KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in…
KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in…
The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday.…
KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3…
KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector.…
The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August…
Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial…
KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation…
KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper…
KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today…
President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic…
The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05…
KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its…
KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive…
The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24.…
KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21773', 'article_category_id' => '1', 'title' => 'NEPSE Gains 108.35 Points, Closing at 2759.67', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21784', 'article_category_id' => '1', 'title' => 'Comprehensive Strategy Needed to Mitigate Post-LDC Graduation Challenges: Study', 'sub_title' => 'The study also warns that Nepal might forfeit its trade preferences under the GSP and Duty-Free Quota-Free schemes, resulting in increased tariffs on exports', 'summary' => 'KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21773', 'article_category_id' => '1', 'title' => 'NEPSE Gains 108.35 Points, Closing at 2759.67', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21784', 'article_category_id' => '1', 'title' => 'Comprehensive Strategy Needed to Mitigate Post-LDC Graduation Challenges: Study', 'sub_title' => 'The study also warns that Nepal might forfeit its trade preferences under the GSP and Duty-Free Quota-Free schemes, resulting in increased tariffs on exports', 'summary' => 'KATHMANDU, August 8: A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21773', 'article_category_id' => '1', 'title' => 'NEPSE Gains 108.35 Points, Closing at 2759.67', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8: </span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">A new study has emphasised the need for Nepal to adopt a comprehensive approach to navigate the complexities of its upcoming graduation from Least Developed Country (LDC) status in 2026. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study, titled "Nepal LDC Graduation: Report on Trade Policy Reforms to Mitigate the Impact on WTO Obligations," commissioned by the Ministry of Industry, Commerce and Supplies with support from the European Union Nepal Trade and Investment Programme (TIP), was presented at a public-private dialogue on Wednesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study emphasises the need for Nepal to update its laws and regulations, improve institutional processes, strengthen human resource skills, expand export markets, and enhance international cooperation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Policymakers, trade experts, development partners, and private sector representatives hold a common view that Nepal must expedite legal and policy reforms, and strengthen institutional and human resource capacities to be better prepared to face the post-graduation trade scenarios.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Secretary at the Ministry of Industry, Commerce, and Supplies, Krishna Bahadur Raut, who was presiding over the program, said the government is serious about the concerns raised and suggestions offered by the private sector regarding Nepal’s preparation for graduation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Raut expressed commitment to making maximum efforts from the government to ensure post-graduation benefits for Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Joint Secretary at the ministry Dev Raj Joshi said Nepal’s graduation presents both challenges and opportunities adding that Nepal needs to continue to make reforms in trade-related policies and laws. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Purushottam Ojha, a trade expert and former Commerce Secretary, emphasised the importance of adhering to new WTO obligations, including agreements on agriculture, subsidies, the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), and the Trade Facilitation Agreement (TFA) for a smooth transition.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An International Trade Expert from the International Trade Centre, Abhijit Das, cautioned that the transition leads to stricter rules and reduced benefits, such as the loss of lower tariffs stressing the urgent need to implement the action plan to ensure a smooth transition from LDC status.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Shobha Gyawali, president of the Federation of Nepal Women Entrepreneurs’ Association (FWEAN), said that Nepal is not yet ready for LDC graduation and emphasised the need to ensure that women entrepreneurs benefit from international trade.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Other representatives of the private sector said graduation seemed to be without due preparation given the low competitiveness of Nepali businessmen and the higher cost of production and export compared to other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The study also warns that Nepal might forfeit its trade preferences under the Generalised System of Preferences (GSP) and Duty-Free Quota-Free schemes, which could result in increased tariffs on exports. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It suggests conducting a thorough diagnostic study to identify vulnerable products and markets, exploring alternative trade arrangements such as GSP-Plus in the European Union, and enhancing industry awareness through workshops.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Strengthening national capacity to address non-tariff barriers, developing national standards, forming mutual recognition agreements with key trade partners, promoting products prioritised by the Nepal Trade Integration Strategy (NTIS) 2023, drawing lessons from other LDC-graduated countries, fostering partnership among governments, private sector, and international partners, are other recommendations of the study to ensure a successful transition by mitigating the impacts of LDC graduation.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21511', 'image' => '20240808084706_LDC.jpg', 'article_date' => '2024-08-08 16:37:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21783', 'article_category_id' => '1', 'title' => 'NEPSE Index and Turnover Amount Rise', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. ', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 8: The Nepal Stock Exchange (NEPSE) Index experienced a slight increase of 6.70 points, or 0.24%, closing at 2766.38 on the last trading day of the week, Thursday. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In today's trading session, 322 scrips were traded through 209,965 transactions. A total of 50,946,832 units of shares were exchanged, resulting in a total turnover of Rs 20.7 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Shivam Cements Limited (SHIVM) led in turnover amount, with transactions worth Rs 1.20 billion. Six companies, including Shivam Cements Limited (SHIVM) and Sonapur Minerals and Oil Limited (SONA), saw a 10% gain each, hitting the upper circuit limit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) faced the highest loss, dropping 8.04% to close at Rs 999 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index and Sensitive Float Index increased by 0.04% and 0.18%, respectively, while the Float Index dropped by 0.08%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, five closed in the green, while the remaining indices were in the red.</span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Manufacturing and Processing Index achieved the highest gain of 5.87%, while the Hotels and Tourism Index saw the largest loss at 1.27%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21509', 'image' => '20240808033859_collage (94).jpg', 'article_date' => '2024-08-08 15:37:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21782', 'article_category_id' => '1', 'title' => 'Govt Unable to Collect Taxes due to Delay in Full Text of SC Verdict on ISPs’ Arrears', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU, August 8: Although three months have passed since the Supreme Court dismissed the petition challenging the Nepal Telecommunications Authority's decision to impose the maintenance tax on internet service providers, the government has yet to collect the outstanding dues of Rs 3 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The Supreme Court dismissed the writ filed by Worldlink Communications, which argued against the tax, on May 12. However, the full text of the court’s decision has not been released, preventing the internet service providers from settling the tax and hindering the government's ability to take action. According to Santosh Paudel, spokesperson for the NTA, while the court's decision was in the government's favour, the lack of detailed text has delayed tax collection. "Once the full text is available, it will be duly notified," Paudel said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The delay in releasing the full verdict is causing additional interest to accrue on the tax arrears. Paudel noted that interest is being added monthly, and it is preferable for companies to pay as soon as possible. The total amount due, including interest, has now reached approximately Rs 3.5 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">With the dismissal of the writ, companies like Worldlink must now pay the tax. A representative from Worldlink stated that the tax will not be paid until the full text is received. "We are not satisfied with the court’s order," the representative said. "We will discuss the terms of payment once the full text is released."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Prior to the court’s decision, internet service providers had been reluctant to pay the rural telecommunication fund and royalty amounts on time. As a result, the government refused to provide foreign currency exchange facility to the ISPs. This issue impacted internet services during the National Information and Communication Technology Day on May 2, when India's Airtel halted bandwidth provision to Nepali ISPs due to non-payment. Following negotiations at the government level, Airtel resumed the service.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">After the SC verdict, the internet service providers have no further legal recourse and are now seeking concessions such as installment facilities and interest exemptions. However, government officials have indicated that such concessions are unlikely.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">"If the tax had been paid on time, this issue might have been avoided, but the authority has the discretion to make all decisions," said Gajendra Kumar Thakur, joint secretary of the Ministry of Communications. "The ministry will not interfere in this matter."</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">As of last year, the tax arrears for various companies were as follows:</span></span></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Worldlink Communications: Rs 1.253 billion</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Subisu Cable Net Pvt Ltd: Rs 269.7 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Vianet Communication: Rs 267.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Classictech: Rs 237.1 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Mercantile: Rs 91.6 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Websurfer: Rs 73.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Pokhara Internet: Rs 33.3 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Netmax: Rs 10.9 million</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Techminds: Rs 2.36 million</span></span></span></span></li> </ul> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21508', 'image' => '20240808024507_1635752064.broadband_internet.jpg', 'article_date' => '2024-08-08 14:44:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21780', 'article_category_id' => '1', 'title' => 'Another Crash in Two Weeks Raises Questions about Air Safety in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">HIMA BK</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: Four Chinese citizens and a Nepali pilot died in a helicopter crash on Wednesday, sparking widespread concern over the safety of Nepal's aviation sector. The Air Dynasty helicopter, en route from Kathmandu to Syafrubesi in Rasuwa, crashed in Surya Chaur of Shivapuri Rural Municipality, Ward No. 7, Nuwakot district killing all five people on board.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chief District Officer of Nuwakot, Ramakrishna Adhikari, confirmed that pilot Arun Malla and the four Chinese citizens were killed in the crash. This incident comes just two weeks after the Saurya Airlines plane crash at Tribhuvan International Airport on July 25, which claimed the lives of 18 people.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals who perished in the crash were identified as Tang Chutao, Wu Yiao, Li Chiy, and Si Chamin. The bodies were recovered on Wednesday and transported to Tribhuvan University Teaching Hospital in Maharajgunj, Kathmandu, for postmortem, according to a press statement released by the Civil Aviation Authority of Nepal (CAAN).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pilot Arun Malla, who had previously survived an air crash in Lukla in October 2013, was piloting the Air Dynasty helicopter when it met with the accident. The helicopter took off from Kathmandu-based airport at 1:54 PM on Wednesday, but lost contact with the tower just three minutes after takeoff. The crash was later confirmed in Surya Chaur. Balkrishna Pandit, a senior manager at Air Dynasty, stated that the purpose of the Chinese passengers' trip to Syafrubesi remains unclear.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Government officials have not yet determined the cause of the accident. CAAN spokesperson Hansraj Pandey stated that the cause will be identified after further investigation. The Department of Hydrology and Meteorology had forecast weather changes from normal to severe, with potential for light to moderate rainfall on Tuesday and Wednesday, which could have affected air traffic. The department had issued a warning beforehand for necessary caution and preparedness on August 6.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In March 2023, another Air Dynasty helicopter was involved in an accident while landing at HAMS Hospital in Kathmandu, though no casualties were reported. The increasing frequency of air accidents in Nepal has raised serious concerns about the country’s air safety standards.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN spokesperson Pandey acknowledged the growing concerns over recent air accidents, despite government documents indicating improvements in air safety. He questioned whether there is a gap between documented improvements and actual practice. The responsibility for safety lies heavily on pilots once the aircraft is airborne, although the authority maintains communication through air traffic control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The International Civil Aviation Organization (ICAO) conducted an audit of Nepal's air safety in April 2022. According to the air safety report issued by CAAN, Nepal's air safety implementation capacity improved to a score of 70.1 percent in 2023, above the international average of 67.5 percent. However, the string of recent accidents has called CAAN’s effectiveness into question.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During a meeting of the Tourism and International Coordination Committee under the House of Representatives on July 25, MP Udaya Shumsher Rana criticized CAAN leadership for the seven air accidents that occurred since Pradeep Adhikari took charge, urging for greater accountability. The ICAO has recommended that CAAN be divided into two separate organizations—one as a regulator and the other as a service provider—to enhance regulatory capacity, a suggestion that has yet to be implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Following the Air Dynasty helicopter crash, the government formed a three-member commission to investigate the incident. The commission, led by senior pilot Subas Thapa of the Nepalese Army, includes Maintenance Manager of Simrik Air Bishnu Basnyat and Senior Divisional Engineer of the Ministry of Culture, Tourism, and Civil Aviation Tanuja Pokharel. They are mandated to submit a report on the incident within a month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Air Dynasty, a helicopter company with the most flights in Nepal, has been providing helicopter services for nearly 30 years. According to the Nepal Tourism Statistics 2023, Air Dynasty conducted 2,234 flights that year, serving 6,840 passengers, the highest among helicopter companies. The crash on Wednesday destroyed one of the company’s helicopters, but plans are already in place to add another helicopter to the fleet within the next few months, according to senior manager Balkrishna Pandit. The company is managed by Pavitra Kumar Karki.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><strong>Warning of Permit Cancellation for Non-Compliance with Safety Standards</strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government has decided to cancel the air service permits of airlines and helicopter service providers that fail to meet the minimum safety standards set by the High-Level Security Coordination Committee. According to ICAO's World Aviation Safety Plan (2020-2022), air service providers must maintain at least 60% progress in their safety management system implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CAAN has announced that the decision to revoke permits for non-compliant air service providers was made at a committee meeting on August 2. In 2023, four airlines and all four helicopter companies failed to meet the required safety criteria. The committee has also decided to impose penalties, such as reducing the number of flights, not extending permit periods, and requiring re-certification after major maintenance for those who do not comply with the safety standards.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21507', 'image' => '20240808020245_Air_Dynasty_Heli_Service,_Nepal.jpg', 'article_date' => '2024-08-08 14:01:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21781', 'article_category_id' => '1', 'title' => 'Price of Gold Surges, Silver Declines in Domestic Market', 'sub_title' => '', 'summary' => 'The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">NewBiz Report</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 8</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The price of gold surged by Rs 300 per tola (11.66 grams) in the domestic market of Nepal on Thursday (August 8).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold rose to Rs 146,600 per tola on Thursday from Rs 146,300 per tola a day ago and that of worked gold to Rs 145,900 from Rs 145,600 per tola.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">In contrast, silver became cheaper by Rs 20 per tola to be traded at Rs 1,690 per tola.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21506', 'image' => '20240808020551_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-08 14:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21779', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Likely to Drop as Capital Costs of Banks Decrease', 'sub_title' => '', 'summary' => 'Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Newbiz Report<br /> KATHMANDU, August 8</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Interest rates on loans are expected to decline further due to a reduction in the cost of capital for commercial banks. According to the unaudited financial statements published by banks, the average base rate of commercial banks fell to 8.09 percent in mid-June to mid-July 2024, down from 10.12 percent in the corresponding period a year ago.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions calculate the base rate by adding a 0.75 percent return to their cost, following the procedure set by Nepal Rastra Bank (NRB). The interest rate on loan is then determined by adding a certain percentage premium to this base rate. There is a provision to consider the base rate of the last three months when issuing loans. As a result, if a bank's average base rate decreases each quarter, interest rates on loan will automatically follow suit, and vice versa.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Due to a lack of liquidity in the previous fiscal year, banks consistently raised interest rates on deposits, peaking at 12.33 percent in December/January 2022. However, since mid-April 2023, commercial banks have fixed interest rates on deposits at a single digit. From mid-July 2023 onwards, banks have been setting these rates independently, unlike a gentlemen’s agreement in the past to fix a uniform interest rate by the members of the Nepal Bankers Association.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">As a result, interest rates have been gradually decreasing. Former banker Parshuram Kunwar Chhetri notes that the base rate dropped when interest rates were lower during the last fiscal year. However, he also mentioned that the base rate remains relatively high due to banks securing long-term deposits at elevated interest rates during the liquidity crisis in the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In mid-July to mid-August 2024, Standard Chartered Bank had the lowest base rate among commercial banks at 8.60 percent, while NIC Asia Bank had the highest at 9.19 percent. Exactly a year ago, several banks had double-digit base rates, but by mid-July 2024, all had managed to reduce them to single digits.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, commercial banks set interest rates on loan by adding a maximum 5 percent premium to the base rate. NRB regulations stipulate that this fixed premium cannot be altered once a loan agreement is signed with a customer. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21505', 'image' => '20240808012349_20240717011652_20240624011617_bankkkkkkk.jpg', 'article_date' => '2024-08-08 13:22:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21778', 'article_category_id' => '1', 'title' => 'Tourism Minister Pledges Swift Reforms for Aviation Safety', 'sub_title' => '', 'summary' => 'KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 8: The Ministry of Culture, Tourism, and Civil Aviation has initiated efforts to implement immediate, mid-term, and long-term reforms with a high priority on aviation safety.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In a statement issued on Wednesday evening, Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey pledged to focus on aviation safety for the coming week by postponing all non-urgent pre-scheduled programs. He emphasized that the ministry and its subordinate agencies would be mobilized to take necessary initiatives towards enhancing safety measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The pledge follows the tragic crash of an Air Dynasty helicopter in Shivapuri Rural Municipality-7, Surya Chaur, Nuwakot, which resulted in the deaths of four Chinese nationals and pilot Arun Malla.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Pandey called for support, cooperation, and suggestions from all stakeholders to address the challenges faced by the aviation sector. The ministry has requested all stakeholders to send recommendations for immediate and long-term actions to its official email address.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The minister also paid tribute to those who lost their lives in the helicopter accident and expressed his condolences to the bereaved families. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21504', 'image' => '20240808123829_aviation report.jpg', 'article_date' => '2024-08-08 12:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21777', 'article_category_id' => '1', 'title' => 'Government Forms 3-Member Commission to Investigate Air Dynasty Chopper Crash', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The government has formed a three-member commission to investigate the Air Dynasty chopper crash.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">An emergency Cabinet meeting held at Singha Durbar on Wednesday appointed senior pilot of the Nepalese Army, Subas Thapa, as the commission's coordinator, according to Minister for Communications and Information Technology, Prithvi Subba Gurung. The commission also includes aeronautical engineer Bishnu Basnet and Under-Secretary (Technical) of the Ministry of Culture, Tourism and Civil Aviation, Tanuja Pokharel. The commission has been tasked with submitting its report within 30 days.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The government expressed its condolences to the families of those who lost their lives in the crash. Minister Gurung paid tribute to all the victims of the incident.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The crash claimed the lives of five people, including the pilot, Arun Malla. The helicopter, with call sign 9N-AJD, met with an accident at Shivapuri Rural Municipality-7 on Wednesday afternoon. It had departed from Nalinchowk in Bhaktapur district for Syaphrubesi in Rasuwa district.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The Chinese nationals killed in the crash were identified as Tang Jutao, Wu Yiyao, Li Jie, and Xie Zeming.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">All the bodies have been transferred to Tribhuvan University Teaching Hospital in Maharajgunj for postmortem examination, according to the Civil Aviation Authority of Nepal. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21503', 'image' => '20240808114456_HRB-KTM-23Saun.jpg', 'article_date' => '2024-08-08 11:44:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21776', 'article_category_id' => '1', 'title' => 'Turkish Airlines Plane 'Overshoots' at TIA Due to Missed Approach', 'sub_title' => '', 'summary' => 'KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, Aug 8: A Turkish Airlines aircraft from Istanbul overshot the runway during its approach to land at the Tribhuvan International Airport (TIA) in Kathmandu today (Thursday).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to flight radar data, the plane, which was scheduled to land at 6:10 am, touched down 20 minutes later after the overshoot.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The airport office reported that the aircraft overshot due to a 'missed approach.' An air traffic controller (ATC) noted that the incident occurred following an 'unstable approach.' </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred just a day after a fatal crash of an Air Dynasty helicopter in which four Chinese passengers and the pilot were killed on the border of Kathmandu.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Earlier on March </span></span>4<span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">, 2015, a Turkish Airlines plane skidded off the runway at TIA and landed on the grassland near the runway after losing balance during landing. No major injuries were reported back then. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-08-08', 'modified' => '2024-08-08', 'keywords' => '', 'description' => '', 'sortorder' => '21502', 'image' => '20240808111005_iu.jpeg', 'article_date' => '2024-08-08 11:09:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21774', 'article_category_id' => '1', 'title' => 'Nepal Ready to Welcome Foreign Investors: FNCCI President Dhakal', 'sub_title' => '', 'summary' => 'President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.', 'content' => '<p><span style="font-size:18px">KATHMANDU, August 7: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted Nepal's readiness to welcome foreign investors and the importance of trade facilitation for regional economic growth.<br /> Addressing the BIMSTEC Business Summit 2024 in New Delhi on Wednesday President Dhakal emphasized that recent economic progress in Nepal, supported by significant amendments in eight investment-related laws and the establishment of a Bilateral Investment Agreement framework, has created a favorable environment for foreign investment. <br /> He invited investors to explore opportunities in sectors such as tourism, hydropower, education, and information technology.<br /> He noted that increased trade and investment are essential for economic growth, job creation, and poverty reduction. Dhakal cited the World Trade Organization's suggestion that implementing the Trade Facilitation Agreement could reduce global trade costs by an average of 14.3 percent.<br /> Dhakal called for enhanced cross-border linkages and trade infrastructure among BIMSTEC states to harness this potential. <br /> He proposed improving transport infrastructure, including the BIMSTEC highway and railway systems, and developing a railway project parallel to Nepal's East-West Highway. Enhancing border infrastructure to simplify customs procedures was also emphasized.<br /> To support these developments, Dhakal proposed establishing a BIMSTEC Infrastructure Development Fund. He stressed that improved regional connectivity would benefit all member states and strengthen their collective voice in international forums.<br /> The BIMSTEC Business Summit 2024, organized by the Confederation of Indian Industry, provided a platform for discussing key issues and opportunities for promoting trade facilitation and economic growth in the region.</span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21500', 'image' => '20240807083410_IMG-20240807-WA0002.jpg', 'article_date' => '2024-08-07 20:33:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21773', 'article_category_id' => '1', 'title' => 'NEPSE Gains 108.35 Points, Closing at 2759.67', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">August 7: The Nepal Stock Exchange (NEPSE) saw a significant gain of 108.35 points, or 4.08%, closing at 2759.67 on Wednesday, the third trading day of the week. This rise came as a rebound from yesterday's sharp decline of 145.05 points.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 330 scrips were exchanged through 212,681 transactions on NEPSE. A total of 38,041,267 units of shares were traded, resulting in a total turnover of Rs 17.95 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Himalayan Reinsurance Company (HRL) led in turnover, with transactions totaling Rs 1.53 billion. Additionally, nine companies, including Bottlers Nepal Limited (BNL) and Nepal Reinsurance Company (NRIC), each gained 10%, reaching the upper circuit limit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Sanima Bank Limited Debenture (SAND2085) experienced the highest loss, falling 10% and closing at Rs 1131 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Sensitive Index increased by 4.06%, while the Float Index and Sensitive Index rose by 3.89% and 3.92%, respectively.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Sector-wise, all sectors closed in the green. The Others Index and Finance Index saw substantial gains of 7.89% and 7.63%, respectively, while the Mutual Fund sector achieved the smallest gain of 1.01%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21498', 'image' => '20240807041928_collage (93).jpg', 'article_date' => '2024-08-07 16:17:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 11 => array( 'Article' => array( 'id' => '21771', 'article_category_id' => '1', 'title' => 'Why Did eSewa App Disappear from Google Play Store?', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: </span><span style="font-family:"Arial","sans-serif"">The eSewa app, a leading digital wallet based in Nepal, disappeared from the Google Play Store on Tuesday, causing confusion and concern among its users.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Despite the app continuing to function normally for those who had it installed, its sudden removal from the Play Store left many users puzzled. The disappearance prompted a rush of activity as many users scrambled to clear their balances from the app.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Users took to social media to express their concerns. One user, @Suraj_Babu731, posted on X, "Thank God I don't use eSewa," showing the unease many felt. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Journalist Gajendra Budhathoki on Wednesday also shared his concerns on X, stating, "Everyone started clearing eSewa; mine is about 700. Planned to clear it by tomorrow."</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In response to the confusion, eSewa Pvt. Ltd. on Tuesday took to social media platform Facebook to address the situation. The company clarified that the app's removal was due to an internal change. eSewa Pvt. Ltd. has transitioned to a new entity, eSewa Limited. This transition requires updates to the company's details on various platforms, including the Google Play Store and the Data Universal Numbering System (DUNS). </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The company's official notice stated: "As eSewa Pvt. Ltd. has been transitioned to eSewa Limited, we are in the process of updating our details on the Google Play Store and DUNS. Consequently, the app is temporarily unavailable for download on the Play Store. However, the app remains accessible for iOS users through the App Store." eSewa Limited also extended its apologies for any inconvenience this issue may have caused to its users.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21497', 'image' => '20240807025445_esewa.jpg', 'article_date' => '2024-08-07 14:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21770', 'article_category_id' => '1', 'title' => 'Price of Gold Drops for Second Consecutive Day', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU, August 7: The price of gold, which had hit an all-time high in the domestic market on Monday, has decreased for the second consecutive day.<br /> According to the Federation of Gold and Silver Dealers' Association, the price of fine gold dropped by Rs 1,400 per tola on Wednesday. Gold is being traded at Rs 146,300 per tola, down from Rs 147,700 per tola on Tuesday.<br /> The price of silver also saw a decline, with silver being traded at Rs 1,710 per tola on Wednesday, a decrease of Rs 15 per tola from Tuesday's price of Rs 1,725 per tola. </span></span></p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21495', 'image' => '20240807024708_20240801032633_cd5483b7.jpeg', 'article_date' => '2024-08-07 14:46:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21768', 'article_category_id' => '1', 'title' => 'Business of Life Insurance Companies up by Ten Percent in Last FY', 'sub_title' => '', 'summary' => 'The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">NEWBIZ REPORT</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu, August 7</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">The business of life insurance companies increased by about 10 percent in the last fiscal year (FY), 2023/24. According to the Nepal Insurance Authority (NIA), life insurance companies collected Rs 156.33 billion from the sale/renewal of 13.744 million insurance policies. Compared to the previous year, the insurance fee collected during last year is 9.82 percent higher. In the year 2022/23, they collected Rs 142.35 billion from the sale/renewal of 14.137 million insurance policies.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Insurance policy renewal plays a significant role in the business expansion of companies. In 2023/24, the insurance companies collected Rs 121 billion in insurance fee only from renewal of insurance policy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Nepal Life Insurance Company topped the list of companies in insurance fee collection. It collected Rs 37.17 billion in insurance fees in 2022/23 and Rs 40.85 billion in 2023/24. Similarly, Sun Nepal Life Insurance collected the lowest insurance fee of Rs 3.88 billion last year, which was Rs 3.78 billion in 2022/23.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Including the micro life insurance companies as well, the total insurance fee collection last year increased by 9.94 percent compared to the previous year. Adding the micro life insurance company as well, the insurance companies collected Rs 142.35 billion in insurance premiums in the previous year, which increased to Rs 156.50 billion last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">Among the micro insurance companies, Crest Micro Life collected the highest premium. Crest collected Rs 9.76 billion from the sale of 58,866 insurance policies last year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">President of Life Insurers’ Association, Nepal and Chief Executive Officer of Citizens Life Insurance, Poshak Raj Paudel says that the impact of the recession in the economy also affected the business of insurance companies, so the business growth was not impressive last year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:11.0pt"><span style="font-family:"Arial","sans-serif"">He said, “When the economic activities increase, the income of common people increases and the business of insurance companies also expands.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-13', 'keywords' => '', 'description' => '', 'sortorder' => '21494', 'image' => '20240807021012_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-08-07 14:09:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21767', 'article_category_id' => '1', 'title' => 'Record-Breaking Rainfall in Kanchanpur on July 7 Due to 'Terai Cloudburst': Report', 'sub_title' => '', 'summary' => 'KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">KATHMANDU, August 7: The Department of Hydrology and Meteorology has released a study report on the extreme rainfall recorded in Kanchanpur on July 7, identifying the event as a 'Terai Cloudburst.'</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The department conducted field visits to Dodhara, Hanumannagar, and Sundarpur to inspect the automated rainfall measurement instruments installed there. The data from Sundarpur indicated discrepancies from the department's standards, necessitating further assessment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Hanumannagar experienced 102 mm of rainfall in just one hour from 10:05 pm to 11:05 pm on July 7. Over a 24-hour period from 8:45 am on July 7 to 8:45 am on July 8, Hanumannagar received 573.6 mm of rainfall, Sundarpur 556.4 mm, and Dodhara 624 mm.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department’s spokesperson Sunil Pokhrel, the intense downpour was caused by a combination of monsoon activity in the upper, middle, and lower atmosphere, along with a low-pressure system in the Westerly wind.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The extreme rainfall inundated the plains of Kanchanpur, causing various rivulets to overflow and leading to significant damage. Analyzing a satellite photo taken at 6:15 am on July 9, around 98 square kilometers (about six percent of the total area) of Kanchanpur was submerged, including approximately 85 square kilometers of agricultural land and about 14,000 physical structures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Reports from interactions and other sources during the onsite visit indicated relatively less damage than expected, given the highest rainfall ever recorded in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report concluded that timely dissemination of special bulletins, impact-based meteorological forecasting, mass SMS services, and sufficient preparedness and response, including effective search and rescue operations, played a major role in minimizing damages.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The report recommended increased investment in weather forecasting and preparedness to reduce disaster risk, as monsoon-related incidents are likely to increase due to climate change. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-08-07', 'modified' => '2024-08-07', 'keywords' => '', 'description' => '', 'sortorder' => '21493', 'image' => '20240807011721_20240710125955_SS-Kanchanpur-24DSC00097(1)copy.jpg', 'article_date' => '2024-08-07 13:16:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
