NEWS

New Cable Car Starts Operation in Bandipur

Jun 14, 2024 0 1 minutes 39 seconds to read

The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist…

Three Houses Swept Away, One Injured in Landslides in Sankhuwasabha

Jun 13, 2024 0 1 minutes 28 seconds to read

A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari…

NEPSE Sheds 9.32 Points to Close at 2112.29

Jun 13, 2024 0 1 minutes 7 seconds to read

The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday, the last trading day of the…

UN Chief says Global Tensions Threaten International Trade

Jun 13, 2024 0 2 minutes 53 seconds to read

GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday.…

Profits of Commercial Banks Drop by 15 Percent

Jun 13, 2024 0 2 minutes 53 seconds to read

KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan…

Success and Challenges of WB-Assisted Sub-Projects

Jun 13, 2024 0 4 minutes 15 seconds to read

KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is…

Advance Income Tax Likely to Cause Price Hike of Food Grains

Jun 13, 2024 0 3 minutes 26 seconds to read

KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and…

Bangladesh Moves a Step Closer to Importing Electricity from Nepal

Jun 13, 2024 0 2 minutes 31 seconds to read

KATHMANDU: A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi…

Kathmandu Valley's Temperature to Remain High Today

Jun 13, 2024 0 2 minutes 26 seconds to read

KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and…

Nepal Electricity Authority Launches Data Center with an Investment of Rs 1.4 Billion

Jun 13, 2024 0 3 minutes 19 seconds to read

KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu.…

International Tourism Fair in Kathmandu from Friday

Jun 13, 2024 0 51 seconds to read

KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level.…

FNCCI President Calls for Foreign Investment to Realize Social Justice

Jun 12, 2024 0 2 minutes 1 seconds to read

KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent…

Policy Reforms Could Enable Rs 30 Billion in Information Technology Exports

Jun 12, 2024 0 4 minutes 8 seconds to read

KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government’s announcement of IT Decade in the budget of next fiscal…

NEPSE Registers a 6.37-Point Gain to Close at 2121.62

Jun 12, 2024 0 1 minutes 17 seconds to read

The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal…

Financial Irregularities Rampant at the Local Level

Jun 12, 2024 0 4 minutes 14 seconds to read

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'id' => '21270',
			'article_category_id' => '1',
			'title' => 'New Cable Car Starts Operation in Bandipur',
			'sub_title' => '',
			'summary' => 'The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Bandipur cable car began full commercial operations on Thursday, following its completion and certification. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Executive Director Kiran Pokhrel, the service received its TUV certificate, ensuring it meets international technology and safety standards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car had been in partial operation since April 13, but it is now fully operational. The installation and load testing were completed about a year ago. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Company Chairperson Ram Chandra Sharma confirmed that after thorough three-phase testing, the cable car received its TUV certificate for commercial operations. &ldquo;We prioritized safety and quality, and only opened the cable car after all preparations were completed,&rdquo; Sharma stated.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car offers an adventurous experience, covering a distance of 1,700 meters from Dumre Bazaar to the temple in just 7 minutes, with a route likened to climbing a 90-degree vertical cliff. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the 31 cable car cabins, 21 are designated for passengers, and the remaining cabins will be used for transporting goods. The cable car operates daily from 6 am to 11 pm.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With this launch, Bandipur joins other Nepali locations such as Manakamana, Chandragiri, Pokhara, Butwal, Dolakha, and Nawalparasi in offering cable car services.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21269',
			'article_category_id' => '1',
			'title' => 'Three Houses Swept Away, One Injured in Landslides in Sankhuwasabha',
			'sub_title' => '',
			'summary' => 'A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Ram Kumar Lamichhane, officiating chief police inspector at the District Police Office, the landslide destroyed the homes of locals Mani Prasad Rai, Ram Prasad Rai, and Dil Bahadur Rai. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Mani Prasad Rai sustained injuries in the incident. The affected families are currently taking refuge in neighbors&#39; homes.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In total, nine families in various parts of the district have been displaced by the landslide. At Shekha of Khandbari-4, four families were displaced, as reported by ward chair Binod Subba.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, five houses in Chichila rural municipality-1 and 2 are at high risk from monsoon-induced disasters. Authorities are still collecting details of the losses caused by the landslide.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The landslide also damaged the North-South Koshi Roadway Project, destroying a four-kilometer segment of the Khandbari-Kimathanka section, which was about to be blacktopped. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Furthermore, a flash flood triggered by incessant rain has damaged the local road in Num, Makalu rural municipality, disrupting traffic. The estimated loss from this damage is around Rs 10 million, according to the Road Office. (RSS) </span></span></p>
',
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			'created' => '2024-06-13',
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			'description' => '',
			'sortorder' => '20995',
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			'article_date' => '2024-06-13 15:51:58',
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		'Article' => array(
			'id' => '21268',
			'article_category_id' => '1',
			'title' => 'NEPSE Sheds 9.32 Points to Close at 2112.29',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday,&nbsp;the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&#39;s trading session, 313 scrips were traded through 77,400 transactions on NEPSE. A total of 14,294,712 units of shares were exchanged, resulting in a turnover of Rs 6.44 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover with transactions totaling Rs 28 crore. Samriddhi Finance Company Limited (SFCL) and Kutheli Bukhari Small Hydropower Limited (KBSH) both saw a 10% gain, hitting the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Mid Solu Hydropower Limited (MSHL) experienced a 10% loss, hitting the negative circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red except for the Development Bank Index and Finance Index. The Finance Index saw the highest gain at 2.03%, while the Manufacturing and Processing Index faced the largest loss, declining by 1.03%.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21267',
			'article_category_id' => '1',
			'title' => 'UN Chief says Global Tensions Threaten International Trade',
			'sub_title' => '',
			'summary' => 'GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. According to a news report published by AFP, he cautioned the world against splitting into rival blocs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The international trading system is challenged on all sides; teetering on the verge of fragmentation,&quot; Guterres said at a ceremony marking the 60th anniversary of the UN Trade and Development agency (UNCTAD).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Geopolitical tensions are rising; inequalities are growing; the climate crisis is hitting many developing countries hard,&quot; AFP quoted him as saying at the United Nations&#39; European headquarters in Geneva.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New and protracted conflicts are having a ripple effect across the global economy,&quot; he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Trade has become a double-edged sword: a source of both prosperity and inequality; interconnection and dependence; economic innovation and environmental degradation.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The World Trade Organization and the International Monetary Fund have been warning for months against geo-economic fragmentation, in which countries favour trade within their region or specified trading bloc rather than at a global scale, AFP added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, IMF managing director Kristalina Georgieva warned in April last year that countries had to do more to the avert the costly consequences of global trade fragmentation and help to head off a &quot;second Cold War&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">And since the Russian invasion of Ukraine in February 2022, WTO director-general Ngozi Okonjo-Iweala has repeatedly warned of the risks of the world economy fracturing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Multilateral cooperation is weakened and the forces of fragmentation grow stronger,&quot; Guterres warned.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New trade barriers introduced annually have nearly tripled since 2019 -- many driven by geopolitical rivalry, with no concern for their impact on developing countries. The world cannot afford splits into rival blocs. To ensure peace and security, we need one global market and one global economy, in which there is no place for poverty and hunger.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UNCTAD was founded in the early 1960s amid growing concern over the place of developing countries in international trade.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It strives to help developing countries benefit from the global economy more fairly and effectively by providing data and analysis and offering technical assistance on issues surrounding trade and development, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based in Geneva, it now has 195 member states.</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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		'Article' => array(
			'id' => '21266',
			'article_category_id' => '1',
			'title' => 'Profits of Commercial Banks Drop by 15 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery. The slump in economic activities led to reduced credit flow of banks and increased risk management provisions, which negatively impacted profits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, banks and financial institutions (BFIs) earned a net profit of Rs 53.19 billion as of mid-May this year, which is 15.03 percent less than the Rs 62.6 billion net profit earned in the same period last year. However, compared to a one-month period from mid-March and mid-April of the current fiscal year, profits of banks and financial institutions increased by 19.08 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On June 26, Nepal Rastra Bank issued a directive requiring only 1.20 percent provisioning for good loans, affecting profits. Banks have set aside Rs 78.58 billion for risk management by mid-May of the current year, a 46.56 percent increase from the same period last year. Currently, provisioning is set at 1.20 percent for good loans, 5 percent for micro-monitored loans, 25 percent for bad loans, 50 percent for doubtful loans, and 100 percent for non-performing loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meanwhile, the profits of finance companies have decreased by the highest margin of 63 percent compared to mid-May of last year. In the first 10 months of the previous year, finance companies had made a profit of Rs 1.14 billion, but this year it dropped to Rs 410 million. The amount finance companies have to set aside for risk has increased by 43.78 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the profits of commercial banks have decreased by 14.96 percent. Commercial banks made a profit of Rs 57.16 billion by mid-May of last year, but only Rs 48.60 billion in the same period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The profit of development banks decreased by 2.85 percent, from Rs 4.29 billion in mid-May last year to Rs 4.17 billion in the corresponding period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, by mid-May of the current year, deposits in banks and financial institutions increased by Rs 444 billion (7.8 percent), while lending increased by Rs 225 billion (4.7 percent). Income was affected because banks could not provide loans in proportion to the increase in deposits. The distributable profit of 10 commercial banks was negative in the third quarter of the current year due to non-recovery of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former President of Nepal Bankers Association Bhuwan Kumar Dahal stated that when economic activity slows down, the bad loans of banks increase, affecting profits. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Banks have had to set aside a large amount of money for provisioning,&quot; he said.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-13',
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			'description' => '',
			'sortorder' => '20992',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21263',
			'article_category_id' => '1',
			'title' => 'Success and Challenges of WB-Assisted Sub-Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ganesh Subedi</span></strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread. However, the subsidized sub-projects under the Nepal Livestock Sector Innovation Project (NLSIP), run by the Ministry of Agriculture with World Bank-subsidized loan investment, stand out as different. This project, often criticized for granting loans from donors, has been seen as successful and exemplary compared to other grant projects.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Deen Bandhu Integrated Agricultural Farm, located in Kapilvastu Municipality-11 in Kapilvastu District, is one of the farms that received a subsidy from the project. Currently, the farm, run by local Hari Prasad Paudel, has 32 cattle, including 9 cows and 23 buffaloes. Paudel, who once sold 150 liters of milk daily, now sells 80 liters daily due to health issues but remains happy with the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He expressed satisfaction with the income from his milk business, noting that his connection with the project has improved animal health, reduced expenses, and provided professional knowledge, leading to a monthly income of Rs 200,000. Paudel received a subsidy of Rs 2.2 million from the project, which he used to build a well-organized shed and install machinery and equipment.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudel is one example among many. More than 200 farmers have joined this project. Despite the successes, farmers have raised concerns about bank loans, subsidy amounts, market access, and marketing challenges.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A nationwide shortage of agricultural laborers has compounded problems for livestock farmers, who struggle with the lack of workers despite no issues with milk consumption once a market is found. &quot;Connecting with NLSIP has made the business satisfactory,&quot; said Paudel. &quot;Half of the earnings make up for the expenses and the other half is the profit, but you have to be able to work.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added, &quot;The younger generation is leaving, there are no workers, and those remaining in the country are not interested in animal husbandry. If you get sick, you have to sell the animal. Perhaps we are the last generation to adopt the agricultural profession in Nepal.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Organizations and farms operating sub-projects have reported problems due to the mandatory provision of 30% loan requirement from financial institutions under the project&#39;s tripartite investment model. During media monitoring organized by the project last week, farmers indicated they had to take loans to receive subsidies but faced issues due to delay in release of the amount by the financer.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Project monitoring and evaluation officer Ishwari Prasad Khatiwada noted that some applicants who were not selected filed a court case, halting project payments. However, the release of payment resumed following the court&#39;s interim order not to stop ongoing project payments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Khatiwada explained that involving financial institutions ensures regular monitoring and stability, making the loan mandatory. According to the sub-project manager, while cooperation with banks is easier for institutional and private farms, sub-project groups struggle to secure loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the cooperatives and private farm owners running sub-projects with grants from the project complained about the requirement to take bank loans despite having 50% of the needed investment. Tika Neupane, president of Sanakisan Krishi Sahakari Ltd., stated, &quot;We had enough capital for our share members, but the project required a loan from a financial institution. Since all members did not have collateral, we took a bank loan and provided it as surety.&quot;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'sortorder' => '20989',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21262',
			'article_category_id' => '1',
			'title' => 'Advance Income Tax Likely to Cause Price Hike of Food Grains',
			'sub_title' => 'Government Justifies Advance Income Tax as a Measure to Protect Domestic Production',
			'summary' => 'KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Finance Bill introduced alongside the budget for the next fiscal year (FY 2081/82) includes a provision to collect an advance income tax of 1.5 to 10 percent on food grain imports, depending on the item. Previously, the maximum advance income tax was 5 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new bill, a 2 percent advance income tax is imposed on rice imports and 10 percent on pulses. &quot;Currently, we pay a 20 percent export tax to India, a 5 percent agricultural service tax to the Government of Nepal, and a 2 percent advance income tax, totaling a 27 percent tax,&quot; said Bivor Agarwal, a member of the Nepal Rice, Oil, and Lentil Industry Association. &quot;We then process and sell the rice in Nepal.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This tax increase will raise the prices of rice by Rs 100 per bag, he added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In an interview with New Business Age, Agarwal noted that pulses have become more expensive by Rs 10 to 15 per kilo due to the 10 percent advance income tax. Most of the daily consumables, including potatoes and onions, now face a 10 percent advance income tax at customs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A 2.5 percent advance income tax is charged on flour imports. Businessmen argue that these high taxes on vegetables, potatoes, onions, and fish will increase prices and burden the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Currently, the increased advance income tax will not be refunded to importers as before,&quot; said Anand Gupta, information officer of the Inland Revenue Department. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A former director general of the department told New Business Age that the non-refundable advance income tax will further increase the price of imported food. The government justifies this tax as a measure to reduce imports of goods that are produced in sufficient quantities domestically, thus boosting local production. The government asserts that domestic needs will be met by increasing local production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Ministry of Agriculture and Livestock Development, Nepal produced 7.11 million metric tons of food grains, including rice, corn, millet, wheat, barley, and peas in FY 2078/79. Nepal&#39;s annual requirement is 5.46 million metric tons, indicating a surplus of 1.65 million metric tons. However, customs department data shows that 1.606 million metric tons of food grains were imported the same year. Businessmen claim that importing food from India is essential for running mills due to the competitive pricing of Indian agricultural products, which has long hindered the marketability of Nepali products.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Last Wednesday, Finance Minister Barshman Pun addressed MPs&#39; questions in the House of Representatives regarding the budget. He confirmed that the prices of imported goods would rise in the coming days. Minister Pun argued that imposing advance income tax on imports protects the domestic agricultural market. He believes that making imported agricultural products more expensive through advance income tax will naturally protect and promote local agriculture.</span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20988',
			'image' => '20240613010128_20230113015027_fair price shoppp.jpg',
			'article_date' => '2024-06-13 11:54:21',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21261',
			'article_category_id' => '1',
			'title' => 'Bangladesh Moves a Step Closer to Importing Electricity from Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>KATHMANDU: </strong>A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On Tuesday, a cabinet committee led by Finance Minister of Bangladesh, Abul Hasan Mahmud Ali, approved the purchase of 40 megawatts of electricity from Nepal. According to the state-run news agency Bangladesh Sangbad Sangstha (BSS), Mahmudul Hossain Khan, secretary of the Cabinet Division (Coordination and Reform), announced this decision, confirming the five-year electricity import plan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The electricity will be transferred from Nepal to Bangladesh via India&#39;s transmission grid under a tripartite agreement involving the Bangladesh Power Development Board, Nepal Electricity Authority, and India&#39;s NTPC Vidyut Vyapar Nigam (NVVN). India has indicated readiness for this tripartite arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The agreed-upon price for the electricity is 8.17 Bangladeshi Taka per unit. Nepal had proposed this price to Bangladesh in December, but the Bangladeshi government delayed its decision.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the Nepal Electricity Authority stated that following the Bangladesh Cabinet Committee&#39;s decision, Nepal can soon begin exporting electricity to Bangladesh. Nepal aims to start this export during the current rainy season. A high-level meeting between the two countries is expected to finalize the details soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Navin Singh, spokesperson for Nepal&#39;s Ministry of Energy, Water Resources, and Irrigation, previously informed New Business Age that the next meeting of the joint mechanism&mdash;the Joint Secretary-level Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC)&mdash;is scheduled for June 23 and 24 in Pokhara.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The official also mentioned that discussions at the high-level meeting will include how to maximize electricity exchange using the current transmission infrastructure.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;NVVN can also participate, potentially leading to a tripartite agreement, but the exact outcome is uncertain,&quot; said an official from the NEA. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Till date, Nepal has only sold electricity to India. Energy sector officials believe that if this export to Bangladesh succeeds, it will pave the way for tripartite cooperation in the energy sector.</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20987',
			'image' => '20240613112209_20240223021605_banglad.jpg',
			'article_date' => '2024-06-13 11:21:19',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21260',
			'article_category_id' => '1',
			'title' => 'Kathmandu Valley's Temperature to Remain High Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meteorologist Govinda Jha mentioned that the temperature will remain high in the capital city, ranging between 31 and 33 degrees Celsius despite the rainfall. It will take a few more days for the monsoon to fully arrive in Kathmandu, he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, light rain with thunder and lightning is occurring in some parts of Koshi province. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The daily bulletin issued by the department mentions that the eastern parts of Nepal are currently under the influence of the monsoon system while the other parts of the country are under partial effects of the local and westerly winds and a low-pressure area around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, the weather will be partly to generally cloudy in the hill regions, including Koshi, Madhes, and Bagmati provinces, while the rest of the country will remain clear today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This afternoon, the weather will be partly to generally cloudy in the hill regions of Bagmati and Gandaki provinces and clear in the rest of the country. Light to moderate rain with thunder and lightning is likely in the hill regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tonight, the weather will continue to be partly to generally cloudy in these hill regions, with light to moderate rain and thunderstorms expected in a few places. Additionally, there is a possibility of wind storms in some areas of Koshi and Madhes provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in the hill regions of Koshi, Bagmati, and Gandaki provinces and in a few places elsewhere in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The department has urged people to remain alert due to the possibility of storms in parts of the Tarai region of Koshi and Madhes provinces.</span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20986',
			'image' => '20240613104646_20230604125858_global-warming.jpg',
			'article_date' => '2024-06-13 10:46:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21259',
			'article_category_id' => '1',
			'title' => 'Nepal Electricity Authority Launches Data Center with an Investment of Rs 1.4 Billion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. This data center, built with an investment of Rs 1.4 billion, is designed to provide future services to commercial companies and includes advanced facilities alongside a load dispatch center.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The three-story building, constructed using prefabricated containers, houses the Kathmandu Valley&#39;s underground power distribution and monitoring system, regulation and control, and security operation room on the ground floor. The office and network operation room are on the first floor, and the data center is on the top floor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The data center complies with Tier 3 international standards. It is the first in Nepal to meet these standards under the Digital NEA Program, aiming to modernize and digitize the authority&#39;s service delivery. The data center will store and integrate all IT-related data for the authority. Kulman Ghising, NEA&#39;s executive director, announced plans to create a private cloud for data storage and mentioned that the process of building a disaster recovery center at the new Butwal Substation in Sunwal, Nawalparasi, is underway.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Until the disaster recovery center is completed, the existing data center at the NEA headquarters will serve as the recovery center. The new data center features 40 IT racks, including 36 servers and 4 network racks. It meets Tier 3 requirements with N+1 power supply, cooling, automatic fire control, CCTV monitoring, and continuous operations and safety monitoring.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Uninterrupted power supply is ensured with two 1-megawatt generators ready to operate the data center safely in case of local or national power issues. Additionally, two 300 KVA modular UPS units with lithium-ion batteries have been installed for reliability. The center can remain operational during maintenance and equipment replacement.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">An optical fiber with an alternative route connects the NEA&#39;s head office at Ratna Park to the data center. The connection is established via Teku and Balaju. Staff are deployed to operate the data center 24/7.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Alongside the data center, infrastructure has been developed to monitor, regulate, and control the automated underground distribution system in Kathmandu Valley. Substations and switching stations in the valley will be connected, allowing management, monitoring, and control of the power distribution system below 11 KV. A charging station has also been set up at the data center premises, capable of charging three electric vehicles simultaneously.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">A contract for the construction of the center was signed with the Chinese company Yantai Dongfang Wisdom Electric Company Ltd in July 2021, and work commenced in November of the same year. The project was funded by the government, NEA, and a concessional loan from the Asian Development Bank.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '21258',
			'article_category_id' => '1',
			'title' => 'International Tourism Fair in Kathmandu from Friday',
			'sub_title' => '',
			'summary' => 'KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. The fair is to take place with the participation of tourism entrepreneurs from 16 countries.&nbsp;&nbsp;&nbsp;&nbsp;<br />
More than 150 stalls of businessmen from 16 countries will be displayed in the fair to be organized by Summit Event and Market, says Bishnu Pandey, proprietor of the organization.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&quot;We believe that the fair will help in sustainable tourism development and cultural exchange in the country,&quot; he said.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Nepal, India, Korea, Taiwan, Singapore, the Maldives, the USA, the Netherlands, Sri Lanka, China, Thailand, Dubai, Bangladesh, Vietnam, Malaysia and Bhutan will participate in the fair. Similarly, stalls of all seven provinces will also be displayed in the fair. Nepal Tourism Board (NTB) and Kathmandu Metropolitan City (KMC) have extended support to the fair to be held at Bhrikutimandap. &nbsp;-- RSS</span></p>
',
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			'created' => '2024-06-13',
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			'description' => '',
			'sortorder' => '20984',
			'image' => '20240613095222_20240612092215_20210110022747_20201102015340_20201016032657_1602804123.Clipboard13.jpg',
			'article_date' => '2024-06-13 09:50:49',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21255',
			'article_category_id' => '1',
			'title' => 'FNCCI President Calls for Foreign Investment to Realize Social Justice',
			'sub_title' => '',
			'summary' => ' KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.',
			'content' => '<p><span style="font-size:16px">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.</span></p>

<p><span style="font-size:16px">In his address to the 112th International Labour Conference underway in Geneva, Switzerland, he said the private sector of Nepal diligently follows all ILO Regulations and Conventions that the government has signed. Moreover, we have independently undertaken numerous initiatives to uphold employee dignity.</span></p>

<p><span style="font-size:16px">&quot;Dignity, in our view, goes beyond proper conduct. It involves enhancing our employees&rsquo; capacities for personal and professional development, providing them with better opportunities&quot;.&nbsp;</span></p>

<p><span style="font-size:16px">Emphasizing on the need for investments to help fulfill the agenda of social justice by creating decent employment opportunities, Dhakal said Nepal holds immense potential in hydropower production, with huge markets in India and Bangladesh. We have an agreement with India to buy 10,000 Mega Watts of electricity and are in the process of signing an agreement with Bangladesh.</span></p>

<p><span style="font-size:16px">Tourism is another vital sector. Our beautiful hill stations and Himalayas are popular destinations, and the multiplier effect in tourism is substantial, providing livelihood opportunities for the rural population.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI Chair shared that the youth population of the country is a valuable asset for investors, especially in the booming ICT sector, which offers decent work opportunities for youth on a large scale.</span></p>

<p><span style="font-size:16px">&quot;Nepal, situated between India and China, offers duty-free market access to India, which will continue even after graduation from the Least Developed Country category&quot;, he said, &quot;This facility will be available in the EU market until 2029, and we are negotiating similar access with China and other markets. This positioning allows for production in Nepal with export potential worldwide&quot;.</span></p>

<p><span style="font-size:16px">The Cabinet has approved the Bilateral Investment Agreement Framework, and we are ready to sign agreements with interested countries. The Budget also promises to sign Double Taxation Avoidance Agreements (DTAA) with potential countries.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI is the largest private sector umbrella organisation in Nepal, representing around 600,000 businesses.</span></p>
',
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			'sortorder' => '20981',
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			'article_date' => '2024-06-12 21:06:10',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21253',
			'article_category_id' => '1',
			'title' => 'Policy Reforms Could Enable Rs 30 Billion in Information Technology Exports',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government’s announcement of IT Decade in the budget of next fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government&rsquo;s announcement of IT Decade in the budget of next fiscal year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Speaking at a discussion program on the Information Technology Decade organized by the Society of Economic Journalists Nepal (SEJON) on Tuesday, experts stated that exporting information technology services worth Rs 30 billion would be achievable if policy reforms and legal hurdles are addressed, and a stable policy is established.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Finance Minister Barshaman Pun announced that through the budget for fiscal year 2081/82, the government aims to export IT services worth Rs 30 billion and create 500,000 direct and 1 million indirect jobs within ten years. To support this goal, the government has taken policy decisions to encourage the private sector by protecting and promoting the industry.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister Pun also mentioned that a high-level commission will be formed to ensure policy stability in the IT sector, prioritizing the creation of a legal framework. He highlighted the revision of the &#39;Digital Nepal Framework&#39; and the establishment of institutional arrangements for its implementation and monitoring. Additionally, the operation of IT parks with high-speed internet, electricity, security, and other infrastructure in Kathmandu Valley and Butwal will be advanced, with plans to build 10 IT parks across all provinces.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Emphasizing the role of the private sector in driving the IT-related service industry, similar to agriculture, tourism, and energy, Pun stated that the state does not intend to engage in business but will address tax issues through discussions. He asserted that the IT Decade would foster the belief that intellectual labor can be performed from Nepal, reducing the need for Nepalis to work abroad for income.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Pun reiterated the need for the government to maintain up-to-date and stable policies in the IT sector to accommodate the digital generation, aiming to create a competitive environment for the young generation to thrive in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister for Communication and Information Technology Rekha Sharma announced the formation of a task force under her ministry to achieve the IT Decade goals, with a clear annual blueprint for activities. She stated that Nepal Telecom and the Nepal Telecommunications Authority are preparing their budgets to align with the IT sector policies outlined in the budget. The government is also ready to utilize domestically produced software and will provide free space in IT parks in Kathmandu and Butwal, with various programs conducted in public-private partnerships.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma emphasized the government&#39;s commitment to revising necessary policies and laws to promote the digital economy, startups, innovation, job creation, and digital governance. She declared that the next fiscal year would mark the beginning of the IT Decade, establishing IT as a pillar of the economy. The government&#39;s programs for economic development and job creation will be enhanced through technology, enabling economic and social transformation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma acknowledged the ineffective implementation of the Digital Nepal Framework, initiated in 2076, and noted the lack of clear data, with 100,000 people currently working in the IT sector. She attributed the issues to outdated and unclear policies, and affirmed the government&#39;s efforts to reform these laws. Additionally, the government plans to create knowledge parks through public-private partnerships, offer internships to undergraduates, foster an entrepreneurial environment, and establish an innovation commission. She informed that the Cyber Security Policy 2080 has been released and sought support and suggestions for new legislation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SEJON President Sujan Oli expressed concern that the IT Decade may face challenges similar to previous initiatives in tourism and energy. Dr. Amrita Sharma, an IIDS consultant presenting the paper, emphasized that digitization requires stability and political commitment, asserting that the Digital Nepal Framework must stay on track. She highlighted the need for a private sector-focused approach, with the government acting as a business partner and promoter.</span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20980',
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			'id' => '21254',
			'article_category_id' => '1',
			'title' => 'NEPSE Registers a 6.37-Point Gain to Close at 2121.62',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 12: The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the trading session, 312 different company stocks (scrips) were traded through total 74,858 transactions. A total of 12,950,407 units of shares changed hands, resulting into a total turnover of Rs 5.89 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) was the company with the highest turnover, recording transactions worth Rs 27 crore. Samriddhi Finance Limited (SFCL) and Mid Solu Hydropower Limited (MSHL) witnessed the most significant positive change, each gaining 10% and reaching the upper limit (positive circuit) for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, Sayapatri Hydropower Limited (SPHL) experienced the biggest loss, falling 4.48% and closing at a market price of Rs 533 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Looking at the sectoral performance, all sectors except for Hotels and Tourism, Hydropower, Non-Life Insurance, and Trading witnessed gains.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Index enjoyed the highest increase at 1.07%, while the Hydropower Index suffered the most significant decline at 0.61%.</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20979',
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			'id' => '21252',
			'article_category_id' => '1',
			'title' => 'Financial Irregularities Rampant at the Local Level',
			'sub_title' => 'CIAA Receives 17,000 Complaints Against People's Representatives',
			'summary' => '',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The Commission for Investigation of Abuse of Authority (CIAA) has registered a case in the special court against six individuals, including the suspended mayor of Bagmati Municipality in Sarlahi, Bharat Kumar Thapa. Thapa was automatically suspended from his position following the provisions of the Prevention of Corruption Act after the CIAA filed a case on April 10, accusing him of illegally amassing wealth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On Tuesday, the anti-graft body registered another case, alleging that Thapa and five others committed irregularities worth Rs 302.9 million in the construction of Bharat Tal in the municipality. The CIAA also filed charges against the municipality&#39;s deputy mayor, Leela Kumari Moktan, demanding a bond of Rs 302.9 million from her.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The initial case against Thapa claims he illegally earned Rs 53.3 million. The charge sheet details that Thapa had a legal income of Rs 78.6 million from mid-September 2017 to mid-February 2023 but invested and spent Rs 132 million during this period, leading to a discrepancy of Rs 53.3 million. The CIAA has demanded fines, punishment, and property confiscation for Thapa, asserting that he earned illegal property in the names of his wife Reshmi Kumari Ghimire, brother Ram Thapa, and daughter-in-law Dwarika Raut. They have also been made defendants in the case, with a demand for property confiscation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Recently, the CIAA filed another corruption case against 14 individuals, including Mayor Gajendra Maharjan of Lalitpur&#39;s Godavari Municipality, accusing them of causing a loss of Rs 1.487 billion to the government by under-invoicing tenders for sand and gravel excavation. CIAA claims these actions led to significant revenue loss from FY 2075/76 to 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Yagyaraj Regmi, the information officer of the special court, the CIAA filed the case on the grounds of revenue embezzlement by issuing tenders below the government rate. Mayor Maharjan, elected from the Nepali Congress, was also elected in the local elections of 2074.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The CIAA is currently investigating numerous complaints against public representatives, with 10-12 cases filed monthly in the special court after investigations. Joint Secretary and Spokesperson of the CIAA, Narahari Ghimire, noted that complaints of corruption and irregularities are being prioritized. He indicated that the nature of the current cases suggests a misuse of power by people&#39;s representatives, and he anticipates an increase in complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CIAA&#39;s report highlights financial irregularities in programs such as procurement, agricultural initiatives, small contracts, river product excavation, report preparation, and road construction. There is a significant number of complaints alleging that representatives have illegally profited by misusing their power, violating laws, and causing state revenue losses.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">This year, approximately 17,000 complaints have been filed against local representatives, making up about half of the total 33,000 complaints. This surge in complaints indicates that corruption has deeply rooted itself at the local level. The highest number of complaints have been made against representatives in Madhesh Province.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Bhim Prasad Dhungana, chairman of the Municipal Association of Nepal, argued that corruption is less prevalent at the local level compared to the federal government. He emphasized that there are many local levels, which naturally leads to a higher number of complaints. He argued that there are 753 local governments in the country, compared to one federal and seven provincial governments. Dhungana suggested that allegations of widespread local corruption are attempts to weaken local governance. He also noted that many cases escalate due to anonymous complaints against public representatives.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Ghimire mentioned that anonymous complaints are permitted to protect the complainant&#39;s privacy, and the authority investigates based on these complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In addition to the CIAA&#39;s findings, the Auditor General&#39;s report also highlights financial indiscipline at the local level, noting worsening arrears and failure to follow procurement processes, leading to random fund disbursements.</span></span></span></p>
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			'id' => '21270',
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			'title' => 'New Cable Car Starts Operation in Bandipur',
			'sub_title' => '',
			'summary' => 'The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Bandipur cable car began full commercial operations on Thursday, following its completion and certification. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Executive Director Kiran Pokhrel, the service received its TUV certificate, ensuring it meets international technology and safety standards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car had been in partial operation since April 13, but it is now fully operational. The installation and load testing were completed about a year ago. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Company Chairperson Ram Chandra Sharma confirmed that after thorough three-phase testing, the cable car received its TUV certificate for commercial operations. &ldquo;We prioritized safety and quality, and only opened the cable car after all preparations were completed,&rdquo; Sharma stated.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car offers an adventurous experience, covering a distance of 1,700 meters from Dumre Bazaar to the temple in just 7 minutes, with a route likened to climbing a 90-degree vertical cliff. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the 31 cable car cabins, 21 are designated for passengers, and the remaining cabins will be used for transporting goods. The cable car operates daily from 6 am to 11 pm.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With this launch, Bandipur joins other Nepali locations such as Manakamana, Chandragiri, Pokhara, Butwal, Dolakha, and Nawalparasi in offering cable car services.</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20996',
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			'id' => '21269',
			'article_category_id' => '1',
			'title' => 'Three Houses Swept Away, One Injured in Landslides in Sankhuwasabha',
			'sub_title' => '',
			'summary' => 'A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Ram Kumar Lamichhane, officiating chief police inspector at the District Police Office, the landslide destroyed the homes of locals Mani Prasad Rai, Ram Prasad Rai, and Dil Bahadur Rai. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Mani Prasad Rai sustained injuries in the incident. The affected families are currently taking refuge in neighbors&#39; homes.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In total, nine families in various parts of the district have been displaced by the landslide. At Shekha of Khandbari-4, four families were displaced, as reported by ward chair Binod Subba.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, five houses in Chichila rural municipality-1 and 2 are at high risk from monsoon-induced disasters. Authorities are still collecting details of the losses caused by the landslide.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The landslide also damaged the North-South Koshi Roadway Project, destroying a four-kilometer segment of the Khandbari-Kimathanka section, which was about to be blacktopped. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Furthermore, a flash flood triggered by incessant rain has damaged the local road in Num, Makalu rural municipality, disrupting traffic. The estimated loss from this damage is around Rs 10 million, according to the Road Office. (RSS) </span></span></p>
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			'article_category_id' => '1',
			'title' => 'NEPSE Sheds 9.32 Points to Close at 2112.29',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday,&nbsp;the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&#39;s trading session, 313 scrips were traded through 77,400 transactions on NEPSE. A total of 14,294,712 units of shares were exchanged, resulting in a turnover of Rs 6.44 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover with transactions totaling Rs 28 crore. Samriddhi Finance Company Limited (SFCL) and Kutheli Bukhari Small Hydropower Limited (KBSH) both saw a 10% gain, hitting the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Mid Solu Hydropower Limited (MSHL) experienced a 10% loss, hitting the negative circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red except for the Development Bank Index and Finance Index. The Finance Index saw the highest gain at 2.03%, while the Manufacturing and Processing Index faced the largest loss, declining by 1.03%.</span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '21267',
			'article_category_id' => '1',
			'title' => 'UN Chief says Global Tensions Threaten International Trade',
			'sub_title' => '',
			'summary' => 'GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. According to a news report published by AFP, he cautioned the world against splitting into rival blocs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The international trading system is challenged on all sides; teetering on the verge of fragmentation,&quot; Guterres said at a ceremony marking the 60th anniversary of the UN Trade and Development agency (UNCTAD).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Geopolitical tensions are rising; inequalities are growing; the climate crisis is hitting many developing countries hard,&quot; AFP quoted him as saying at the United Nations&#39; European headquarters in Geneva.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New and protracted conflicts are having a ripple effect across the global economy,&quot; he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Trade has become a double-edged sword: a source of both prosperity and inequality; interconnection and dependence; economic innovation and environmental degradation.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The World Trade Organization and the International Monetary Fund have been warning for months against geo-economic fragmentation, in which countries favour trade within their region or specified trading bloc rather than at a global scale, AFP added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, IMF managing director Kristalina Georgieva warned in April last year that countries had to do more to the avert the costly consequences of global trade fragmentation and help to head off a &quot;second Cold War&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">And since the Russian invasion of Ukraine in February 2022, WTO director-general Ngozi Okonjo-Iweala has repeatedly warned of the risks of the world economy fracturing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Multilateral cooperation is weakened and the forces of fragmentation grow stronger,&quot; Guterres warned.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New trade barriers introduced annually have nearly tripled since 2019 -- many driven by geopolitical rivalry, with no concern for their impact on developing countries. The world cannot afford splits into rival blocs. To ensure peace and security, we need one global market and one global economy, in which there is no place for poverty and hunger.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UNCTAD was founded in the early 1960s amid growing concern over the place of developing countries in international trade.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It strives to help developing countries benefit from the global economy more fairly and effectively by providing data and analysis and offering technical assistance on issues surrounding trade and development, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based in Geneva, it now has 195 member states.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-13',
			'modified' => '2024-06-13',
			'keywords' => 'UN, chief, global, tension, Antonio, Russia, Ukraine, war, trade',
			'description' => '',
			'sortorder' => '20993',
			'image' => '20240613010406_antonio-guterres.jpg',
			'article_date' => '2024-06-13 13:02:55',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21266',
			'article_category_id' => '1',
			'title' => 'Profits of Commercial Banks Drop by 15 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery. The slump in economic activities led to reduced credit flow of banks and increased risk management provisions, which negatively impacted profits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, banks and financial institutions (BFIs) earned a net profit of Rs 53.19 billion as of mid-May this year, which is 15.03 percent less than the Rs 62.6 billion net profit earned in the same period last year. However, compared to a one-month period from mid-March and mid-April of the current fiscal year, profits of banks and financial institutions increased by 19.08 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On June 26, Nepal Rastra Bank issued a directive requiring only 1.20 percent provisioning for good loans, affecting profits. Banks have set aside Rs 78.58 billion for risk management by mid-May of the current year, a 46.56 percent increase from the same period last year. Currently, provisioning is set at 1.20 percent for good loans, 5 percent for micro-monitored loans, 25 percent for bad loans, 50 percent for doubtful loans, and 100 percent for non-performing loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meanwhile, the profits of finance companies have decreased by the highest margin of 63 percent compared to mid-May of last year. In the first 10 months of the previous year, finance companies had made a profit of Rs 1.14 billion, but this year it dropped to Rs 410 million. The amount finance companies have to set aside for risk has increased by 43.78 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the profits of commercial banks have decreased by 14.96 percent. Commercial banks made a profit of Rs 57.16 billion by mid-May of last year, but only Rs 48.60 billion in the same period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The profit of development banks decreased by 2.85 percent, from Rs 4.29 billion in mid-May last year to Rs 4.17 billion in the corresponding period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, by mid-May of the current year, deposits in banks and financial institutions increased by Rs 444 billion (7.8 percent), while lending increased by Rs 225 billion (4.7 percent). Income was affected because banks could not provide loans in proportion to the increase in deposits. The distributable profit of 10 commercial banks was negative in the third quarter of the current year due to non-recovery of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former President of Nepal Bankers Association Bhuwan Kumar Dahal stated that when economic activity slows down, the bad loans of banks increase, affecting profits. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Banks have had to set aside a large amount of money for provisioning,&quot; he said.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-06-13',
			'modified' => '2024-06-13',
			'keywords' => 'profit, banks, Nepal, commercial, BFI, economic, slump',
			'description' => '',
			'sortorder' => '20992',
			'image' => '20240613010012_bankkkkkkk.jpg',
			'article_date' => '2024-06-13 12:59:25',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21263',
			'article_category_id' => '1',
			'title' => 'Success and Challenges of WB-Assisted Sub-Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ganesh Subedi</span></strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread. However, the subsidized sub-projects under the Nepal Livestock Sector Innovation Project (NLSIP), run by the Ministry of Agriculture with World Bank-subsidized loan investment, stand out as different. This project, often criticized for granting loans from donors, has been seen as successful and exemplary compared to other grant projects.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Deen Bandhu Integrated Agricultural Farm, located in Kapilvastu Municipality-11 in Kapilvastu District, is one of the farms that received a subsidy from the project. Currently, the farm, run by local Hari Prasad Paudel, has 32 cattle, including 9 cows and 23 buffaloes. Paudel, who once sold 150 liters of milk daily, now sells 80 liters daily due to health issues but remains happy with the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He expressed satisfaction with the income from his milk business, noting that his connection with the project has improved animal health, reduced expenses, and provided professional knowledge, leading to a monthly income of Rs 200,000. Paudel received a subsidy of Rs 2.2 million from the project, which he used to build a well-organized shed and install machinery and equipment.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudel is one example among many. More than 200 farmers have joined this project. Despite the successes, farmers have raised concerns about bank loans, subsidy amounts, market access, and marketing challenges.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A nationwide shortage of agricultural laborers has compounded problems for livestock farmers, who struggle with the lack of workers despite no issues with milk consumption once a market is found. &quot;Connecting with NLSIP has made the business satisfactory,&quot; said Paudel. &quot;Half of the earnings make up for the expenses and the other half is the profit, but you have to be able to work.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added, &quot;The younger generation is leaving, there are no workers, and those remaining in the country are not interested in animal husbandry. If you get sick, you have to sell the animal. Perhaps we are the last generation to adopt the agricultural profession in Nepal.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Organizations and farms operating sub-projects have reported problems due to the mandatory provision of 30% loan requirement from financial institutions under the project&#39;s tripartite investment model. During media monitoring organized by the project last week, farmers indicated they had to take loans to receive subsidies but faced issues due to delay in release of the amount by the financer.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Project monitoring and evaluation officer Ishwari Prasad Khatiwada noted that some applicants who were not selected filed a court case, halting project payments. However, the release of payment resumed following the court&#39;s interim order not to stop ongoing project payments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Khatiwada explained that involving financial institutions ensures regular monitoring and stability, making the loan mandatory. According to the sub-project manager, while cooperation with banks is easier for institutional and private farms, sub-project groups struggle to secure loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the cooperatives and private farm owners running sub-projects with grants from the project complained about the requirement to take bank loans despite having 50% of the needed investment. Tika Neupane, president of Sanakisan Krishi Sahakari Ltd., stated, &quot;We had enough capital for our share members, but the project required a loan from a financial institution. Since all members did not have collateral, we took a bank loan and provided it as surety.&quot;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-13',
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			'keywords' => 'world, bank, project, success, challenge, loan',
			'description' => '',
			'sortorder' => '20989',
			'image' => '20240613121619_bfea6a6d.jpeg',
			'article_date' => '2024-06-13 12:15:40',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21262',
			'article_category_id' => '1',
			'title' => 'Advance Income Tax Likely to Cause Price Hike of Food Grains',
			'sub_title' => 'Government Justifies Advance Income Tax as a Measure to Protect Domestic Production',
			'summary' => 'KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Finance Bill introduced alongside the budget for the next fiscal year (FY 2081/82) includes a provision to collect an advance income tax of 1.5 to 10 percent on food grain imports, depending on the item. Previously, the maximum advance income tax was 5 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new bill, a 2 percent advance income tax is imposed on rice imports and 10 percent on pulses. &quot;Currently, we pay a 20 percent export tax to India, a 5 percent agricultural service tax to the Government of Nepal, and a 2 percent advance income tax, totaling a 27 percent tax,&quot; said Bivor Agarwal, a member of the Nepal Rice, Oil, and Lentil Industry Association. &quot;We then process and sell the rice in Nepal.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This tax increase will raise the prices of rice by Rs 100 per bag, he added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In an interview with New Business Age, Agarwal noted that pulses have become more expensive by Rs 10 to 15 per kilo due to the 10 percent advance income tax. Most of the daily consumables, including potatoes and onions, now face a 10 percent advance income tax at customs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A 2.5 percent advance income tax is charged on flour imports. Businessmen argue that these high taxes on vegetables, potatoes, onions, and fish will increase prices and burden the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Currently, the increased advance income tax will not be refunded to importers as before,&quot; said Anand Gupta, information officer of the Inland Revenue Department. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A former director general of the department told New Business Age that the non-refundable advance income tax will further increase the price of imported food. The government justifies this tax as a measure to reduce imports of goods that are produced in sufficient quantities domestically, thus boosting local production. The government asserts that domestic needs will be met by increasing local production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Ministry of Agriculture and Livestock Development, Nepal produced 7.11 million metric tons of food grains, including rice, corn, millet, wheat, barley, and peas in FY 2078/79. Nepal&#39;s annual requirement is 5.46 million metric tons, indicating a surplus of 1.65 million metric tons. However, customs department data shows that 1.606 million metric tons of food grains were imported the same year. Businessmen claim that importing food from India is essential for running mills due to the competitive pricing of Indian agricultural products, which has long hindered the marketability of Nepali products.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Last Wednesday, Finance Minister Barshman Pun addressed MPs&#39; questions in the House of Representatives regarding the budget. He confirmed that the prices of imported goods would rise in the coming days. Minister Pun argued that imposing advance income tax on imports protects the domestic agricultural market. He believes that making imported agricultural products more expensive through advance income tax will naturally protect and promote local agriculture.</span></span></p>

<p>&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20988',
			'image' => '20240613010128_20230113015027_fair price shoppp.jpg',
			'article_date' => '2024-06-13 11:54:21',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21261',
			'article_category_id' => '1',
			'title' => 'Bangladesh Moves a Step Closer to Importing Electricity from Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>KATHMANDU: </strong>A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On Tuesday, a cabinet committee led by Finance Minister of Bangladesh, Abul Hasan Mahmud Ali, approved the purchase of 40 megawatts of electricity from Nepal. According to the state-run news agency Bangladesh Sangbad Sangstha (BSS), Mahmudul Hossain Khan, secretary of the Cabinet Division (Coordination and Reform), announced this decision, confirming the five-year electricity import plan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The electricity will be transferred from Nepal to Bangladesh via India&#39;s transmission grid under a tripartite agreement involving the Bangladesh Power Development Board, Nepal Electricity Authority, and India&#39;s NTPC Vidyut Vyapar Nigam (NVVN). India has indicated readiness for this tripartite arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The agreed-upon price for the electricity is 8.17 Bangladeshi Taka per unit. Nepal had proposed this price to Bangladesh in December, but the Bangladeshi government delayed its decision.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the Nepal Electricity Authority stated that following the Bangladesh Cabinet Committee&#39;s decision, Nepal can soon begin exporting electricity to Bangladesh. Nepal aims to start this export during the current rainy season. A high-level meeting between the two countries is expected to finalize the details soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Navin Singh, spokesperson for Nepal&#39;s Ministry of Energy, Water Resources, and Irrigation, previously informed New Business Age that the next meeting of the joint mechanism&mdash;the Joint Secretary-level Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC)&mdash;is scheduled for June 23 and 24 in Pokhara.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The official also mentioned that discussions at the high-level meeting will include how to maximize electricity exchange using the current transmission infrastructure.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;NVVN can also participate, potentially leading to a tripartite agreement, but the exact outcome is uncertain,&quot; said an official from the NEA. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Till date, Nepal has only sold electricity to India. Energy sector officials believe that if this export to Bangladesh succeeds, it will pave the way for tripartite cooperation in the energy sector.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21260',
			'article_category_id' => '1',
			'title' => 'Kathmandu Valley's Temperature to Remain High Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meteorologist Govinda Jha mentioned that the temperature will remain high in the capital city, ranging between 31 and 33 degrees Celsius despite the rainfall. It will take a few more days for the monsoon to fully arrive in Kathmandu, he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, light rain with thunder and lightning is occurring in some parts of Koshi province. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The daily bulletin issued by the department mentions that the eastern parts of Nepal are currently under the influence of the monsoon system while the other parts of the country are under partial effects of the local and westerly winds and a low-pressure area around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, the weather will be partly to generally cloudy in the hill regions, including Koshi, Madhes, and Bagmati provinces, while the rest of the country will remain clear today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This afternoon, the weather will be partly to generally cloudy in the hill regions of Bagmati and Gandaki provinces and clear in the rest of the country. Light to moderate rain with thunder and lightning is likely in the hill regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tonight, the weather will continue to be partly to generally cloudy in these hill regions, with light to moderate rain and thunderstorms expected in a few places. Additionally, there is a possibility of wind storms in some areas of Koshi and Madhes provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in the hill regions of Koshi, Bagmati, and Gandaki provinces and in a few places elsewhere in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The department has urged people to remain alert due to the possibility of storms in parts of the Tarai region of Koshi and Madhes provinces.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
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			'sortorder' => '20986',
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			'article_date' => '2024-06-13 10:46:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21259',
			'article_category_id' => '1',
			'title' => 'Nepal Electricity Authority Launches Data Center with an Investment of Rs 1.4 Billion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. This data center, built with an investment of Rs 1.4 billion, is designed to provide future services to commercial companies and includes advanced facilities alongside a load dispatch center.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The three-story building, constructed using prefabricated containers, houses the Kathmandu Valley&#39;s underground power distribution and monitoring system, regulation and control, and security operation room on the ground floor. The office and network operation room are on the first floor, and the data center is on the top floor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The data center complies with Tier 3 international standards. It is the first in Nepal to meet these standards under the Digital NEA Program, aiming to modernize and digitize the authority&#39;s service delivery. The data center will store and integrate all IT-related data for the authority. Kulman Ghising, NEA&#39;s executive director, announced plans to create a private cloud for data storage and mentioned that the process of building a disaster recovery center at the new Butwal Substation in Sunwal, Nawalparasi, is underway.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Until the disaster recovery center is completed, the existing data center at the NEA headquarters will serve as the recovery center. The new data center features 40 IT racks, including 36 servers and 4 network racks. It meets Tier 3 requirements with N+1 power supply, cooling, automatic fire control, CCTV monitoring, and continuous operations and safety monitoring.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Uninterrupted power supply is ensured with two 1-megawatt generators ready to operate the data center safely in case of local or national power issues. Additionally, two 300 KVA modular UPS units with lithium-ion batteries have been installed for reliability. The center can remain operational during maintenance and equipment replacement.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">An optical fiber with an alternative route connects the NEA&#39;s head office at Ratna Park to the data center. The connection is established via Teku and Balaju. Staff are deployed to operate the data center 24/7.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Alongside the data center, infrastructure has been developed to monitor, regulate, and control the automated underground distribution system in Kathmandu Valley. Substations and switching stations in the valley will be connected, allowing management, monitoring, and control of the power distribution system below 11 KV. A charging station has also been set up at the data center premises, capable of charging three electric vehicles simultaneously.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">A contract for the construction of the center was signed with the Chinese company Yantai Dongfang Wisdom Electric Company Ltd in July 2021, and work commenced in November of the same year. The project was funded by the government, NEA, and a concessional loan from the Asian Development Bank.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21258',
			'article_category_id' => '1',
			'title' => 'International Tourism Fair in Kathmandu from Friday',
			'sub_title' => '',
			'summary' => 'KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. The fair is to take place with the participation of tourism entrepreneurs from 16 countries.&nbsp;&nbsp;&nbsp;&nbsp;<br />
More than 150 stalls of businessmen from 16 countries will be displayed in the fair to be organized by Summit Event and Market, says Bishnu Pandey, proprietor of the organization.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&quot;We believe that the fair will help in sustainable tourism development and cultural exchange in the country,&quot; he said.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Nepal, India, Korea, Taiwan, Singapore, the Maldives, the USA, the Netherlands, Sri Lanka, China, Thailand, Dubai, Bangladesh, Vietnam, Malaysia and Bhutan will participate in the fair. Similarly, stalls of all seven provinces will also be displayed in the fair. Nepal Tourism Board (NTB) and Kathmandu Metropolitan City (KMC) have extended support to the fair to be held at Bhrikutimandap. &nbsp;-- RSS</span></p>
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			'article_date' => '2024-06-13 09:50:49',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21255',
			'article_category_id' => '1',
			'title' => 'FNCCI President Calls for Foreign Investment to Realize Social Justice',
			'sub_title' => '',
			'summary' => ' KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.',
			'content' => '<p><span style="font-size:16px">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.</span></p>

<p><span style="font-size:16px">In his address to the 112th International Labour Conference underway in Geneva, Switzerland, he said the private sector of Nepal diligently follows all ILO Regulations and Conventions that the government has signed. Moreover, we have independently undertaken numerous initiatives to uphold employee dignity.</span></p>

<p><span style="font-size:16px">&quot;Dignity, in our view, goes beyond proper conduct. It involves enhancing our employees&rsquo; capacities for personal and professional development, providing them with better opportunities&quot;.&nbsp;</span></p>

<p><span style="font-size:16px">Emphasizing on the need for investments to help fulfill the agenda of social justice by creating decent employment opportunities, Dhakal said Nepal holds immense potential in hydropower production, with huge markets in India and Bangladesh. We have an agreement with India to buy 10,000 Mega Watts of electricity and are in the process of signing an agreement with Bangladesh.</span></p>

<p><span style="font-size:16px">Tourism is another vital sector. Our beautiful hill stations and Himalayas are popular destinations, and the multiplier effect in tourism is substantial, providing livelihood opportunities for the rural population.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI Chair shared that the youth population of the country is a valuable asset for investors, especially in the booming ICT sector, which offers decent work opportunities for youth on a large scale.</span></p>

<p><span style="font-size:16px">&quot;Nepal, situated between India and China, offers duty-free market access to India, which will continue even after graduation from the Least Developed Country category&quot;, he said, &quot;This facility will be available in the EU market until 2029, and we are negotiating similar access with China and other markets. This positioning allows for production in Nepal with export potential worldwide&quot;.</span></p>

<p><span style="font-size:16px">The Cabinet has approved the Bilateral Investment Agreement Framework, and we are ready to sign agreements with interested countries. The Budget also promises to sign Double Taxation Avoidance Agreements (DTAA) with potential countries.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI is the largest private sector umbrella organisation in Nepal, representing around 600,000 businesses.</span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '21253',
			'article_category_id' => '1',
			'title' => 'Policy Reforms Could Enable Rs 30 Billion in Information Technology Exports',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government’s announcement of IT Decade in the budget of next fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government&rsquo;s announcement of IT Decade in the budget of next fiscal year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Speaking at a discussion program on the Information Technology Decade organized by the Society of Economic Journalists Nepal (SEJON) on Tuesday, experts stated that exporting information technology services worth Rs 30 billion would be achievable if policy reforms and legal hurdles are addressed, and a stable policy is established.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Finance Minister Barshaman Pun announced that through the budget for fiscal year 2081/82, the government aims to export IT services worth Rs 30 billion and create 500,000 direct and 1 million indirect jobs within ten years. To support this goal, the government has taken policy decisions to encourage the private sector by protecting and promoting the industry.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister Pun also mentioned that a high-level commission will be formed to ensure policy stability in the IT sector, prioritizing the creation of a legal framework. He highlighted the revision of the &#39;Digital Nepal Framework&#39; and the establishment of institutional arrangements for its implementation and monitoring. Additionally, the operation of IT parks with high-speed internet, electricity, security, and other infrastructure in Kathmandu Valley and Butwal will be advanced, with plans to build 10 IT parks across all provinces.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Emphasizing the role of the private sector in driving the IT-related service industry, similar to agriculture, tourism, and energy, Pun stated that the state does not intend to engage in business but will address tax issues through discussions. He asserted that the IT Decade would foster the belief that intellectual labor can be performed from Nepal, reducing the need for Nepalis to work abroad for income.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Pun reiterated the need for the government to maintain up-to-date and stable policies in the IT sector to accommodate the digital generation, aiming to create a competitive environment for the young generation to thrive in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister for Communication and Information Technology Rekha Sharma announced the formation of a task force under her ministry to achieve the IT Decade goals, with a clear annual blueprint for activities. She stated that Nepal Telecom and the Nepal Telecommunications Authority are preparing their budgets to align with the IT sector policies outlined in the budget. The government is also ready to utilize domestically produced software and will provide free space in IT parks in Kathmandu and Butwal, with various programs conducted in public-private partnerships.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma emphasized the government&#39;s commitment to revising necessary policies and laws to promote the digital economy, startups, innovation, job creation, and digital governance. She declared that the next fiscal year would mark the beginning of the IT Decade, establishing IT as a pillar of the economy. The government&#39;s programs for economic development and job creation will be enhanced through technology, enabling economic and social transformation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma acknowledged the ineffective implementation of the Digital Nepal Framework, initiated in 2076, and noted the lack of clear data, with 100,000 people currently working in the IT sector. She attributed the issues to outdated and unclear policies, and affirmed the government&#39;s efforts to reform these laws. Additionally, the government plans to create knowledge parks through public-private partnerships, offer internships to undergraduates, foster an entrepreneurial environment, and establish an innovation commission. She informed that the Cyber Security Policy 2080 has been released and sought support and suggestions for new legislation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SEJON President Sujan Oli expressed concern that the IT Decade may face challenges similar to previous initiatives in tourism and energy. Dr. Amrita Sharma, an IIDS consultant presenting the paper, emphasized that digitization requires stability and political commitment, asserting that the Digital Nepal Framework must stay on track. She highlighted the need for a private sector-focused approach, with the government acting as a business partner and promoter.</span></span></span></p>

<p>&nbsp;</p>
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			'keywords' => 'IT, information, technology, digital, Nepal, framework, export, billion',
			'description' => '',
			'sortorder' => '20980',
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	(int) 13 => array(
		'Article' => array(
			'id' => '21254',
			'article_category_id' => '1',
			'title' => 'NEPSE Registers a 6.37-Point Gain to Close at 2121.62',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 12: The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the trading session, 312 different company stocks (scrips) were traded through total 74,858 transactions. A total of 12,950,407 units of shares changed hands, resulting into a total turnover of Rs 5.89 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) was the company with the highest turnover, recording transactions worth Rs 27 crore. Samriddhi Finance Limited (SFCL) and Mid Solu Hydropower Limited (MSHL) witnessed the most significant positive change, each gaining 10% and reaching the upper limit (positive circuit) for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, Sayapatri Hydropower Limited (SPHL) experienced the biggest loss, falling 4.48% and closing at a market price of Rs 533 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Looking at the sectoral performance, all sectors except for Hotels and Tourism, Hydropower, Non-Life Insurance, and Trading witnessed gains.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Index enjoyed the highest increase at 1.07%, while the Hydropower Index suffered the most significant decline at 0.61%.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21252',
			'article_category_id' => '1',
			'title' => 'Financial Irregularities Rampant at the Local Level',
			'sub_title' => 'CIAA Receives 17,000 Complaints Against People's Representatives',
			'summary' => '',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The Commission for Investigation of Abuse of Authority (CIAA) has registered a case in the special court against six individuals, including the suspended mayor of Bagmati Municipality in Sarlahi, Bharat Kumar Thapa. Thapa was automatically suspended from his position following the provisions of the Prevention of Corruption Act after the CIAA filed a case on April 10, accusing him of illegally amassing wealth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On Tuesday, the anti-graft body registered another case, alleging that Thapa and five others committed irregularities worth Rs 302.9 million in the construction of Bharat Tal in the municipality. The CIAA also filed charges against the municipality&#39;s deputy mayor, Leela Kumari Moktan, demanding a bond of Rs 302.9 million from her.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The initial case against Thapa claims he illegally earned Rs 53.3 million. The charge sheet details that Thapa had a legal income of Rs 78.6 million from mid-September 2017 to mid-February 2023 but invested and spent Rs 132 million during this period, leading to a discrepancy of Rs 53.3 million. The CIAA has demanded fines, punishment, and property confiscation for Thapa, asserting that he earned illegal property in the names of his wife Reshmi Kumari Ghimire, brother Ram Thapa, and daughter-in-law Dwarika Raut. They have also been made defendants in the case, with a demand for property confiscation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Recently, the CIAA filed another corruption case against 14 individuals, including Mayor Gajendra Maharjan of Lalitpur&#39;s Godavari Municipality, accusing them of causing a loss of Rs 1.487 billion to the government by under-invoicing tenders for sand and gravel excavation. CIAA claims these actions led to significant revenue loss from FY 2075/76 to 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Yagyaraj Regmi, the information officer of the special court, the CIAA filed the case on the grounds of revenue embezzlement by issuing tenders below the government rate. Mayor Maharjan, elected from the Nepali Congress, was also elected in the local elections of 2074.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The CIAA is currently investigating numerous complaints against public representatives, with 10-12 cases filed monthly in the special court after investigations. Joint Secretary and Spokesperson of the CIAA, Narahari Ghimire, noted that complaints of corruption and irregularities are being prioritized. He indicated that the nature of the current cases suggests a misuse of power by people&#39;s representatives, and he anticipates an increase in complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CIAA&#39;s report highlights financial irregularities in programs such as procurement, agricultural initiatives, small contracts, river product excavation, report preparation, and road construction. There is a significant number of complaints alleging that representatives have illegally profited by misusing their power, violating laws, and causing state revenue losses.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">This year, approximately 17,000 complaints have been filed against local representatives, making up about half of the total 33,000 complaints. This surge in complaints indicates that corruption has deeply rooted itself at the local level. The highest number of complaints have been made against representatives in Madhesh Province.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Bhim Prasad Dhungana, chairman of the Municipal Association of Nepal, argued that corruption is less prevalent at the local level compared to the federal government. He emphasized that there are many local levels, which naturally leads to a higher number of complaints. He argued that there are 753 local governments in the country, compared to one federal and seven provincial governments. Dhungana suggested that allegations of widespread local corruption are attempts to weaken local governance. He also noted that many cases escalate due to anonymous complaints against public representatives.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Ghimire mentioned that anonymous complaints are permitted to protect the complainant&#39;s privacy, and the authority investigates based on these complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In addition to the CIAA&#39;s findings, the Auditor General&#39;s report also highlights financial indiscipline at the local level, noting worsening arrears and failure to follow procurement processes, leading to random fund disbursements.</span></span></span></p>
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			'id' => '21270',
			'article_category_id' => '1',
			'title' => 'New Cable Car Starts Operation in Bandipur',
			'sub_title' => '',
			'summary' => 'The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Bandipur cable car began full commercial operations on Thursday, following its completion and certification. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Executive Director Kiran Pokhrel, the service received its TUV certificate, ensuring it meets international technology and safety standards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car had been in partial operation since April 13, but it is now fully operational. The installation and load testing were completed about a year ago. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Company Chairperson Ram Chandra Sharma confirmed that after thorough three-phase testing, the cable car received its TUV certificate for commercial operations. &ldquo;We prioritized safety and quality, and only opened the cable car after all preparations were completed,&rdquo; Sharma stated.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car offers an adventurous experience, covering a distance of 1,700 meters from Dumre Bazaar to the temple in just 7 minutes, with a route likened to climbing a 90-degree vertical cliff. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the 31 cable car cabins, 21 are designated for passengers, and the remaining cabins will be used for transporting goods. The cable car operates daily from 6 am to 11 pm.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With this launch, Bandipur joins other Nepali locations such as Manakamana, Chandragiri, Pokhara, Butwal, Dolakha, and Nawalparasi in offering cable car services.</span></span></p>

<p>&nbsp;</p>
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			'created' => '2024-06-14',
			'modified' => '2024-06-14',
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			'sortorder' => '20996',
			'image' => '20240614062124_collage (33).jpg',
			'article_date' => '2024-06-14 06:19:56',
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			'id' => '21269',
			'article_category_id' => '1',
			'title' => 'Three Houses Swept Away, One Injured in Landslides in Sankhuwasabha',
			'sub_title' => '',
			'summary' => 'A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Ram Kumar Lamichhane, officiating chief police inspector at the District Police Office, the landslide destroyed the homes of locals Mani Prasad Rai, Ram Prasad Rai, and Dil Bahadur Rai. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Mani Prasad Rai sustained injuries in the incident. The affected families are currently taking refuge in neighbors&#39; homes.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In total, nine families in various parts of the district have been displaced by the landslide. At Shekha of Khandbari-4, four families were displaced, as reported by ward chair Binod Subba.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, five houses in Chichila rural municipality-1 and 2 are at high risk from monsoon-induced disasters. Authorities are still collecting details of the losses caused by the landslide.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The landslide also damaged the North-South Koshi Roadway Project, destroying a four-kilometer segment of the Khandbari-Kimathanka section, which was about to be blacktopped. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Furthermore, a flash flood triggered by incessant rain has damaged the local road in Num, Makalu rural municipality, disrupting traffic. The estimated loss from this damage is around Rs 10 million, according to the Road Office. (RSS) </span></span></p>
',
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			'created' => '2024-06-13',
			'modified' => '2024-06-13',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20995',
			'image' => '20240613035313_collage (32).jpg',
			'article_date' => '2024-06-13 15:51:58',
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			'id' => '21268',
			'article_category_id' => '1',
			'title' => 'NEPSE Sheds 9.32 Points to Close at 2112.29',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday,&nbsp;the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&#39;s trading session, 313 scrips were traded through 77,400 transactions on NEPSE. A total of 14,294,712 units of shares were exchanged, resulting in a turnover of Rs 6.44 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover with transactions totaling Rs 28 crore. Samriddhi Finance Company Limited (SFCL) and Kutheli Bukhari Small Hydropower Limited (KBSH) both saw a 10% gain, hitting the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Mid Solu Hydropower Limited (MSHL) experienced a 10% loss, hitting the negative circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red except for the Development Bank Index and Finance Index. The Finance Index saw the highest gain at 2.03%, while the Manufacturing and Processing Index faced the largest loss, declining by 1.03%.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21267',
			'article_category_id' => '1',
			'title' => 'UN Chief says Global Tensions Threaten International Trade',
			'sub_title' => '',
			'summary' => 'GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. According to a news report published by AFP, he cautioned the world against splitting into rival blocs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The international trading system is challenged on all sides; teetering on the verge of fragmentation,&quot; Guterres said at a ceremony marking the 60th anniversary of the UN Trade and Development agency (UNCTAD).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Geopolitical tensions are rising; inequalities are growing; the climate crisis is hitting many developing countries hard,&quot; AFP quoted him as saying at the United Nations&#39; European headquarters in Geneva.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New and protracted conflicts are having a ripple effect across the global economy,&quot; he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Trade has become a double-edged sword: a source of both prosperity and inequality; interconnection and dependence; economic innovation and environmental degradation.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The World Trade Organization and the International Monetary Fund have been warning for months against geo-economic fragmentation, in which countries favour trade within their region or specified trading bloc rather than at a global scale, AFP added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, IMF managing director Kristalina Georgieva warned in April last year that countries had to do more to the avert the costly consequences of global trade fragmentation and help to head off a &quot;second Cold War&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">And since the Russian invasion of Ukraine in February 2022, WTO director-general Ngozi Okonjo-Iweala has repeatedly warned of the risks of the world economy fracturing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Multilateral cooperation is weakened and the forces of fragmentation grow stronger,&quot; Guterres warned.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New trade barriers introduced annually have nearly tripled since 2019 -- many driven by geopolitical rivalry, with no concern for their impact on developing countries. The world cannot afford splits into rival blocs. To ensure peace and security, we need one global market and one global economy, in which there is no place for poverty and hunger.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UNCTAD was founded in the early 1960s amid growing concern over the place of developing countries in international trade.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It strives to help developing countries benefit from the global economy more fairly and effectively by providing data and analysis and offering technical assistance on issues surrounding trade and development, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based in Geneva, it now has 195 member states.</span></span></p>

<p>&nbsp;</p>
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			'keywords' => 'UN, chief, global, tension, Antonio, Russia, Ukraine, war, trade',
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			'id' => '21266',
			'article_category_id' => '1',
			'title' => 'Profits of Commercial Banks Drop by 15 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery. The slump in economic activities led to reduced credit flow of banks and increased risk management provisions, which negatively impacted profits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, banks and financial institutions (BFIs) earned a net profit of Rs 53.19 billion as of mid-May this year, which is 15.03 percent less than the Rs 62.6 billion net profit earned in the same period last year. However, compared to a one-month period from mid-March and mid-April of the current fiscal year, profits of banks and financial institutions increased by 19.08 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On June 26, Nepal Rastra Bank issued a directive requiring only 1.20 percent provisioning for good loans, affecting profits. Banks have set aside Rs 78.58 billion for risk management by mid-May of the current year, a 46.56 percent increase from the same period last year. Currently, provisioning is set at 1.20 percent for good loans, 5 percent for micro-monitored loans, 25 percent for bad loans, 50 percent for doubtful loans, and 100 percent for non-performing loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meanwhile, the profits of finance companies have decreased by the highest margin of 63 percent compared to mid-May of last year. In the first 10 months of the previous year, finance companies had made a profit of Rs 1.14 billion, but this year it dropped to Rs 410 million. The amount finance companies have to set aside for risk has increased by 43.78 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the profits of commercial banks have decreased by 14.96 percent. Commercial banks made a profit of Rs 57.16 billion by mid-May of last year, but only Rs 48.60 billion in the same period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The profit of development banks decreased by 2.85 percent, from Rs 4.29 billion in mid-May last year to Rs 4.17 billion in the corresponding period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, by mid-May of the current year, deposits in banks and financial institutions increased by Rs 444 billion (7.8 percent), while lending increased by Rs 225 billion (4.7 percent). Income was affected because banks could not provide loans in proportion to the increase in deposits. The distributable profit of 10 commercial banks was negative in the third quarter of the current year due to non-recovery of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former President of Nepal Bankers Association Bhuwan Kumar Dahal stated that when economic activity slows down, the bad loans of banks increase, affecting profits. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Banks have had to set aside a large amount of money for provisioning,&quot; he said.</span></span></p>

<p>&nbsp;</p>
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			'keywords' => 'profit, banks, Nepal, commercial, BFI, economic, slump',
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			'sortorder' => '20992',
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			'id' => '21263',
			'article_category_id' => '1',
			'title' => 'Success and Challenges of WB-Assisted Sub-Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ganesh Subedi</span></strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread. However, the subsidized sub-projects under the Nepal Livestock Sector Innovation Project (NLSIP), run by the Ministry of Agriculture with World Bank-subsidized loan investment, stand out as different. This project, often criticized for granting loans from donors, has been seen as successful and exemplary compared to other grant projects.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Deen Bandhu Integrated Agricultural Farm, located in Kapilvastu Municipality-11 in Kapilvastu District, is one of the farms that received a subsidy from the project. Currently, the farm, run by local Hari Prasad Paudel, has 32 cattle, including 9 cows and 23 buffaloes. Paudel, who once sold 150 liters of milk daily, now sells 80 liters daily due to health issues but remains happy with the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He expressed satisfaction with the income from his milk business, noting that his connection with the project has improved animal health, reduced expenses, and provided professional knowledge, leading to a monthly income of Rs 200,000. Paudel received a subsidy of Rs 2.2 million from the project, which he used to build a well-organized shed and install machinery and equipment.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudel is one example among many. More than 200 farmers have joined this project. Despite the successes, farmers have raised concerns about bank loans, subsidy amounts, market access, and marketing challenges.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A nationwide shortage of agricultural laborers has compounded problems for livestock farmers, who struggle with the lack of workers despite no issues with milk consumption once a market is found. &quot;Connecting with NLSIP has made the business satisfactory,&quot; said Paudel. &quot;Half of the earnings make up for the expenses and the other half is the profit, but you have to be able to work.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added, &quot;The younger generation is leaving, there are no workers, and those remaining in the country are not interested in animal husbandry. If you get sick, you have to sell the animal. Perhaps we are the last generation to adopt the agricultural profession in Nepal.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Organizations and farms operating sub-projects have reported problems due to the mandatory provision of 30% loan requirement from financial institutions under the project&#39;s tripartite investment model. During media monitoring organized by the project last week, farmers indicated they had to take loans to receive subsidies but faced issues due to delay in release of the amount by the financer.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Project monitoring and evaluation officer Ishwari Prasad Khatiwada noted that some applicants who were not selected filed a court case, halting project payments. However, the release of payment resumed following the court&#39;s interim order not to stop ongoing project payments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Khatiwada explained that involving financial institutions ensures regular monitoring and stability, making the loan mandatory. According to the sub-project manager, while cooperation with banks is easier for institutional and private farms, sub-project groups struggle to secure loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the cooperatives and private farm owners running sub-projects with grants from the project complained about the requirement to take bank loans despite having 50% of the needed investment. Tika Neupane, president of Sanakisan Krishi Sahakari Ltd., stated, &quot;We had enough capital for our share members, but the project required a loan from a financial institution. Since all members did not have collateral, we took a bank loan and provided it as surety.&quot;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '21262',
			'article_category_id' => '1',
			'title' => 'Advance Income Tax Likely to Cause Price Hike of Food Grains',
			'sub_title' => 'Government Justifies Advance Income Tax as a Measure to Protect Domestic Production',
			'summary' => 'KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Finance Bill introduced alongside the budget for the next fiscal year (FY 2081/82) includes a provision to collect an advance income tax of 1.5 to 10 percent on food grain imports, depending on the item. Previously, the maximum advance income tax was 5 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new bill, a 2 percent advance income tax is imposed on rice imports and 10 percent on pulses. &quot;Currently, we pay a 20 percent export tax to India, a 5 percent agricultural service tax to the Government of Nepal, and a 2 percent advance income tax, totaling a 27 percent tax,&quot; said Bivor Agarwal, a member of the Nepal Rice, Oil, and Lentil Industry Association. &quot;We then process and sell the rice in Nepal.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This tax increase will raise the prices of rice by Rs 100 per bag, he added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In an interview with New Business Age, Agarwal noted that pulses have become more expensive by Rs 10 to 15 per kilo due to the 10 percent advance income tax. Most of the daily consumables, including potatoes and onions, now face a 10 percent advance income tax at customs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A 2.5 percent advance income tax is charged on flour imports. Businessmen argue that these high taxes on vegetables, potatoes, onions, and fish will increase prices and burden the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Currently, the increased advance income tax will not be refunded to importers as before,&quot; said Anand Gupta, information officer of the Inland Revenue Department. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A former director general of the department told New Business Age that the non-refundable advance income tax will further increase the price of imported food. The government justifies this tax as a measure to reduce imports of goods that are produced in sufficient quantities domestically, thus boosting local production. The government asserts that domestic needs will be met by increasing local production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Ministry of Agriculture and Livestock Development, Nepal produced 7.11 million metric tons of food grains, including rice, corn, millet, wheat, barley, and peas in FY 2078/79. Nepal&#39;s annual requirement is 5.46 million metric tons, indicating a surplus of 1.65 million metric tons. However, customs department data shows that 1.606 million metric tons of food grains were imported the same year. Businessmen claim that importing food from India is essential for running mills due to the competitive pricing of Indian agricultural products, which has long hindered the marketability of Nepali products.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Last Wednesday, Finance Minister Barshman Pun addressed MPs&#39; questions in the House of Representatives regarding the budget. He confirmed that the prices of imported goods would rise in the coming days. Minister Pun argued that imposing advance income tax on imports protects the domestic agricultural market. He believes that making imported agricultural products more expensive through advance income tax will naturally protect and promote local agriculture.</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20988',
			'image' => '20240613010128_20230113015027_fair price shoppp.jpg',
			'article_date' => '2024-06-13 11:54:21',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21261',
			'article_category_id' => '1',
			'title' => 'Bangladesh Moves a Step Closer to Importing Electricity from Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>KATHMANDU: </strong>A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On Tuesday, a cabinet committee led by Finance Minister of Bangladesh, Abul Hasan Mahmud Ali, approved the purchase of 40 megawatts of electricity from Nepal. According to the state-run news agency Bangladesh Sangbad Sangstha (BSS), Mahmudul Hossain Khan, secretary of the Cabinet Division (Coordination and Reform), announced this decision, confirming the five-year electricity import plan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The electricity will be transferred from Nepal to Bangladesh via India&#39;s transmission grid under a tripartite agreement involving the Bangladesh Power Development Board, Nepal Electricity Authority, and India&#39;s NTPC Vidyut Vyapar Nigam (NVVN). India has indicated readiness for this tripartite arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The agreed-upon price for the electricity is 8.17 Bangladeshi Taka per unit. Nepal had proposed this price to Bangladesh in December, but the Bangladeshi government delayed its decision.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the Nepal Electricity Authority stated that following the Bangladesh Cabinet Committee&#39;s decision, Nepal can soon begin exporting electricity to Bangladesh. Nepal aims to start this export during the current rainy season. A high-level meeting between the two countries is expected to finalize the details soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Navin Singh, spokesperson for Nepal&#39;s Ministry of Energy, Water Resources, and Irrigation, previously informed New Business Age that the next meeting of the joint mechanism&mdash;the Joint Secretary-level Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC)&mdash;is scheduled for June 23 and 24 in Pokhara.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The official also mentioned that discussions at the high-level meeting will include how to maximize electricity exchange using the current transmission infrastructure.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;NVVN can also participate, potentially leading to a tripartite agreement, but the exact outcome is uncertain,&quot; said an official from the NEA. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Till date, Nepal has only sold electricity to India. Energy sector officials believe that if this export to Bangladesh succeeds, it will pave the way for tripartite cooperation in the energy sector.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-13',
			'modified' => '2024-06-13',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20987',
			'image' => '20240613112209_20240223021605_banglad.jpg',
			'article_date' => '2024-06-13 11:21:19',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21260',
			'article_category_id' => '1',
			'title' => 'Kathmandu Valley's Temperature to Remain High Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meteorologist Govinda Jha mentioned that the temperature will remain high in the capital city, ranging between 31 and 33 degrees Celsius despite the rainfall. It will take a few more days for the monsoon to fully arrive in Kathmandu, he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, light rain with thunder and lightning is occurring in some parts of Koshi province. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The daily bulletin issued by the department mentions that the eastern parts of Nepal are currently under the influence of the monsoon system while the other parts of the country are under partial effects of the local and westerly winds and a low-pressure area around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, the weather will be partly to generally cloudy in the hill regions, including Koshi, Madhes, and Bagmati provinces, while the rest of the country will remain clear today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This afternoon, the weather will be partly to generally cloudy in the hill regions of Bagmati and Gandaki provinces and clear in the rest of the country. Light to moderate rain with thunder and lightning is likely in the hill regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tonight, the weather will continue to be partly to generally cloudy in these hill regions, with light to moderate rain and thunderstorms expected in a few places. Additionally, there is a possibility of wind storms in some areas of Koshi and Madhes provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in the hill regions of Koshi, Bagmati, and Gandaki provinces and in a few places elsewhere in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The department has urged people to remain alert due to the possibility of storms in parts of the Tarai region of Koshi and Madhes provinces.</span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-06-13 10:46:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21259',
			'article_category_id' => '1',
			'title' => 'Nepal Electricity Authority Launches Data Center with an Investment of Rs 1.4 Billion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. This data center, built with an investment of Rs 1.4 billion, is designed to provide future services to commercial companies and includes advanced facilities alongside a load dispatch center.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The three-story building, constructed using prefabricated containers, houses the Kathmandu Valley&#39;s underground power distribution and monitoring system, regulation and control, and security operation room on the ground floor. The office and network operation room are on the first floor, and the data center is on the top floor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The data center complies with Tier 3 international standards. It is the first in Nepal to meet these standards under the Digital NEA Program, aiming to modernize and digitize the authority&#39;s service delivery. The data center will store and integrate all IT-related data for the authority. Kulman Ghising, NEA&#39;s executive director, announced plans to create a private cloud for data storage and mentioned that the process of building a disaster recovery center at the new Butwal Substation in Sunwal, Nawalparasi, is underway.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Until the disaster recovery center is completed, the existing data center at the NEA headquarters will serve as the recovery center. The new data center features 40 IT racks, including 36 servers and 4 network racks. It meets Tier 3 requirements with N+1 power supply, cooling, automatic fire control, CCTV monitoring, and continuous operations and safety monitoring.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Uninterrupted power supply is ensured with two 1-megawatt generators ready to operate the data center safely in case of local or national power issues. Additionally, two 300 KVA modular UPS units with lithium-ion batteries have been installed for reliability. The center can remain operational during maintenance and equipment replacement.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">An optical fiber with an alternative route connects the NEA&#39;s head office at Ratna Park to the data center. The connection is established via Teku and Balaju. Staff are deployed to operate the data center 24/7.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Alongside the data center, infrastructure has been developed to monitor, regulate, and control the automated underground distribution system in Kathmandu Valley. Substations and switching stations in the valley will be connected, allowing management, monitoring, and control of the power distribution system below 11 KV. A charging station has also been set up at the data center premises, capable of charging three electric vehicles simultaneously.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">A contract for the construction of the center was signed with the Chinese company Yantai Dongfang Wisdom Electric Company Ltd in July 2021, and work commenced in November of the same year. The project was funded by the government, NEA, and a concessional loan from the Asian Development Bank.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'modified' => '2024-06-13',
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	(int) 10 => array(
		'Article' => array(
			'id' => '21258',
			'article_category_id' => '1',
			'title' => 'International Tourism Fair in Kathmandu from Friday',
			'sub_title' => '',
			'summary' => 'KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. The fair is to take place with the participation of tourism entrepreneurs from 16 countries.&nbsp;&nbsp;&nbsp;&nbsp;<br />
More than 150 stalls of businessmen from 16 countries will be displayed in the fair to be organized by Summit Event and Market, says Bishnu Pandey, proprietor of the organization.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&quot;We believe that the fair will help in sustainable tourism development and cultural exchange in the country,&quot; he said.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Nepal, India, Korea, Taiwan, Singapore, the Maldives, the USA, the Netherlands, Sri Lanka, China, Thailand, Dubai, Bangladesh, Vietnam, Malaysia and Bhutan will participate in the fair. Similarly, stalls of all seven provinces will also be displayed in the fair. Nepal Tourism Board (NTB) and Kathmandu Metropolitan City (KMC) have extended support to the fair to be held at Bhrikutimandap. &nbsp;-- RSS</span></p>
',
			'published' => true,
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			'description' => '',
			'sortorder' => '20984',
			'image' => '20240613095222_20240612092215_20210110022747_20201102015340_20201016032657_1602804123.Clipboard13.jpg',
			'article_date' => '2024-06-13 09:50:49',
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	(int) 11 => array(
		'Article' => array(
			'id' => '21255',
			'article_category_id' => '1',
			'title' => 'FNCCI President Calls for Foreign Investment to Realize Social Justice',
			'sub_title' => '',
			'summary' => ' KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.',
			'content' => '<p><span style="font-size:16px">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.</span></p>

<p><span style="font-size:16px">In his address to the 112th International Labour Conference underway in Geneva, Switzerland, he said the private sector of Nepal diligently follows all ILO Regulations and Conventions that the government has signed. Moreover, we have independently undertaken numerous initiatives to uphold employee dignity.</span></p>

<p><span style="font-size:16px">&quot;Dignity, in our view, goes beyond proper conduct. It involves enhancing our employees&rsquo; capacities for personal and professional development, providing them with better opportunities&quot;.&nbsp;</span></p>

<p><span style="font-size:16px">Emphasizing on the need for investments to help fulfill the agenda of social justice by creating decent employment opportunities, Dhakal said Nepal holds immense potential in hydropower production, with huge markets in India and Bangladesh. We have an agreement with India to buy 10,000 Mega Watts of electricity and are in the process of signing an agreement with Bangladesh.</span></p>

<p><span style="font-size:16px">Tourism is another vital sector. Our beautiful hill stations and Himalayas are popular destinations, and the multiplier effect in tourism is substantial, providing livelihood opportunities for the rural population.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI Chair shared that the youth population of the country is a valuable asset for investors, especially in the booming ICT sector, which offers decent work opportunities for youth on a large scale.</span></p>

<p><span style="font-size:16px">&quot;Nepal, situated between India and China, offers duty-free market access to India, which will continue even after graduation from the Least Developed Country category&quot;, he said, &quot;This facility will be available in the EU market until 2029, and we are negotiating similar access with China and other markets. This positioning allows for production in Nepal with export potential worldwide&quot;.</span></p>

<p><span style="font-size:16px">The Cabinet has approved the Bilateral Investment Agreement Framework, and we are ready to sign agreements with interested countries. The Budget also promises to sign Double Taxation Avoidance Agreements (DTAA) with potential countries.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI is the largest private sector umbrella organisation in Nepal, representing around 600,000 businesses.</span></p>
',
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			'created' => '2024-06-12',
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			'sortorder' => '20981',
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			'article_date' => '2024-06-12 21:06:10',
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	(int) 12 => array(
		'Article' => array(
			'id' => '21253',
			'article_category_id' => '1',
			'title' => 'Policy Reforms Could Enable Rs 30 Billion in Information Technology Exports',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government’s announcement of IT Decade in the budget of next fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government&rsquo;s announcement of IT Decade in the budget of next fiscal year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Speaking at a discussion program on the Information Technology Decade organized by the Society of Economic Journalists Nepal (SEJON) on Tuesday, experts stated that exporting information technology services worth Rs 30 billion would be achievable if policy reforms and legal hurdles are addressed, and a stable policy is established.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Finance Minister Barshaman Pun announced that through the budget for fiscal year 2081/82, the government aims to export IT services worth Rs 30 billion and create 500,000 direct and 1 million indirect jobs within ten years. To support this goal, the government has taken policy decisions to encourage the private sector by protecting and promoting the industry.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister Pun also mentioned that a high-level commission will be formed to ensure policy stability in the IT sector, prioritizing the creation of a legal framework. He highlighted the revision of the &#39;Digital Nepal Framework&#39; and the establishment of institutional arrangements for its implementation and monitoring. Additionally, the operation of IT parks with high-speed internet, electricity, security, and other infrastructure in Kathmandu Valley and Butwal will be advanced, with plans to build 10 IT parks across all provinces.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Emphasizing the role of the private sector in driving the IT-related service industry, similar to agriculture, tourism, and energy, Pun stated that the state does not intend to engage in business but will address tax issues through discussions. He asserted that the IT Decade would foster the belief that intellectual labor can be performed from Nepal, reducing the need for Nepalis to work abroad for income.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Pun reiterated the need for the government to maintain up-to-date and stable policies in the IT sector to accommodate the digital generation, aiming to create a competitive environment for the young generation to thrive in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister for Communication and Information Technology Rekha Sharma announced the formation of a task force under her ministry to achieve the IT Decade goals, with a clear annual blueprint for activities. She stated that Nepal Telecom and the Nepal Telecommunications Authority are preparing their budgets to align with the IT sector policies outlined in the budget. The government is also ready to utilize domestically produced software and will provide free space in IT parks in Kathmandu and Butwal, with various programs conducted in public-private partnerships.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma emphasized the government&#39;s commitment to revising necessary policies and laws to promote the digital economy, startups, innovation, job creation, and digital governance. She declared that the next fiscal year would mark the beginning of the IT Decade, establishing IT as a pillar of the economy. The government&#39;s programs for economic development and job creation will be enhanced through technology, enabling economic and social transformation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma acknowledged the ineffective implementation of the Digital Nepal Framework, initiated in 2076, and noted the lack of clear data, with 100,000 people currently working in the IT sector. She attributed the issues to outdated and unclear policies, and affirmed the government&#39;s efforts to reform these laws. Additionally, the government plans to create knowledge parks through public-private partnerships, offer internships to undergraduates, foster an entrepreneurial environment, and establish an innovation commission. She informed that the Cyber Security Policy 2080 has been released and sought support and suggestions for new legislation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SEJON President Sujan Oli expressed concern that the IT Decade may face challenges similar to previous initiatives in tourism and energy. Dr. Amrita Sharma, an IIDS consultant presenting the paper, emphasized that digitization requires stability and political commitment, asserting that the Digital Nepal Framework must stay on track. She highlighted the need for a private sector-focused approach, with the government acting as a business partner and promoter.</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '21254',
			'article_category_id' => '1',
			'title' => 'NEPSE Registers a 6.37-Point Gain to Close at 2121.62',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 12: The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the trading session, 312 different company stocks (scrips) were traded through total 74,858 transactions. A total of 12,950,407 units of shares changed hands, resulting into a total turnover of Rs 5.89 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) was the company with the highest turnover, recording transactions worth Rs 27 crore. Samriddhi Finance Limited (SFCL) and Mid Solu Hydropower Limited (MSHL) witnessed the most significant positive change, each gaining 10% and reaching the upper limit (positive circuit) for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, Sayapatri Hydropower Limited (SPHL) experienced the biggest loss, falling 4.48% and closing at a market price of Rs 533 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Looking at the sectoral performance, all sectors except for Hotels and Tourism, Hydropower, Non-Life Insurance, and Trading witnessed gains.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Index enjoyed the highest increase at 1.07%, while the Hydropower Index suffered the most significant decline at 0.61%.</span></span></p>

<p>&nbsp;</p>
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			'title' => 'Financial Irregularities Rampant at the Local Level',
			'sub_title' => 'CIAA Receives 17,000 Complaints Against People's Representatives',
			'summary' => '',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The Commission for Investigation of Abuse of Authority (CIAA) has registered a case in the special court against six individuals, including the suspended mayor of Bagmati Municipality in Sarlahi, Bharat Kumar Thapa. Thapa was automatically suspended from his position following the provisions of the Prevention of Corruption Act after the CIAA filed a case on April 10, accusing him of illegally amassing wealth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On Tuesday, the anti-graft body registered another case, alleging that Thapa and five others committed irregularities worth Rs 302.9 million in the construction of Bharat Tal in the municipality. The CIAA also filed charges against the municipality&#39;s deputy mayor, Leela Kumari Moktan, demanding a bond of Rs 302.9 million from her.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The initial case against Thapa claims he illegally earned Rs 53.3 million. The charge sheet details that Thapa had a legal income of Rs 78.6 million from mid-September 2017 to mid-February 2023 but invested and spent Rs 132 million during this period, leading to a discrepancy of Rs 53.3 million. The CIAA has demanded fines, punishment, and property confiscation for Thapa, asserting that he earned illegal property in the names of his wife Reshmi Kumari Ghimire, brother Ram Thapa, and daughter-in-law Dwarika Raut. They have also been made defendants in the case, with a demand for property confiscation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Recently, the CIAA filed another corruption case against 14 individuals, including Mayor Gajendra Maharjan of Lalitpur&#39;s Godavari Municipality, accusing them of causing a loss of Rs 1.487 billion to the government by under-invoicing tenders for sand and gravel excavation. CIAA claims these actions led to significant revenue loss from FY 2075/76 to 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Yagyaraj Regmi, the information officer of the special court, the CIAA filed the case on the grounds of revenue embezzlement by issuing tenders below the government rate. Mayor Maharjan, elected from the Nepali Congress, was also elected in the local elections of 2074.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The CIAA is currently investigating numerous complaints against public representatives, with 10-12 cases filed monthly in the special court after investigations. Joint Secretary and Spokesperson of the CIAA, Narahari Ghimire, noted that complaints of corruption and irregularities are being prioritized. He indicated that the nature of the current cases suggests a misuse of power by people&#39;s representatives, and he anticipates an increase in complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CIAA&#39;s report highlights financial irregularities in programs such as procurement, agricultural initiatives, small contracts, river product excavation, report preparation, and road construction. There is a significant number of complaints alleging that representatives have illegally profited by misusing their power, violating laws, and causing state revenue losses.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">This year, approximately 17,000 complaints have been filed against local representatives, making up about half of the total 33,000 complaints. This surge in complaints indicates that corruption has deeply rooted itself at the local level. The highest number of complaints have been made against representatives in Madhesh Province.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Bhim Prasad Dhungana, chairman of the Municipal Association of Nepal, argued that corruption is less prevalent at the local level compared to the federal government. He emphasized that there are many local levels, which naturally leads to a higher number of complaints. He argued that there are 753 local governments in the country, compared to one federal and seven provincial governments. Dhungana suggested that allegations of widespread local corruption are attempts to weaken local governance. He also noted that many cases escalate due to anonymous complaints against public representatives.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Ghimire mentioned that anonymous complaints are permitted to protect the complainant&#39;s privacy, and the authority investigates based on these complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In addition to the CIAA&#39;s findings, the Auditor General&#39;s report also highlights financial indiscipline at the local level, noting worsening arrears and failure to follow procurement processes, leading to random fund disbursements.</span></span></span></p>
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		'Article' => array(
			'id' => '21270',
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			'title' => 'New Cable Car Starts Operation in Bandipur',
			'sub_title' => '',
			'summary' => 'The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The picturesque town of Bandipur in Tanahun has officially launched its cable car service, enhancing its appeal as a tourist destination.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Bandipur cable car began full commercial operations on Thursday, following its completion and certification. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Executive Director Kiran Pokhrel, the service received its TUV certificate, ensuring it meets international technology and safety standards.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car had been in partial operation since April 13, but it is now fully operational. The installation and load testing were completed about a year ago. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Company Chairperson Ram Chandra Sharma confirmed that after thorough three-phase testing, the cable car received its TUV certificate for commercial operations. &ldquo;We prioritized safety and quality, and only opened the cable car after all preparations were completed,&rdquo; Sharma stated.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The cable car offers an adventurous experience, covering a distance of 1,700 meters from Dumre Bazaar to the temple in just 7 minutes, with a route likened to climbing a 90-degree vertical cliff. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the 31 cable car cabins, 21 are designated for passengers, and the remaining cabins will be used for transporting goods. The cable car operates daily from 6 am to 11 pm.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With this launch, Bandipur joins other Nepali locations such as Manakamana, Chandragiri, Pokhara, Butwal, Dolakha, and Nawalparasi in offering cable car services.</span></span></p>

<p>&nbsp;</p>
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			'created' => '2024-06-14',
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			'sortorder' => '20996',
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			'article_date' => '2024-06-14 06:19:56',
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			'id' => '21269',
			'article_category_id' => '1',
			'title' => 'Three Houses Swept Away, One Injured in Landslides in Sankhuwasabha',
			'sub_title' => '',
			'summary' => 'A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: A landslide in Sankhuwasabha swept away three houses last night, injuring one person in Kokti village, Angla of Khandbari municipality-11.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Ram Kumar Lamichhane, officiating chief police inspector at the District Police Office, the landslide destroyed the homes of locals Mani Prasad Rai, Ram Prasad Rai, and Dil Bahadur Rai. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Mani Prasad Rai sustained injuries in the incident. The affected families are currently taking refuge in neighbors&#39; homes.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In total, nine families in various parts of the district have been displaced by the landslide. At Shekha of Khandbari-4, four families were displaced, as reported by ward chair Binod Subba.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Additionally, five houses in Chichila rural municipality-1 and 2 are at high risk from monsoon-induced disasters. Authorities are still collecting details of the losses caused by the landslide.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The landslide also damaged the North-South Koshi Roadway Project, destroying a four-kilometer segment of the Khandbari-Kimathanka section, which was about to be blacktopped. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Furthermore, a flash flood triggered by incessant rain has damaged the local road in Num, Makalu rural municipality, disrupting traffic. The estimated loss from this damage is around Rs 10 million, according to the Road Office. (RSS) </span></span></p>
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			'title' => 'NEPSE Sheds 9.32 Points to Close at 2112.29',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday, the last trading day of the week.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 13: The Nepal Stock Exchange (NEPSE) Index experienced a decline of 9.32 points, or 0.43%, closing at 2112.29 on Thursday,&nbsp;the last trading day of the week.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&#39;s trading session, 313 scrips were traded through 77,400 transactions on NEPSE. A total of 14,294,712 units of shares were exchanged, resulting in a turnover of Rs 6.44 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal Finance Limited (NFS) led the turnover with transactions totaling Rs 28 crore. Samriddhi Finance Company Limited (SFCL) and Kutheli Bukhari Small Hydropower Limited (KBSH) both saw a 10% gain, hitting the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Mid Solu Hydropower Limited (MSHL) experienced a 10% loss, hitting the negative circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the red except for the Development Bank Index and Finance Index. The Finance Index saw the highest gain at 2.03%, while the Manufacturing and Processing Index faced the largest loss, declining by 1.03%.</span></span></p>

<p>&nbsp;</p>
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			'id' => '21267',
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			'title' => 'UN Chief says Global Tensions Threaten International Trade',
			'sub_title' => '',
			'summary' => 'GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">GENEVA: The international trading system is on the brink of fragmenting amid rising geopolitical tensions, UN Secretary-General Antonio Guterres warned Wednesday. According to a news report published by AFP, he cautioned the world against splitting into rival blocs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The international trading system is challenged on all sides; teetering on the verge of fragmentation,&quot; Guterres said at a ceremony marking the 60th anniversary of the UN Trade and Development agency (UNCTAD).</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Geopolitical tensions are rising; inequalities are growing; the climate crisis is hitting many developing countries hard,&quot; AFP quoted him as saying at the United Nations&#39; European headquarters in Geneva.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New and protracted conflicts are having a ripple effect across the global economy,&quot; he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Trade has become a double-edged sword: a source of both prosperity and inequality; interconnection and dependence; economic innovation and environmental degradation.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The World Trade Organization and the International Monetary Fund have been warning for months against geo-economic fragmentation, in which countries favour trade within their region or specified trading bloc rather than at a global scale, AFP added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the news agency, IMF managing director Kristalina Georgieva warned in April last year that countries had to do more to the avert the costly consequences of global trade fragmentation and help to head off a &quot;second Cold War&quot;.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">And since the Russian invasion of Ukraine in February 2022, WTO director-general Ngozi Okonjo-Iweala has repeatedly warned of the risks of the world economy fracturing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Multilateral cooperation is weakened and the forces of fragmentation grow stronger,&quot; Guterres warned.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;New trade barriers introduced annually have nearly tripled since 2019 -- many driven by geopolitical rivalry, with no concern for their impact on developing countries. The world cannot afford splits into rival blocs. To ensure peace and security, we need one global market and one global economy, in which there is no place for poverty and hunger.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">UNCTAD was founded in the early 1960s amid growing concern over the place of developing countries in international trade.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It strives to help developing countries benefit from the global economy more fairly and effectively by providing data and analysis and offering technical assistance on issues surrounding trade and development, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based in Geneva, it now has 195 member states.</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21266',
			'article_category_id' => '1',
			'title' => 'Profits of Commercial Banks Drop by 15 Percent',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The profits of commercial banks dropped by over 15 percent as of mid-May in the current fiscal year (FY 2080/81) due to the decline in economic activities and weak loan recovery. The slump in economic activities led to reduced credit flow of banks and increased risk management provisions, which negatively impacted profits.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, banks and financial institutions (BFIs) earned a net profit of Rs 53.19 billion as of mid-May this year, which is 15.03 percent less than the Rs 62.6 billion net profit earned in the same period last year. However, compared to a one-month period from mid-March and mid-April of the current fiscal year, profits of banks and financial institutions increased by 19.08 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On June 26, Nepal Rastra Bank issued a directive requiring only 1.20 percent provisioning for good loans, affecting profits. Banks have set aside Rs 78.58 billion for risk management by mid-May of the current year, a 46.56 percent increase from the same period last year. Currently, provisioning is set at 1.20 percent for good loans, 5 percent for micro-monitored loans, 25 percent for bad loans, 50 percent for doubtful loans, and 100 percent for non-performing loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meanwhile, the profits of finance companies have decreased by the highest margin of 63 percent compared to mid-May of last year. In the first 10 months of the previous year, finance companies had made a profit of Rs 1.14 billion, but this year it dropped to Rs 410 million. The amount finance companies have to set aside for risk has increased by 43.78 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the profits of commercial banks have decreased by 14.96 percent. Commercial banks made a profit of Rs 57.16 billion by mid-May of last year, but only Rs 48.60 billion in the same period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The profit of development banks decreased by 2.85 percent, from Rs 4.29 billion in mid-May last year to Rs 4.17 billion in the corresponding period this year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank, by mid-May of the current year, deposits in banks and financial institutions increased by Rs 444 billion (7.8 percent), while lending increased by Rs 225 billion (4.7 percent). Income was affected because banks could not provide loans in proportion to the increase in deposits. The distributable profit of 10 commercial banks was negative in the third quarter of the current year due to non-recovery of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former President of Nepal Bankers Association Bhuwan Kumar Dahal stated that when economic activity slows down, the bad loans of banks increase, affecting profits. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Banks have had to set aside a large amount of money for provisioning,&quot; he said.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-06-13',
			'modified' => '2024-06-13',
			'keywords' => 'profit, banks, Nepal, commercial, BFI, economic, slump',
			'description' => '',
			'sortorder' => '20992',
			'image' => '20240613010012_bankkkkkkk.jpg',
			'article_date' => '2024-06-13 12:59:25',
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	(int) 5 => array(
		'Article' => array(
			'id' => '21263',
			'article_category_id' => '1',
			'title' => 'Success and Challenges of WB-Assisted Sub-Projects',
			'sub_title' => '',
			'summary' => 'KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Ganesh Subedi</span></strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: In Nepal, news of the misuse of subsidies provided by various agencies and the government is widespread. However, the subsidized sub-projects under the Nepal Livestock Sector Innovation Project (NLSIP), run by the Ministry of Agriculture with World Bank-subsidized loan investment, stand out as different. This project, often criticized for granting loans from donors, has been seen as successful and exemplary compared to other grant projects.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Deen Bandhu Integrated Agricultural Farm, located in Kapilvastu Municipality-11 in Kapilvastu District, is one of the farms that received a subsidy from the project. Currently, the farm, run by local Hari Prasad Paudel, has 32 cattle, including 9 cows and 23 buffaloes. Paudel, who once sold 150 liters of milk daily, now sells 80 liters daily due to health issues but remains happy with the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He expressed satisfaction with the income from his milk business, noting that his connection with the project has improved animal health, reduced expenses, and provided professional knowledge, leading to a monthly income of Rs 200,000. Paudel received a subsidy of Rs 2.2 million from the project, which he used to build a well-organized shed and install machinery and equipment.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Paudel is one example among many. More than 200 farmers have joined this project. Despite the successes, farmers have raised concerns about bank loans, subsidy amounts, market access, and marketing challenges.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A nationwide shortage of agricultural laborers has compounded problems for livestock farmers, who struggle with the lack of workers despite no issues with milk consumption once a market is found. &quot;Connecting with NLSIP has made the business satisfactory,&quot; said Paudel. &quot;Half of the earnings make up for the expenses and the other half is the profit, but you have to be able to work.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">He added, &quot;The younger generation is leaving, there are no workers, and those remaining in the country are not interested in animal husbandry. If you get sick, you have to sell the animal. Perhaps we are the last generation to adopt the agricultural profession in Nepal.&quot;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Organizations and farms operating sub-projects have reported problems due to the mandatory provision of 30% loan requirement from financial institutions under the project&#39;s tripartite investment model. During media monitoring organized by the project last week, farmers indicated they had to take loans to receive subsidies but faced issues due to delay in release of the amount by the financer.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Project monitoring and evaluation officer Ishwari Prasad Khatiwada noted that some applicants who were not selected filed a court case, halting project payments. However, the release of payment resumed following the court&#39;s interim order not to stop ongoing project payments.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Khatiwada explained that involving financial institutions ensures regular monitoring and stability, making the loan mandatory. According to the sub-project manager, while cooperation with banks is easier for institutional and private farms, sub-project groups struggle to secure loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Most of the cooperatives and private farm owners running sub-projects with grants from the project complained about the requirement to take bank loans despite having 50% of the needed investment. Tika Neupane, president of Sanakisan Krishi Sahakari Ltd., stated, &quot;We had enough capital for our share members, but the project required a loan from a financial institution. Since all members did not have collateral, we took a bank loan and provided it as surety.&quot;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'sortorder' => '20989',
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	(int) 6 => array(
		'Article' => array(
			'id' => '21262',
			'article_category_id' => '1',
			'title' => 'Advance Income Tax Likely to Cause Price Hike of Food Grains',
			'sub_title' => 'Government Justifies Advance Income Tax as a Measure to Protect Domestic Production',
			'summary' => 'KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: Food prices are expected to rise further in the domestic market of Nepal as the government has decided to levy up to 10 percent income tax on import of food grains at a time when the Government of India has banned the export of non-Basmati rice and wheat.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Finance Bill introduced alongside the budget for the next fiscal year (FY 2081/82) includes a provision to collect an advance income tax of 1.5 to 10 percent on food grain imports, depending on the item. Previously, the maximum advance income tax was 5 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Under the new bill, a 2 percent advance income tax is imposed on rice imports and 10 percent on pulses. &quot;Currently, we pay a 20 percent export tax to India, a 5 percent agricultural service tax to the Government of Nepal, and a 2 percent advance income tax, totaling a 27 percent tax,&quot; said Bivor Agarwal, a member of the Nepal Rice, Oil, and Lentil Industry Association. &quot;We then process and sell the rice in Nepal.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This tax increase will raise the prices of rice by Rs 100 per bag, he added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In an interview with New Business Age, Agarwal noted that pulses have become more expensive by Rs 10 to 15 per kilo due to the 10 percent advance income tax. Most of the daily consumables, including potatoes and onions, now face a 10 percent advance income tax at customs. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A 2.5 percent advance income tax is charged on flour imports. Businessmen argue that these high taxes on vegetables, potatoes, onions, and fish will increase prices and burden the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;Currently, the increased advance income tax will not be refunded to importers as before,&quot; said Anand Gupta, information officer of the Inland Revenue Department. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">A former director general of the department told New Business Age that the non-refundable advance income tax will further increase the price of imported food. The government justifies this tax as a measure to reduce imports of goods that are produced in sufficient quantities domestically, thus boosting local production. The government asserts that domestic needs will be met by increasing local production.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the Ministry of Agriculture and Livestock Development, Nepal produced 7.11 million metric tons of food grains, including rice, corn, millet, wheat, barley, and peas in FY 2078/79. Nepal&#39;s annual requirement is 5.46 million metric tons, indicating a surplus of 1.65 million metric tons. However, customs department data shows that 1.606 million metric tons of food grains were imported the same year. Businessmen claim that importing food from India is essential for running mills due to the competitive pricing of Indian agricultural products, which has long hindered the marketability of Nepali products.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Last Wednesday, Finance Minister Barshman Pun addressed MPs&#39; questions in the House of Representatives regarding the budget. He confirmed that the prices of imported goods would rise in the coming days. Minister Pun argued that imposing advance income tax on imports protects the domestic agricultural market. He believes that making imported agricultural products more expensive through advance income tax will naturally protect and promote local agriculture.</span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20988',
			'image' => '20240613010128_20230113015027_fair price shoppp.jpg',
			'article_date' => '2024-06-13 11:54:21',
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	(int) 7 => array(
		'Article' => array(
			'id' => '21261',
			'article_category_id' => '1',
			'title' => 'Bangladesh Moves a Step Closer to Importing Electricity from Nepal',
			'sub_title' => '',
			'summary' => 'KATHMANDU: A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><strong>KATHMANDU: </strong>A high-level authority of Bangladesh has decided to import 40 megawatts of electricity from Nepal in the next five years, according to news reports published by Bangladeshi media.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">On Tuesday, a cabinet committee led by Finance Minister of Bangladesh, Abul Hasan Mahmud Ali, approved the purchase of 40 megawatts of electricity from Nepal. According to the state-run news agency Bangladesh Sangbad Sangstha (BSS), Mahmudul Hossain Khan, secretary of the Cabinet Division (Coordination and Reform), announced this decision, confirming the five-year electricity import plan.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The electricity will be transferred from Nepal to Bangladesh via India&#39;s transmission grid under a tripartite agreement involving the Bangladesh Power Development Board, Nepal Electricity Authority, and India&#39;s NTPC Vidyut Vyapar Nigam (NVVN). India has indicated readiness for this tripartite arrangement.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The agreed-upon price for the electricity is 8.17 Bangladeshi Taka per unit. Nepal had proposed this price to Bangladesh in December, but the Bangladeshi government delayed its decision.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">An official from the Nepal Electricity Authority stated that following the Bangladesh Cabinet Committee&#39;s decision, Nepal can soon begin exporting electricity to Bangladesh. Nepal aims to start this export during the current rainy season. A high-level meeting between the two countries is expected to finalize the details soon.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Navin Singh, spokesperson for Nepal&#39;s Ministry of Energy, Water Resources, and Irrigation, previously informed New Business Age that the next meeting of the joint mechanism&mdash;the Joint Secretary-level Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC)&mdash;is scheduled for June 23 and 24 in Pokhara.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The official also mentioned that discussions at the high-level meeting will include how to maximize electricity exchange using the current transmission infrastructure.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;NVVN can also participate, potentially leading to a tripartite agreement, but the exact outcome is uncertain,&quot; said an official from the NEA. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Till date, Nepal has only sold electricity to India. Energy sector officials believe that if this export to Bangladesh succeeds, it will pave the way for tripartite cooperation in the energy sector.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-06-13',
			'modified' => '2024-06-13',
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			'description' => '',
			'sortorder' => '20987',
			'image' => '20240613112209_20240223021605_banglad.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '21260',
			'article_category_id' => '1',
			'title' => 'Kathmandu Valley's Temperature to Remain High Today',
			'sub_title' => '',
			'summary' => 'KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">KATHMANDU: The Kathmandu Valley is expected to see scattered rainfall today afternoon due to the influence of the local wind, according to officials of the Department of Hydrology and Meteorology.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Meteorologist Govinda Jha mentioned that the temperature will remain high in the capital city, ranging between 31 and 33 degrees Celsius despite the rainfall. It will take a few more days for the monsoon to fully arrive in Kathmandu, he added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to the department, light rain with thunder and lightning is occurring in some parts of Koshi province. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The daily bulletin issued by the department mentions that the eastern parts of Nepal are currently under the influence of the monsoon system while the other parts of the country are under partial effects of the local and westerly winds and a low-pressure area around Bihar, India.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">As a result, the weather will be partly to generally cloudy in the hill regions, including Koshi, Madhes, and Bagmati provinces, while the rest of the country will remain clear today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This afternoon, the weather will be partly to generally cloudy in the hill regions of Bagmati and Gandaki provinces and clear in the rest of the country. Light to moderate rain with thunder and lightning is likely in the hill regions of Koshi, Bagmati, and Gandaki provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Tonight, the weather will continue to be partly to generally cloudy in these hill regions, with light to moderate rain and thunderstorms expected in a few places. Additionally, there is a possibility of wind storms in some areas of Koshi and Madhes provinces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the next 24 hours, light to moderate rain with thunder and lightning is expected in the hill regions of Koshi, Bagmati, and Gandaki provinces and in a few places elsewhere in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The department has urged people to remain alert due to the possibility of storms in parts of the Tarai region of Koshi and Madhes provinces.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '20986',
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			'article_date' => '2024-06-13 10:46:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '21259',
			'article_category_id' => '1',
			'title' => 'Nepal Electricity Authority Launches Data Center with an Investment of Rs 1.4 Billion',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">KATHMANDU: Nepal Electricity Authority (NEA) has inaugurated a state-of-the-art, international-level data center in Syuchatar, Kathmandu. This data center, built with an investment of Rs 1.4 billion, is designed to provide future services to commercial companies and includes advanced facilities alongside a load dispatch center.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The three-story building, constructed using prefabricated containers, houses the Kathmandu Valley&#39;s underground power distribution and monitoring system, regulation and control, and security operation room on the ground floor. The office and network operation room are on the first floor, and the data center is on the top floor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">The data center complies with Tier 3 international standards. It is the first in Nepal to meet these standards under the Digital NEA Program, aiming to modernize and digitize the authority&#39;s service delivery. The data center will store and integrate all IT-related data for the authority. Kulman Ghising, NEA&#39;s executive director, announced plans to create a private cloud for data storage and mentioned that the process of building a disaster recovery center at the new Butwal Substation in Sunwal, Nawalparasi, is underway.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Until the disaster recovery center is completed, the existing data center at the NEA headquarters will serve as the recovery center. The new data center features 40 IT racks, including 36 servers and 4 network racks. It meets Tier 3 requirements with N+1 power supply, cooling, automatic fire control, CCTV monitoring, and continuous operations and safety monitoring.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Uninterrupted power supply is ensured with two 1-megawatt generators ready to operate the data center safely in case of local or national power issues. Additionally, two 300 KVA modular UPS units with lithium-ion batteries have been installed for reliability. The center can remain operational during maintenance and equipment replacement.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">An optical fiber with an alternative route connects the NEA&#39;s head office at Ratna Park to the data center. The connection is established via Teku and Balaju. Staff are deployed to operate the data center 24/7.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">Alongside the data center, infrastructure has been developed to monitor, regulate, and control the automated underground distribution system in Kathmandu Valley. Substations and switching stations in the valley will be connected, allowing management, monitoring, and control of the power distribution system below 11 KV. A charging station has also been set up at the data center premises, capable of charging three electric vehicles simultaneously.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;">A contract for the construction of the center was signed with the Chinese company Yantai Dongfang Wisdom Electric Company Ltd in July 2021, and work commenced in November of the same year. The project was funded by the government, NEA, and a concessional loan from the Asian Development Bank.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '21258',
			'article_category_id' => '1',
			'title' => 'International Tourism Fair in Kathmandu from Friday',
			'sub_title' => '',
			'summary' => 'KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. ',
			'content' => '<p><span style="font-size:16px">KATHMANDU: An international tourism fair is taking place in Kathmandu from Friday to promote tourism of the country at the international level. The fair is to take place with the participation of tourism entrepreneurs from 16 countries.&nbsp;&nbsp;&nbsp;&nbsp;<br />
More than 150 stalls of businessmen from 16 countries will be displayed in the fair to be organized by Summit Event and Market, says Bishnu Pandey, proprietor of the organization.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&quot;We believe that the fair will help in sustainable tourism development and cultural exchange in the country,&quot; he said.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Nepal, India, Korea, Taiwan, Singapore, the Maldives, the USA, the Netherlands, Sri Lanka, China, Thailand, Dubai, Bangladesh, Vietnam, Malaysia and Bhutan will participate in the fair. Similarly, stalls of all seven provinces will also be displayed in the fair. Nepal Tourism Board (NTB) and Kathmandu Metropolitan City (KMC) have extended support to the fair to be held at Bhrikutimandap. &nbsp;-- RSS</span></p>
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		'Article' => array(
			'id' => '21255',
			'article_category_id' => '1',
			'title' => 'FNCCI President Calls for Foreign Investment to Realize Social Justice',
			'sub_title' => '',
			'summary' => ' KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.',
			'content' => '<p><span style="font-size:16px">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal has said that Nepali businesses enjoy a strong employer-employee relationship and no significant labor issues have been faced in recent years.</span></p>

<p><span style="font-size:16px">In his address to the 112th International Labour Conference underway in Geneva, Switzerland, he said the private sector of Nepal diligently follows all ILO Regulations and Conventions that the government has signed. Moreover, we have independently undertaken numerous initiatives to uphold employee dignity.</span></p>

<p><span style="font-size:16px">&quot;Dignity, in our view, goes beyond proper conduct. It involves enhancing our employees&rsquo; capacities for personal and professional development, providing them with better opportunities&quot;.&nbsp;</span></p>

<p><span style="font-size:16px">Emphasizing on the need for investments to help fulfill the agenda of social justice by creating decent employment opportunities, Dhakal said Nepal holds immense potential in hydropower production, with huge markets in India and Bangladesh. We have an agreement with India to buy 10,000 Mega Watts of electricity and are in the process of signing an agreement with Bangladesh.</span></p>

<p><span style="font-size:16px">Tourism is another vital sector. Our beautiful hill stations and Himalayas are popular destinations, and the multiplier effect in tourism is substantial, providing livelihood opportunities for the rural population.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI Chair shared that the youth population of the country is a valuable asset for investors, especially in the booming ICT sector, which offers decent work opportunities for youth on a large scale.</span></p>

<p><span style="font-size:16px">&quot;Nepal, situated between India and China, offers duty-free market access to India, which will continue even after graduation from the Least Developed Country category&quot;, he said, &quot;This facility will be available in the EU market until 2029, and we are negotiating similar access with China and other markets. This positioning allows for production in Nepal with export potential worldwide&quot;.</span></p>

<p><span style="font-size:16px">The Cabinet has approved the Bilateral Investment Agreement Framework, and we are ready to sign agreements with interested countries. The Budget also promises to sign Double Taxation Avoidance Agreements (DTAA) with potential countries.&nbsp;</span></p>

<p><span style="font-size:16px">The FNCCI is the largest private sector umbrella organisation in Nepal, representing around 600,000 businesses.</span></p>
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			'id' => '21253',
			'article_category_id' => '1',
			'title' => 'Policy Reforms Could Enable Rs 30 Billion in Information Technology Exports',
			'sub_title' => '',
			'summary' => 'KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government’s announcement of IT Decade in the budget of next fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: Stakeholders believe that Nepal can achieve the ambitious goal of developing the country as an information technology hub in line with the government&rsquo;s announcement of IT Decade in the budget of next fiscal year.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Speaking at a discussion program on the Information Technology Decade organized by the Society of Economic Journalists Nepal (SEJON) on Tuesday, experts stated that exporting information technology services worth Rs 30 billion would be achievable if policy reforms and legal hurdles are addressed, and a stable policy is established.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Finance Minister Barshaman Pun announced that through the budget for fiscal year 2081/82, the government aims to export IT services worth Rs 30 billion and create 500,000 direct and 1 million indirect jobs within ten years. To support this goal, the government has taken policy decisions to encourage the private sector by protecting and promoting the industry.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister Pun also mentioned that a high-level commission will be formed to ensure policy stability in the IT sector, prioritizing the creation of a legal framework. He highlighted the revision of the &#39;Digital Nepal Framework&#39; and the establishment of institutional arrangements for its implementation and monitoring. Additionally, the operation of IT parks with high-speed internet, electricity, security, and other infrastructure in Kathmandu Valley and Butwal will be advanced, with plans to build 10 IT parks across all provinces.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Emphasizing the role of the private sector in driving the IT-related service industry, similar to agriculture, tourism, and energy, Pun stated that the state does not intend to engage in business but will address tax issues through discussions. He asserted that the IT Decade would foster the belief that intellectual labor can be performed from Nepal, reducing the need for Nepalis to work abroad for income.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Pun reiterated the need for the government to maintain up-to-date and stable policies in the IT sector to accommodate the digital generation, aiming to create a competitive environment for the young generation to thrive in Nepal.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Minister for Communication and Information Technology Rekha Sharma announced the formation of a task force under her ministry to achieve the IT Decade goals, with a clear annual blueprint for activities. She stated that Nepal Telecom and the Nepal Telecommunications Authority are preparing their budgets to align with the IT sector policies outlined in the budget. The government is also ready to utilize domestically produced software and will provide free space in IT parks in Kathmandu and Butwal, with various programs conducted in public-private partnerships.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma emphasized the government&#39;s commitment to revising necessary policies and laws to promote the digital economy, startups, innovation, job creation, and digital governance. She declared that the next fiscal year would mark the beginning of the IT Decade, establishing IT as a pillar of the economy. The government&#39;s programs for economic development and job creation will be enhanced through technology, enabling economic and social transformation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Sharma acknowledged the ineffective implementation of the Digital Nepal Framework, initiated in 2076, and noted the lack of clear data, with 100,000 people currently working in the IT sector. She attributed the issues to outdated and unclear policies, and affirmed the government&#39;s efforts to reform these laws. Additionally, the government plans to create knowledge parks through public-private partnerships, offer internships to undergraduates, foster an entrepreneurial environment, and establish an innovation commission. She informed that the Cyber Security Policy 2080 has been released and sought support and suggestions for new legislation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">SEJON President Sujan Oli expressed concern that the IT Decade may face challenges similar to previous initiatives in tourism and energy. Dr. Amrita Sharma, an IIDS consultant presenting the paper, emphasized that digitization requires stability and political commitment, asserting that the Digital Nepal Framework must stay on track. She highlighted the need for a private sector-focused approach, with the government acting as a business partner and promoter.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21254',
			'article_category_id' => '1',
			'title' => 'NEPSE Registers a 6.37-Point Gain to Close at 2121.62',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 12: The Nepal Stock Exchange (NEPSE) rose slightly on Wednesday, gaining 6.37 points or 0.30% to close at 2121.62. This marks the fourth trading day of the week with a minimal increase.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the trading session, 312 different company stocks (scrips) were traded through total 74,858 transactions. A total of 12,950,407 units of shares changed hands, resulting into a total turnover of Rs 5.89 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NRN Infrastructure and Development Limited (NRN) was the company with the highest turnover, recording transactions worth Rs 27 crore. Samriddhi Finance Limited (SFCL) and Mid Solu Hydropower Limited (MSHL) witnessed the most significant positive change, each gaining 10% and reaching the upper limit (positive circuit) for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, Sayapatri Hydropower Limited (SPHL) experienced the biggest loss, falling 4.48% and closing at a market price of Rs 533 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Looking at the sectoral performance, all sectors except for Hotels and Tourism, Hydropower, Non-Life Insurance, and Trading witnessed gains.&nbsp;</span></span><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Finance Index enjoyed the highest increase at 1.07%, while the Hydropower Index suffered the most significant decline at 0.61%.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21252',
			'article_category_id' => '1',
			'title' => 'Financial Irregularities Rampant at the Local Level',
			'sub_title' => 'CIAA Receives 17,000 Complaints Against People's Representatives',
			'summary' => '',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">BIJAY DAMASE</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">KATHMANDU: The Commission for Investigation of Abuse of Authority (CIAA) has registered a case in the special court against six individuals, including the suspended mayor of Bagmati Municipality in Sarlahi, Bharat Kumar Thapa. Thapa was automatically suspended from his position following the provisions of the Prevention of Corruption Act after the CIAA filed a case on April 10, accusing him of illegally amassing wealth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">On Tuesday, the anti-graft body registered another case, alleging that Thapa and five others committed irregularities worth Rs 302.9 million in the construction of Bharat Tal in the municipality. The CIAA also filed charges against the municipality&#39;s deputy mayor, Leela Kumari Moktan, demanding a bond of Rs 302.9 million from her.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The initial case against Thapa claims he illegally earned Rs 53.3 million. The charge sheet details that Thapa had a legal income of Rs 78.6 million from mid-September 2017 to mid-February 2023 but invested and spent Rs 132 million during this period, leading to a discrepancy of Rs 53.3 million. The CIAA has demanded fines, punishment, and property confiscation for Thapa, asserting that he earned illegal property in the names of his wife Reshmi Kumari Ghimire, brother Ram Thapa, and daughter-in-law Dwarika Raut. They have also been made defendants in the case, with a demand for property confiscation.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Recently, the CIAA filed another corruption case against 14 individuals, including Mayor Gajendra Maharjan of Lalitpur&#39;s Godavari Municipality, accusing them of causing a loss of Rs 1.487 billion to the government by under-invoicing tenders for sand and gravel excavation. CIAA claims these actions led to significant revenue loss from FY 2075/76 to 2079/80.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">According to Yagyaraj Regmi, the information officer of the special court, the CIAA filed the case on the grounds of revenue embezzlement by issuing tenders below the government rate. Mayor Maharjan, elected from the Nepali Congress, was also elected in the local elections of 2074.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">The CIAA is currently investigating numerous complaints against public representatives, with 10-12 cases filed monthly in the special court after investigations. Joint Secretary and Spokesperson of the CIAA, Narahari Ghimire, noted that complaints of corruption and irregularities are being prioritized. He indicated that the nature of the current cases suggests a misuse of power by people&#39;s representatives, and he anticipates an increase in complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CIAA&#39;s report highlights financial irregularities in programs such as procurement, agricultural initiatives, small contracts, river product excavation, report preparation, and road construction. There is a significant number of complaints alleging that representatives have illegally profited by misusing their power, violating laws, and causing state revenue losses.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">This year, approximately 17,000 complaints have been filed against local representatives, making up about half of the total 33,000 complaints. This surge in complaints indicates that corruption has deeply rooted itself at the local level. The highest number of complaints have been made against representatives in Madhesh Province.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Bhim Prasad Dhungana, chairman of the Municipal Association of Nepal, argued that corruption is less prevalent at the local level compared to the federal government. He emphasized that there are many local levels, which naturally leads to a higher number of complaints. He argued that there are 753 local governments in the country, compared to one federal and seven provincial governments. Dhungana suggested that allegations of widespread local corruption are attempts to weaken local governance. He also noted that many cases escalate due to anonymous complaints against public representatives.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">However, Ghimire mentioned that anonymous complaints are permitted to protect the complainant&#39;s privacy, and the authority investigates based on these complaints.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">In addition to the CIAA&#39;s findings, the Auditor General&#39;s report also highlights financial indiscipline at the local level, noting worsening arrears and failure to follow procurement processes, leading to random fund disbursements.</span></span></span></p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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