November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages.…
November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages.…
November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days.…
November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy.…
November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus…
November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year…
November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical…
November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery…
November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19…
November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus…
November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade.…
November 17: The general public has been found to be confused about what a book building system is in the stock market.…
November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on…
November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to…
November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali…
November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market.…
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', 'content' => '<p><em>This file photo shows a Special Economic Zone in Bhairahawa.</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages. In order to develop entrepreneurship at the local level and to facilitate landless local youths, the industrial villages have been announced in Province 1, Bagmati Province, Karnali Province, and Gandaki Province. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A meeting of the Council of Ministers on November 9 decided to convert various places of Udayapur and Tehrathum of Province 1 as industrial villages. The industrial villages are being setup on 63 ropani of land in Rautamai Rural Municipality – 5 and 8 bigha of land in Belaka Municipality of Udayapur. Likewise, a 64 ropani land at Myanglung Rural Municipality 1 and 10, Tehrathum has been declared as industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Similarly, the Council of Ministers has also decided to develop 187 ropani of government land in Subhaghat area of Bidur Municipality – 10, Nuwakot as an industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Two industrial villages have been declared in Surkhet, Karnali out of which 20 bigha of government land of Bheriganga – 11 and 10 bighas of community forest in Chowkune rural municipality – 5 will be utilized. It has also been decided to build an industrial village on 20 bigha of government land in Shivalaya Rural Municipality – 4 of Jajarkot. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has planned to make highest number of industrial villages in Gandaki Province, which includes Syanja, Tanahu, Nawalparasi (east of Bardaghar Susta), Manang and Parbat. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has already declared 93 ropanis of land in Kaligandaki rural municipality – 5 of Syangja, 47 ropanis of land in Bhanu municipality – 3 of Tanahu and 100 ropanis of land in Baudikali village municipality – 2 of Nawalparasi as industrial gram. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12434', 'image' => '20201119050208_20190201015612_sej pic (2).jpg', 'article_date' => '2020-11-19 17:00:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12686', 'article_category_id' => '1', 'title' => 'PM Oli to ‘Counter’ Chairman Dahal during upcoming Secretariat Meeting', 'sub_title' => '', 'summary' => 'November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. A meeting of the party called on Wednesday afternoon (November 18) to resolve the internal rift has decided to sit for talks on November 28.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party is on the verge of splitting into two factions due to the clash of egos of the chairmen duo. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Prime Minister KP Sharma Oli, who is also the chairman of NCP, will be presenting a report during the next Secretariat Meeting, informed party spokesperson Narayan Kaji Shrestha. In his report, PM Oli will address the demands made by another chairman of the party, Pushpa Kamal Dahal while the secretariat members will review the reports of both the chairmen.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The upcoming meeting has become a hot topic in contemporary politics of Nepal considering the chances that it might either resolve the internal dispute or cause further rift.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party leaders had held a Secretariat Meeting at the Prime Minister’s Official Residence in Baluwatar on Wednesday to resolve the long-standing issue of power struggle between the two chairmen. As soon as the meeting started, Oli said he would present a political report during the next meeting and demanded 10 days to prepare the report. The leaders agreed to defer the meeting by 10 days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">During the last meeting, Oli had presented a 19-page report stressing on majority rule while Dahal had criticized the prime minister for taking decisions unilaterally. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Wednesday’s meeting also decided to call the party’s standing committee meeting on December 3 and central committee meeting on December 10. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12433', 'image' => '20201119030717_20200305102040_oli.jpg', 'article_date' => '2020-11-19 15:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12685', 'article_category_id' => '1', 'title' => 'Tourism is the Main Source of Foreign Currency in Nepal: Minister Bhattarai', 'sub_title' => '', 'summary' => 'November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">“Tourism is the prime source of foreign currency for Nepal,” he informed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Inaugurating the Nepal Tourism and Hotel Management Foundation (NATHAM) branch at Birtamod in Jhapa on Wednesday, November 18, Minister Bhattarai informed that the government has kept development of tourism as a topmost priority as it is the main source of foreign currency.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">"Tourism is the backbone of economic development," he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai added that NATHAM's third branch has been set up in Jhapa to produce required manpower to support the tourism sector of Province one. Currently three five-star hotels and other big hotels are being set up in Mechinagar and Birtamod municipalities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He informed that branches have already been expanded in Nepalgunj and Mahottari. Minister Bhattarai expressed confidence that the people of Province 1 would now contribute to the tourism sector by studying hotel management.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He also informed that the government is preparing to make it mandatory for foreign tourists to have a guide when visiting Nepal, adding that large manpower is needed in the tourism sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Deepak Kumar Thapa, executive director of NATHAM, informed that graduates will be sent to the branch established at Anarmuni Public Campus in Birtamod. He further informed that through teaching and training, NATHAM has produced 54,000 manpower in Nepal and 90 percent of them are employed. -RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12432', 'image' => '20201119025808_1605704605.yogesh bhattarai_.jpg', 'article_date' => '2020-11-19 14:57:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12684', 'article_category_id' => '1', 'title' => 'Government Almost Meets its Revenue Collection Target', 'sub_title' => '', 'summary' => 'November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government’s income had been declining gradually since March, revenue collection has gained pace in recent days. Government officials say that they are almost certain to meet their annual target. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Ministry of Finance, the government had set a target of collecting 25 percent of its estimated revenue within the first four months of the current fiscal year. The ministry informed that they have been able to collect 24 percent of the estimated revenue during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by the finance ministry shows that the government was able to collect Rs 240.15 billion in the first four months of the current fiscal year. Out of the collected amount, Rs 226.3 billion was collected as taxes while the remaining Rs 14.11 billion was collected as non-tax revenue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the finance ministry informed that the revenue collection of the government has been satisfactory and in accordance to the target while other indicators are also positive.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The official informed that they are collecting detailed information about the revenue indices. He added that the data collected so far show improvement in most of the indices.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ministry further informed that the number of people registering their permanent account number (PAN) has declined in the first four months of the current fiscal year compared to last year due to the adverse situation created by coronavirus pandemic. Such number has fallen by almost 73 percent, informed government officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, registration of institutions for value added tax has declined by 51.4 percent and that of excise duty has gone down by 56 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the ministry, the number of people registering PAN has reached 3.5 million during the review period. Among them, 1.4 million permanent account numbers have been registered for commercial purpose while that of personal permanent account number stands at 2.1 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/20200318114059_20170421033602_inland%20revenue.jpg" style="height:231px; width:800px" /></span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of the Inland Revenue Department Binod Bahadur Kunwar says that they have been moving ahead with their plant to meet the target of revenue collection. He says that they have prepared a special work plan to meet the target amid coronavirus pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12431', 'image' => '20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-11-19 14:09:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12682', 'article_category_id' => '1', 'title' => 'Life Insurance Companies make Double-Digit Profit despite Coronavirus Crisis', 'sub_title' => '', 'summary' => 'November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The figure is based on financial statements of the first quarter made public by 19 life insurance companies operating in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The profit of commercial banks and other sectors has declined during the review period due to coronavirus. However, life insurance companies have recorded double-digit profit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies say that they have felt very little impact of coronavirus compared to other sectors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies had made net profit of Rs 1.01 billion during the first quarter of the last fiscal year. The profit during the corresponding period of the current fiscal year has soared by Rs 246.7 million to Rs 1.26 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chairman of Life Insurance Providers’ Association of Nepal Nirmal Kaji Shrestha, who is also the CEO of Metlife Insurance, says that the insurance sector has not been affected much by the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Our customers have given continuity to their insurance policy even during the current crisis,” said Shrestha, adding. “New businesses have been opening despite the risk of coronavirus. As a result, the insurance business has flourished.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal Life Insurance Company, Prime Life Insurance Company, National Life Insurance Company and Surya Life Insurance Company are the frontrunners is recording profits during the first quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the available data, the combined profits of these four companies exceed Rs 100 million.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12430', 'image' => '20201119115434_Life-Insurance.jpg', 'article_date' => '2020-11-19 11:54:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12683', 'article_category_id' => '1', 'title' => 'President Bhandari Issues Medical Ordinance to Facilitate Import of Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The ordinance was issued by the president upon the recommendation of the Council of Ministers in accordance with Article 114, Clause 1 of the Constitution of Nepal, informed Keshav Prasad Ghimire, deputy spokesperson at the President's Office. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The state-run national news agency of Nepal – RSS – reported that the ordinance would facilitate the import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Health Minister Bhanu Bhakta Dhakal had reportedly said a few days ago that an ordinance was being brought to prevent legal problems during the potential import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Generally, new laws are brought through ordinances when the parliamentary sessions prorogued.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12429', 'image' => '20201119013027_1605700301.rastrapati_.jpeg', 'article_date' => '2020-11-19 13:29:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12681', 'article_category_id' => '1', 'title' => 'Govt and World Bank sign financing agreements of $350 million ', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It's sort of a complementary element.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', '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' => '12687', 'article_category_id' => '1', 'title' => 'Government to Develop 12 Industrial Villages Across Nepal ', 'sub_title' => '', 'summary' => 'November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages. ', 'content' => '<p><em>This file photo shows a Special Economic Zone in Bhairahawa.</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages. In order to develop entrepreneurship at the local level and to facilitate landless local youths, the industrial villages have been announced in Province 1, Bagmati Province, Karnali Province, and Gandaki Province. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A meeting of the Council of Ministers on November 9 decided to convert various places of Udayapur and Tehrathum of Province 1 as industrial villages. The industrial villages are being setup on 63 ropani of land in Rautamai Rural Municipality – 5 and 8 bigha of land in Belaka Municipality of Udayapur. Likewise, a 64 ropani land at Myanglung Rural Municipality 1 and 10, Tehrathum has been declared as industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Similarly, the Council of Ministers has also decided to develop 187 ropani of government land in Subhaghat area of Bidur Municipality – 10, Nuwakot as an industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Two industrial villages have been declared in Surkhet, Karnali out of which 20 bigha of government land of Bheriganga – 11 and 10 bighas of community forest in Chowkune rural municipality – 5 will be utilized. It has also been decided to build an industrial village on 20 bigha of government land in Shivalaya Rural Municipality – 4 of Jajarkot. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has planned to make highest number of industrial villages in Gandaki Province, which includes Syanja, Tanahu, Nawalparasi (east of Bardaghar Susta), Manang and Parbat. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has already declared 93 ropanis of land in Kaligandaki rural municipality – 5 of Syangja, 47 ropanis of land in Bhanu municipality – 3 of Tanahu and 100 ropanis of land in Baudikali village municipality – 2 of Nawalparasi as industrial gram. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12434', 'image' => '20201119050208_20190201015612_sej pic (2).jpg', 'article_date' => '2020-11-19 17:00:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12686', 'article_category_id' => '1', 'title' => 'PM Oli to ‘Counter’ Chairman Dahal during upcoming Secretariat Meeting', 'sub_title' => '', 'summary' => 'November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. A meeting of the party called on Wednesday afternoon (November 18) to resolve the internal rift has decided to sit for talks on November 28.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party is on the verge of splitting into two factions due to the clash of egos of the chairmen duo. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Prime Minister KP Sharma Oli, who is also the chairman of NCP, will be presenting a report during the next Secretariat Meeting, informed party spokesperson Narayan Kaji Shrestha. In his report, PM Oli will address the demands made by another chairman of the party, Pushpa Kamal Dahal while the secretariat members will review the reports of both the chairmen.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The upcoming meeting has become a hot topic in contemporary politics of Nepal considering the chances that it might either resolve the internal dispute or cause further rift.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party leaders had held a Secretariat Meeting at the Prime Minister’s Official Residence in Baluwatar on Wednesday to resolve the long-standing issue of power struggle between the two chairmen. As soon as the meeting started, Oli said he would present a political report during the next meeting and demanded 10 days to prepare the report. The leaders agreed to defer the meeting by 10 days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">During the last meeting, Oli had presented a 19-page report stressing on majority rule while Dahal had criticized the prime minister for taking decisions unilaterally. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Wednesday’s meeting also decided to call the party’s standing committee meeting on December 3 and central committee meeting on December 10. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12433', 'image' => '20201119030717_20200305102040_oli.jpg', 'article_date' => '2020-11-19 15:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12685', 'article_category_id' => '1', 'title' => 'Tourism is the Main Source of Foreign Currency in Nepal: Minister Bhattarai', 'sub_title' => '', 'summary' => 'November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">“Tourism is the prime source of foreign currency for Nepal,” he informed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Inaugurating the Nepal Tourism and Hotel Management Foundation (NATHAM) branch at Birtamod in Jhapa on Wednesday, November 18, Minister Bhattarai informed that the government has kept development of tourism as a topmost priority as it is the main source of foreign currency.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">"Tourism is the backbone of economic development," he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai added that NATHAM's third branch has been set up in Jhapa to produce required manpower to support the tourism sector of Province one. Currently three five-star hotels and other big hotels are being set up in Mechinagar and Birtamod municipalities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He informed that branches have already been expanded in Nepalgunj and Mahottari. Minister Bhattarai expressed confidence that the people of Province 1 would now contribute to the tourism sector by studying hotel management.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He also informed that the government is preparing to make it mandatory for foreign tourists to have a guide when visiting Nepal, adding that large manpower is needed in the tourism sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Deepak Kumar Thapa, executive director of NATHAM, informed that graduates will be sent to the branch established at Anarmuni Public Campus in Birtamod. He further informed that through teaching and training, NATHAM has produced 54,000 manpower in Nepal and 90 percent of them are employed. -RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12432', 'image' => '20201119025808_1605704605.yogesh bhattarai_.jpg', 'article_date' => '2020-11-19 14:57:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12684', 'article_category_id' => '1', 'title' => 'Government Almost Meets its Revenue Collection Target', 'sub_title' => '', 'summary' => 'November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government’s income had been declining gradually since March, revenue collection has gained pace in recent days. Government officials say that they are almost certain to meet their annual target. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Ministry of Finance, the government had set a target of collecting 25 percent of its estimated revenue within the first four months of the current fiscal year. The ministry informed that they have been able to collect 24 percent of the estimated revenue during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by the finance ministry shows that the government was able to collect Rs 240.15 billion in the first four months of the current fiscal year. Out of the collected amount, Rs 226.3 billion was collected as taxes while the remaining Rs 14.11 billion was collected as non-tax revenue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the finance ministry informed that the revenue collection of the government has been satisfactory and in accordance to the target while other indicators are also positive.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The official informed that they are collecting detailed information about the revenue indices. He added that the data collected so far show improvement in most of the indices.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ministry further informed that the number of people registering their permanent account number (PAN) has declined in the first four months of the current fiscal year compared to last year due to the adverse situation created by coronavirus pandemic. Such number has fallen by almost 73 percent, informed government officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, registration of institutions for value added tax has declined by 51.4 percent and that of excise duty has gone down by 56 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the ministry, the number of people registering PAN has reached 3.5 million during the review period. Among them, 1.4 million permanent account numbers have been registered for commercial purpose while that of personal permanent account number stands at 2.1 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/20200318114059_20170421033602_inland%20revenue.jpg" style="height:231px; width:800px" /></span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of the Inland Revenue Department Binod Bahadur Kunwar says that they have been moving ahead with their plant to meet the target of revenue collection. He says that they have prepared a special work plan to meet the target amid coronavirus pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12431', 'image' => '20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-11-19 14:09:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12682', 'article_category_id' => '1', 'title' => 'Life Insurance Companies make Double-Digit Profit despite Coronavirus Crisis', 'sub_title' => '', 'summary' => 'November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The figure is based on financial statements of the first quarter made public by 19 life insurance companies operating in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The profit of commercial banks and other sectors has declined during the review period due to coronavirus. However, life insurance companies have recorded double-digit profit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies say that they have felt very little impact of coronavirus compared to other sectors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies had made net profit of Rs 1.01 billion during the first quarter of the last fiscal year. The profit during the corresponding period of the current fiscal year has soared by Rs 246.7 million to Rs 1.26 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chairman of Life Insurance Providers’ Association of Nepal Nirmal Kaji Shrestha, who is also the CEO of Metlife Insurance, says that the insurance sector has not been affected much by the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Our customers have given continuity to their insurance policy even during the current crisis,” said Shrestha, adding. “New businesses have been opening despite the risk of coronavirus. As a result, the insurance business has flourished.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal Life Insurance Company, Prime Life Insurance Company, National Life Insurance Company and Surya Life Insurance Company are the frontrunners is recording profits during the first quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the available data, the combined profits of these four companies exceed Rs 100 million.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12430', 'image' => '20201119115434_Life-Insurance.jpg', 'article_date' => '2020-11-19 11:54:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12683', 'article_category_id' => '1', 'title' => 'President Bhandari Issues Medical Ordinance to Facilitate Import of Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The ordinance was issued by the president upon the recommendation of the Council of Ministers in accordance with Article 114, Clause 1 of the Constitution of Nepal, informed Keshav Prasad Ghimire, deputy spokesperson at the President's Office. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The state-run national news agency of Nepal – RSS – reported that the ordinance would facilitate the import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Health Minister Bhanu Bhakta Dhakal had reportedly said a few days ago that an ordinance was being brought to prevent legal problems during the potential import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Generally, new laws are brought through ordinances when the parliamentary sessions prorogued.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12429', 'image' => '20201119013027_1605700301.rastrapati_.jpeg', 'article_date' => '2020-11-19 13:29:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12681', 'article_category_id' => '1', 'title' => 'Govt and World Bank sign financing agreements of $350 million ', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It's sort of a complementary element.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', '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' => '12687', 'article_category_id' => '1', 'title' => 'Government to Develop 12 Industrial Villages Across Nepal ', 'sub_title' => '', 'summary' => 'November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages. ', 'content' => '<p><em>This file photo shows a Special Economic Zone in Bhairahawa.</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages. In order to develop entrepreneurship at the local level and to facilitate landless local youths, the industrial villages have been announced in Province 1, Bagmati Province, Karnali Province, and Gandaki Province. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A meeting of the Council of Ministers on November 9 decided to convert various places of Udayapur and Tehrathum of Province 1 as industrial villages. The industrial villages are being setup on 63 ropani of land in Rautamai Rural Municipality – 5 and 8 bigha of land in Belaka Municipality of Udayapur. Likewise, a 64 ropani land at Myanglung Rural Municipality 1 and 10, Tehrathum has been declared as industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Similarly, the Council of Ministers has also decided to develop 187 ropani of government land in Subhaghat area of Bidur Municipality – 10, Nuwakot as an industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Two industrial villages have been declared in Surkhet, Karnali out of which 20 bigha of government land of Bheriganga – 11 and 10 bighas of community forest in Chowkune rural municipality – 5 will be utilized. It has also been decided to build an industrial village on 20 bigha of government land in Shivalaya Rural Municipality – 4 of Jajarkot. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has planned to make highest number of industrial villages in Gandaki Province, which includes Syanja, Tanahu, Nawalparasi (east of Bardaghar Susta), Manang and Parbat. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has already declared 93 ropanis of land in Kaligandaki rural municipality – 5 of Syangja, 47 ropanis of land in Bhanu municipality – 3 of Tanahu and 100 ropanis of land in Baudikali village municipality – 2 of Nawalparasi as industrial gram. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12434', 'image' => '20201119050208_20190201015612_sej pic (2).jpg', 'article_date' => '2020-11-19 17:00:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12686', 'article_category_id' => '1', 'title' => 'PM Oli to ‘Counter’ Chairman Dahal during upcoming Secretariat Meeting', 'sub_title' => '', 'summary' => 'November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. A meeting of the party called on Wednesday afternoon (November 18) to resolve the internal rift has decided to sit for talks on November 28.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party is on the verge of splitting into two factions due to the clash of egos of the chairmen duo. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Prime Minister KP Sharma Oli, who is also the chairman of NCP, will be presenting a report during the next Secretariat Meeting, informed party spokesperson Narayan Kaji Shrestha. In his report, PM Oli will address the demands made by another chairman of the party, Pushpa Kamal Dahal while the secretariat members will review the reports of both the chairmen.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The upcoming meeting has become a hot topic in contemporary politics of Nepal considering the chances that it might either resolve the internal dispute or cause further rift.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party leaders had held a Secretariat Meeting at the Prime Minister’s Official Residence in Baluwatar on Wednesday to resolve the long-standing issue of power struggle between the two chairmen. As soon as the meeting started, Oli said he would present a political report during the next meeting and demanded 10 days to prepare the report. The leaders agreed to defer the meeting by 10 days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">During the last meeting, Oli had presented a 19-page report stressing on majority rule while Dahal had criticized the prime minister for taking decisions unilaterally. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Wednesday’s meeting also decided to call the party’s standing committee meeting on December 3 and central committee meeting on December 10. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12433', 'image' => '20201119030717_20200305102040_oli.jpg', 'article_date' => '2020-11-19 15:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12685', 'article_category_id' => '1', 'title' => 'Tourism is the Main Source of Foreign Currency in Nepal: Minister Bhattarai', 'sub_title' => '', 'summary' => 'November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">“Tourism is the prime source of foreign currency for Nepal,” he informed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Inaugurating the Nepal Tourism and Hotel Management Foundation (NATHAM) branch at Birtamod in Jhapa on Wednesday, November 18, Minister Bhattarai informed that the government has kept development of tourism as a topmost priority as it is the main source of foreign currency.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">"Tourism is the backbone of economic development," he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai added that NATHAM's third branch has been set up in Jhapa to produce required manpower to support the tourism sector of Province one. Currently three five-star hotels and other big hotels are being set up in Mechinagar and Birtamod municipalities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He informed that branches have already been expanded in Nepalgunj and Mahottari. Minister Bhattarai expressed confidence that the people of Province 1 would now contribute to the tourism sector by studying hotel management.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He also informed that the government is preparing to make it mandatory for foreign tourists to have a guide when visiting Nepal, adding that large manpower is needed in the tourism sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Deepak Kumar Thapa, executive director of NATHAM, informed that graduates will be sent to the branch established at Anarmuni Public Campus in Birtamod. He further informed that through teaching and training, NATHAM has produced 54,000 manpower in Nepal and 90 percent of them are employed. -RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12432', 'image' => '20201119025808_1605704605.yogesh bhattarai_.jpg', 'article_date' => '2020-11-19 14:57:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12684', 'article_category_id' => '1', 'title' => 'Government Almost Meets its Revenue Collection Target', 'sub_title' => '', 'summary' => 'November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government’s income had been declining gradually since March, revenue collection has gained pace in recent days. Government officials say that they are almost certain to meet their annual target. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Ministry of Finance, the government had set a target of collecting 25 percent of its estimated revenue within the first four months of the current fiscal year. The ministry informed that they have been able to collect 24 percent of the estimated revenue during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by the finance ministry shows that the government was able to collect Rs 240.15 billion in the first four months of the current fiscal year. Out of the collected amount, Rs 226.3 billion was collected as taxes while the remaining Rs 14.11 billion was collected as non-tax revenue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the finance ministry informed that the revenue collection of the government has been satisfactory and in accordance to the target while other indicators are also positive.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The official informed that they are collecting detailed information about the revenue indices. He added that the data collected so far show improvement in most of the indices.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ministry further informed that the number of people registering their permanent account number (PAN) has declined in the first four months of the current fiscal year compared to last year due to the adverse situation created by coronavirus pandemic. Such number has fallen by almost 73 percent, informed government officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, registration of institutions for value added tax has declined by 51.4 percent and that of excise duty has gone down by 56 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the ministry, the number of people registering PAN has reached 3.5 million during the review period. Among them, 1.4 million permanent account numbers have been registered for commercial purpose while that of personal permanent account number stands at 2.1 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/20200318114059_20170421033602_inland%20revenue.jpg" style="height:231px; width:800px" /></span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of the Inland Revenue Department Binod Bahadur Kunwar says that they have been moving ahead with their plant to meet the target of revenue collection. He says that they have prepared a special work plan to meet the target amid coronavirus pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12431', 'image' => '20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-11-19 14:09:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12682', 'article_category_id' => '1', 'title' => 'Life Insurance Companies make Double-Digit Profit despite Coronavirus Crisis', 'sub_title' => '', 'summary' => 'November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The figure is based on financial statements of the first quarter made public by 19 life insurance companies operating in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The profit of commercial banks and other sectors has declined during the review period due to coronavirus. However, life insurance companies have recorded double-digit profit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies say that they have felt very little impact of coronavirus compared to other sectors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies had made net profit of Rs 1.01 billion during the first quarter of the last fiscal year. The profit during the corresponding period of the current fiscal year has soared by Rs 246.7 million to Rs 1.26 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chairman of Life Insurance Providers’ Association of Nepal Nirmal Kaji Shrestha, who is also the CEO of Metlife Insurance, says that the insurance sector has not been affected much by the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Our customers have given continuity to their insurance policy even during the current crisis,” said Shrestha, adding. “New businesses have been opening despite the risk of coronavirus. As a result, the insurance business has flourished.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal Life Insurance Company, Prime Life Insurance Company, National Life Insurance Company and Surya Life Insurance Company are the frontrunners is recording profits during the first quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the available data, the combined profits of these four companies exceed Rs 100 million.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12430', 'image' => '20201119115434_Life-Insurance.jpg', 'article_date' => '2020-11-19 11:54:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12683', 'article_category_id' => '1', 'title' => 'President Bhandari Issues Medical Ordinance to Facilitate Import of Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The ordinance was issued by the president upon the recommendation of the Council of Ministers in accordance with Article 114, Clause 1 of the Constitution of Nepal, informed Keshav Prasad Ghimire, deputy spokesperson at the President's Office. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The state-run national news agency of Nepal – RSS – reported that the ordinance would facilitate the import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Health Minister Bhanu Bhakta Dhakal had reportedly said a few days ago that an ordinance was being brought to prevent legal problems during the potential import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Generally, new laws are brought through ordinances when the parliamentary sessions prorogued.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12429', 'image' => '20201119013027_1605700301.rastrapati_.jpeg', 'article_date' => '2020-11-19 13:29:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12681', 'article_category_id' => '1', 'title' => 'Govt and World Bank sign financing agreements of $350 million ', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It's sort of a complementary element.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', '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><em>This file photo shows a Special Economic Zone in Bhairahawa.</em></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">November 19: At a time when the Special Economic Zones (SEZ) and other industrial estates announced by the government are struggling to operate, the government has decided to announce 12 new areas as industrial villages. In order to develop entrepreneurship at the local level and to facilitate landless local youths, the industrial villages have been announced in Province 1, Bagmati Province, Karnali Province, and Gandaki Province. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A meeting of the Council of Ministers on November 9 decided to convert various places of Udayapur and Tehrathum of Province 1 as industrial villages. The industrial villages are being setup on 63 ropani of land in Rautamai Rural Municipality – 5 and 8 bigha of land in Belaka Municipality of Udayapur. Likewise, a 64 ropani land at Myanglung Rural Municipality 1 and 10, Tehrathum has been declared as industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Similarly, the Council of Ministers has also decided to develop 187 ropani of government land in Subhaghat area of Bidur Municipality – 10, Nuwakot as an industrial village. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Two industrial villages have been declared in Surkhet, Karnali out of which 20 bigha of government land of Bheriganga – 11 and 10 bighas of community forest in Chowkune rural municipality – 5 will be utilized. It has also been decided to build an industrial village on 20 bigha of government land in Shivalaya Rural Municipality – 4 of Jajarkot. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has planned to make highest number of industrial villages in Gandaki Province, which includes Syanja, Tanahu, Nawalparasi (east of Bardaghar Susta), Manang and Parbat. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has already declared 93 ropanis of land in Kaligandaki rural municipality – 5 of Syangja, 47 ropanis of land in Bhanu municipality – 3 of Tanahu and 100 ropanis of land in Baudikali village municipality – 2 of Nawalparasi as industrial gram. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12434', 'image' => '20201119050208_20190201015612_sej pic (2).jpg', 'article_date' => '2020-11-19 17:00:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12686', 'article_category_id' => '1', 'title' => 'PM Oli to ‘Counter’ Chairman Dahal during upcoming Secretariat Meeting', 'sub_title' => '', 'summary' => 'November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: The Secretariat Meeting of the ruling Nepal Communist Party (NCP) has been postponed for ten days. A meeting of the party called on Wednesday afternoon (November 18) to resolve the internal rift has decided to sit for talks on November 28.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party is on the verge of splitting into two factions due to the clash of egos of the chairmen duo. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Prime Minister KP Sharma Oli, who is also the chairman of NCP, will be presenting a report during the next Secretariat Meeting, informed party spokesperson Narayan Kaji Shrestha. In his report, PM Oli will address the demands made by another chairman of the party, Pushpa Kamal Dahal while the secretariat members will review the reports of both the chairmen.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The upcoming meeting has become a hot topic in contemporary politics of Nepal considering the chances that it might either resolve the internal dispute or cause further rift.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The party leaders had held a Secretariat Meeting at the Prime Minister’s Official Residence in Baluwatar on Wednesday to resolve the long-standing issue of power struggle between the two chairmen. As soon as the meeting started, Oli said he would present a political report during the next meeting and demanded 10 days to prepare the report. The leaders agreed to defer the meeting by 10 days.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">During the last meeting, Oli had presented a 19-page report stressing on majority rule while Dahal had criticized the prime minister for taking decisions unilaterally. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Wednesday’s meeting also decided to call the party’s standing committee meeting on December 3 and central committee meeting on December 10. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12433', 'image' => '20201119030717_20200305102040_oli.jpg', 'article_date' => '2020-11-19 15:06:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12685', 'article_category_id' => '1', 'title' => 'Tourism is the Main Source of Foreign Currency in Nepal: Minister Bhattarai', 'sub_title' => '', 'summary' => 'November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">November 19: Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that Nepal's tourism sector has been contributing more than Rs 80 billion worth of foreign currency to the country’s economy. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">“Tourism is the prime source of foreign currency for Nepal,” he informed.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Inaugurating the Nepal Tourism and Hotel Management Foundation (NATHAM) branch at Birtamod in Jhapa on Wednesday, November 18, Minister Bhattarai informed that the government has kept development of tourism as a topmost priority as it is the main source of foreign currency.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">"Tourism is the backbone of economic development," he further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Minister Bhattarai added that NATHAM's third branch has been set up in Jhapa to produce required manpower to support the tourism sector of Province one. Currently three five-star hotels and other big hotels are being set up in Mechinagar and Birtamod municipalities.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He informed that branches have already been expanded in Nepalgunj and Mahottari. Minister Bhattarai expressed confidence that the people of Province 1 would now contribute to the tourism sector by studying hotel management.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">He also informed that the government is preparing to make it mandatory for foreign tourists to have a guide when visiting Nepal, adding that large manpower is needed in the tourism sector.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:Calibri">Deepak Kumar Thapa, executive director of NATHAM, informed that graduates will be sent to the branch established at Anarmuni Public Campus in Birtamod. He further informed that through teaching and training, NATHAM has produced 54,000 manpower in Nepal and 90 percent of them are employed. -RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12432', 'image' => '20201119025808_1605704605.yogesh bhattarai_.jpg', 'article_date' => '2020-11-19 14:57:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12684', 'article_category_id' => '1', 'title' => 'Government Almost Meets its Revenue Collection Target', 'sub_title' => '', 'summary' => 'November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 19: The government has succeeded in collecting revenue almost equal to its annual target despite coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the government’s income had been declining gradually since March, revenue collection has gained pace in recent days. Government officials say that they are almost certain to meet their annual target. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Ministry of Finance, the government had set a target of collecting 25 percent of its estimated revenue within the first four months of the current fiscal year. The ministry informed that they have been able to collect 24 percent of the estimated revenue during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Data maintained by the finance ministry shows that the government was able to collect Rs 240.15 billion in the first four months of the current fiscal year. Out of the collected amount, Rs 226.3 billion was collected as taxes while the remaining Rs 14.11 billion was collected as non-tax revenue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A high-ranking official at the finance ministry informed that the revenue collection of the government has been satisfactory and in accordance to the target while other indicators are also positive.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The official informed that they are collecting detailed information about the revenue indices. He added that the data collected so far show improvement in most of the indices.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The ministry further informed that the number of people registering their permanent account number (PAN) has declined in the first four months of the current fiscal year compared to last year due to the adverse situation created by coronavirus pandemic. Such number has fallen by almost 73 percent, informed government officials.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, registration of institutions for value added tax has declined by 51.4 percent and that of excise duty has gone down by 56 percent.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the ministry, the number of people registering PAN has reached 3.5 million during the review period. Among them, 1.4 million permanent account numbers have been registered for commercial purpose while that of personal permanent account number stands at 2.1 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS""><img alt="" src="/app/webroot/userfiles/images/20200318114059_20170421033602_inland%20revenue.jpg" style="height:231px; width:800px" /></span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Director General of the Inland Revenue Department Binod Bahadur Kunwar says that they have been moving ahead with their plant to meet the target of revenue collection. He says that they have prepared a special work plan to meet the target amid coronavirus pandemic.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12431', 'image' => '20201119021010_20200907074520_1599400665.tax.jpg', 'article_date' => '2020-11-19 14:09:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12682', 'article_category_id' => '1', 'title' => 'Life Insurance Companies make Double-Digit Profit despite Coronavirus Crisis', 'sub_title' => '', 'summary' => 'November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">November 19: The net profit of life insurance companies in Nepal have increased by an average of 24.28 percent in the first quarter of the current fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The figure is based on financial statements of the first quarter made public by 19 life insurance companies operating in Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The profit of commercial banks and other sectors has declined during the review period due to coronavirus. However, life insurance companies have recorded double-digit profit.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies say that they have felt very little impact of coronavirus compared to other sectors. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Insurance companies had made net profit of Rs 1.01 billion during the first quarter of the last fiscal year. The profit during the corresponding period of the current fiscal year has soared by Rs 246.7 million to Rs 1.26 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Chairman of Life Insurance Providers’ Association of Nepal Nirmal Kaji Shrestha, who is also the CEO of Metlife Insurance, says that the insurance sector has not been affected much by the coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“Our customers have given continuity to their insurance policy even during the current crisis,” said Shrestha, adding. “New businesses have been opening despite the risk of coronavirus. As a result, the insurance business has flourished.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal Life Insurance Company, Prime Life Insurance Company, National Life Insurance Company and Surya Life Insurance Company are the frontrunners is recording profits during the first quarter of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the available data, the combined profits of these four companies exceed Rs 100 million.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12430', 'image' => '20201119115434_Life-Insurance.jpg', 'article_date' => '2020-11-19 11:54:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12683', 'article_category_id' => '1', 'title' => 'President Bhandari Issues Medical Ordinance to Facilitate Import of Covid-19 Vaccine', 'sub_title' => '', 'summary' => 'November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 19: President Bidhya Devi Bhandari on Wednesday (November 18) issued the third amendment to the Medical Ordinance.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The ordinance was issued by the president upon the recommendation of the Council of Ministers in accordance with Article 114, Clause 1 of the Constitution of Nepal, informed Keshav Prasad Ghimire, deputy spokesperson at the President's Office. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The state-run national news agency of Nepal – RSS – reported that the ordinance would facilitate the import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Health Minister Bhanu Bhakta Dhakal had reportedly said a few days ago that an ordinance was being brought to prevent legal problems during the potential import of Covid-19 vaccine. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Generally, new laws are brought through ordinances when the parliamentary sessions prorogued.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-19', 'modified' => '2020-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '12429', 'image' => '20201119013027_1605700301.rastrapati_.jpeg', 'article_date' => '2020-11-19 13:29:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12681', 'article_category_id' => '1', 'title' => 'Govt and World Bank sign financing agreements of $350 million ', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 18: </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">The Government of Nepal and the World Bank signed two separate agreements on Wednesday (November 18) to help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“We are thankful to the World Bank for the support in strengthening urban development and improving financial sector stability in Nepal,” stated Sishir Kumar Dhungana, finance secretary of Nepal. “The projects support Nepal’s implementation of federalism and the financial sector reform agenda, while contributing to the government’s recovery efforts from the COVID-19 crisis.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times"> According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region (provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The World Bank said in a statement that the project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The project will finance small scale labor intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across the country, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Similarly, recognizing several initiatives and strong commitment of the Government of Nepal in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million (around Rs 24 billion) Finance for Growth operation as a budgetary support. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">It will support enhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’s impacts. The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actors and crowd-in private financing, the statement said.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The operation also focuses on expanding access to finance for households, women and firms through regulatory and other reforms that will attract additional inflows of international finance and mobilize digital services, credit infrastructure and literacy programs.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The World Bank is committed to support the government in implementing its relief, recovery, and resilience plan to meet urgent demand while focusing on long-term goals and opportunities to rebuild stronger and better from the pandemic,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Through the new projects, we look forward to working with the government to strengthen institutions for effective service delivery as part of the federalism implementation process and build a resilient financial sector to boost economic recovery.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12428', 'image' => '20201118042615_index 2.jpg', 'article_date' => '2020-11-18 16:25:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12680', 'article_category_id' => '1', 'title' => 'Ama Dablam Draws Foreign Expedition Teams amid Covid-19 Pandemic', 'sub_title' => '', 'summary' => 'November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: Expedition teams are growingly attracted toward scaling the famous Mount Ama Dablam, which lies in the Everest region, even during Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">High-profile foreign dignitaries as well as local expedition members are climbing the mountain one after another. Lots of mountaineers try scaling this peak before trying their luck with Everest. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Of late, even the Nepali mountaineers seem to be interested in climbing Mt Ama Dablam.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A British expedition team along with the local Sherpa guides on Tuesday reached the base camp of Mt Ama Dablam to scale the peak. Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai took a group photo with the team to encourage the team members.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former President of Nepal Mountaineering Association (NMA) Ang Chiring Sherpa says that growing number of mountaineers are being attracted towards Mt Ama Dablam, which is considered as one of the most beautiful peaks in the whole world.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Earlier, Ama Dablam was more famous than Everest,” said Sherpa.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, lots of foreigners visit Nepal just to climb this mountain during the Autumn and Spring seasons, which are considered favourable to climb mountains.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Sherpa says lots of Nepalis have also climbed Mt Ama Dablam in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the Spring season, lots of mountaineers prepare to climb Everest, Kanchanjunga,, Makalu, Annapurna and Lhotse while many foreigners visit Nepal during the Autumn season to scale small peaks and for trekking.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Qatar’s Prince Sheikh Mohammad Abdullah was one of the high-profile visitors to scale the 6814 meter peak on November 11. A 14-member team of Prince Abdullah had successfully climbed the summit this season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After climbing the mountain, Prince Abdullah said that he was very much impressed by the natural beauty and hospitality of Nepal. He also promised to visit Nepal in the coming days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Prior to this, Bahrain’s Prince Nasia Bin Hamid Al Khalifa has also climbed 8163 meters high Manaslu.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The high-profile visits have infused hope to the tourism industry of Nepal that has been badly affected by the Covid-19 pandemic. The government believes that such high-profile visits have given a positive message that Nepal’s mountaineering sector and tourism industry are safe for visitors. - RSS</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12427', 'image' => '20201118023511_1605657007.Clipboard03.jpg', 'article_date' => '2020-11-18 14:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12679', 'article_category_id' => '1', 'title' => 'Government unable to Kick-start its Employment Programme ', 'sub_title' => '', 'summary' => 'November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government had promised to provide employment to Nepali migrant workers who had returned home from abroad amid coronavirus pandemic. However, the government still lacks exact data on the number of such migrant workers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the Nepali migrant workers started returning home after coronavirus was first detected in China’s Wuhan in late December 2019, the government still does not have reliable data on the number of people who returned home due to coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Ministry of Labour, Employment and Social Security admit that they are unable to provide employment to the foreign returnees in lack of exact data on the number of people who have returned home due to the pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister for Labour, Employment and Social Security Rameshwar Raya Yadav also admits this fact. According to the Minister Yadav, they have just started collecting details about the migrant workers who returned home during the global crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We don’t have data regarding the number of people who have become jobless due to coronavirus. We will not give them employment opportunities within the country after collecting data in collaboration with the local units,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had rescued stranded Nepalis from abroad through chartered flights but Minister Yadav says they did not keep the records at that time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government is facing strong criticism as people have started returning to foreign countries for work despite the risk of infection because of limited work opportunities within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Council of Ministers decided to conduct a feasibility study on employment opportunities within the country on November 9 upon the recommendation of the finance ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Labour Minister Yadav informed that the government has issued circular to the local units to collect data as per the decision taken by the cabinet.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Although the data collection is taking place at the behest of finance ministry, it is our responsibility to give them employment. We will provide employment to those who possess skill while we will train unskilled workers and make them self dependent,” said Minister Yadav.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As per the cabinet decision, the Ministry of Federal Affairs and General Administration has instructed the local units to collect data regarding within 15 days.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Joint Secretary Bishnu Datta Gautam, they are collection information regarding the number of people who returned home due to Covid-19 pandemic as well as those who returned home upon completing their studies and those who are unemployed within the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A large number of Nepali workers had returned home from India due to increasing risk of infection in the neighbouring country. However, they have been forced to return back to work disregarding the threat of infection due to extreme hardship and financial crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced budget on May 29 and allocated Rs 47 billion for more than a dozen employment-related programmes. However, it has not even started a single such programme. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12426', 'image' => '20201118125204_1605656776.11.jpg', 'article_date' => '2020-11-18 12:51:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12678', 'article_category_id' => '1', 'title' => 'One-Door Policy Expected to Make Foreign Trade Transparent', 'sub_title' => 'Department of Customs Preparing to Test One-Door Policy Next Week', 'summary' => 'November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 18: The government is preparing to introduce a fully-automated system to deal with Nepal’s foreign trade. The Department of Customs informed that it is in the final stage of implementing the fully automated system under its one-door policy to regulate the country’s foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs is making necessary preparations to integrate 40 concerned units that are involved in Nepal’s foreign trade in accordance to the Nepal National One-Door System.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Under this system, all the stakeholders involved in import and export business will be linked to each other through online medium. The department informed that it is currently setting up legal basis for operating the new system.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Coordinator of the project implementation unit Shyam Prasad Bhandari informed New Business Age that the new system is in the final phase of implementation. According to Bhandari, the government had started developing infrastructure for the new system since last year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bhandari, who is also the deputy director of the Department of Customs, added that they are planning to test the new system next week (late November).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the initial stage, the test will include the Department of Food and Quality Control, Food, Animal and Plant Quarantine Department and the Federation of Handicraft Associations of Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Other units and stakeholders will be included in the system once we start implementing the new system,” said Bhandari.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“This new system will not only facilitate customs clearance but will also make Nepal’s foreign trade more reliable and transparent,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Customs expects the new system to be transparent as all the process will be completed through online medium and the service seekers will not have to meet the service providers. This will also help to minimize the time and cost incurred for foreign trade.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department informed that technology development for the one-door policy is almost over. The concerned authorities have set a target to fully operate the new system from the upcoming fiscal year while the system will be upgraded in the next two years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The testing phase was scheduled to being two months ago but was pushed back due to lack of coordination among the stakeholders amid coronavirus crisis.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department says that the new system is focused on facilitating foreign trade, improving revenue collection and effectively implementing social security.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department is under compulsion to reduce the red lane used for manually examining goods at customs point below 20 percent by 2021 under a new criteria set by the World Trade Organisation. This is also one of the major reasons due to which the Department of Customs is preparing to implement the one-door policy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The one-door policy is a fully-automated platform that is applied to make the process of foreign trade paperless.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-18', 'modified' => '2020-11-18', 'keywords' => '', 'description' => '', 'sortorder' => '12425', 'image' => '20201118113858_1605656903.1587419377.jpg', 'article_date' => '2020-11-18 11:38:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12677', 'article_category_id' => '1', 'title' => 'What is Book Building System? ', 'sub_title' => '', 'summary' => 'November 17: The general public has been found to be confused about what a book building system is in the stock market. ', 'content' => '<h1><span style="font-size:18px"><span style="font-family:"Times New Roman"">November 17: The general public has been found to be confused about what a book building system is in the stock market. Last July, the Securities Board of Nepal (SEBON), the regulatory body of the Nepali stock market, had sought opinions and suggestions on the draft of its book building directive.</span></span></h1> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Some investors had also commented on social media that the Initial Public Offering (IPO) will no longer be available at Rs 100. The truth is that the intention of adopting the book building process in IPO is to issue them at a premium price. Book building process, in a way, is similar to an auction. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In this system, auction is done for a limited number of securities out of the total securities that the company wants to issue publicly. And, the price is determined by issuing the remaining securities on the basis of the prescribed premium. Let’s suppose that a company is about to issue 1 million shares in an IPO.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The company may auction 200,000 units through the book-building process. It looks at the highest price at which all 200,000 units can be sold and then the IPO is issued at the determined price. The auction process adopted in the book building process is called 'Dutch auction'.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In a normal auction, the price the buyer is willing to pay and the price he pays should match for the sale to occur. In Dutch auction, some buyers pay less than they were willing to pay. This is true only for those who participate in the auction. The price paid by the general public is the same. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman""> <strong>Which companies is the <strong>book building system only applied to?</strong></strong></span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">According to the directive published by SEBON, the company must have been operating at a profit for three consecutive years in order to issue their IPO through the book building process. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">In addition, the issuance of the IPO should be approved by the general meeting and the net worth per share should be at least 50 percent of the paid-up capital. The rating of the company should also be average or above average. Only by fulfilling all these criteria will the company be able to issue an IPO from the book building system. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Not all companies can meet such criteria. A company that fails to meet these criteria will have to issue their IPOs at Rs 100.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">After the price determination of the IPO, there is a provision that allows to sell 40 percent of the total shares to institutional investors and 60 percent to the general investors. <br /> Institutional investors who purchase shares in this way will not be allowed to buy or sell shares of the company for six months after the issuance of IPO. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">Only institutional investors, listed associations, collective investment funds, merchant bankers and recognized retirement funds approved by the Securities and Exchange Board will be eligible to participate in the auction under this method. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book-building system is expected to encourage high-profit companies such as Surya Nepal, CG Foods and Dabur Nepal to enter the stock market. They can issue their shares at a fair price of their net worth. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman"">The book building system is a prevalent method of issuance of IPO in the stock markets of developed countries. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12424', 'image' => '20201117031819_1605493249.jpg', 'article_date' => '2020-11-17 15:17:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12675', 'article_category_id' => '1', 'title' => 'World’s Largest Free Trade Agreement Signed in Coup for China', 'sub_title' => '', 'summary' => 'November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">November 17: Fifteen Asia-Pacific countries signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence, AFP reported on Sunday.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the news agency, the Regional Comprehensive Economic Partnership (RCEP) signed on November 15 includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global gross domestic product.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">First proposed in 2012, the deal was finally sealed at the end of a Southeast Asian summit as leaders push to get their pandemic-hit economies back on track.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“Under the current global circumstances, the fact the RCEP has been signed after eight years of negotiations brings a ray of light and hope amid the clouds,” AFP quoted Chinese Premier Li Keqiang as saying after the virtual signing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity's progress.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The RCEP “solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative”, said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“It's sort of a complementary element.” </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">But many of the signatories are battling severe coronavirus outbreaks and they are also hoping the RCEP will help mitigate the crippling economic cost of the pandemic, AFP further reported.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5pc on-year in the latest quarter.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">“Covid has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth,” AFP quoted Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy, as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><strong><span style="font-size:14.0pt"><span style="font-family:Times">India absent</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to AFP, India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and was a notable absentee during Sunday's virtual signing.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">Signatories to the agreement said they hoped New Delhi would rejoin in the future, acknowledging its “strategic importance” to the deal which already covers more than two billion people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The pact should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The agreement touches on intellectual property, but environmental protection and labour rights are not part of the pact.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12423', 'image' => '20201117123742_88500034 2.jpg', 'article_date' => '2020-11-17 12:37:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12676', 'article_category_id' => '1', 'title' => 'World should not be complacent after COVID-19 vaccine news: WHO', 'sub_title' => '', 'summary' => 'November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">November 17: The World Health Organization (WHO) welcomed Moderna’s announcement on Monday that its experimental vaccine showed 94.5% efficacy but said that “many questions” remained and it was no time for complacency, according to Reuters.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Only very limited amounts of any vaccine will be available in the first half of 2021 for people other than priority health workers, Reuters reported citing WHO officials.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“While we continue to receive encouraging news about COVID-19 vaccines and remain cautiously optimistic about the potential for new tools to start to arrive in coming months, right now we are extremely concerned by the surge in cases we are seeing in some countries, particularly in Europe and the Americas,” Reuters quoted WHO director-general Tedros Adhanom Ghebreyesus as saying in a news briefing.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">It marked his return to the Geneva agency from quarantine after being exposed to coronavirus some 17 days ago. Tedros said he had no symptoms and had seen no need for a test.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to Reuters, Moderna Inc’s experimental vaccine is 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second US drugmaker to report results that far exceed expectations.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Together with Pfizer Inc’s vaccine, which is also more than 90% effective, and pending more safety data and regulatory review, the United States could have two vaccines authorized for emergency use in December with as many as 60 million doses of vaccine available this year.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Soumya Swaminathan, WHO’s chief scientist, said that the Moderna results were “quite encouraging”. Its final efficacy and safety profile would still be needed, as well as follow-up on trial participants for two months for any side effects.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Pfizer and Moderna candidate vaccines both use mRNA technology and appear to achieve high efficacy, she added.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">“But there are many, many questions still remaining about the duration of protection, the impact on severe disease, the impact on different sub-populations especially the elderly, as well as the adverse events beyond a certain period of time,” Swaminathan said.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Clinical trials must continue to collect more data, she said, adding that more results were expected in coming weeks from the other vaccine trials.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12422', 'image' => '20201117125032_1605542638.who_tedros.jpg', 'article_date' => '2020-11-17 12:49:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12674', 'article_category_id' => '1', 'title' => 'Snowfall Affects Normal Life in Humla', 'sub_title' => '', 'summary' => 'November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">November 17: Snowfall in Humla since the last two days has thrown life out of gear in the remote mountainous district of Karnali Province.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This is the second time in two weeks that Humla witnessed snowfall this season, reports the state run national news agency – RSS. The last time snowfall occurred in the region was on November 3.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to RSS, people in the remote district are facing problems in commuting due to the heavy snowfall. Snowfall has covered all the pastures and the locals are forced to keep their cattle inside the sheds.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The temperature has plummeted in the district following continuous snowfall on Sunday and Monday (November 15-16).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The early morning temperature in Humla was reported to be around minus seven degrees Celsius. Northern Humla is more affected by the snowfall, RSS further reported. Areas to the north of the district headquarters Simikot have reported a massive drop in temperature.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the hardship, local farmers expressed delight after the snowfall expecting good harvest of winter crops. They say that the plantation of wheat and other winter crops has become easy because of the rainfall as they do not have to toil hard for ploughing their fields.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although the snowfall has ceased since Tuesday morning (November 17), all the hills are covered in blanket of white snow.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-11-17', 'modified' => '2020-11-17', 'keywords' => '', 'description' => '', 'sortorder' => '12421', 'image' => '20201117120653_1605580081.himpat_.jpg', 'article_date' => '2020-11-17 12:06:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12672', 'article_category_id' => '1', 'title' => 'Central Bank Instructs BFIs not to Reduce Interest Rates on Deposits ', 'sub_title' => '', 'summary' => 'November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. ', 'content' => '<h1><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">November 12: Nepal Rastra Bank (NRB) has drawn the attention of Banks and Financial Institutions (BFIs) to not reduce the interest rates on deposits, citing the high liquidity in the market. The central bank has informed the chief executive officers of the commercial banks not to reduce the interest rate on deposits as the high liquidity in the market hasn’t been managed yet.</span></span></span></h1> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">There is a liquidity of more that Rs 200 billion in the market due to the lack of credit flow. Dev Kumar Dhakal, the executive director of the regulatory department of the central bank, said that the BFIs themselves need to be involved in the management plan of such high liquidity situation.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to him, BFIs have been encouraged to take initiative to keep the interest rate within a certain limit.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt"> "The interest rate on deposits should not decline a lot when the liquidity isn’t managed. A sharp fall in interest rates on deposits could have a negative impact on future savings operations. People may feel discouraged to save. Therefore, the banks need to make a good plan for this,” he said. He added that the bankers have also expressed their commitment to do as per the instructions of the central bank.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Nepal Rastra Bank had expressed its concern with the chief executive officers of commercial banks over the ineffective credit flow of concessional loans. The central bank believes that the BFIs have not worked hard enough to disburse the loans despite having the capacity to disburse Rs 160 billion in concessional loans.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">According to Nepal Rastra Bank, the banks have not been involved much in the discussions regarding the refinancing facility too. Executive Director Dhakal said that the participation of the banks was low even though the central bank had committed to provide about Rs 200 billion for the refinancing of industries, businesses, professions and other sectors affected by COVID-19 in order to regularize business, pay the wages of the workers or help them to survive.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Executive Director Dev Kumar Dhakal informed that the first phase of refinancing has reached the final stage. He added that the refinancing facility has been extended to all the customers to keep them in a comfortable condition.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Earlier, in a program organized by Nepal Rastra Bank, industrialists had complained that BFIs had neglected to provide the concession policy issued by Nepal Rastra Bank for the COVID-19 affected businesses. Entrepreneurs had also complained about the facility of refinancing and concessional loan not being easily available as well as about the lack of discounts on the interest rates to the governor.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">The bankers have expressed that they have already applied for the refinancing facility and that they are committed to implement the facility as soon as possible.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman""><span style="font-size:14.0pt">Maha Prasad Adhikari, the governor of Nepal Rastra Bank, has had several rounds of discussions with the people affiliated with the banks. He has also held discussions with the chief executive officers and chairpersons of financial institutions.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-11-12', 'modified' => '2020-11-12', 'keywords' => '', 'description' => '', 'sortorder' => '12420', 'image' => '20201112025539_1604363729.Clipboard20.jpg', 'article_date' => '2020-11-12 14:55:04', '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
