &#39;Empowering Business Leadership of Women,&#39; and this year&#39;s summit theme is &lsquo;Strengthening Women&rsquo;s Business Leadership.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">She added that this event represents a small effort by the company to promote women&#39;s entrepreneurship. New Business Age has been organising this program since 2021 to encourage women who have made significant contributions in various enterprise sectors and those who have dedicated a long time to women&#39;s entrepreneurship and empowerment in all seven provinces. The event will award the best women entrepreneurs in various categories, selected by an independent panel of judges.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Standard Chartered Bank Nepal Limited is the title sponsor of the event. The NBA, the organizer, has announced awards in 12 categories, including &#39;Lifetime Achievement Award in Women Entrepreneurship.&#39; Other categories include &#39;Professional Woman of Excellence,&#39; &#39;Pioneer Social Entrepreneur of the Year,&#39; &#39;Woman in Tech,&#39; and &#39;The Best Woman Entrepreneur.&#39;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, NBA will honor one female entrepreneur from each of all seven provinces under the &#39;Emerging Enterprising Woman of the Year&#39; category, along with a cash prize of Rs 51,000 each. A panel discussion on Empowering Women&#39;s Business Leadership&#39; will also be held as part of the program.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Speakers for the panel discussion include Mahesh Bhattarai, Chief and Joint Secretary of the Economic Management Division of the National Planning Commission, Swastika Shrestha, Chief Executive Officer of Teach for Nepal, and Padmakshi Rana, Executive Director of Impact Hub Kathmandu. Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the run-up to the event, NBA had provided special training on financial literacy and entrepreneurship to nearly 300 women entrepreneurs in Butwal and Nepalgunj.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sponsors of the event include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life is the life insurance partner. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Rastra Bank&rsquo;s Governor Maha Prasad Adhikari was the chief guest for the first half of the awards ceremony while Supreme Court Justice Sapana Pradhan Malla was the chief guest for the second half.</span></span></p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '21439',
			'article_category_id' => '1',
			'title' => 'Newbiz Business Women Summit and Awards 2024 Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The fourth edition of the 'Newbiz Business Women Summit and Awards 2024' is being held today (Friday) in Kathmandu.',
			'content' => '<p><span style="font-size:18px">KATHMANDU: The fourth edition of the &#39;Newbiz Business Women Summit and Awards 2024&#39; is being held today (Friday) in Kathmandu. New Business Age has been organising this annual event since 2021 to encourage women entrepreneurs and recognize their contributions.</span></p>

<p><span style="font-size:18px">The event recognizes the contribution of women entrepreneurs from all seven provinces who have dedicated themselves to entrepreneurship and empowerment. An independent jury will select the best women entrepreneurs across various categories for awards.</span></p>

<p><span style="font-size:18px">Standard Chartered Bank (Nepal) Limited is the sponsor of this year&#39;s event. Awards will be presented in 12 categories, including the &#39;Lifetime Achievement Award in Women Entrepreneurship&#39;. Other categories include &#39;Professional Woman of Excellence&#39;, &#39;Pioneering Social Entrepreneur of the Year&#39;, &#39;Women in Tech&#39;, and &#39;The Best Woman Entrepreneur&#39;.</span></p>

<p><span style="font-size:18px">Similarly, one female entrepreneur from each of the seven provinces will be awarded in the &#39;Emerging Enterprising Woman of the Year&#39; category. Winners will receive a prize of Rs 51,000 each.</span></p>

<p><span style="font-size:18px">The program will also feature a group discussion on &#39;Strengthening Women&#39;s Business Leadership&#39;, with speakers Mahesh Bhattarai (Division Chief and Joint Secretary of the Economic Management Division of the National Planning Commission), Swastika Shrestha (CEO of Teach for Nepal), and Padmakshi Rana (Executive Director of Impact Hub, Kathmandu). Samanata Thapa, co-founder and program head of Startup Discovery Asia, will facilitate the discussion.</span></p>

<p><span style="font-size:18px">In the run-up to the event, New Business Age conducted training sessions on financial literacy and women entrepreneurship in Butwal and Nepalgunj. The main theme of this year&#39;s event is &quot;Strengthening Women&#39;s Business Leadership&quot;. The event will feature interactions between stakeholders focusing on this topic.</span></p>

<p><span style="font-size:18px">Other sponsors of the program include Salt Trading Corporation, Dove, Citizen Life Insurance, Himalaya Airlines, Kajaria, NLG Insurance Company, Omoda EV, Reliable Life Insurance, Mahalakshmi Bikas Bank, Muktinath Bikas Bank, and Krishi Bikas Bank. IME Life Insurance is the life insurance partner. New Business Age has been organizing various events, including this summit, to support and promote entrepreneurship.</span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '21441',
			'article_category_id' => '1',
			'title' => 'Reliance Spinning Mills Shares to Become a Burden for Investors',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The share price of Reliance Spinning Mills is likely to be a burden for general investors. The company is about to issue shares (IPO) at the rate of Rs 820.80 per share to the general public through the book-building method, but concerns have arisen that the price may be too high for investors due to a reported decrease in its actual net worth per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the book-building method, qualified institutional investors buy a certain percentage of IPO shares at a fixed price, and this price is used as a basis for issuing shares to the general public. The company has already sold 40 percent of the total shares to qualified institutional investors at Rs 912 per share.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to regulations, when institutional investors try to sell shares to the general public at a price 10 percent lower than their purchase price, the company&#39;s net worth per share should reflect this change. However, the company&#39;s net worth per share has decreased due to an outstanding electricity tariff liability of over Rs 753.68 million to the Nepal Electricity Authority, which was not accounted for when institutional investors bought the shares.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The company&rsquo;s net worth per share as of the last fiscal year (FY 2079/80) is Rs 242.5. After deducting the electricity liabilities until mid-April, the auditor-certified net worth per share is Rs 179.45.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Nepal Stock Exchange (NEPSE), the secondary market operator of securities, sets the first trading price of the IPO from the company&#39;s actual net worth per share to three times that value. Consequently, the initial trading value of Reliance Spinning Mills&#39; shares may be lower than the price determined through the book-building process, which worries investors. A group of investors has submitted a petition with complaints about this issue.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As of the end of the last year, the actual net worth per share is Rs 242.5, and the maximum price that can be maintained is Rs 726.15. Based on the net worth per share of Rs 179.45 as of mid-April, the maximum price would be Rs 538.35 when first listed. This indicates that investors may incur losses even at the initial listing price. Former Chairman of Nepal Investors Forum, Chhotelal Rauniyar, criticized the Securities Board of Nepal for granting IPO permission to the company, suggesting it was done without proper assessment and may harm investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite several companies waiting for IPO issuance, the board prioritized a company with weakened financial conditions due to electricity tariff arrears, causing dissatisfaction among investors. There is a possibility of manipulation as the shares might be traded at a lower price in the secondary market than the purchase price by institutional investors.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Reliance has permission to sell 1,155,960 shares worth Rs 9,488,811,968 to the general public, with a legal requirement to sell 10 percent of these shares to Nepalis employed abroad. From July 11, Nepalis abroad can apply to purchase a minimum of 50 shares and a maximum of 20,000 shares until July 25. Global IME Capital Limited is managing the share issuance and sales, with applications accepted through participating banks, financial institutions, and My Share online. Care Rating Nepal has rated the company Care NPA minus, indicating sufficient capacity to meet financial obligations on time.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This is the second time shares are being sold through the book-building method in Nepal, previously by Sarvottam Cements. Reliance Spinning Mills, operating since September 4, 1995, produces yarn, exporting 70 to 75 percent of its products to countries like India, Turkey, Vietnam, and the UK. Chairman Pawan Golyan holds 89.860 percent of shares, with 4.0056 percent owned by qualified institutional investors and 6.0084 percent by Nepalis employed abroad and other general public. After the issuance and distribution of all shares, the paid-up capital will be Rs 1.90 billion, with proceeds used for product diversification and industry capacity building.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>Questionable Financial Statements</strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There are concerns about the financial statements released by the company. For the last year 2079/80, the company reported a profit of over Rs 927.8 million. However, as of mid-April this year, the profit shrank to a little over Rs 26.3 million. The company projects a profit of over Rs 40.62 million for the current year, which some experts view as unrealistic. Chartered Accountant Mukti Subedi noted that the actual financial situation typically changes only due to equity adjustments under the NFRS system. Despite attempts to contact Chairman Golyan for clarification, he was unavailable.</span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '21440',
			'article_category_id' => '1',
			'title' => 'Mines, Expressway, and Airport Fall Along the Proposed Kathmandu-Raxaul Railway',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Government of Nepal has suggested modifications to the proposed Kathmandu-Raxaul railway layout to India to avoid overlapping with the proposed Nijgadh International Airport and Kathmandu-Nijgadh Expressway. After reviewing the proposed railway, designed by the Indian company Konkan Railway Corporation Limited, the Government of Nepal highlighted the need for changes to avoid areas rich in minerals such as uranium. A new map is recommended for the final location survey, which is similar to a detailed project report (DPR) submitted by the Indian company during Prime Minister Pushpa Kamal Dahal&#39;s visit to India in May last year.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;We have requested to include in the report what kind of structures need to be built in case of railway intersections with the highway and Nijgadh airport,&quot; said Krishnaraj Pant, joint secretary of the Ministry of Physical Infrastructure and Transport. Many foreign affairs experts view the proposed railway connecting Nepal&#39;s capital Kathmandu with the Indian border town of Raxaul as a strategic project for India. While China is exploring the feasibility of a rail link between Kathmandu and its border city of Kerung, India is advancing the Raxaul-Kathmandu railway.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Pant, the current study report does not address issues concerning highways, airports, and mines. A 70.97 km long expressway connecting Kathmandu with the Terai region is under construction, and the government has initiated the process to build an international airport in Nijgadh. Due to the presence of a uranium mine along the proposed route, Nepal has suggested altering the railway&#39;s path to mitigate health risks. Pant said, &quot;The final location survey will be completed once the report incorporates these suggestions provided by the ministry.&quot;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Department of Mines and Geology has already issued license for survey of precious minerals in six places along the proposed railway. The Indian company&#39;s report proposes that the entire railway, spanning 140.79 km, will connect Raxaul with Kathmandu and include 12 stations at Raxaul, Birganj, Belwa, Manharwa, Saphi Bazar, Nijgadh, Makwanpur, Diyal, Shikharpur, Sisneri, Satikhel, and Kathmandu.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The final location survey report submitted by Konkan to the Ministry indicates that the railway can be completed in five years, with an estimated construction cost of Rs 383 billion (approximately INR 2.39 billion). This estimate excludes land acquisition and other compensation costs.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In 2020, the Government of Nepal requested the Indian government to prepare a detailed project report (DPR) for this railway, but the survey was halted due to the COVID-19 pandemic. An agreement regarding the feasibility study of the Kathmandu-Raxaul railway was reached in August 2018 between the governments of Nepal and India. </span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '21165',
			'image' => '20240705115423_1671839534.fastrrack.jpg',
			'article_date' => '2024-07-05 11:53:54',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21438',
			'article_category_id' => '1',
			'title' => 'Energy Ministry to Hire CTEVT Students for its Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In a bid to promote the concept of 'learning by earning', the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In a bid to promote the concept of &#39;learning by earning&#39;, the Ministry of Energy, Water Resources, and Irrigation and the Ministry of Education, Science and Technology have signed a memorandum of understanding (MoU) for skill enhancement and apprenticeship for CTEVT students.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU is expected to ensure skill enhancement for students of the Council for Technical Education and Vocational Training (CTEVT) through workplace learning. Under this agreement, CTEVT students will be hired for projects under the Ministry of Energy, Water Resources, and Irrigation in an apprenticeship model.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The MoU was signed on Thursday by the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet, and the Minister for Education, Science, and Technology, Sumana Shrestha.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On the occasion, Minister Shrestha emphasized that education should equip the workforce with the necessary skills to meet the labor market&#39;s demands. &quot;We can retain our youth in the country only by providing them with employment,&quot; she added.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, Minister Basnet stated that the MoU aims to develop a labor culture and impart practical skills by placing students in the workplace. He described the MoU as a milestone in connecting CTEVT students to the workplace and the labor market.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Executive Director of the Nepal Electricity Authority (NEA), Kulman Ghising, highlighted that the performance of interns hired by the NEA for various projects has been highly praiseworthy and mentioned that such best practices would be expanded if the MoU is well implemented.</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Education will develop the relevant curriculum, while the Ministry of Energy will provide economic support to the Ministry of Education in accordance with the existing rules of the CTEVT. -- RSS</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21437',
			'article_category_id' => '1',
			'title' => 'Lendanda Tunnel Under Kathmandu-Tarai Fast Track Completed',
			'sub_title' => '',
			'summary' => 'The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed. The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 5:&nbsp; The construction of one of the two tunnels under construction at Lendanda along the Kathmandu-Tarai fast track has been completed.</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The Lendanda Tunnel, part of the Kathmandu-Tarai-Madhesh Expressway project, was successfully excavated on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the press statement, Nepal Army stated that excavation of one of the twin tube tunnels providing the passage of the vehicles from Nijgadh to Kathmandu at Package Number 2 located Bakaiya and Gadhi Rural Municipalities of Makawanpur has been completed. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The tunnel is 1,612 meters long. Chief of Army Staff Prabhuram Sharma observed the breakthrough of the tunnel.&nbsp;</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, on May 18, the 1,633-meter-long Lendanda Tunnel from Kathmandu to Nijgadh was completed. Additionally, the 1,653-meter-long twin tube tunnel of the Dhedre Tunnel from Nijgadh to Kathmandu was also excavated on May 25. </span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-07-05 06:11:26',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21436',
			'article_category_id' => '1',
			'title' => 'Nepal Telecom and Ncell Deprived of Foreign Exchange Facility',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell's internet service.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Tata Communication International Pvt Ltd (Singapore), which supplies internet bandwidth services to Ncell, has halted its services, potentially affecting the quality of Ncell&#39;s internet service.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A senior official from the Nepal Telecommunications Authority (NTA) disclosed that both Ncell and Nepal Telecom, whose majority shares are owned by the government, have been deprived of foreign exchange facilities for the past six months due to non-payment of the specified frequency fee.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers and the regulatory body are in dispute over whether the fee should be paid. Ncell has filed a case in the Supreme Court. Unless Ncell settles the dues, the NTA has taken a stance recommending foreign exchange facility to the private sector telecommunication service provider. As a result, Ncell has been unable to pay Tata Communication International for bandwidth.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Tata stopped providing bandwidth from June 17,&quot; an Ncell source confirmed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the source, Ncell owes Tata Singapore about $4 million (approximately Rs 540 million). &quot;Tata has sent a legal notice indicating legal action if payment is not made,&quot; the source added. &quot;Despite being ready to pay, we cannot proceed due to the lack of foreign exchange facility,&quot; the source revealed.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The same source mentioned that Ncell has also been unable to procure equipment for service improvements or pay for consulting services from abroad for almost six months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The competition between Nepal Telecom and Ncell is intense, and Ncell officials are concerned that without paying for internet bandwidth, equipment, and consulting services, their service quality will suffer, putting them at a disadvantage against Nepal Telecom.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ncell&rsquo;s internet service is currently sustained through various measures, but the cessation of bandwidth supply by Tata&mdash;accounting for over 30% of Ncell&#39;s total bandwidth purchases&mdash;poses a significant threat. If other suppliers also stop providing bandwidth, Ncell&rsquo;s service quality will deteriorate.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Internet services were previously affected when Airtel, an Indian company, stopped providing bandwidth to various internet service providers on May 2, causing internet speeds to slow down significantly for several hours. The NTA had deprived ISPs of foreign exchange facilities due to disputes over the rural telecommunication fund and royalty amounts. Although Airtel resumed bandwidth supply following government intervention, the Supreme Court recently ruled in favor of the NTA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">There is also an ongoing dispute between the NTA and two telecommunication service providers regarding frequency fees. In 2019, 2100 bandwidths were auctioned for 3G services, and the frequency price was determined through bidding. Previously, service providers were allowed to use the frequency for a minimum charge, which was Rs 240 million. The dispute arose when the NTA demanded that providers pay fees for the previously used time at the newly determined auction price. Ncell has contested this in court, filing a writ in the Supreme Court.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Pradeep Paudyal, deputy spokesperson and deputy director of the NTA, stated that the original license agreement required payment of fees based on price determined in the future. However, Ncell sources argue that there was no such condition and that the NTA&rsquo;s fee demand is unfair. The NTA claims the two telecommunication providers owes it about Rs 2 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudyal asserted that the NTA aims to provide quality services and that service providers must fulfill their obligations to the government. He indicated that services could be reinstated once obligations are met and warned that continuous delay in payments would result in additional fees as per government law.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The service providers contend that while the case is pending in court, the NTA should not deprive them of foreign exchange facility. Paudyal noted that since the court has not issued an interim order against fee collection, the NTA is justified in its actions.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite both Ncell and Nepal Telecom being deprived of foreign exchange facilities, Nepal Telecom claims it has not faced any issues with foreign payments. Acting Managing Director of Nepal Telecom, Sangeeta Pahadi (Aryal), stated that Nepal Telecom has fulfilled its payment obligations for services from foreign companies and has also paid the required fees to the NTA.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '21435',
			'article_category_id' => '1',
			'title' => 'NEPSE Index Gains 15.46 Points as NRN Infrastructure Leads Turnover',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">July 4: The Nepal Stock Exchange (NEPSE) Index experienced an increase of 15.46 points, or 0.73%, closing at 2119.69 on the last trading day of the week, on Thursday. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During Thursday&rsquo;s trading session, 313 scrips were traded through 84,126 transactions on NEPSE. A total of 22,167,678 units of shares were exchanged, resulting in a total turnover of Rs 6.48 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) led the turnover, with total transactions worth Rs 30 crores. Ankhu Khola Jalvidhyut Company Limited (AKJCL) saw the highest gain of 10%, hitting the positive circuit for the day. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In contrast, Mailung Khola Jal Vidhyut Company Limited (MKJC) experienced the biggest loss, dropping 9.37% to settle at Rs 629.90 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sectoral performance, all sectors closed in the green except for Finance and Manufacturing &amp; Processing. The Development Bank Index achieved the highest gain of 3.43%, while the Finance Index suffered the largest decline at 0.59%.</span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2024-07-04 15:17:51',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21434',
			'article_category_id' => '1',
			'title' => 'Federal Government Overstepping its Jurisdiction to Raise House Rent Taxes',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The federal government is collecting house rent tax, which falls within the jurisdiction of local governments according to constitutional and legal provisions. As state and local governments accuse the federal government of trying to maintain a monopoly on rights and resources in the federal system, it has emerged that the federal government is collecting house rent tax, which, according to the constitution, falls under the local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Some state governments have filed cases in the Supreme Court against the federal government, arguing that their constitutional rights are being infringed. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Clauses (4) of Article 57, Clause (2) of Article 214, Clause (2) of Article 221, and Clause (1) of Article 226 in Schedule-8 of the Constitution of Nepal list the rights of local governments, including city police, cooperatives, FM operations, and local taxes. Local governments are authorized to collect taxes such as property tax, house rent tax, real estate registration fee, vehicle tax, service tax, tourism fee, advertising tax, business tax, land revenue tax, fines, entertainment tax, and property tax. However, not all local governments have been able to collect the institutional house rent tax.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bhimprasad Dhungana, president of the Municipal Association of Nepal, says they have not been able to exercise their rights due to federal government&rsquo;s intervention. &quot;Even now, our municipality has not been able to collect the housing rental tax,&quot; he said. &quot;The federal government has not allowed us to collect it.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Local Government Operation Act, 2074, specifies that property tax, house rent tax, real estate registration fee, vehicle tax, service fee, tourism fee, advertisement tax, business tax, land revenue tax, and other local taxes are subject to federal and state laws. Schedule 3 of the Inter-Governmental Finance Management Act, 2074, places house rent tax within the sole jurisdiction of local governments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite this, the Ministry of Finance has tasked the Inland Revenue Department with collecting more than Rs 3 billion in house rent tax for the current fiscal year. By mid-June, the department had collected Rs 2.19 billion in house rent tax. This raises concerns about the federal government collecting revenue against the spirit of federalism. A tax officer in the Baneshwar Tax Office confirmed that they continue to collect the institutional house rent tax. &quot;If someone comes to pay the tax, we will accept it,&quot; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">When asked why the federal government is collecting a tax that falls under local jurisdiction, a Ministry of Finance official stated that the revenue would be distributed to the lower levels through revenue sharing.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Even if the federal government raises it, it will go to the lower levels through revenue distribution,&quot; the official said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Taxes that are the fall under the full authority of local governments are not shared with the central and state governments. According to the Inter-Governmental Finance Management Act, 2074, value-added tax (VAT) and royalties from natural resources are distributed among the three levels of government.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Federalist Khimlal Devkota maintains that the federal government is still encroaching on the rights of some local levels. He believes it is necessary for the federal government to clarify to local governments which taxes they can collect. &quot;If we explain these things, the capacity of the local level will increase,&quot; he said, &quot;And they can develop further.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Kathmandu Metropolitan City, the largest city in the country, has begun collecting corporate tax independently. According to Naveen Manandhar, spokesperson for the metropolis, the tax collection falls under their jurisdiction. &quot;There is no need to keep asking anyone because the constitution and the laws give clear authority,&quot; he said. &quot;We are collecting taxes.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added that because the federal government previously collected most taxes, including house rent tax, there might still be some confusion among taxpayers. &quot;We are also working to raise awareness,&quot; he said. </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '21433',
			'article_category_id' => '1',
			'title' => 'Industries Refuse to Pay Reduced Tariff for Using Dedicated Feeder and Trunk Line',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Despite the Nepal Electricity Authority (NEA) offering a one-year installment facility to industrialists for paying the arrears of dedicated and trunk line tariffs, the industrialists remain reluctant to pay the amount. The NEA has also extended the payment deadline and allowed the amount to be paid in up to six installments.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Previously, the NEA had sent a letter to industrialists, setting a 15-day deadline to pay the additional fees accrued from January 2072 to April 2075. According to the NEA, industrialists owe approximately Rs 8.25 billion, which includes Rs 6.6 billion in dues and a 25 percent fine. This is significantly lower than the Rs 22 billion initially claimed by the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">However, the industrialists are unwilling to pay, citing a lack of proof from the NEA regarding electricity usage during the specified period. Shashikant Agarwal, owner of Reliance Spinning Mills, stated that they would not pay the amount, regardless of the installment terms provided.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Agarwal argued that if the NEA cannot justify the billed amount, the time extension for payments is irrelevant. He claimed that the NEA&rsquo;s billing went against the Lal Commission&#39;s decision. The Lal Commission, led by former Supreme Court Justice Girish Chandra Lal, was formed by the government to study the dispute and provide recommendations. The commission&#39;s report suggested that fees should be based on verified evidence for a limited period.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The bills sent by the NEA have not clearly disclosed the amount of electricity consumed by industrialists. Agarwal emphasized that if the NEA can provide evidence of consumption, the dues would be paid within two days without any need for extended time. The industrialists had previously requested clarification from the NEA regarding the tariff demands.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In a reply to the industrialists&#39; inquiry, the NEA claimed to have provided detailed consumption records from January 2072 to April 2075, specifying the billing categories. However, industrialists, including Pashupati Murarka, owner of Arghakhanchi Cement, stated they had not received such correspondence from the NEA.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chandan Kumar Ghosh, NEA spokesperson, refuted the industrialists&#39; claims, stating that the installment facility was provided upon their request. He suggested that due to pressure from industrial organizations, some industrialists were reluctant to openly acknowledge their agreement to the tariff. Ghosh mentioned that about 50 percent of the industrialists who have yet to pay the tariff have requested the installment facility.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Contrary to Ghosh&#39;s statement, industrialists insist they have not requested such facilities. Murarka accused the NEA of spreading rumors to create division among industrialists and generate unnecessary confusion. He reiterated that there was no reason to request more time for an amount they do not owe.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '21432',
			'article_category_id' => '1',
			'title' => 'Significant Number of Nepali Migrants Imprisoned in Malaysia due to Lack of Valid Document: Study',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: A significant number of Nepali migrant workers have been imprisoned in Malaysia due to the lack of valid documents, according to a study conducted by two civil society organizations. The study, titled &quot;Deception, Arrest, and Detention of Nepali Migrant Workers in Malaysia,&quot; was carried out by the Pravasi Nepali Coordination Committee (PNCC) and the Centre for the Study of Labour and Mobility (CESLAM).</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study revealed that 61 percent of the imprisoned migrants were detained due to documentation issues, followed by conflicts with colleagues or employers (8 percent). Additionally, 3 percent were jailed for criminal activities such as murder, theft, illegal drug trafficking, gambling, the sale of counterfeit alcohol, and kidnapping.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The findings were shared and discussed at a program in Kathmandu on Sunday. The study used a mixed-method approach, including a review of existing policies, data, and publications, and an analysis of 758 individual cases of imprisonment in Malaysia recorded by the Pravasi Nepali Coordination Committee between 2020 and 2023.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">It was noted that approximately 84 percent of migrant workers used private recruitment agencies for their migration to Malaysia, while 15 percent migrated independently, often with the help of relatives or agents.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Despite a Memorandum of Understanding (MoU) between the Government of Nepal and the Malaysian government in 2018, which obliges employers to cover recruitment fees and related costs for migrant workers, it was found that migrants still paid hefty recruitment fees. &quot;More than 50 percent paid between Rs 100,000 and Rs 200,000 in recruitment fees,&quot; the report stated. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The report highlighted that one of the major barriers preventing Nepali migrant workers from accessing justice is their lack of awareness regarding their rights, legal processes, and available support avenues. &quot;The language barrier also hinders access to justice for imprisoned Nepali migrant workers,&quot; it added.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The study recommended implementing the &#39;free-visa, free-ticket&#39; policy and the &#39;employer pays&#39; principle with robust monitoring. &quot;The Government of Nepal should collaborate with Malaysia to ensure proper implementation of the &#39;employer pays&#39; principle as stipulated in the MoU between the two countries,&quot; it suggested.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Furthermore, the report proposed that pre-departure orientation training for Nepali migrant workers should include comprehensive counseling on the rules and regulations of the destination country. It also mentioned that skill training on soft skills such as communication, language proficiency of the destination countries, teamwork, adaptability, patience, negotiation, and cultural awareness should be provided to migrant workers before their departure.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Other recommendations included providing psychosocial support to returnee migrant workers who were imprisoned and establishing a comprehensive system for recording data on imprisoned Nepali migrant workers. &quot;It is crucial to establish a comprehensive system for monitoring and recording data on imprisoned migrant workers to track the number of workers in jail, those returning, and other relevant data to facilitate targeted assistance and policymaking,&quot; the report stated.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '21431',
			'article_category_id' => '1',
			'title' => 'Industrialists Attracted to Special Economic Zone in Bhairahawa',
			'sub_title' => '',
			'summary' => 'BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">BHAIRAHAWA: Industrialists have shown growing interest in the Special Economic Zone (SEZ) operating in Bhairahawa following recent amendments to the laws by the Special Economic Zone Authority, the RSS reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the state-owned news agency, these amendments were made to facilitate industrial activities and promote exports, attracting numerous industrialists to the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Currently, there are no vacant plots available in the Bhairahawa SEZ. Acting Executive Director of the Special Economic Zone Authority, Tulsiram Marasini, told RSS that all 69 plots spanning across 52 bighas of land in the SEZ have been leased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Eight industries are currently operational within the SEZ. They include Shakti Minerals Pvt Ltd, Vistar Global Pvt Ltd, Tirupati Metals Pvt Ltd, Brilliant Lighting Industry, Panchkanya SS Pvt Ltd, Yash Plastic Products, Jaya Buddha Metal Craft, and Himalayan Granite. Additionally, Eco Nepal Energy Pvt Ltd, Arshi Industries, and Spurt Electronic Industries are under construction. Furthermore, agreements have been signed with Mishakh Sheikh, Deepesh Chalise, Rahul Jain as well as Larke Himal Herbs Pvt Ltd, White Mountain Mining Pvt Ltd, Tanyaegro Pvt Ltd, and Data World Pvt Ltd for establishing their industries in the Bhairahawa SEZ, the RSS further reported. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Despite the interest, industrialists have raised concerns regarding high rent, export difficulties at the border, and challenges in securing loans. Acting Executive Director Marasini assured that the government has addressed these complaints.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Initially, the Special Economic Zones Act of 2073 required that at least 60% of the goods or services produced in the SEZ be exported. This provision has been amended by the Ordinance to amend some Nepal Acts related to Investment Facilitation, now requiring at least 15% of production to be exported initially and 30% in subsequent years from the start of production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini mentioned that the provision allowing goods or services produced in SEZ to be sold in Nepal&rsquo;s domestic market within one year from establishment has been extended to three years.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Previously, regulations prohibited the transfer of existing industries and their equipment into SEZ. These regulations have been amended, allowing for such transfers and operations within the SEZ.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Industrialists have called for various concessions to establish industries in SEZ. Initially, SEZ rent was set at Rs 150 per square meter, which was later revised to Rs 20. Following further complaints, the authority is preparing to reduce it to Rs 10.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Marasini emphasized that the SEZ was established not for profit but to provide maximum opportunities for entrepreneurs in Nepal. He insisted that the authority would maintain maximum flexibility to create a conducive environment for industrialists.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the fiscal year 2076-77, SEZ reported export sales worth Rs 148 million, domestic sales of Rs 564 million, and total sales of Rs 204 million. In 2077-78, export sales dropped to Rs 85.47 million, and domestic sales totaled Rs 183 million. For the year 2079-80, SEZ recorded export sales of Rs 454.1 million, domestic sales of Rs 387.9 million, and total sales of Rs 845.9 million.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Special Economic Zone Authority held an interaction in Bhairahawa regarding the smooth operation of SEZ. Industrialists expressed concerns that initial assurances given when establishing their industries were not fulfilled. They highlighted that the one-door system, a basic principle of SEZ, has yet to be implemented and requested the authority to facilitate it. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the interaction, Thakur Kumar Shrestha, president of Siddharth Chamber of Commerce and Industry, noted that land rent in SEZ remains more expensive than outside. Industrialists also pointed out issues with basic amenities such as drinking water, electricity, and sanitation within the SEZ.</span></span></p>

<p>&nbsp;</p>
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file not found!

Latest

173 People Die in Disaster Incidents since June 10

Crusher Federation Urges PM Oli for Industry Renewal

Prime Minister Calls for Enhancing 'Hello Sarkar' Service

Bardiya National Park Sees Increase in Tourist Arrivals

Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy

Lower Seti Hydropower Project Acquires o500 Ropanis of Land

Government Proposes Formation of New Authority to Regulate Cooperatives

Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar

BFIN to Host Conference in Kathmandu on Wednesday

Price of Gold Reaches All-Time High in Nepal

FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00