KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and…
KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and…
The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been…
KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same…
KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist…
KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday.…
KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year.…
The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on…
KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81.…
CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy.…
TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23.…
Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on…
KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling…
The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ…
The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali…
KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON).…
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The Investment Board Nepal conducted a study on this project. The proposal aims to develop Janakpurdham as a major tourism destination and expand the area into an eco-tourism zone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, the board had issued a letter of intent through the Investment Summit for the construction of the Babarmahal Administrative Plaza, which aims to house various government offices. The proposed project covers an area of 30,021 square meters and its estimated cost is Rs 10.2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The board had extended the deadline for letters of intent for 12 projects under its jurisdiction. It is reported that the pre-feasibility studies for these identified projects have been completed, and initial development phases have commenced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">A total of 19 projects were showcased at the Investment Summit to attract investment. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21156', 'image' => '20240704113255_Investment-Board-Nepal-IBN.jpg', 'article_date' => '2024-07-04 11:32:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21429', 'article_category_id' => '1', 'title' => 'NOC Accelerates Construction of Petroleum Storage Facility in Rupandehi', 'sub_title' => '', 'summary' => 'The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">July 4: The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The construction activities are based on an assessment of the flood situation over the last 50 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The Rohini rivulet flows north and west of the land where the NOC is building the storage facility. A retaining wall has been constructed on the north side, while a gabion wall has been built to the west of the site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The new storage facility is being constructed on approximately 14 bighas of land purchased along the Parasi-Bhairahawa road section. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This location was chosen because the current Bhalbari depot has limited storage capacity and is close to a human settlement. The new facility will sustain the petroleum demand of Lumbini Province for 20 days. The NOC is working on storage depots at various locations across the country to increase its petroleum product storage capacity. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Project Coordinator Pradeep Yadav stated that the new storage tanks, costing Rs 3 billion, will include three tanks with a capacity of 2,100 kilolitres of diesel, two tanks for 1,600 kilolitres of petrol, and three tanks for 70 kilolitres of kerosene oil.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Once the new facility is completed, the Bhalbari depot will be relocated to the Rohini rivulet bank. Yadav also mentioned that the project design, undertaken by Kathmandu University, will be completed by mid-October. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The foundation stone for the project is expected to be laid in November, with a target to complete construction by 2083 BS. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21155', 'image' => '20240704055359_collage (52).jpg', 'article_date' => '2024-07-04 05:52:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21428', 'article_category_id' => '1', 'title' => 'Directors of Cooperatives Asked to Vacate Dual Positions within 30 Days ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a notice on Wednesday instructing the directors of all the cooperatives to maintain a single position by abandoning dual role. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 41 (5) of the Cooperatives Act 2074 BS states that a person can be the director of only one cooperative at a time. The department also said that the implementation of this directive will be monitored and action will be taken according to the law against those violating it, said department’s registrar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a circular on Wednesday to reschedule the loans of cooperative borrowers for three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For debtors unable to regularize their loans due to difficulties, 50% of the interest payment will be waived. This waiver applies only to borrowers who were not listed as bad debtors last year and have not previously received this facility. The decision will be made based on an evaluation of the debtor's circumstances, including the impact on the member, and considering the demand, need, and justification provided by the member, reads the notice. -- RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21154', 'image' => '20240703095222_20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-03 21:51:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21427', 'article_category_id' => '1', 'title' => 'UML Ministers Resign En Masse', 'sub_title' => 'UML invites parties to join 'national consensus' govt ', 'summary' => 'KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre. All the eight ministers representing the CPN-UML in the current coalition government led by Prime Minister Dahal have resigned en masse.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a recent twist of events, the UML decided to forge a new alliance with the Nepali Congress and recalled its ministers from the cabinet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All the ministers representing the UML reached the Prime Minister’s Official Residence in Baluwatar on Wednesday evening to inform PM Dahal about the party's decision to withdraw support.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the party’s decision, UML ministers submitted their collective resignation to Prime Minister Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UML secretariat meeting chaired by Oli on Tuesday had urged Prime Minister Dahal to resign from his post within 24 hours to pave the way for a new government. After Prime Minister Dahal did not resign within the deadline, all UML ministers submitted their resignation collectively to Dahal on Wednesday afternoon.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Party chair Oli had also sent a letter to Prime Minister Dahal withdrawing his party's support to the government, saying that the initiative to form a new government was taken with the aim of providing political stability with the formation of a government of national consensus.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CPN (UML) has also invited political parties represented in the Parliament to join the next government of 'national consensus'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The party’s secretariat meeting held at the party office, Chyasal, on Wednesday decided to call upon parties to join the government of national consensus that will be formed under the leadership of UML Chair KP Sharma Oli in accordance with the agreement reached with the Nepali Congress. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting also requested Prime Minister Pushpa Kamal Dahal to pave the way for the formation of consensus government according to Article 76 (2) of the Constitution, said UML secretary Yogesh Bhattarai. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21153', 'image' => '20240703094239_PRO-KTM-066A1680.JPG', 'article_date' => '2024-07-03 21:41:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21426', 'article_category_id' => '1', 'title' => 'NC-UML Coalition Brings Hope for Political Stability', 'sub_title' => 'Stock Market Rises but Economic Challenges Remain', 'summary' => 'KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">LAXMI SHARMA</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. The Nepal Stock Exchange (NEPSE) index increased by 47.04 points, causing trading to be halted twice by a circuit breaker.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the rules, trading is stopped for 20 minutes if NEPSE increases by 4 percent or more within the first hour of trading (12:00 noon). If the index rises by 5 percent or more before 1 p.m., trading is halted for 40 minutes. If the index increases by 6 percent or more, trading is stopped for the entire day. The first halt occurred when NEPSE rose by 32.44 points in the pre-open session. The market, which opened at 11 a.m. in the regular session, increased by 4 percent in less than 2 minutes, leading to a 20-minute halt. At 11:21 a.m., NEPSE rose again by 5 percent to 2,156.07 points, causing a 40-minute halt. By the end of the day, NEPSE had increased by 2.29 percent, closing at 2,100.43 points. Amid rumors of a government change, NEPSE had increased by 16.29 points on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Radha Pokharel attributes the market surge to the expectation of political stability and economic reform, along with policy reforms in the capital market, following the formation of the new government. Investors hope for political stability as the two largest parties will form a joint government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Since the parliamentary elections in November 2022, three governments have been formed under the leadership of Prime Minister Pushpa Kamal Dahal. With Oli's leadership, the country will now have its fourth government within a year and a half.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Navraj Dahal also notes the impact of the Congress-UML coalition on the stock market. "Investors are very anxious because the stock market has not risen for a long time," he said. The private sector in Nepal has also expressed concerns that frequent government changes and the resulting political instability have deteriorated the investment environment, hindering economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 2014 study by the Millennium Challenge Corporation (MCC), an American international aid organization, highlighted policy implementation uncertainty due to political instability as a major obstacle to Nepal's economic development. Other obstacles identified include lack of electricity, high transportation costs, and strict labor laws. While there have been improvements in electricity and labor laws, political instability and high transportation costs remain significant challenges. Industrialists and businessmen hope that the new government, formed by two major parties, will bring political stability and improve the investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have been saying that political stability is necessary for economic progress," said Rajesh Agarwal, president of the Confederation of Nepalese Industries. However, no government has lasted five years. The KP Oli-led government formed after the 2017 election had almost a two-thirds majority but collapsed due to internal strife between Oli and the current Prime Minister Pushpa Kamal Dahal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"One finance minister brings the budget for the current fiscal year, another for the next fiscal year," Agarwal said. "One finance minister prepared the investment summit held in April, and another took over during the summit. How can the country attract investment in such a situation?" Agarwal argues that frequent government changes lead to policy instability, preventing any single minister from fully understanding the economy's problems and creating a stable investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, banks and financial institutions have sufficient investable financial resources, but the demand for loans from the private sector is very low. According to Nepal Rastra Bank, credit expansion of banks was limited to 4.6 percent last year, and even until April of this year, credit has expanded by only 5.2 percent. Private sector businessmen attribute this to the lack of market demand. In the past, remittances created market demand, but now even large-scale remittances do not seem to create sufficient demand, affecting production. The National Statistics Office estimates the economy will grow by 3.87 percent this year, with the manufacturing and construction sectors shrinking and the wholesale and retail trade sectors growing moderately. Economists believe the construction sector has been particularly affected by the government's inability to spend the capital budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite different coalitions, Dahal has led the government for one and a half years, but stakeholders note that the economy has not gained momentum during this period. Economist Gobinda Nepal suggests that while the Congress-UML government might bring hope for political and policy stability, investors may adopt a wait-and-watch strategy for at least a year due to past experiences of majority government collapses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal recommends that the new government urgently address economic improvements and investor attraction. "The new government should establish the economic reform suggestion commission mentioned in the budget and proceed with the country's credit rating work immediately," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21152', 'image' => '20240703041509_new.jpg', 'article_date' => '2024-07-03 16:11:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21425', 'article_category_id' => '1', 'title' => 'Centralized KYC System in Banks from Next Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. Although the central bank announced the creation and implementation of this system in the monetary policy of the current fiscal year (FY), only a study has been completed so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The study to establish a centralized KYC system has been completed," said Dilliram Pokharel, Deputy Spokesperson for Nepal Rashtra Bank. "After taking the suggestions of the stakeholders, we will finalize and implement it."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The central bank has not yet published the study report on the new KYC system. The central bank is currently discussing the study report provided by an independent consultant. The report suggests that customer information could be exchanged through the credit information center or by forming a separate body.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, there are 55 million accounts held by ordinary people in banks and financial institutions. As many people open accounts in multiple banks, the number of accounts exceeds the population. Presently, account holders must fill out the KYC form for each bank where they hold an account. To address this issue, the central bank plans to establish a centralized customer identification system that all financial institutions can use.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The current year's monetary policy mentions creating and implementing a centralized customer identification system to facilitate the exchange of customer information between banks, financial institutions, and other licensed payment-related organizations. The system will also link to the national identity cards issued by the government. The government has recently published a notice in the Nepal Gazette, making the national identity card compulsory for accessing public services from next January. Once the centralized customer identification system is established, the system operator will update public information.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After joining the system, customers will receive a unique identification number. Banks can use this number to update customer information. Therefore, after the system's implementation, customers will only need to update their information in one place. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">India has implemented a Central Customer Identification System since 2016. The system, established with investment from the Government of India, distributes customer identities to financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In Nepal, the centralized electronic customer identification system (KYC) has been used in the securities market since last July. After updating their details in the KYC system operated by CDS and Clearing Limited, customers do not need to update their KYC separately at securities dealers and merchant banks. Affiliated companies update the KYC using the number provided by CDS and Clearing. However, the number of C-KYC users in the securities market remains low.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Anti-Money Laundering Act, financial institutions must keep their customers’ details up-to-date. Many people find it increasingly difficult to comply with the requirement to update their details with the institutions where they do business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21151', 'image' => '20240703032741_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-07-03 15:27:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21424', 'article_category_id' => '1', 'title' => 'NEPSE Gains 3.79 Points to Close at 2104.22', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded through 61,199 transactions on the NEPSE. A total of 17,134,082 units of shares were exchanged, resulting into a total turnover of Rs 5.8 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Manjushree Finance Limited (MFIL) led the turnover with transactions worth Rs 23 crores. Central Finance Limited (CFCL) and ICFC Finance Limited (ICFC) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Chirkha Hydropower Limited (CKHL) faced the highest loss of 4.70%, settling at Rs 586.10 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, the Trading Index and Finance Index saw substantial gains of 6.12% and 6.04% respectively. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the contrary, the Manufacturing and Processing sector saw the highest loss of 1.07%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All other sectors closed in the negative except for the Banking, Development Bank, Finance, Trading, and Investment indices.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21150', 'image' => '20240703032050_collage (51).jpg', 'article_date' => '2024-07-03 15:19:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21423', 'article_category_id' => '1', 'title' => 'Government Allocates Inadequate Budget for Pensions', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. However, the liability exceeds Rs 77 billion. Consequently, the Pension Management Office had to request an additional Rs 25 billion from the Ministry of Finance to meet its pension obligations. This additional budget was sourced from the contingency funds under various headings. A total of Rs 77.50 billion is being spent on pensions this year with the additional allocation. Bishnu Prasad Kharel, head of the Pension Management Office, reported that Rs 75.82 billion has already been spent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kharel noted that despite the increasing need for a larger budget to cover mandatory pensions, the government consistently allocates less than required amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The budget set aside every year is not enough," he told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the upcoming fiscal year 2081/82, the government has again allocated an insufficient budget of Rs 75 billion for pensions, even though the current year's requirement is higher than that. Officials predict that the liabilities will continue to increase, making it impossible to meet next year's obligations with the allocated budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite requesting approximately Rs 78 billion for the next year, the government did not fulfill this request. Each year, pension liabilities increase by around Rs 1.5 billion. Given that Rs 77 billion will be spent this year, the requested budget increase was necessary, but the source of funds remains unconfirmed, according to Kharel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials warn that without timely additional budget allocations, there will be problems in pension distribution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance ministry officials explained that they could not allocate the requested amount due to budget constraints. A senior official from the Budget Division admitted that the current year's pension budget was less than requested. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Even if the allocation under the heading of pension is insufficient, the government cannot ignore its liability," the official told New Business Age. "Additional funds are released from various headings." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The official assured that the law allows for the release of additional budgets, so there should be no issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Deputy Auditor General Maheshwar Kafle said that the government should not be careless about mandatory obligations. According to him, the Appropriation Act and budget formulation directives mandate prioritizing mandatory obligations before allocating funds elsewhere. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance, therefore, cannot overlook these obligations in the budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government cannot ignore mandatory obligations," he said. "If the government does not allocate enough budget, it shows the government’s dishonesty."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts argue that failing to allocate sufficient funds for mandatory obligations undermines economic discipline and good governance. They warn that using contingency funds for this purposes is inappropriate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kafle, an experienced auditor, noted that budget indiscipline has become rampant in recent years. "Although the law allows only 10 percent of the money to be transferred, this provision has been misinterpreted, leading to additional withdrawals and transfers," he said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21149', 'image' => '20240703022117_AdobeStock_134184378.jpeg', 'article_date' => '2024-07-03 14:20:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21422', 'article_category_id' => '1', 'title' => 'Proposed Int’l Student Cap to Damage Australian Economy, Business Group Warns ', 'sub_title' => '', 'summary' => 'CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Business Council of Australia (BCA), which comprises the chief executives of more than 100 of Australia's biggest corporations, on Wednesday said cutting Australia's international student intake will hurt the economy without fixing the country's housing supply shortage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The governing Labor Party in May revealed plans to cap the number of new international students allowed to enroll at universities as part of a broader strategy to cut Australia's record-high intake of migrants. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a submission to the government on the proposed cap, the BCA said it could damage Australia's reputation as an international education provider and the overall quality of the higher education sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Our economy is grinding to a halt, and we are concerned the government is about to make the wrong short-term decision by cutting international students, which will have a lasting long-term negative hit to the economy, impacting all Australians," BCA chief executive Bran Black said in a statement on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said international students mask the real discussion about addressing bottlenecks in the construction of new homes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government figures, international education was worth 47.8 billion Australian dollars (31.9 billion U.S. dollars) to the Australian economy in 2023, making it Australia's fourth-largest export behind iron ore, coal and natural gas. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Australian government on Monday announced that, effective immediately, the visa application fee for international students applying to study in Australia has been more than doubled from 710 AUD (474.1 U.S. dollars) to 1600 AUD (1068.5 U.S. dollars). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Australian Department of Education, 53,170 Nepali students were pursuing their education in Australia in 2023. – Xinhua/RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21148', 'image' => '20240703011847_20240513020732_20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2024-07-03 13:18:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21421', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Achieves 52% Work Progress in Eastern Section', 'sub_title' => '', 'summary' => 'TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. The road expansion work, initiated in 2019, has already seen two deadline extensions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to engineer Shiva Khanal, the Information Officer for the project, 52 percent of the work in the eastern section in Nawalparasi has been completed. This section spans 65 kilometers, from the Gaindakot-based Narayani Bridge to Daunne. Khanal reported that 44 kilometers out of the 130 kilometers of the projected four-lane road have been blacktopped on both sides. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Currently, one can travel through 27 kilometers of one-way blacktopped road along this section. Additionally, the base is ready for blacktopping on a further 6.6 kilometers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ashish Thapa Magar, the project chief for the eastern section, mentioned that the China State Construction Engineering Corporation, the contractor, plans to proceed with blacktopping the prepared area, although no additional work is planned before the current deadline. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21147', 'image' => '20240703121327_20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2024-07-03 12:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21420', 'article_category_id' => '1', 'title' => 'STC Hikes Salt Price', 'sub_title' => '', 'summary' => 'Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new price list, consumers will now pay Rs 26 per kilogram for Aayo salt, up from the previous price of Rs 22 per kilogram. Similarly, New Shakti salt will now cost Rs 20 per kilogram, up from Rs 16 per kilogram.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, the price of Bhanu salt remains unchanged at Rs 9 per kilogram. Salt Trading has been providing Bhanu salt at a subsidized rate, specifically for consumers in remote districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21146', 'image' => '20240703054340_collage (49).jpg', 'article_date' => '2024-07-03 05:42:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21419', 'article_category_id' => '1', 'title' => 'NC, UML Agree to Forge New Coalition, Constitution Amendment ', 'sub_title' => '', 'summary' => 'KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two big political parties in the federal parliament -- the Nepali Congress and the CPN UML -- have decided to form a new alliance in a bid to form a new government and amend the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The top leaders of both the parties finalized an agreement in this regard on Monday night, according to an NC central leader. However, the draft of the agreement paper has not been made public. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on condition of anonymity, the central member revealed to the state-owned RSS that the agreement paper prepared after a long discussion and homework was signed by the NC President and former Prime Minister Sher Bahadur Deuba and the UML Chairman and Former Prime Minister KP Sharma Oli on Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the agreement, a constitution amendment recommendation commission would be established to amend the electoral system. The parties are said to intensify discussions and decide on sharing ministerial portfolios in the new government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NC President Deuba and UML Chairman Oli were in regular dialogue for some days to forge the new alliance. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the wake of the unfolding political developments, the NC, the UML, the CPN (Maoist Centre), and the Rastriya Swatantra Party are holding their secretariat meetings. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21145', 'image' => '20240702101241_881160-01-02.jpg', 'article_date' => '2024-07-02 22:12:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21418', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Interim Order on SEBON Chairperson Appointment', 'sub_title' => '', 'summary' => 'The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A single bench of Judge Abdul Aziz has issued a show-cause order to the government, requesting explanations for its decision. Both parties have been summoned for discussions on July 5, according to Supreme Court Spokesperson Gobinda Ghimire.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The committee responsible for recommending the SEBON Chair's appointment decided to cancel the process because three out of five shortlisted candidates were absent for their interviews. In response, Santosh Narayan Shrestha, one of the shortlisted candidates, filed a petition against the decision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has since formed a new committee to recommend candidates for the SEBON Chair, incorporating members from the previous committee.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21144', 'image' => '20240702052745_collage (24).jpg', 'article_date' => '2024-07-02 17:26:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21417', 'article_category_id' => '1', 'title' => 'NEPSE Gains 47.04 Points to Close at 2100.43', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agreement to form a new government, with the CPN-UML taking nine ministries including finance, and the Congress taking ten ministries including home affairs, had an immediate impact on the market. Within just 1 minute and 23 seconds of opening of the market, the NEPSE index surged by 4%, triggering a 20-minute trading halt.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Upon reopening, the market continued its upward trajectory, rising by another 1% within 16 seconds, leading to a second trading halt for 40 minutes. Later, news that Prime Minister Pushpa Kamal Dahal would not resign immediately prevented a third circuit breaker. Despite this, the market maintained a positive trend throughout the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The NEPSE witnessed a substantial gain of 47.04 points or 2.29%, closing at 2100.43 on the third trading day of the week on Tuesday. A total of 315 scrips were traded through 60,720 transactions on the NEPSE. A total of 11,645,905 units of shares were exchanged, resulting into a total turnover of Rs 4.57 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited(NRN) led the turnover with the total amount of 12 crores. Himalayan Distillery Limited(HDL) saw the highest gain of 8.54%, while Upakar Laghubitta Bittiya Sanstha Limited(ULBSL) faced the maximum loss of 6.46%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sectoral performance, all sectors closed in the positive territory. Manufacturing and Processing gained the highest at 3.30%, while Mutual Fund achieved the least gain of 0.36%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21143', 'image' => '20240702033515_collage (23).jpg', 'article_date' => '2024-07-02 15:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21416', 'article_category_id' => '1', 'title' => 'Writ Petition Filed Against Annulment of the Appointment Process of SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). Santosh Narayan Shrestha, a leading contender for the appointment, filed the writ, claiming that the process should not be canceled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shrestha was among five shortlisted candidates for the post of SEBON chairman and attended the interview. The recommendation committee canceled the appointment process after three out of five candidates did not attend the interview and presentation of the professional plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Securities Act, 2063, the recommendation committee must recommend the names of at least three people to the Council of Ministers. Since only Shrestha and another candidate, Muktinath Shrestha, gave presentations and interviews, the committee found it challenging to meet this requirement. In the writ petition, Shrestha demanded that the decision to cancel the appointment process be reversed and continued. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"According to the Securities Act, 2063, and the procedure established by the recommendation committee, there is no need to cancel the process," Shrestha told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He believes the decision unfairly affected candidates who had progressed to the final stage. The hearing is scheduled for Tuesday, and Shrestha expects the Supreme Court to rule on the matter. He mentioned that the Office of the Attorney General suggested other options to the recommendation committee to complete the process, prompting him to seek justice from the Supreme Court. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Three candidates considered close to the CPN (Maoist Center) were absent in the presentation and interview amid rumors that Prime Minister Pushpa Kamal Dahal and CPN (UML) Chairman KP Sharma Oli had agreed to appoint Santosh Narayan Shrestha as SEBON chairman. Despite being shortlisted, Dr. Navaraj Adhikari, Krishna Bahadur Karki, and Chiranjeevi Chapagai did not attend the presentation and interview.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sources say that Oli is particularly pressuring for Shrestha's appointment as SEBON chairman. There are claims that Shrestha's appointment aims to fulfill the interests of a professional group seeking permission for a new stock exchange. However, Shrestha denied this, stating, "I submitted my claim for the post of chairman based on my qualifications and abilities. The process should be carried out based on the Securities Act and procedures."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The process of appointing the SEBON chairman began on January 17, 2024. On that day, the government appointed the vice president of the National Planning Commission to lead the appointment process. A three-member recommendation committee was formed under the coordination of NPC Vice Chair Meen Bahadur Shrestha. Applications for the board chairman were requested from February 28 to March 13, with 19 applicants. The committee shortlisted five qualified candidates from the applications and invited them for an interview and presentation. Despite being given two opportunities, three candidates did not attend the interview and presentation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Recommendation Committee and Securities Act</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The procedure, prepared in accordance with section 5 of the Securities Act, 2063, divides the evaluation weightage for candidates into four categories -- 40 points for the professional action plan, 12 points for educational qualifications, 18 points for the presentation of the professional action plan, and 30 points for the interview, totaling 100 points for evaluation.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21142', 'image' => '20240702025731_20240617124545_Sebon-update.jpg', 'article_date' => '2024-07-02 14:56:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21430', 'article_category_id' => '1', 'title' => 'Investment Board Receives Letters of Intent for Two Projects Showcased in Investment Summit', 'sub_title' => '', 'summary' => 'KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and 29.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and 29.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Ramesh Adhikari, joint spokesperson for the Investment Board Nepal, announced that Tahachal-based Soaltee Pvt Ltd, presented a letter of intent for the Janaki Heritage Hotel and Cultural Village, and Gansu-SS Landmark, Blue Bird Mall, Kathmandu, registered a letter of intent for the Babarmahal Administrative Plaza Project.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The estimated cost of the Janaki Heritage Hotel and Cultural Village Project is Rs 2.35 billion. The Investment Board Nepal conducted a study on this project. The proposal aims to develop Janakpurdham as a major tourism destination and expand the area into an eco-tourism zone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, the board had issued a letter of intent through the Investment Summit for the construction of the Babarmahal Administrative Plaza, which aims to house various government offices. The proposed project covers an area of 30,021 square meters and its estimated cost is Rs 10.2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The board had extended the deadline for letters of intent for 12 projects under its jurisdiction. It is reported that the pre-feasibility studies for these identified projects have been completed, and initial development phases have commenced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">A total of 19 projects were showcased at the Investment Summit to attract investment. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21156', 'image' => '20240704113255_Investment-Board-Nepal-IBN.jpg', 'article_date' => '2024-07-04 11:32:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21429', 'article_category_id' => '1', 'title' => 'NOC Accelerates Construction of Petroleum Storage Facility in Rupandehi', 'sub_title' => '', 'summary' => 'The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">July 4: The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The construction activities are based on an assessment of the flood situation over the last 50 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The Rohini rivulet flows north and west of the land where the NOC is building the storage facility. A retaining wall has been constructed on the north side, while a gabion wall has been built to the west of the site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The new storage facility is being constructed on approximately 14 bighas of land purchased along the Parasi-Bhairahawa road section. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This location was chosen because the current Bhalbari depot has limited storage capacity and is close to a human settlement. The new facility will sustain the petroleum demand of Lumbini Province for 20 days. The NOC is working on storage depots at various locations across the country to increase its petroleum product storage capacity. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Project Coordinator Pradeep Yadav stated that the new storage tanks, costing Rs 3 billion, will include three tanks with a capacity of 2,100 kilolitres of diesel, two tanks for 1,600 kilolitres of petrol, and three tanks for 70 kilolitres of kerosene oil.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Once the new facility is completed, the Bhalbari depot will be relocated to the Rohini rivulet bank. Yadav also mentioned that the project design, undertaken by Kathmandu University, will be completed by mid-October. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The foundation stone for the project is expected to be laid in November, with a target to complete construction by 2083 BS. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21155', 'image' => '20240704055359_collage (52).jpg', 'article_date' => '2024-07-04 05:52:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21428', 'article_category_id' => '1', 'title' => 'Directors of Cooperatives Asked to Vacate Dual Positions within 30 Days ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a notice on Wednesday instructing the directors of all the cooperatives to maintain a single position by abandoning dual role. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 41 (5) of the Cooperatives Act 2074 BS states that a person can be the director of only one cooperative at a time. The department also said that the implementation of this directive will be monitored and action will be taken according to the law against those violating it, said department’s registrar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a circular on Wednesday to reschedule the loans of cooperative borrowers for three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For debtors unable to regularize their loans due to difficulties, 50% of the interest payment will be waived. This waiver applies only to borrowers who were not listed as bad debtors last year and have not previously received this facility. The decision will be made based on an evaluation of the debtor's circumstances, including the impact on the member, and considering the demand, need, and justification provided by the member, reads the notice. -- RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21154', 'image' => '20240703095222_20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-03 21:51:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21427', 'article_category_id' => '1', 'title' => 'UML Ministers Resign En Masse', 'sub_title' => 'UML invites parties to join 'national consensus' govt ', 'summary' => 'KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre. All the eight ministers representing the CPN-UML in the current coalition government led by Prime Minister Dahal have resigned en masse.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a recent twist of events, the UML decided to forge a new alliance with the Nepali Congress and recalled its ministers from the cabinet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All the ministers representing the UML reached the Prime Minister’s Official Residence in Baluwatar on Wednesday evening to inform PM Dahal about the party's decision to withdraw support.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the party’s decision, UML ministers submitted their collective resignation to Prime Minister Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UML secretariat meeting chaired by Oli on Tuesday had urged Prime Minister Dahal to resign from his post within 24 hours to pave the way for a new government. After Prime Minister Dahal did not resign within the deadline, all UML ministers submitted their resignation collectively to Dahal on Wednesday afternoon.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Party chair Oli had also sent a letter to Prime Minister Dahal withdrawing his party's support to the government, saying that the initiative to form a new government was taken with the aim of providing political stability with the formation of a government of national consensus.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CPN (UML) has also invited political parties represented in the Parliament to join the next government of 'national consensus'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The party’s secretariat meeting held at the party office, Chyasal, on Wednesday decided to call upon parties to join the government of national consensus that will be formed under the leadership of UML Chair KP Sharma Oli in accordance with the agreement reached with the Nepali Congress. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting also requested Prime Minister Pushpa Kamal Dahal to pave the way for the formation of consensus government according to Article 76 (2) of the Constitution, said UML secretary Yogesh Bhattarai. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21153', 'image' => '20240703094239_PRO-KTM-066A1680.JPG', 'article_date' => '2024-07-03 21:41:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21426', 'article_category_id' => '1', 'title' => 'NC-UML Coalition Brings Hope for Political Stability', 'sub_title' => 'Stock Market Rises but Economic Challenges Remain', 'summary' => 'KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">LAXMI SHARMA</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. The Nepal Stock Exchange (NEPSE) index increased by 47.04 points, causing trading to be halted twice by a circuit breaker.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the rules, trading is stopped for 20 minutes if NEPSE increases by 4 percent or more within the first hour of trading (12:00 noon). If the index rises by 5 percent or more before 1 p.m., trading is halted for 40 minutes. If the index increases by 6 percent or more, trading is stopped for the entire day. The first halt occurred when NEPSE rose by 32.44 points in the pre-open session. The market, which opened at 11 a.m. in the regular session, increased by 4 percent in less than 2 minutes, leading to a 20-minute halt. At 11:21 a.m., NEPSE rose again by 5 percent to 2,156.07 points, causing a 40-minute halt. By the end of the day, NEPSE had increased by 2.29 percent, closing at 2,100.43 points. Amid rumors of a government change, NEPSE had increased by 16.29 points on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Radha Pokharel attributes the market surge to the expectation of political stability and economic reform, along with policy reforms in the capital market, following the formation of the new government. Investors hope for political stability as the two largest parties will form a joint government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Since the parliamentary elections in November 2022, three governments have been formed under the leadership of Prime Minister Pushpa Kamal Dahal. With Oli's leadership, the country will now have its fourth government within a year and a half.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Navraj Dahal also notes the impact of the Congress-UML coalition on the stock market. "Investors are very anxious because the stock market has not risen for a long time," he said. The private sector in Nepal has also expressed concerns that frequent government changes and the resulting political instability have deteriorated the investment environment, hindering economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 2014 study by the Millennium Challenge Corporation (MCC), an American international aid organization, highlighted policy implementation uncertainty due to political instability as a major obstacle to Nepal's economic development. Other obstacles identified include lack of electricity, high transportation costs, and strict labor laws. While there have been improvements in electricity and labor laws, political instability and high transportation costs remain significant challenges. Industrialists and businessmen hope that the new government, formed by two major parties, will bring political stability and improve the investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have been saying that political stability is necessary for economic progress," said Rajesh Agarwal, president of the Confederation of Nepalese Industries. However, no government has lasted five years. The KP Oli-led government formed after the 2017 election had almost a two-thirds majority but collapsed due to internal strife between Oli and the current Prime Minister Pushpa Kamal Dahal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"One finance minister brings the budget for the current fiscal year, another for the next fiscal year," Agarwal said. "One finance minister prepared the investment summit held in April, and another took over during the summit. How can the country attract investment in such a situation?" Agarwal argues that frequent government changes lead to policy instability, preventing any single minister from fully understanding the economy's problems and creating a stable investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, banks and financial institutions have sufficient investable financial resources, but the demand for loans from the private sector is very low. According to Nepal Rastra Bank, credit expansion of banks was limited to 4.6 percent last year, and even until April of this year, credit has expanded by only 5.2 percent. Private sector businessmen attribute this to the lack of market demand. In the past, remittances created market demand, but now even large-scale remittances do not seem to create sufficient demand, affecting production. The National Statistics Office estimates the economy will grow by 3.87 percent this year, with the manufacturing and construction sectors shrinking and the wholesale and retail trade sectors growing moderately. Economists believe the construction sector has been particularly affected by the government's inability to spend the capital budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite different coalitions, Dahal has led the government for one and a half years, but stakeholders note that the economy has not gained momentum during this period. Economist Gobinda Nepal suggests that while the Congress-UML government might bring hope for political and policy stability, investors may adopt a wait-and-watch strategy for at least a year due to past experiences of majority government collapses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal recommends that the new government urgently address economic improvements and investor attraction. "The new government should establish the economic reform suggestion commission mentioned in the budget and proceed with the country's credit rating work immediately," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21152', 'image' => '20240703041509_new.jpg', 'article_date' => '2024-07-03 16:11:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21425', 'article_category_id' => '1', 'title' => 'Centralized KYC System in Banks from Next Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. Although the central bank announced the creation and implementation of this system in the monetary policy of the current fiscal year (FY), only a study has been completed so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The study to establish a centralized KYC system has been completed," said Dilliram Pokharel, Deputy Spokesperson for Nepal Rashtra Bank. "After taking the suggestions of the stakeholders, we will finalize and implement it."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The central bank has not yet published the study report on the new KYC system. The central bank is currently discussing the study report provided by an independent consultant. The report suggests that customer information could be exchanged through the credit information center or by forming a separate body.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, there are 55 million accounts held by ordinary people in banks and financial institutions. As many people open accounts in multiple banks, the number of accounts exceeds the population. Presently, account holders must fill out the KYC form for each bank where they hold an account. To address this issue, the central bank plans to establish a centralized customer identification system that all financial institutions can use.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The current year's monetary policy mentions creating and implementing a centralized customer identification system to facilitate the exchange of customer information between banks, financial institutions, and other licensed payment-related organizations. The system will also link to the national identity cards issued by the government. The government has recently published a notice in the Nepal Gazette, making the national identity card compulsory for accessing public services from next January. Once the centralized customer identification system is established, the system operator will update public information.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After joining the system, customers will receive a unique identification number. Banks can use this number to update customer information. Therefore, after the system's implementation, customers will only need to update their information in one place. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">India has implemented a Central Customer Identification System since 2016. The system, established with investment from the Government of India, distributes customer identities to financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In Nepal, the centralized electronic customer identification system (KYC) has been used in the securities market since last July. After updating their details in the KYC system operated by CDS and Clearing Limited, customers do not need to update their KYC separately at securities dealers and merchant banks. Affiliated companies update the KYC using the number provided by CDS and Clearing. However, the number of C-KYC users in the securities market remains low.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Anti-Money Laundering Act, financial institutions must keep their customers’ details up-to-date. Many people find it increasingly difficult to comply with the requirement to update their details with the institutions where they do business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21151', 'image' => '20240703032741_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-07-03 15:27:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21424', 'article_category_id' => '1', 'title' => 'NEPSE Gains 3.79 Points to Close at 2104.22', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded through 61,199 transactions on the NEPSE. A total of 17,134,082 units of shares were exchanged, resulting into a total turnover of Rs 5.8 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Manjushree Finance Limited (MFIL) led the turnover with transactions worth Rs 23 crores. Central Finance Limited (CFCL) and ICFC Finance Limited (ICFC) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Chirkha Hydropower Limited (CKHL) faced the highest loss of 4.70%, settling at Rs 586.10 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, the Trading Index and Finance Index saw substantial gains of 6.12% and 6.04% respectively. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the contrary, the Manufacturing and Processing sector saw the highest loss of 1.07%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All other sectors closed in the negative except for the Banking, Development Bank, Finance, Trading, and Investment indices.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21150', 'image' => '20240703032050_collage (51).jpg', 'article_date' => '2024-07-03 15:19:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21423', 'article_category_id' => '1', 'title' => 'Government Allocates Inadequate Budget for Pensions', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. However, the liability exceeds Rs 77 billion. Consequently, the Pension Management Office had to request an additional Rs 25 billion from the Ministry of Finance to meet its pension obligations. This additional budget was sourced from the contingency funds under various headings. A total of Rs 77.50 billion is being spent on pensions this year with the additional allocation. Bishnu Prasad Kharel, head of the Pension Management Office, reported that Rs 75.82 billion has already been spent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kharel noted that despite the increasing need for a larger budget to cover mandatory pensions, the government consistently allocates less than required amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The budget set aside every year is not enough," he told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the upcoming fiscal year 2081/82, the government has again allocated an insufficient budget of Rs 75 billion for pensions, even though the current year's requirement is higher than that. Officials predict that the liabilities will continue to increase, making it impossible to meet next year's obligations with the allocated budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite requesting approximately Rs 78 billion for the next year, the government did not fulfill this request. Each year, pension liabilities increase by around Rs 1.5 billion. Given that Rs 77 billion will be spent this year, the requested budget increase was necessary, but the source of funds remains unconfirmed, according to Kharel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials warn that without timely additional budget allocations, there will be problems in pension distribution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance ministry officials explained that they could not allocate the requested amount due to budget constraints. A senior official from the Budget Division admitted that the current year's pension budget was less than requested. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Even if the allocation under the heading of pension is insufficient, the government cannot ignore its liability," the official told New Business Age. "Additional funds are released from various headings." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The official assured that the law allows for the release of additional budgets, so there should be no issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Deputy Auditor General Maheshwar Kafle said that the government should not be careless about mandatory obligations. According to him, the Appropriation Act and budget formulation directives mandate prioritizing mandatory obligations before allocating funds elsewhere. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance, therefore, cannot overlook these obligations in the budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government cannot ignore mandatory obligations," he said. "If the government does not allocate enough budget, it shows the government’s dishonesty."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts argue that failing to allocate sufficient funds for mandatory obligations undermines economic discipline and good governance. They warn that using contingency funds for this purposes is inappropriate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kafle, an experienced auditor, noted that budget indiscipline has become rampant in recent years. "Although the law allows only 10 percent of the money to be transferred, this provision has been misinterpreted, leading to additional withdrawals and transfers," he said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21149', 'image' => '20240703022117_AdobeStock_134184378.jpeg', 'article_date' => '2024-07-03 14:20:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21422', 'article_category_id' => '1', 'title' => 'Proposed Int’l Student Cap to Damage Australian Economy, Business Group Warns ', 'sub_title' => '', 'summary' => 'CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Business Council of Australia (BCA), which comprises the chief executives of more than 100 of Australia's biggest corporations, on Wednesday said cutting Australia's international student intake will hurt the economy without fixing the country's housing supply shortage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The governing Labor Party in May revealed plans to cap the number of new international students allowed to enroll at universities as part of a broader strategy to cut Australia's record-high intake of migrants. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a submission to the government on the proposed cap, the BCA said it could damage Australia's reputation as an international education provider and the overall quality of the higher education sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Our economy is grinding to a halt, and we are concerned the government is about to make the wrong short-term decision by cutting international students, which will have a lasting long-term negative hit to the economy, impacting all Australians," BCA chief executive Bran Black said in a statement on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said international students mask the real discussion about addressing bottlenecks in the construction of new homes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government figures, international education was worth 47.8 billion Australian dollars (31.9 billion U.S. dollars) to the Australian economy in 2023, making it Australia's fourth-largest export behind iron ore, coal and natural gas. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Australian government on Monday announced that, effective immediately, the visa application fee for international students applying to study in Australia has been more than doubled from 710 AUD (474.1 U.S. dollars) to 1600 AUD (1068.5 U.S. dollars). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Australian Department of Education, 53,170 Nepali students were pursuing their education in Australia in 2023. – Xinhua/RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21148', 'image' => '20240703011847_20240513020732_20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2024-07-03 13:18:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21421', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Achieves 52% Work Progress in Eastern Section', 'sub_title' => '', 'summary' => 'TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. The road expansion work, initiated in 2019, has already seen two deadline extensions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to engineer Shiva Khanal, the Information Officer for the project, 52 percent of the work in the eastern section in Nawalparasi has been completed. This section spans 65 kilometers, from the Gaindakot-based Narayani Bridge to Daunne. Khanal reported that 44 kilometers out of the 130 kilometers of the projected four-lane road have been blacktopped on both sides. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Currently, one can travel through 27 kilometers of one-way blacktopped road along this section. Additionally, the base is ready for blacktopping on a further 6.6 kilometers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ashish Thapa Magar, the project chief for the eastern section, mentioned that the China State Construction Engineering Corporation, the contractor, plans to proceed with blacktopping the prepared area, although no additional work is planned before the current deadline. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21147', 'image' => '20240703121327_20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2024-07-03 12:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21420', 'article_category_id' => '1', 'title' => 'STC Hikes Salt Price', 'sub_title' => '', 'summary' => 'Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new price list, consumers will now pay Rs 26 per kilogram for Aayo salt, up from the previous price of Rs 22 per kilogram. Similarly, New Shakti salt will now cost Rs 20 per kilogram, up from Rs 16 per kilogram.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, the price of Bhanu salt remains unchanged at Rs 9 per kilogram. Salt Trading has been providing Bhanu salt at a subsidized rate, specifically for consumers in remote districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21146', 'image' => '20240703054340_collage (49).jpg', 'article_date' => '2024-07-03 05:42:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21419', 'article_category_id' => '1', 'title' => 'NC, UML Agree to Forge New Coalition, Constitution Amendment ', 'sub_title' => '', 'summary' => 'KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two big political parties in the federal parliament -- the Nepali Congress and the CPN UML -- have decided to form a new alliance in a bid to form a new government and amend the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The top leaders of both the parties finalized an agreement in this regard on Monday night, according to an NC central leader. However, the draft of the agreement paper has not been made public. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on condition of anonymity, the central member revealed to the state-owned RSS that the agreement paper prepared after a long discussion and homework was signed by the NC President and former Prime Minister Sher Bahadur Deuba and the UML Chairman and Former Prime Minister KP Sharma Oli on Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the agreement, a constitution amendment recommendation commission would be established to amend the electoral system. The parties are said to intensify discussions and decide on sharing ministerial portfolios in the new government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NC President Deuba and UML Chairman Oli were in regular dialogue for some days to forge the new alliance. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the wake of the unfolding political developments, the NC, the UML, the CPN (Maoist Centre), and the Rastriya Swatantra Party are holding their secretariat meetings. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21145', 'image' => '20240702101241_881160-01-02.jpg', 'article_date' => '2024-07-02 22:12:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21418', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Interim Order on SEBON Chairperson Appointment', 'sub_title' => '', 'summary' => 'The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A single bench of Judge Abdul Aziz has issued a show-cause order to the government, requesting explanations for its decision. Both parties have been summoned for discussions on July 5, according to Supreme Court Spokesperson Gobinda Ghimire.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The committee responsible for recommending the SEBON Chair's appointment decided to cancel the process because three out of five shortlisted candidates were absent for their interviews. In response, Santosh Narayan Shrestha, one of the shortlisted candidates, filed a petition against the decision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has since formed a new committee to recommend candidates for the SEBON Chair, incorporating members from the previous committee.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21144', 'image' => '20240702052745_collage (24).jpg', 'article_date' => '2024-07-02 17:26:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21417', 'article_category_id' => '1', 'title' => 'NEPSE Gains 47.04 Points to Close at 2100.43', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agreement to form a new government, with the CPN-UML taking nine ministries including finance, and the Congress taking ten ministries including home affairs, had an immediate impact on the market. Within just 1 minute and 23 seconds of opening of the market, the NEPSE index surged by 4%, triggering a 20-minute trading halt.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Upon reopening, the market continued its upward trajectory, rising by another 1% within 16 seconds, leading to a second trading halt for 40 minutes. Later, news that Prime Minister Pushpa Kamal Dahal would not resign immediately prevented a third circuit breaker. Despite this, the market maintained a positive trend throughout the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The NEPSE witnessed a substantial gain of 47.04 points or 2.29%, closing at 2100.43 on the third trading day of the week on Tuesday. A total of 315 scrips were traded through 60,720 transactions on the NEPSE. A total of 11,645,905 units of shares were exchanged, resulting into a total turnover of Rs 4.57 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited(NRN) led the turnover with the total amount of 12 crores. Himalayan Distillery Limited(HDL) saw the highest gain of 8.54%, while Upakar Laghubitta Bittiya Sanstha Limited(ULBSL) faced the maximum loss of 6.46%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sectoral performance, all sectors closed in the positive territory. Manufacturing and Processing gained the highest at 3.30%, while Mutual Fund achieved the least gain of 0.36%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21143', 'image' => '20240702033515_collage (23).jpg', 'article_date' => '2024-07-02 15:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21416', 'article_category_id' => '1', 'title' => 'Writ Petition Filed Against Annulment of the Appointment Process of SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). Santosh Narayan Shrestha, a leading contender for the appointment, filed the writ, claiming that the process should not be canceled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shrestha was among five shortlisted candidates for the post of SEBON chairman and attended the interview. The recommendation committee canceled the appointment process after three out of five candidates did not attend the interview and presentation of the professional plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Securities Act, 2063, the recommendation committee must recommend the names of at least three people to the Council of Ministers. Since only Shrestha and another candidate, Muktinath Shrestha, gave presentations and interviews, the committee found it challenging to meet this requirement. In the writ petition, Shrestha demanded that the decision to cancel the appointment process be reversed and continued. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"According to the Securities Act, 2063, and the procedure established by the recommendation committee, there is no need to cancel the process," Shrestha told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He believes the decision unfairly affected candidates who had progressed to the final stage. The hearing is scheduled for Tuesday, and Shrestha expects the Supreme Court to rule on the matter. He mentioned that the Office of the Attorney General suggested other options to the recommendation committee to complete the process, prompting him to seek justice from the Supreme Court. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Three candidates considered close to the CPN (Maoist Center) were absent in the presentation and interview amid rumors that Prime Minister Pushpa Kamal Dahal and CPN (UML) Chairman KP Sharma Oli had agreed to appoint Santosh Narayan Shrestha as SEBON chairman. Despite being shortlisted, Dr. Navaraj Adhikari, Krishna Bahadur Karki, and Chiranjeevi Chapagai did not attend the presentation and interview.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sources say that Oli is particularly pressuring for Shrestha's appointment as SEBON chairman. There are claims that Shrestha's appointment aims to fulfill the interests of a professional group seeking permission for a new stock exchange. However, Shrestha denied this, stating, "I submitted my claim for the post of chairman based on my qualifications and abilities. The process should be carried out based on the Securities Act and procedures."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The process of appointing the SEBON chairman began on January 17, 2024. On that day, the government appointed the vice president of the National Planning Commission to lead the appointment process. A three-member recommendation committee was formed under the coordination of NPC Vice Chair Meen Bahadur Shrestha. Applications for the board chairman were requested from February 28 to March 13, with 19 applicants. The committee shortlisted five qualified candidates from the applications and invited them for an interview and presentation. Despite being given two opportunities, three candidates did not attend the interview and presentation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Recommendation Committee and Securities Act</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The procedure, prepared in accordance with section 5 of the Securities Act, 2063, divides the evaluation weightage for candidates into four categories -- 40 points for the professional action plan, 12 points for educational qualifications, 18 points for the presentation of the professional action plan, and 30 points for the interview, totaling 100 points for evaluation.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21142', 'image' => '20240702025731_20240617124545_Sebon-update.jpg', 'article_date' => '2024-07-02 14:56:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21430', 'article_category_id' => '1', 'title' => 'Investment Board Receives Letters of Intent for Two Projects Showcased in Investment Summit', 'sub_title' => '', 'summary' => 'KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and 29.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and 29.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Ramesh Adhikari, joint spokesperson for the Investment Board Nepal, announced that Tahachal-based Soaltee Pvt Ltd, presented a letter of intent for the Janaki Heritage Hotel and Cultural Village, and Gansu-SS Landmark, Blue Bird Mall, Kathmandu, registered a letter of intent for the Babarmahal Administrative Plaza Project.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The estimated cost of the Janaki Heritage Hotel and Cultural Village Project is Rs 2.35 billion. The Investment Board Nepal conducted a study on this project. The proposal aims to develop Janakpurdham as a major tourism destination and expand the area into an eco-tourism zone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, the board had issued a letter of intent through the Investment Summit for the construction of the Babarmahal Administrative Plaza, which aims to house various government offices. The proposed project covers an area of 30,021 square meters and its estimated cost is Rs 10.2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The board had extended the deadline for letters of intent for 12 projects under its jurisdiction. It is reported that the pre-feasibility studies for these identified projects have been completed, and initial development phases have commenced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">A total of 19 projects were showcased at the Investment Summit to attract investment. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21156', 'image' => '20240704113255_Investment-Board-Nepal-IBN.jpg', 'article_date' => '2024-07-04 11:32:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21429', 'article_category_id' => '1', 'title' => 'NOC Accelerates Construction of Petroleum Storage Facility in Rupandehi', 'sub_title' => '', 'summary' => 'The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">July 4: The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The construction activities are based on an assessment of the flood situation over the last 50 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The Rohini rivulet flows north and west of the land where the NOC is building the storage facility. A retaining wall has been constructed on the north side, while a gabion wall has been built to the west of the site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The new storage facility is being constructed on approximately 14 bighas of land purchased along the Parasi-Bhairahawa road section. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This location was chosen because the current Bhalbari depot has limited storage capacity and is close to a human settlement. The new facility will sustain the petroleum demand of Lumbini Province for 20 days. The NOC is working on storage depots at various locations across the country to increase its petroleum product storage capacity. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Project Coordinator Pradeep Yadav stated that the new storage tanks, costing Rs 3 billion, will include three tanks with a capacity of 2,100 kilolitres of diesel, two tanks for 1,600 kilolitres of petrol, and three tanks for 70 kilolitres of kerosene oil.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Once the new facility is completed, the Bhalbari depot will be relocated to the Rohini rivulet bank. Yadav also mentioned that the project design, undertaken by Kathmandu University, will be completed by mid-October. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The foundation stone for the project is expected to be laid in November, with a target to complete construction by 2083 BS. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21155', 'image' => '20240704055359_collage (52).jpg', 'article_date' => '2024-07-04 05:52:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21428', 'article_category_id' => '1', 'title' => 'Directors of Cooperatives Asked to Vacate Dual Positions within 30 Days ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a notice on Wednesday instructing the directors of all the cooperatives to maintain a single position by abandoning dual role. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 41 (5) of the Cooperatives Act 2074 BS states that a person can be the director of only one cooperative at a time. The department also said that the implementation of this directive will be monitored and action will be taken according to the law against those violating it, said department’s registrar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a circular on Wednesday to reschedule the loans of cooperative borrowers for three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For debtors unable to regularize their loans due to difficulties, 50% of the interest payment will be waived. This waiver applies only to borrowers who were not listed as bad debtors last year and have not previously received this facility. The decision will be made based on an evaluation of the debtor's circumstances, including the impact on the member, and considering the demand, need, and justification provided by the member, reads the notice. -- RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21154', 'image' => '20240703095222_20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-03 21:51:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21427', 'article_category_id' => '1', 'title' => 'UML Ministers Resign En Masse', 'sub_title' => 'UML invites parties to join 'national consensus' govt ', 'summary' => 'KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre. All the eight ministers representing the CPN-UML in the current coalition government led by Prime Minister Dahal have resigned en masse.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a recent twist of events, the UML decided to forge a new alliance with the Nepali Congress and recalled its ministers from the cabinet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All the ministers representing the UML reached the Prime Minister’s Official Residence in Baluwatar on Wednesday evening to inform PM Dahal about the party's decision to withdraw support.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the party’s decision, UML ministers submitted their collective resignation to Prime Minister Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UML secretariat meeting chaired by Oli on Tuesday had urged Prime Minister Dahal to resign from his post within 24 hours to pave the way for a new government. After Prime Minister Dahal did not resign within the deadline, all UML ministers submitted their resignation collectively to Dahal on Wednesday afternoon.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Party chair Oli had also sent a letter to Prime Minister Dahal withdrawing his party's support to the government, saying that the initiative to form a new government was taken with the aim of providing political stability with the formation of a government of national consensus.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CPN (UML) has also invited political parties represented in the Parliament to join the next government of 'national consensus'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The party’s secretariat meeting held at the party office, Chyasal, on Wednesday decided to call upon parties to join the government of national consensus that will be formed under the leadership of UML Chair KP Sharma Oli in accordance with the agreement reached with the Nepali Congress. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting also requested Prime Minister Pushpa Kamal Dahal to pave the way for the formation of consensus government according to Article 76 (2) of the Constitution, said UML secretary Yogesh Bhattarai. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21153', 'image' => '20240703094239_PRO-KTM-066A1680.JPG', 'article_date' => '2024-07-03 21:41:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21426', 'article_category_id' => '1', 'title' => 'NC-UML Coalition Brings Hope for Political Stability', 'sub_title' => 'Stock Market Rises but Economic Challenges Remain', 'summary' => 'KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">LAXMI SHARMA</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. The Nepal Stock Exchange (NEPSE) index increased by 47.04 points, causing trading to be halted twice by a circuit breaker.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the rules, trading is stopped for 20 minutes if NEPSE increases by 4 percent or more within the first hour of trading (12:00 noon). If the index rises by 5 percent or more before 1 p.m., trading is halted for 40 minutes. If the index increases by 6 percent or more, trading is stopped for the entire day. The first halt occurred when NEPSE rose by 32.44 points in the pre-open session. The market, which opened at 11 a.m. in the regular session, increased by 4 percent in less than 2 minutes, leading to a 20-minute halt. At 11:21 a.m., NEPSE rose again by 5 percent to 2,156.07 points, causing a 40-minute halt. By the end of the day, NEPSE had increased by 2.29 percent, closing at 2,100.43 points. Amid rumors of a government change, NEPSE had increased by 16.29 points on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Radha Pokharel attributes the market surge to the expectation of political stability and economic reform, along with policy reforms in the capital market, following the formation of the new government. Investors hope for political stability as the two largest parties will form a joint government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Since the parliamentary elections in November 2022, three governments have been formed under the leadership of Prime Minister Pushpa Kamal Dahal. With Oli's leadership, the country will now have its fourth government within a year and a half.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Navraj Dahal also notes the impact of the Congress-UML coalition on the stock market. "Investors are very anxious because the stock market has not risen for a long time," he said. The private sector in Nepal has also expressed concerns that frequent government changes and the resulting political instability have deteriorated the investment environment, hindering economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 2014 study by the Millennium Challenge Corporation (MCC), an American international aid organization, highlighted policy implementation uncertainty due to political instability as a major obstacle to Nepal's economic development. Other obstacles identified include lack of electricity, high transportation costs, and strict labor laws. While there have been improvements in electricity and labor laws, political instability and high transportation costs remain significant challenges. Industrialists and businessmen hope that the new government, formed by two major parties, will bring political stability and improve the investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have been saying that political stability is necessary for economic progress," said Rajesh Agarwal, president of the Confederation of Nepalese Industries. However, no government has lasted five years. The KP Oli-led government formed after the 2017 election had almost a two-thirds majority but collapsed due to internal strife between Oli and the current Prime Minister Pushpa Kamal Dahal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"One finance minister brings the budget for the current fiscal year, another for the next fiscal year," Agarwal said. "One finance minister prepared the investment summit held in April, and another took over during the summit. How can the country attract investment in such a situation?" Agarwal argues that frequent government changes lead to policy instability, preventing any single minister from fully understanding the economy's problems and creating a stable investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, banks and financial institutions have sufficient investable financial resources, but the demand for loans from the private sector is very low. According to Nepal Rastra Bank, credit expansion of banks was limited to 4.6 percent last year, and even until April of this year, credit has expanded by only 5.2 percent. Private sector businessmen attribute this to the lack of market demand. In the past, remittances created market demand, but now even large-scale remittances do not seem to create sufficient demand, affecting production. The National Statistics Office estimates the economy will grow by 3.87 percent this year, with the manufacturing and construction sectors shrinking and the wholesale and retail trade sectors growing moderately. Economists believe the construction sector has been particularly affected by the government's inability to spend the capital budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite different coalitions, Dahal has led the government for one and a half years, but stakeholders note that the economy has not gained momentum during this period. Economist Gobinda Nepal suggests that while the Congress-UML government might bring hope for political and policy stability, investors may adopt a wait-and-watch strategy for at least a year due to past experiences of majority government collapses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal recommends that the new government urgently address economic improvements and investor attraction. "The new government should establish the economic reform suggestion commission mentioned in the budget and proceed with the country's credit rating work immediately," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21152', 'image' => '20240703041509_new.jpg', 'article_date' => '2024-07-03 16:11:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21425', 'article_category_id' => '1', 'title' => 'Centralized KYC System in Banks from Next Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. Although the central bank announced the creation and implementation of this system in the monetary policy of the current fiscal year (FY), only a study has been completed so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The study to establish a centralized KYC system has been completed," said Dilliram Pokharel, Deputy Spokesperson for Nepal Rashtra Bank. "After taking the suggestions of the stakeholders, we will finalize and implement it."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The central bank has not yet published the study report on the new KYC system. The central bank is currently discussing the study report provided by an independent consultant. The report suggests that customer information could be exchanged through the credit information center or by forming a separate body.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, there are 55 million accounts held by ordinary people in banks and financial institutions. As many people open accounts in multiple banks, the number of accounts exceeds the population. Presently, account holders must fill out the KYC form for each bank where they hold an account. To address this issue, the central bank plans to establish a centralized customer identification system that all financial institutions can use.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The current year's monetary policy mentions creating and implementing a centralized customer identification system to facilitate the exchange of customer information between banks, financial institutions, and other licensed payment-related organizations. The system will also link to the national identity cards issued by the government. The government has recently published a notice in the Nepal Gazette, making the national identity card compulsory for accessing public services from next January. Once the centralized customer identification system is established, the system operator will update public information.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After joining the system, customers will receive a unique identification number. Banks can use this number to update customer information. Therefore, after the system's implementation, customers will only need to update their information in one place. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">India has implemented a Central Customer Identification System since 2016. The system, established with investment from the Government of India, distributes customer identities to financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In Nepal, the centralized electronic customer identification system (KYC) has been used in the securities market since last July. After updating their details in the KYC system operated by CDS and Clearing Limited, customers do not need to update their KYC separately at securities dealers and merchant banks. Affiliated companies update the KYC using the number provided by CDS and Clearing. However, the number of C-KYC users in the securities market remains low.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Anti-Money Laundering Act, financial institutions must keep their customers’ details up-to-date. Many people find it increasingly difficult to comply with the requirement to update their details with the institutions where they do business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21151', 'image' => '20240703032741_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-07-03 15:27:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21424', 'article_category_id' => '1', 'title' => 'NEPSE Gains 3.79 Points to Close at 2104.22', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded through 61,199 transactions on the NEPSE. A total of 17,134,082 units of shares were exchanged, resulting into a total turnover of Rs 5.8 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Manjushree Finance Limited (MFIL) led the turnover with transactions worth Rs 23 crores. Central Finance Limited (CFCL) and ICFC Finance Limited (ICFC) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Chirkha Hydropower Limited (CKHL) faced the highest loss of 4.70%, settling at Rs 586.10 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, the Trading Index and Finance Index saw substantial gains of 6.12% and 6.04% respectively. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the contrary, the Manufacturing and Processing sector saw the highest loss of 1.07%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All other sectors closed in the negative except for the Banking, Development Bank, Finance, Trading, and Investment indices.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21150', 'image' => '20240703032050_collage (51).jpg', 'article_date' => '2024-07-03 15:19:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21423', 'article_category_id' => '1', 'title' => 'Government Allocates Inadequate Budget for Pensions', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. However, the liability exceeds Rs 77 billion. Consequently, the Pension Management Office had to request an additional Rs 25 billion from the Ministry of Finance to meet its pension obligations. This additional budget was sourced from the contingency funds under various headings. A total of Rs 77.50 billion is being spent on pensions this year with the additional allocation. Bishnu Prasad Kharel, head of the Pension Management Office, reported that Rs 75.82 billion has already been spent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kharel noted that despite the increasing need for a larger budget to cover mandatory pensions, the government consistently allocates less than required amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The budget set aside every year is not enough," he told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the upcoming fiscal year 2081/82, the government has again allocated an insufficient budget of Rs 75 billion for pensions, even though the current year's requirement is higher than that. Officials predict that the liabilities will continue to increase, making it impossible to meet next year's obligations with the allocated budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite requesting approximately Rs 78 billion for the next year, the government did not fulfill this request. Each year, pension liabilities increase by around Rs 1.5 billion. Given that Rs 77 billion will be spent this year, the requested budget increase was necessary, but the source of funds remains unconfirmed, according to Kharel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials warn that without timely additional budget allocations, there will be problems in pension distribution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance ministry officials explained that they could not allocate the requested amount due to budget constraints. A senior official from the Budget Division admitted that the current year's pension budget was less than requested. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Even if the allocation under the heading of pension is insufficient, the government cannot ignore its liability," the official told New Business Age. "Additional funds are released from various headings." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The official assured that the law allows for the release of additional budgets, so there should be no issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Deputy Auditor General Maheshwar Kafle said that the government should not be careless about mandatory obligations. According to him, the Appropriation Act and budget formulation directives mandate prioritizing mandatory obligations before allocating funds elsewhere. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance, therefore, cannot overlook these obligations in the budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government cannot ignore mandatory obligations," he said. "If the government does not allocate enough budget, it shows the government’s dishonesty."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts argue that failing to allocate sufficient funds for mandatory obligations undermines economic discipline and good governance. They warn that using contingency funds for this purposes is inappropriate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kafle, an experienced auditor, noted that budget indiscipline has become rampant in recent years. "Although the law allows only 10 percent of the money to be transferred, this provision has been misinterpreted, leading to additional withdrawals and transfers," he said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21149', 'image' => '20240703022117_AdobeStock_134184378.jpeg', 'article_date' => '2024-07-03 14:20:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21422', 'article_category_id' => '1', 'title' => 'Proposed Int’l Student Cap to Damage Australian Economy, Business Group Warns ', 'sub_title' => '', 'summary' => 'CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Business Council of Australia (BCA), which comprises the chief executives of more than 100 of Australia's biggest corporations, on Wednesday said cutting Australia's international student intake will hurt the economy without fixing the country's housing supply shortage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The governing Labor Party in May revealed plans to cap the number of new international students allowed to enroll at universities as part of a broader strategy to cut Australia's record-high intake of migrants. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a submission to the government on the proposed cap, the BCA said it could damage Australia's reputation as an international education provider and the overall quality of the higher education sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Our economy is grinding to a halt, and we are concerned the government is about to make the wrong short-term decision by cutting international students, which will have a lasting long-term negative hit to the economy, impacting all Australians," BCA chief executive Bran Black said in a statement on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said international students mask the real discussion about addressing bottlenecks in the construction of new homes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government figures, international education was worth 47.8 billion Australian dollars (31.9 billion U.S. dollars) to the Australian economy in 2023, making it Australia's fourth-largest export behind iron ore, coal and natural gas. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Australian government on Monday announced that, effective immediately, the visa application fee for international students applying to study in Australia has been more than doubled from 710 AUD (474.1 U.S. dollars) to 1600 AUD (1068.5 U.S. dollars). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Australian Department of Education, 53,170 Nepali students were pursuing their education in Australia in 2023. – Xinhua/RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21148', 'image' => '20240703011847_20240513020732_20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2024-07-03 13:18:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21421', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Achieves 52% Work Progress in Eastern Section', 'sub_title' => '', 'summary' => 'TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. The road expansion work, initiated in 2019, has already seen two deadline extensions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to engineer Shiva Khanal, the Information Officer for the project, 52 percent of the work in the eastern section in Nawalparasi has been completed. This section spans 65 kilometers, from the Gaindakot-based Narayani Bridge to Daunne. Khanal reported that 44 kilometers out of the 130 kilometers of the projected four-lane road have been blacktopped on both sides. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Currently, one can travel through 27 kilometers of one-way blacktopped road along this section. Additionally, the base is ready for blacktopping on a further 6.6 kilometers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ashish Thapa Magar, the project chief for the eastern section, mentioned that the China State Construction Engineering Corporation, the contractor, plans to proceed with blacktopping the prepared area, although no additional work is planned before the current deadline. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21147', 'image' => '20240703121327_20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2024-07-03 12:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21420', 'article_category_id' => '1', 'title' => 'STC Hikes Salt Price', 'sub_title' => '', 'summary' => 'Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new price list, consumers will now pay Rs 26 per kilogram for Aayo salt, up from the previous price of Rs 22 per kilogram. Similarly, New Shakti salt will now cost Rs 20 per kilogram, up from Rs 16 per kilogram.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, the price of Bhanu salt remains unchanged at Rs 9 per kilogram. Salt Trading has been providing Bhanu salt at a subsidized rate, specifically for consumers in remote districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21146', 'image' => '20240703054340_collage (49).jpg', 'article_date' => '2024-07-03 05:42:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21419', 'article_category_id' => '1', 'title' => 'NC, UML Agree to Forge New Coalition, Constitution Amendment ', 'sub_title' => '', 'summary' => 'KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two big political parties in the federal parliament -- the Nepali Congress and the CPN UML -- have decided to form a new alliance in a bid to form a new government and amend the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The top leaders of both the parties finalized an agreement in this regard on Monday night, according to an NC central leader. However, the draft of the agreement paper has not been made public. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on condition of anonymity, the central member revealed to the state-owned RSS that the agreement paper prepared after a long discussion and homework was signed by the NC President and former Prime Minister Sher Bahadur Deuba and the UML Chairman and Former Prime Minister KP Sharma Oli on Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the agreement, a constitution amendment recommendation commission would be established to amend the electoral system. The parties are said to intensify discussions and decide on sharing ministerial portfolios in the new government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NC President Deuba and UML Chairman Oli were in regular dialogue for some days to forge the new alliance. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the wake of the unfolding political developments, the NC, the UML, the CPN (Maoist Centre), and the Rastriya Swatantra Party are holding their secretariat meetings. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21145', 'image' => '20240702101241_881160-01-02.jpg', 'article_date' => '2024-07-02 22:12:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21418', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Interim Order on SEBON Chairperson Appointment', 'sub_title' => '', 'summary' => 'The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A single bench of Judge Abdul Aziz has issued a show-cause order to the government, requesting explanations for its decision. Both parties have been summoned for discussions on July 5, according to Supreme Court Spokesperson Gobinda Ghimire.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The committee responsible for recommending the SEBON Chair's appointment decided to cancel the process because three out of five shortlisted candidates were absent for their interviews. In response, Santosh Narayan Shrestha, one of the shortlisted candidates, filed a petition against the decision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has since formed a new committee to recommend candidates for the SEBON Chair, incorporating members from the previous committee.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21144', 'image' => '20240702052745_collage (24).jpg', 'article_date' => '2024-07-02 17:26:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21417', 'article_category_id' => '1', 'title' => 'NEPSE Gains 47.04 Points to Close at 2100.43', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agreement to form a new government, with the CPN-UML taking nine ministries including finance, and the Congress taking ten ministries including home affairs, had an immediate impact on the market. Within just 1 minute and 23 seconds of opening of the market, the NEPSE index surged by 4%, triggering a 20-minute trading halt.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Upon reopening, the market continued its upward trajectory, rising by another 1% within 16 seconds, leading to a second trading halt for 40 minutes. Later, news that Prime Minister Pushpa Kamal Dahal would not resign immediately prevented a third circuit breaker. Despite this, the market maintained a positive trend throughout the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The NEPSE witnessed a substantial gain of 47.04 points or 2.29%, closing at 2100.43 on the third trading day of the week on Tuesday. A total of 315 scrips were traded through 60,720 transactions on the NEPSE. A total of 11,645,905 units of shares were exchanged, resulting into a total turnover of Rs 4.57 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited(NRN) led the turnover with the total amount of 12 crores. Himalayan Distillery Limited(HDL) saw the highest gain of 8.54%, while Upakar Laghubitta Bittiya Sanstha Limited(ULBSL) faced the maximum loss of 6.46%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sectoral performance, all sectors closed in the positive territory. Manufacturing and Processing gained the highest at 3.30%, while Mutual Fund achieved the least gain of 0.36%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21143', 'image' => '20240702033515_collage (23).jpg', 'article_date' => '2024-07-02 15:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21416', 'article_category_id' => '1', 'title' => 'Writ Petition Filed Against Annulment of the Appointment Process of SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). Santosh Narayan Shrestha, a leading contender for the appointment, filed the writ, claiming that the process should not be canceled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shrestha was among five shortlisted candidates for the post of SEBON chairman and attended the interview. The recommendation committee canceled the appointment process after three out of five candidates did not attend the interview and presentation of the professional plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Securities Act, 2063, the recommendation committee must recommend the names of at least three people to the Council of Ministers. Since only Shrestha and another candidate, Muktinath Shrestha, gave presentations and interviews, the committee found it challenging to meet this requirement. In the writ petition, Shrestha demanded that the decision to cancel the appointment process be reversed and continued. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"According to the Securities Act, 2063, and the procedure established by the recommendation committee, there is no need to cancel the process," Shrestha told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He believes the decision unfairly affected candidates who had progressed to the final stage. The hearing is scheduled for Tuesday, and Shrestha expects the Supreme Court to rule on the matter. He mentioned that the Office of the Attorney General suggested other options to the recommendation committee to complete the process, prompting him to seek justice from the Supreme Court. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Three candidates considered close to the CPN (Maoist Center) were absent in the presentation and interview amid rumors that Prime Minister Pushpa Kamal Dahal and CPN (UML) Chairman KP Sharma Oli had agreed to appoint Santosh Narayan Shrestha as SEBON chairman. Despite being shortlisted, Dr. Navaraj Adhikari, Krishna Bahadur Karki, and Chiranjeevi Chapagai did not attend the presentation and interview.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sources say that Oli is particularly pressuring for Shrestha's appointment as SEBON chairman. There are claims that Shrestha's appointment aims to fulfill the interests of a professional group seeking permission for a new stock exchange. However, Shrestha denied this, stating, "I submitted my claim for the post of chairman based on my qualifications and abilities. The process should be carried out based on the Securities Act and procedures."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The process of appointing the SEBON chairman began on January 17, 2024. On that day, the government appointed the vice president of the National Planning Commission to lead the appointment process. A three-member recommendation committee was formed under the coordination of NPC Vice Chair Meen Bahadur Shrestha. Applications for the board chairman were requested from February 28 to March 13, with 19 applicants. The committee shortlisted five qualified candidates from the applications and invited them for an interview and presentation. Despite being given two opportunities, three candidates did not attend the interview and presentation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Recommendation Committee and Securities Act</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The procedure, prepared in accordance with section 5 of the Securities Act, 2063, divides the evaluation weightage for candidates into four categories -- 40 points for the professional action plan, 12 points for educational qualifications, 18 points for the presentation of the professional action plan, and 30 points for the interview, totaling 100 points for evaluation.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21142', 'image' => '20240702025731_20240617124545_Sebon-update.jpg', 'article_date' => '2024-07-02 14:56:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21430', 'article_category_id' => '1', 'title' => 'Investment Board Receives Letters of Intent for Two Projects Showcased in Investment Summit', 'sub_title' => '', 'summary' => 'KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and 29.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">KATHMANDU: The Investment Board Nepal has received letters of intent for two projects showcased at the Third Investment Summit, held on April 28 and 29.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Ramesh Adhikari, joint spokesperson for the Investment Board Nepal, announced that Tahachal-based Soaltee Pvt Ltd, presented a letter of intent for the Janaki Heritage Hotel and Cultural Village, and Gansu-SS Landmark, Blue Bird Mall, Kathmandu, registered a letter of intent for the Babarmahal Administrative Plaza Project.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The estimated cost of the Janaki Heritage Hotel and Cultural Village Project is Rs 2.35 billion. The Investment Board Nepal conducted a study on this project. The proposal aims to develop Janakpurdham as a major tourism destination and expand the area into an eco-tourism zone.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Similarly, the board had issued a letter of intent through the Investment Summit for the construction of the Babarmahal Administrative Plaza, which aims to house various government offices. The proposed project covers an area of 30,021 square meters and its estimated cost is Rs 10.2 billion.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The board had extended the deadline for letters of intent for 12 projects under its jurisdiction. It is reported that the pre-feasibility studies for these identified projects have been completed, and initial development phases have commenced.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">A total of 19 projects were showcased at the Investment Summit to attract investment. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21156', 'image' => '20240704113255_Investment-Board-Nepal-IBN.jpg', 'article_date' => '2024-07-04 11:32:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21429', 'article_category_id' => '1', 'title' => 'NOC Accelerates Construction of Petroleum Storage Facility in Rupandehi', 'sub_title' => '', 'summary' => 'The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">July 4: The Nepal Oil Corporation (NOC) has sped up the construction of a petroleum storage facility at the Rohini River bank in Rupandehi. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Engineer Hiramani Khanal reported that 70% of the embankment construction at the Rohini rivulet, which borders the Omsatiya and Rohini rural municipalities, has been completed. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The construction activities are based on an assessment of the flood situation over the last 50 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The Rohini rivulet flows north and west of the land where the NOC is building the storage facility. A retaining wall has been constructed on the north side, while a gabion wall has been built to the west of the site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The new storage facility is being constructed on approximately 14 bighas of land purchased along the Parasi-Bhairahawa road section. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">This location was chosen because the current Bhalbari depot has limited storage capacity and is close to a human settlement. The new facility will sustain the petroleum demand of Lumbini Province for 20 days. The NOC is working on storage depots at various locations across the country to increase its petroleum product storage capacity. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Project Coordinator Pradeep Yadav stated that the new storage tanks, costing Rs 3 billion, will include three tanks with a capacity of 2,100 kilolitres of diesel, two tanks for 1,600 kilolitres of petrol, and three tanks for 70 kilolitres of kerosene oil.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Once the new facility is completed, the Bhalbari depot will be relocated to the Rohini rivulet bank. Yadav also mentioned that the project design, undertaken by Kathmandu University, will be completed by mid-October. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">The foundation stone for the project is expected to be laid in November, with a target to complete construction by 2083 BS. (RSS) </span></span></span></p> ', 'published' => true, 'created' => '2024-07-04', 'modified' => '2024-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '21155', 'image' => '20240704055359_collage (52).jpg', 'article_date' => '2024-07-04 05:52:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21428', 'article_category_id' => '1', 'title' => 'Directors of Cooperatives Asked to Vacate Dual Positions within 30 Days ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a notice on Wednesday instructing the directors of all the cooperatives to maintain a single position by abandoning dual role. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Section 41 (5) of the Cooperatives Act 2074 BS states that a person can be the director of only one cooperative at a time. The department also said that the implementation of this directive will be monitored and action will be taken according to the law against those violating it, said department’s registrar. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The department issued a circular on Wednesday to reschedule the loans of cooperative borrowers for three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For debtors unable to regularize their loans due to difficulties, 50% of the interest payment will be waived. This waiver applies only to borrowers who were not listed as bad debtors last year and have not previously received this facility. The decision will be made based on an evaluation of the debtor's circumstances, including the impact on the member, and considering the demand, need, and justification provided by the member, reads the notice. -- RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21154', 'image' => '20240703095222_20240701123458_20220214015629_Cooperative dept.jpg', 'article_date' => '2024-07-03 21:51:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21427', 'article_category_id' => '1', 'title' => 'UML Ministers Resign En Masse', 'sub_title' => 'UML invites parties to join 'national consensus' govt ', 'summary' => 'KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The CPN-UML has withdrawn its support to the government led by Pushpa Kamal Dahal in less than four months after forging an alliance with the Maoist Centre. All the eight ministers representing the CPN-UML in the current coalition government led by Prime Minister Dahal have resigned en masse.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a recent twist of events, the UML decided to forge a new alliance with the Nepali Congress and recalled its ministers from the cabinet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">All the ministers representing the UML reached the Prime Minister’s Official Residence in Baluwatar on Wednesday evening to inform PM Dahal about the party's decision to withdraw support.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the party’s decision, UML ministers submitted their collective resignation to Prime Minister Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UML secretariat meeting chaired by Oli on Tuesday had urged Prime Minister Dahal to resign from his post within 24 hours to pave the way for a new government. After Prime Minister Dahal did not resign within the deadline, all UML ministers submitted their resignation collectively to Dahal on Wednesday afternoon.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Party chair Oli had also sent a letter to Prime Minister Dahal withdrawing his party's support to the government, saying that the initiative to form a new government was taken with the aim of providing political stability with the formation of a government of national consensus.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CPN (UML) has also invited political parties represented in the Parliament to join the next government of 'national consensus'. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The party’s secretariat meeting held at the party office, Chyasal, on Wednesday decided to call upon parties to join the government of national consensus that will be formed under the leadership of UML Chair KP Sharma Oli in accordance with the agreement reached with the Nepali Congress. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the meeting also requested Prime Minister Pushpa Kamal Dahal to pave the way for the formation of consensus government according to Article 76 (2) of the Constitution, said UML secretary Yogesh Bhattarai. -- RSS </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21153', 'image' => '20240703094239_PRO-KTM-066A1680.JPG', 'article_date' => '2024-07-03 21:41:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21426', 'article_category_id' => '1', 'title' => 'NC-UML Coalition Brings Hope for Political Stability', 'sub_title' => 'Stock Market Rises but Economic Challenges Remain', 'summary' => 'KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">LAXMI SHARMA</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: A day after the Nepali Congress and the CPN (UML) agreed to form a new government under UML Chairman KP Sharma Oli, the stock market surged on Tuesday. The Nepal Stock Exchange (NEPSE) index increased by 47.04 points, causing trading to be halted twice by a circuit breaker.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the rules, trading is stopped for 20 minutes if NEPSE increases by 4 percent or more within the first hour of trading (12:00 noon). If the index rises by 5 percent or more before 1 p.m., trading is halted for 40 minutes. If the index increases by 6 percent or more, trading is stopped for the entire day. The first halt occurred when NEPSE rose by 32.44 points in the pre-open session. The market, which opened at 11 a.m. in the regular session, increased by 4 percent in less than 2 minutes, leading to a 20-minute halt. At 11:21 a.m., NEPSE rose again by 5 percent to 2,156.07 points, causing a 40-minute halt. By the end of the day, NEPSE had increased by 2.29 percent, closing at 2,100.43 points. Amid rumors of a government change, NEPSE had increased by 16.29 points on Monday.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Radha Pokharel attributes the market surge to the expectation of political stability and economic reform, along with policy reforms in the capital market, following the formation of the new government. Investors hope for political stability as the two largest parties will form a joint government.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Since the parliamentary elections in November 2022, three governments have been formed under the leadership of Prime Minister Pushpa Kamal Dahal. With Oli's leadership, the country will now have its fourth government within a year and a half.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Investor Navraj Dahal also notes the impact of the Congress-UML coalition on the stock market. "Investors are very anxious because the stock market has not risen for a long time," he said. The private sector in Nepal has also expressed concerns that frequent government changes and the resulting political instability have deteriorated the investment environment, hindering economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">A 2014 study by the Millennium Challenge Corporation (MCC), an American international aid organization, highlighted policy implementation uncertainty due to political instability as a major obstacle to Nepal's economic development. Other obstacles identified include lack of electricity, high transportation costs, and strict labor laws. While there have been improvements in electricity and labor laws, political instability and high transportation costs remain significant challenges. Industrialists and businessmen hope that the new government, formed by two major parties, will bring political stability and improve the investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have been saying that political stability is necessary for economic progress," said Rajesh Agarwal, president of the Confederation of Nepalese Industries. However, no government has lasted five years. The KP Oli-led government formed after the 2017 election had almost a two-thirds majority but collapsed due to internal strife between Oli and the current Prime Minister Pushpa Kamal Dahal.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"One finance minister brings the budget for the current fiscal year, another for the next fiscal year," Agarwal said. "One finance minister prepared the investment summit held in April, and another took over during the summit. How can the country attract investment in such a situation?" Agarwal argues that frequent government changes lead to policy instability, preventing any single minister from fully understanding the economy's problems and creating a stable investment environment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, banks and financial institutions have sufficient investable financial resources, but the demand for loans from the private sector is very low. According to Nepal Rastra Bank, credit expansion of banks was limited to 4.6 percent last year, and even until April of this year, credit has expanded by only 5.2 percent. Private sector businessmen attribute this to the lack of market demand. In the past, remittances created market demand, but now even large-scale remittances do not seem to create sufficient demand, affecting production. The National Statistics Office estimates the economy will grow by 3.87 percent this year, with the manufacturing and construction sectors shrinking and the wholesale and retail trade sectors growing moderately. Economists believe the construction sector has been particularly affected by the government's inability to spend the capital budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite different coalitions, Dahal has led the government for one and a half years, but stakeholders note that the economy has not gained momentum during this period. Economist Gobinda Nepal suggests that while the Congress-UML government might bring hope for political and policy stability, investors may adopt a wait-and-watch strategy for at least a year due to past experiences of majority government collapses.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal recommends that the new government urgently address economic improvements and investor attraction. "The new government should establish the economic reform suggestion commission mentioned in the budget and proceed with the country's credit rating work immediately," he said.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21152', 'image' => '20240703041509_new.jpg', 'article_date' => '2024-07-03 16:11:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21425', 'article_category_id' => '1', 'title' => 'Centralized KYC System in Banks from Next Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The centralized know your customer (KYC) system for exchanging depositor information among banks and financial institutions will be implemented next year. Although the central bank announced the creation and implementation of this system in the monetary policy of the current fiscal year (FY), only a study has been completed so far.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"The study to establish a centralized KYC system has been completed," said Dilliram Pokharel, Deputy Spokesperson for Nepal Rashtra Bank. "After taking the suggestions of the stakeholders, we will finalize and implement it."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The central bank has not yet published the study report on the new KYC system. The central bank is currently discussing the study report provided by an independent consultant. The report suggests that customer information could be exchanged through the credit information center or by forming a separate body.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, there are 55 million accounts held by ordinary people in banks and financial institutions. As many people open accounts in multiple banks, the number of accounts exceeds the population. Presently, account holders must fill out the KYC form for each bank where they hold an account. To address this issue, the central bank plans to establish a centralized customer identification system that all financial institutions can use.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The current year's monetary policy mentions creating and implementing a centralized customer identification system to facilitate the exchange of customer information between banks, financial institutions, and other licensed payment-related organizations. The system will also link to the national identity cards issued by the government. The government has recently published a notice in the Nepal Gazette, making the national identity card compulsory for accessing public services from next January. Once the centralized customer identification system is established, the system operator will update public information.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After joining the system, customers will receive a unique identification number. Banks can use this number to update customer information. Therefore, after the system's implementation, customers will only need to update their information in one place. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">India has implemented a Central Customer Identification System since 2016. The system, established with investment from the Government of India, distributes customer identities to financial institutions.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In Nepal, the centralized electronic customer identification system (KYC) has been used in the securities market since last July. After updating their details in the KYC system operated by CDS and Clearing Limited, customers do not need to update their KYC separately at securities dealers and merchant banks. Affiliated companies update the KYC using the number provided by CDS and Clearing. However, the number of C-KYC users in the securities market remains low.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Anti-Money Laundering Act, financial institutions must keep their customers’ details up-to-date. Many people find it increasingly difficult to comply with the requirement to update their details with the institutions where they do business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21151', 'image' => '20240703032741_20220123032134_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2024-07-03 15:27:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21424', 'article_category_id' => '1', 'title' => 'NEPSE Gains 3.79 Points to Close at 2104.22', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: The Nepal Stock Exchange (NEPSE) saw a small increase of 3.79 points (0.18%), closing at 2104.22 on the fourth trading day of the week on Wednesday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today’s trading session, 314 scrips were traded through 61,199 transactions on the NEPSE. A total of 17,134,082 units of shares were exchanged, resulting into a total turnover of Rs 5.8 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Manjushree Finance Limited (MFIL) led the turnover with transactions worth Rs 23 crores. Central Finance Limited (CFCL) and ICFC Finance Limited (ICFC) each gained 10% and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In contrast, Chirkha Hydropower Limited (CKHL) faced the highest loss of 4.70%, settling at Rs 586.10 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sectoral performance, the Trading Index and Finance Index saw substantial gains of 6.12% and 6.04% respectively. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif""> On the contrary, the Manufacturing and Processing sector saw the highest loss of 1.07%. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">All other sectors closed in the negative except for the Banking, Development Bank, Finance, Trading, and Investment indices.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21150', 'image' => '20240703032050_collage (51).jpg', 'article_date' => '2024-07-03 15:19:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21423', 'article_category_id' => '1', 'title' => 'Government Allocates Inadequate Budget for Pensions', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The government has allocated a budget of Rs 52 billion for pensions in the current fiscal year (FY) 2080/81. However, the liability exceeds Rs 77 billion. Consequently, the Pension Management Office had to request an additional Rs 25 billion from the Ministry of Finance to meet its pension obligations. This additional budget was sourced from the contingency funds under various headings. A total of Rs 77.50 billion is being spent on pensions this year with the additional allocation. Bishnu Prasad Kharel, head of the Pension Management Office, reported that Rs 75.82 billion has already been spent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kharel noted that despite the increasing need for a larger budget to cover mandatory pensions, the government consistently allocates less than required amount. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The budget set aside every year is not enough," he told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">For the upcoming fiscal year 2081/82, the government has again allocated an insufficient budget of Rs 75 billion for pensions, even though the current year's requirement is higher than that. Officials predict that the liabilities will continue to increase, making it impossible to meet next year's obligations with the allocated budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite requesting approximately Rs 78 billion for the next year, the government did not fulfill this request. Each year, pension liabilities increase by around Rs 1.5 billion. Given that Rs 77 billion will be spent this year, the requested budget increase was necessary, but the source of funds remains unconfirmed, according to Kharel. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Officials warn that without timely additional budget allocations, there will be problems in pension distribution.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance ministry officials explained that they could not allocate the requested amount due to budget constraints. A senior official from the Budget Division admitted that the current year's pension budget was less than requested. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Even if the allocation under the heading of pension is insufficient, the government cannot ignore its liability," the official told New Business Age. "Additional funds are released from various headings." </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The official assured that the law allows for the release of additional budgets, so there should be no issue.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Deputy Auditor General Maheshwar Kafle said that the government should not be careless about mandatory obligations. According to him, the Appropriation Act and budget formulation directives mandate prioritizing mandatory obligations before allocating funds elsewhere. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance, therefore, cannot overlook these obligations in the budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The government cannot ignore mandatory obligations," he said. "If the government does not allocate enough budget, it shows the government’s dishonesty."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Experts argue that failing to allocate sufficient funds for mandatory obligations undermines economic discipline and good governance. They warn that using contingency funds for this purposes is inappropriate. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kafle, an experienced auditor, noted that budget indiscipline has become rampant in recent years. "Although the law allows only 10 percent of the money to be transferred, this provision has been misinterpreted, leading to additional withdrawals and transfers," he said. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21149', 'image' => '20240703022117_AdobeStock_134184378.jpeg', 'article_date' => '2024-07-03 14:20:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21422', 'article_category_id' => '1', 'title' => 'Proposed Int’l Student Cap to Damage Australian Economy, Business Group Warns ', 'sub_title' => '', 'summary' => 'CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">CANBERRA: Australia's largest business group has warned that the government's plan to cap international student numbers at universities will damage the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Business Council of Australia (BCA), which comprises the chief executives of more than 100 of Australia's biggest corporations, on Wednesday said cutting Australia's international student intake will hurt the economy without fixing the country's housing supply shortage. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The governing Labor Party in May revealed plans to cap the number of new international students allowed to enroll at universities as part of a broader strategy to cut Australia's record-high intake of migrants. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a submission to the government on the proposed cap, the BCA said it could damage Australia's reputation as an international education provider and the overall quality of the higher education sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Our economy is grinding to a halt, and we are concerned the government is about to make the wrong short-term decision by cutting international students, which will have a lasting long-term negative hit to the economy, impacting all Australians," BCA chief executive Bran Black said in a statement on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said international students mask the real discussion about addressing bottlenecks in the construction of new homes. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to government figures, international education was worth 47.8 billion Australian dollars (31.9 billion U.S. dollars) to the Australian economy in 2023, making it Australia's fourth-largest export behind iron ore, coal and natural gas. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Australian government on Monday announced that, effective immediately, the visa application fee for international students applying to study in Australia has been more than doubled from 710 AUD (474.1 U.S. dollars) to 1600 AUD (1068.5 U.S. dollars). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Australian Department of Education, 53,170 Nepali students were pursuing their education in Australia in 2023. – Xinhua/RSS</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21148', 'image' => '20240703011847_20240513020732_20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2024-07-03 13:18:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21421', 'article_category_id' => '1', 'title' => 'Narayangadh-Butwal Road Achieves 52% Work Progress in Eastern Section', 'sub_title' => '', 'summary' => 'TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">TRIBENI: The extended deadline for the completion of the Narayangadh-Butwal road widening project is set to expire on July 23. The road expansion work, initiated in 2019, has already seen two deadline extensions.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to engineer Shiva Khanal, the Information Officer for the project, 52 percent of the work in the eastern section in Nawalparasi has been completed. This section spans 65 kilometers, from the Gaindakot-based Narayani Bridge to Daunne. Khanal reported that 44 kilometers out of the 130 kilometers of the projected four-lane road have been blacktopped on both sides. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Currently, one can travel through 27 kilometers of one-way blacktopped road along this section. Additionally, the base is ready for blacktopping on a further 6.6 kilometers," he stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ashish Thapa Magar, the project chief for the eastern section, mentioned that the China State Construction Engineering Corporation, the contractor, plans to proceed with blacktopping the prepared area, although no additional work is planned before the current deadline. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21147', 'image' => '20240703121327_20221103040428_20220905044250_1662071156.Clipboard02.jpg', 'article_date' => '2024-07-03 12:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21420', 'article_category_id' => '1', 'title' => 'STC Hikes Salt Price', 'sub_title' => '', 'summary' => 'Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 3: Salt Trading Corporation Limited has increased the price of edible salt by Rs 4 per kilogram, effective from midnight on Tuesday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">With the new price list, consumers will now pay Rs 26 per kilogram for Aayo salt, up from the previous price of Rs 22 per kilogram. Similarly, New Shakti salt will now cost Rs 20 per kilogram, up from Rs 16 per kilogram.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">However, the price of Bhanu salt remains unchanged at Rs 9 per kilogram. Salt Trading has been providing Bhanu salt at a subsidized rate, specifically for consumers in remote districts.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-03', 'modified' => '2024-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '21146', 'image' => '20240703054340_collage (49).jpg', 'article_date' => '2024-07-03 05:42:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21419', 'article_category_id' => '1', 'title' => 'NC, UML Agree to Forge New Coalition, Constitution Amendment ', 'sub_title' => '', 'summary' => 'KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Yet again, the national politics has taken a dramatic turn, posing an imminent risk to the ruling coalition. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Two big political parties in the federal parliament -- the Nepali Congress and the CPN UML -- have decided to form a new alliance in a bid to form a new government and amend the constitution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The top leaders of both the parties finalized an agreement in this regard on Monday night, according to an NC central leader. However, the draft of the agreement paper has not been made public. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on condition of anonymity, the central member revealed to the state-owned RSS that the agreement paper prepared after a long discussion and homework was signed by the NC President and former Prime Minister Sher Bahadur Deuba and the UML Chairman and Former Prime Minister KP Sharma Oli on Monday night. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the agreement, a constitution amendment recommendation commission would be established to amend the electoral system. The parties are said to intensify discussions and decide on sharing ministerial portfolios in the new government. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NC President Deuba and UML Chairman Oli were in regular dialogue for some days to forge the new alliance. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the wake of the unfolding political developments, the NC, the UML, the CPN (Maoist Centre), and the Rastriya Swatantra Party are holding their secretariat meetings. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21145', 'image' => '20240702101241_881160-01-02.jpg', 'article_date' => '2024-07-02 22:12:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21418', 'article_category_id' => '1', 'title' => 'Supreme Court Issues Interim Order on SEBON Chairperson Appointment', 'sub_title' => '', 'summary' => 'The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Supreme Court has issued an interim order regarding the appointment procedures for the Chairperson of the Securities Board of Nepal (SEBON). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On June 28, the government decided to cancel all ongoing procedures related to the selection of the SEBON Chair. This decision was subsequently challenged in the Supreme Court through a writ petition.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A single bench of Judge Abdul Aziz has issued a show-cause order to the government, requesting explanations for its decision. Both parties have been summoned for discussions on July 5, according to Supreme Court Spokesperson Gobinda Ghimire.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The committee responsible for recommending the SEBON Chair's appointment decided to cancel the process because three out of five shortlisted candidates were absent for their interviews. In response, Santosh Narayan Shrestha, one of the shortlisted candidates, filed a petition against the decision.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The government has since formed a new committee to recommend candidates for the SEBON Chair, incorporating members from the previous committee.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21144', 'image' => '20240702052745_collage (24).jpg', 'article_date' => '2024-07-02 17:26:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '21417', 'article_category_id' => '1', 'title' => 'NEPSE Gains 47.04 Points to Close at 2100.43', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 2: The Nepal Stock Exchange (NEPSE) was significantly influenced by latest political developments. The stock market reacted strongly to an agreement reached late Monday night between the country's two major parties, the CPN-UML and the Nepali Congress.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The agreement to form a new government, with the CPN-UML taking nine ministries including finance, and the Congress taking ten ministries including home affairs, had an immediate impact on the market. Within just 1 minute and 23 seconds of opening of the market, the NEPSE index surged by 4%, triggering a 20-minute trading halt.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Upon reopening, the market continued its upward trajectory, rising by another 1% within 16 seconds, leading to a second trading halt for 40 minutes. Later, news that Prime Minister Pushpa Kamal Dahal would not resign immediately prevented a third circuit breaker. Despite this, the market maintained a positive trend throughout the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The NEPSE witnessed a substantial gain of 47.04 points or 2.29%, closing at 2100.43 on the third trading day of the week on Tuesday. A total of 315 scrips were traded through 60,720 transactions on the NEPSE. A total of 11,645,905 units of shares were exchanged, resulting into a total turnover of Rs 4.57 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited(NRN) led the turnover with the total amount of 12 crores. Himalayan Distillery Limited(HDL) saw the highest gain of 8.54%, while Upakar Laghubitta Bittiya Sanstha Limited(ULBSL) faced the maximum loss of 6.46%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sectoral performance, all sectors closed in the positive territory. Manufacturing and Processing gained the highest at 3.30%, while Mutual Fund achieved the least gain of 0.36%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21143', 'image' => '20240702033515_collage (23).jpg', 'article_date' => '2024-07-02 15:34:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '21416', 'article_category_id' => '1', 'title' => 'Writ Petition Filed Against Annulment of the Appointment Process of SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: A writ petition has been filed in the Supreme Court demanding the annulment of the recommendation committee's decision to cancel the appointment process for the chairman of the Securities Board of Nepal (SEBON). Santosh Narayan Shrestha, a leading contender for the appointment, filed the writ, claiming that the process should not be canceled.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Shrestha was among five shortlisted candidates for the post of SEBON chairman and attended the interview. The recommendation committee canceled the appointment process after three out of five candidates did not attend the interview and presentation of the professional plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Securities Act, 2063, the recommendation committee must recommend the names of at least three people to the Council of Ministers. Since only Shrestha and another candidate, Muktinath Shrestha, gave presentations and interviews, the committee found it challenging to meet this requirement. In the writ petition, Shrestha demanded that the decision to cancel the appointment process be reversed and continued. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"According to the Securities Act, 2063, and the procedure established by the recommendation committee, there is no need to cancel the process," Shrestha told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He believes the decision unfairly affected candidates who had progressed to the final stage. The hearing is scheduled for Tuesday, and Shrestha expects the Supreme Court to rule on the matter. He mentioned that the Office of the Attorney General suggested other options to the recommendation committee to complete the process, prompting him to seek justice from the Supreme Court. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Three candidates considered close to the CPN (Maoist Center) were absent in the presentation and interview amid rumors that Prime Minister Pushpa Kamal Dahal and CPN (UML) Chairman KP Sharma Oli had agreed to appoint Santosh Narayan Shrestha as SEBON chairman. Despite being shortlisted, Dr. Navaraj Adhikari, Krishna Bahadur Karki, and Chiranjeevi Chapagai did not attend the presentation and interview.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Sources say that Oli is particularly pressuring for Shrestha's appointment as SEBON chairman. There are claims that Shrestha's appointment aims to fulfill the interests of a professional group seeking permission for a new stock exchange. However, Shrestha denied this, stating, "I submitted my claim for the post of chairman based on my qualifications and abilities. The process should be carried out based on the Securities Act and procedures."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The process of appointing the SEBON chairman began on January 17, 2024. On that day, the government appointed the vice president of the National Planning Commission to lead the appointment process. A three-member recommendation committee was formed under the coordination of NPC Vice Chair Meen Bahadur Shrestha. Applications for the board chairman were requested from February 28 to March 13, with 19 applicants. The committee shortlisted five qualified candidates from the applications and invited them for an interview and presentation. Despite being given two opportunities, three candidates did not attend the interview and presentation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:13.5pt"><span style="font-family:"Times New Roman","serif"">Recommendation Committee and Securities Act</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The procedure, prepared in accordance with section 5 of the Securities Act, 2063, divides the evaluation weightage for candidates into four categories -- 40 points for the professional action plan, 12 points for educational qualifications, 18 points for the presentation of the professional action plan, and 30 points for the interview, totaling 100 points for evaluation.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-07-02', 'modified' => '2024-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '21142', 'image' => '20240702025731_20240617124545_Sebon-update.jpg', 'article_date' => '2024-07-02 14:56:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
