NEWS

Industries of Bara-Parsa Corridor Reviving

Nov 12, 2020 0 2 minutes 43 seconds to read

November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to…

Investment Board Approves Big Projects Amid Covid-19 Pandemic

Nov 12, 2020 0 2 minutes 6 seconds to read

November 12: The Investment Board Nepal (IBN) has approved various projects worth Rs 242 billion in the last four…

Finance Minister Pledges to Support Private Sector

Nov 12, 2020 0 1 minutes 55 seconds to read

November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector.…

Annapurna Circuit Among World’s Top 10 Destinations

Nov 11, 2020 0 3 minutes 19 seconds to read

November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel…

DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March

Nov 11, 2020 0 2 minutes 7 seconds to read

The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March.…

Shailung Group of Companies Fails to Import Fertilisers Again

Nov 11, 2020 0 2 minutes 37 seconds to read

November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government.…

Former CEO of Nepal Tourism Board Bags Int’l Award

Nov 11, 2020 0 1 minutes 47 seconds to read

November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international…

Government’s Decision to Waive Tax on Import of Books gets Mixed Reaction

Nov 11, 2020 0 3 minutes 8 seconds to read

November 11: The local entrepreneurs of Nepal have opposed the government’s decision to waive 10 percent tax on import of books from abroad.…

Commercial Banks to be Closed for 3 Days during Tihar

Nov 11, 2020 0 1 minutes 34 seconds to read

November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar…

Finance Ministry’s Plan to Draft Integrated Law Suffers a Setback

Nov 10, 2020 0 2 minutes 13 seconds to read

November 10: The government’s plan to introduce an integrate law to regulate various organisations has been…

Nepal’s Foreign Trade Returning to Normalcy

Nov 10, 2020 0 4 minutes 2 seconds to read

November 10: Nepal’s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy.…

Demand for Medicines Increases

Nov 10, 2020 0 2 minutes 56 seconds to read

November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again…

52 Projects backed by Foreign Investors Registered during Lockdown

Nov 10, 2020 0 3 minutes 27 seconds to read

November 10: The registration of projects under foreign investment continued even during the lockdown period.…

Government Preparing to Sign Agreement with UK to End Double Taxation

Nov 09, 2020 0 2 minutes 0 seconds to read

November 9: The government has started homework to sign an agreement with the UK to end double taxation.…

‘Government’s Apathy Results in Shrinking Jute Farming’

Nov 09, 2020 0 3 minutes 43 seconds to read

November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in the country.…

< previous540541542543544545546547548next >

No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'title' => 'Industries of Bara-Parsa Corridor Reviving ',
			'sub_title' => '',
			'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </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:&quot;Times New Roman&quot;">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">&ldquo;The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,&rdquo; Kedia told New Business Age. </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:&quot;Times New Roman&quot;">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </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:&quot;Times New Roman&quot;">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </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:&quot;Times New Roman&quot;">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </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:&quot;Times New Roman&quot;">&ldquo;The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,&rdquo; he said. </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:&quot;Times New Roman&quot;">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'November 12: The Investment Board Nepal (IBN) has approved  various projects worth Rs 242 billion in the last four months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved &nbsp;various projects worth Rs 242 billion in the last four months.</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:&quot;Arial Unicode MS&quot;">The board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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:&quot;Arial Unicode MS&quot;">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 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:&quot;Arial Unicode MS&quot;">These projects will be undertaken on Public Private Partnership (PPP) model.</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:&quot;Arial Unicode MS&quot;">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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:&quot;Arial Unicode MS&quot;">The total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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:&quot;Arial Unicode MS&quot;">The board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. &nbsp;</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:&quot;Arial Unicode MS&quot;">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Finance Minister Pledges to Support Private Sector',
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			'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country&#39;s economy.</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 a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector&rsquo;s involvement. </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">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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">He also said that the government and the private sector must collaborate with each other to face the current 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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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 government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12665',
			'article_category_id' => '1',
			'title' => 'Annapurna Circuit Among World’s Top 10 Destinations',
			'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List',
			'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world&rsquo;s top 10 most incredible travel destinations.</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">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal&rsquo;s Annapurna massif, which has long been considered one of the world&rsquo;s great treks. </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">&ldquo;The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,&rdquo; says the website, adding, &ldquo;It&rsquo;s everything a good trek should be &ndash; challenging, majestic and inspirational. And at the end of the day some of Nepal&rsquo;s best lodges offer hot meals, apple pie and pots of milky tea.&rdquo;</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">&nbsp;However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal &ndash; RSS &ndash; the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world&rsquo;s tenth highest peak, says RSS.</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">Lonely Planet has placed the &lsquo;Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni &ndash; the world&rsquo;s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12669',
			'article_category_id' => '1',
			'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March',
			'sub_title' => '',
			'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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:&quot;Arial Unicode MS&quot;">The department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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:&quot;Arial Unicode MS&quot;">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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:&quot;Arial Unicode MS&quot;">The estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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:&quot;Arial Unicode MS&quot;">&ldquo;We are preparing the bidding document for issuing the tender,&rdquo; said Sapkota, adding, &ldquo;This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won&rsquo;t be any problems with the process.&rdquo;</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:&quot;Arial Unicode MS&quot;">The government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'sub_title' => '',
			'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. &nbsp;</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:&quot;Times New Roman&quot;">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </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:&quot;Times New Roman&quot;">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</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:&quot;Times New Roman&quot;">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </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:&quot;Times New Roman&quot;">&ldquo;Action will be taken as per the recommendation of specialists and legal experts,&rdquo; he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </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:&quot;Times New Roman&quot;">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </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:&quot;Times New Roman&quot;">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </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:&quot;Times New Roman&quot;">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12667',
			'article_category_id' => '1',
			'title' => 'Former CEO of Nepal Tourism Board Bags Int’l Award',
			'sub_title' => '',
			'summary' => 'November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.</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:&quot;Arial Unicode MS&quot;">Joshi has also become the first person from South Asia to bag the prestigious International Hall of Tourism Heroes title.</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:&quot;Arial Unicode MS&quot;">The network informed that the Joshi was conferred the award for his relentless effort in promotion and development of tourism and his efforts to revitalize the tourism industry that has been reeling under the effects of Covid-19.</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:&quot;Arial Unicode MS&quot;">The winners of the award is selected from among the names recommended from across the world and the network ensures that people with immense contribution to the tourism sector and active persons are selected for the honour.</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:&quot;Arial Unicode MS&quot;">Other persons to win the award include Tourism Minister of Seychelles Alain St Ange, director of Vicky Group Vijay Ponusammy, Chairman of African Tourism Board Cuthbert Ncube, former tourism minister of Zimbabwe Dr Walter Mezembe, former general secretary of World Tourism Board Dr Taleb Rifai, Kenya&rsquo;s tourism secretary Najib Balla and Jamaica&rsquo;s Tourism Minister Edmund Barlett. </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:&quot;Arial Unicode MS&quot;">After receiving the award, Joshi thanked the World Tourism Network for recognizing his contributions to the development and revival of the tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12666',
			'article_category_id' => '1',
			'title' => 'Government’s Decision to Waive Tax on Import of Books gets Mixed Reaction',
			'sub_title' => '',
			'summary' => 'November 11: The local entrepreneurs of Nepal have opposed the government’s decision to waive 10 percent tax on import of books from abroad. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: The local entrepreneurs of Nepal have opposed the government&rsquo;s decision to waive 10 percent tax on import of books from abroad. They say that the government&rsquo;s decision to remove the tax imposed on books but to give continuity to tax on import of paper would land the country&rsquo;s industries in trouble.</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:&quot;Arial Unicode MS&quot;">Former Finance Minister Yuba Raj Khatiwada had stood in favour of the tax on import of books despite criticism from various quarters. However, the Council of Ministers on Monday decided to lift the additional 10 percent customs duty imposed on imported books. Prior to this, the government had been charging only 5 percent tax on such books.</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:&quot;Arial Unicode MS&quot;">The government enjoys the privilege to change the tax rate as per the Financial Act 2077. The Council of Minister used the&nbsp; same act to remove the tax upon the recommendation of Finance Minister Bishnu Poudel, informed Dr Prakash Shrestha, financial advisor to the finance minister. </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:&quot;Arial Unicode MS&quot;">Dr Shrestha argued that the decision will not impact the local industries 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:&quot;Arial Unicode MS&quot;">The import of books had declined after the then Finance Minister Yuba Raj Khatiwada imposed 10 percent excise duty on imported books about a year ago. Khatiwada took such decision after it was found that the Nepali publishers used to publish books abroad and then import the books to Nepal by evading taxes.</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:&quot;Arial Unicode MS&quot;">Newly-appointed Finance Minister Poudel revoked the decision taken by the former minister in a around month since his appointment.</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:&quot;Arial Unicode MS&quot;">Although the government has waived the tax on imported books, it continues to collect tax from books printed 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:&quot;Arial Unicode MS&quot;">The books published inside the country have to incur 15 percent taxes on import of paper and an additional 13 percent value added tax. In addition to that, the government also charges tax for printing due to which the local entrepreneurs have to pay a total of 31 percent tax to the government.</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:&quot;Arial Unicode MS&quot;">Manohar Das Mool, one of the importers of paper, says it is unfair to waive the tax on import of books while charging excessive taxes on books published 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:&quot;Arial Unicode MS&quot;">However, book stores and stationery shops have welcomed the decision of the government to remove the tax on imported books.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12664',
			'article_category_id' => '1',
			'title' => 'Commercial Banks to be Closed for 3 Days during Tihar',
			'sub_title' => '',
			'summary' => 'November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.</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 Nepal Bankers Association said in a statement that all the branches of commercial banks will be closed for three days from November 14 to 16. </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 association decided to close the branch offices during the festive season in view of the increasing number of coronavirus cases among bank employees. </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">So far, more than 6000 employees of different banks have been infected with coronavirus, the bankers&rsquo; association said.</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">The association informed that digital banking services will remain operational during the festive season and has urged everyone to use these online services to minimize the risk of virus transmission. </span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, the banks had been providing 365 days a year service to their customers including in festivals like Dashain and Tihar through limited branches. </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">This year, however, the banks have chosen to remain closed during the festive season. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12663',
			'article_category_id' => '1',
			'title' => 'Finance Ministry’s Plan to Draft Integrated Law Suffers a Setback',
			'sub_title' => '',
			'summary' => 'November 10: The government’s plan to introduce an integrate law to regulate various organisations has been halted.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The government&rsquo;s plan to introduce an integrate law to regulate various organisations has been halted.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had prepared a draft of the law six months ago and presented it to the Ministry of Law for suggestions. But the file is gathering dust at the ministry as the government has failed to justify the need for such law.</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:&quot;Arial Unicode MS&quot;">Altogether 37 corporations that are in existence are being operated&nbsp; under the Companies Act, Special Act, Communication Act and Corporations Act.</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:&quot;Arial Unicode MS&quot;">The drafting of the law has not been able to move ahead because the finance ministry is not clear about how to regulate the organisations that different in nature.</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:&quot;Arial Unicode MS&quot;">According to a high-ranking government official, the finance ministry had sought suggestions from the law ministry regarding the regulation of various organisations by forming a separate board.</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:&quot;Arial Unicode MS&quot;">&ldquo;What will happen to the existing laws? How can we bring all the organisations under the integrated law? We asked these questions to the finance ministry repeatedly but couldn&rsquo;t get a satisfactory answer,&rdquo; said an official at the law 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:&quot;Arial Unicode MS&quot;">The finance ministry is discussing on possible ways to move the drafting process ahead after the law ministry returns the file.</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:&quot;Arial Unicode MS&quot;">Joint secretary at the finance ministry Jhakka Prasad Acharya says they will remove the contradictory provisions in law and present the draft again to the law ministry.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12662',
			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Returning to Normalcy',
			'sub_title' => '',
			'summary' => 'November 10: Nepal’s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: Nepal&rsquo;s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. The volume of import and export of goods through Birgunj Customs &ndash; the main transit point of the country &ndash; have started returning to pre-lockdown condition, according to the customs 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s foreign trade slumped to a great extent due to the lockdown imposed on March 24 till July 20. It was further worsened by the two-month long prohibitory order issued after the government lifted the lockdown.</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:&quot;Arial Unicode MS&quot;">Although the government had prioritized import and export of goods and transportation as essential services, this sector couldn&rsquo;t remain unaffected by the impacts of lockdown.</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:&quot;Arial Unicode MS&quot;">Foreign trade reduced greatly due to the decline in market, demand and production. The country&rsquo;s foreign trade stated returning back to previous situation after the prohibitory orders were lifted on September 17. </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:&quot;Arial Unicode MS&quot;">Trade has increased gradually since then, according to customs officials at Birgunj Customs Office. </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:&quot;Arial Unicode MS&quot;">The volume of import from this customs point clearly indicates that the trade has improved since the start of the second quarter of 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:&quot;Arial Unicode MS&quot;">Nepal Intermodal Transport Development Committee (NITDC), the operator of the Birgunj-based Integrated Check Post (ICP), informed that around 500 to 700 cargo vehicles have been entering Nepal through the check point on a daily basis.</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:&quot;Arial Unicode MS&quot;">Chief of NITDC Kamal Gyawali said that the number of vehicles entering Nepal through the check point is almost similar to those during the normal days. He said that only around 100 to 150 cargo vehicles used to enter Nepal during the lockdown 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:&quot;Arial Unicode MS&quot;">The ICP is facing parking problem due to the increase in number of vehicles entering the country. The ICP has a parking lot with capacity to accommodate 250 to 300 vehicles. Additional vehicles are forced to park on roadside.</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:&quot;Arial Unicode MS&quot;">Gyawali said that they will prepare an additional parking lot within one and a half months. He added that they have already added a new billing counter considering the rise in flow of vehicles.</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:&quot;Arial Unicode MS&quot;">Customs Officer Jagdish Purbe says that the number of vehicles entering Nepal through the Birgunj Dry Port has also increased.</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:&quot;Arial Unicode MS&quot;">&ldquo;Customs clearance of vehicles from the dry port has returned to normal situation in the last few days,&rdquo; said Purbe, adding, &ldquo;Around 300 to 350 containers are cleared by the dry port every day.&rdquo;</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:&quot;Arial Unicode MS&quot;">During the lockdown period, only around 100 containers used to arrive at the dry port every day.</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:&quot;Arial Unicode MS&quot;">&ldquo;Goods intended for the festive season have started arriving after the government lifted prohibitory order. It is clearly evident at the customs point,&rdquo; said Rajesh Kyal, a local businessman.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12661',
			'article_category_id' => '1',
			'title' => 'Demand for Medicines Increases',
			'sub_title' => '',
			'summary' => 'November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.</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:&quot;Arial Unicode MS&quot;">The demand for medicines took a free fall after the government imposed lockdown on March 24. The supply of medicines was also affected after India and China banned the export of certain drugs.</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:&quot;Arial Unicode MS&quot;">However, drug manufacturers and dealers say that the sale of medicines has increased after the government lifted lockdown in July. The demand once again plunged after the government issued prohibitory orders a month later. </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:&quot;Arial Unicode MS&quot;">Drug manufacturers reduced their production due to the low demand for medicines back then.</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:&quot;Arial Unicode MS&quot;">The demand for all other medicines except those for emergency and chronic illness was almost zero. The drug manufacturers of Nepal lowered their production by almost 70 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:&quot;Arial Unicode MS&quot;">The demand for medicines gradually increased after the government lifted the prohibitory orders in the second week of September. The drug manufacturers have since then imported a record high amount of raw materials required for production of medicines.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, raw materials worth Rs 10.5 billion and medicines worth Rs 18.83 billion were imported to Nepal in June/July. The import of medicines declined in July/August but again increased in August/September, according to the data kept by the department.</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:&quot;Arial Unicode MS&quot;">According to Narayan Bahadur Chhetri, president of the Association of Pharmaceutical Producers of Nepal, people were afraid to visit hospitals during the lockdown period which led to the decline in sale of medicines. However, the sale of medicines increased after people overcame their fears and started visiting hospitals.</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:&quot;Arial Unicode MS&quot;">However, Chhetri argues that the data of the Department of Customs show an increase in import of sanitizers, masks and other health equipment but not medicines.</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:&quot;Arial Unicode MS&quot;">He further said that although there is more demand for medicines as compared to the lockdown period, the demand is yet to return to the previous level.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12660',
			'article_category_id' => '1',
			'title' => '52 Projects backed by Foreign Investors Registered during Lockdown',
			'sub_title' => '',
			'summary' => 'November 10: The registration of projects under foreign investment continued even during the lockdown period. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The registration of projects under foreign investment continued even during the lockdown 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:&quot;Arial Unicode MS&quot;">A total of 52 projects with investment from five different nations were registered at the Department of Industry through the local agents between March 24 to July 20, when the government had imposed a nation-wide lockdown.</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:&quot;Arial Unicode MS&quot;">However, the number of projects registered during the review period was comparatively less than that registered in the corresponding period of last 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:&quot;Arial Unicode MS&quot;">According to the department, investors from China, India, Singapore, Malaysia, and the Netherlands had registered the projects worth Rs 8.37 billion during the lockdown 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:&quot;Arial Unicode MS&quot;">Information Officer of the department Binod Khadgi informed New Business Age that the department was open and the employees worked in different shifts during the lockdown period. According to him, the foreign investors did not visit Nepal in person but registered the projects through their local agents.</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:&quot;Arial Unicode MS&quot;">&ldquo;Foreign companies can appoint attorney-in-fact or hand over the power of attorney to the local agents to register projects in Nepal,&rdquo; said Khadgi.</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:&quot;Arial Unicode MS&quot;">During the review period, a considerable number of projects with Chinese investment were registered 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:&quot;Arial Unicode MS&quot;">Among the 52 projects registered during lockdown, 45 were backed by Chinese investors. Most of the projects in&nbsp; which the Chinese investors were interested in were related to the service sector and tourism industry followed by information technology and production sector.</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:&quot;Arial Unicode MS&quot;">The projects with Chinese investors alone are worth Rs 7.53 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:&quot;Arial Unicode MS&quot;">Indian investors ranked second among foreign investors registering their projects in Nepal during lockdown. They were also interested in the service sector and tourism. The Indian projects are worth Rs 707.5 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:&quot;Arial Unicode MS&quot;">Investors from Malaysia and Singapore have registered one project each in tourism and service sectors while the Netherlands has registered two projects.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of last fiscal year, a total of 138 projects with investment from 18 different countries were registered 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:&quot;Arial Unicode MS&quot;">The investors were from China, India, Malaysia, Singapore, the Netherlands, Bangladesh, Australia, Myanmar, Germany, Japan, South Korea, Turkey, the UK, the USA, South Africa among others. The investment commitment for the projects was worth Rs 19.36 billion back then.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12659',
			'article_category_id' => '1',
			'title' => 'Government Preparing to Sign Agreement with UK to End Double Taxation ',
			'sub_title' => '',
			'summary' => 'November 9: The government has started homework to sign an agreement with the UK to end double taxation. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Devanagari Sangam MN&quot;">November 9: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government has started homework to sign an agreement with the UK to end double taxation. According to the Ministry of Finance, the government is preparing to sign the agreement to attract investors by ending the compulsion for them to pay the same tax twice.</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:&quot;Bangla MN&quot;">Due to lack of an agreement with Britain to end double taxation, businessmen are forced to pay income tax for their annual transactions in both countries. This has reportedly discouraged foreign investment 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:&quot;Bangla MN&quot;">According to the ministry, the Government of Nepal has already exchanged letters with the UK government for ending double taxation between the two countries.</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:&quot;Bangla MN&quot;">Some issues are yet to be sorted out and they are close to a final deal, officials privy to the matter informed New Business Age.</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:&quot;Bangla MN&quot;">Revenue Secretary Ram Sharan Pudasaini said that the two countries will sign the agreement soon.</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:&quot;Bangla MN&quot;">According to him, there is a high possibility of massive investment from Britain once the agreement is signed. Pudasaini said that Nepal will also sign agreements to end double taxation with other countries that are likely to invest 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:&quot;Bangla MN&quot;">The Inland Revenue Department said that the government is also preparing to sign similar agreements with Malaysia, Singapore, USA, Japan, Canada, Brazil and Oman.</span></span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => '‘Government’s Apathy Results in Shrinking Jute Farming’',
			'sub_title' => '',
			'summary' => 'November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in the country. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in 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:&quot;Arial Unicode MS&quot;">As a result of decline in jute farming, the import of jute has been increasing. </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:&quot;Arial Unicode MS&quot;">The government is planning to promote 15 varieties of crop under the Prime Minister&rsquo;s Agriculture Modernization Project. Farmers will be provided grants on fertilizers, seeds, equipment and technology with the objective of increasing production. However, jute farming which is basically done in Jhapa, Morang and Sunsari does not fall under the 15 different crop.</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:&quot;Arial Unicode MS&quot;">The provincial government had allocated budget for two years to operate blocks for jute farming but that has been removed from the annual budget this 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s dependency on imported jute is growing because both the provincial and the federal governments have not prioritized jute farming, which was once a major cash crop 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:&quot;Arial Unicode MS&quot;">Two decades ago, jute farming was done on 56,000 hectares of land but that has now shrunk to just 11,000 hectares at present.</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:&quot;Arial Unicode MS&quot;">Earlier, Nepal used to produce 80,000 metric tons of jute within the country while now the production has declined to 20,000 metric tons.</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:&quot;Arial Unicode MS&quot;">Five jute industries along the Sunsari-Morang Industrial Corridor have been importing raw jute from India following the decline in production within 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:&quot;Arial Unicode MS&quot;">Nepal Jute, Biratnagar Jute Mill, CM Jute, Guheshwari Turbine, Pathibhara Jute and Nikki Jute Mill are among the six jute industries that have shut down in recent 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:&quot;Arial Unicode MS&quot;">Other jute mills like Ahiranta, Raghupati, Baba,&nbsp; Swastik and Chandra Shiva Jute Mill are still operational. The jute industries give direct employment to 15,000 people.</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:&quot;Arial Unicode MS&quot;">The six jute mills were forced to shut down within a decade because they had to import raw jute from India and Bangladesh and sell the refined products to the same countries at a competitive price.</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:&quot;Arial Unicode MS&quot;">Of late, the ailing jute industry has been badly affected by the impact of coronavirus.</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:&quot;Arial Unicode MS&quot;">Chairman of Nepal Jute Mills Association Raj Kumar Golchha says that the production of unrefined jute in Nepal has been declining because the government has not brought any programmes to promote jute farming. This has also led to Nepal&rsquo;s dependency on India for jute, 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:&quot;Arial Unicode MS&quot;">As a result, Nepali jute industries are on the verge of collapse.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12673',
			'article_category_id' => '1',
			'title' => 'Industries of Bara-Parsa Corridor Reviving ',
			'sub_title' => '',
			'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </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:&quot;Times New Roman&quot;">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">&ldquo;The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,&rdquo; Kedia told New Business Age. </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:&quot;Times New Roman&quot;">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </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:&quot;Times New Roman&quot;">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </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:&quot;Times New Roman&quot;">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </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:&quot;Times New Roman&quot;">&ldquo;The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,&rdquo; he said. </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:&quot;Times New Roman&quot;">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'November 12: The Investment Board Nepal (IBN) has approved  various projects worth Rs 242 billion in the last four months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved &nbsp;various projects worth Rs 242 billion in the last four months.</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:&quot;Arial Unicode MS&quot;">The board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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:&quot;Arial Unicode MS&quot;">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 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:&quot;Arial Unicode MS&quot;">These projects will be undertaken on Public Private Partnership (PPP) model.</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:&quot;Arial Unicode MS&quot;">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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:&quot;Arial Unicode MS&quot;">The total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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:&quot;Arial Unicode MS&quot;">The board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. &nbsp;</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:&quot;Arial Unicode MS&quot;">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12670',
			'article_category_id' => '1',
			'title' => 'Finance Minister Pledges to Support Private Sector',
			'sub_title' => '',
			'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country&#39;s economy.</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 a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector&rsquo;s involvement. </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">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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">He also said that the government and the private sector must collaborate with each other to face the current 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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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 government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12665',
			'article_category_id' => '1',
			'title' => 'Annapurna Circuit Among World’s Top 10 Destinations',
			'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List',
			'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world&rsquo;s top 10 most incredible travel destinations.</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">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal&rsquo;s Annapurna massif, which has long been considered one of the world&rsquo;s great treks. </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">&ldquo;The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,&rdquo; says the website, adding, &ldquo;It&rsquo;s everything a good trek should be &ndash; challenging, majestic and inspirational. And at the end of the day some of Nepal&rsquo;s best lodges offer hot meals, apple pie and pots of milky tea.&rdquo;</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">&nbsp;However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal &ndash; RSS &ndash; the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world&rsquo;s tenth highest peak, says RSS.</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">Lonely Planet has placed the &lsquo;Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni &ndash; the world&rsquo;s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12669',
			'article_category_id' => '1',
			'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March',
			'sub_title' => '',
			'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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:&quot;Arial Unicode MS&quot;">The department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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:&quot;Arial Unicode MS&quot;">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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:&quot;Arial Unicode MS&quot;">The estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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:&quot;Arial Unicode MS&quot;">&ldquo;We are preparing the bidding document for issuing the tender,&rdquo; said Sapkota, adding, &ldquo;This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won&rsquo;t be any problems with the process.&rdquo;</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:&quot;Arial Unicode MS&quot;">The government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12668',
			'article_category_id' => '1',
			'title' => 'Shailung Group of Companies Fails to Import Fertilisers Again ',
			'sub_title' => '',
			'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. &nbsp;</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:&quot;Times New Roman&quot;">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </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:&quot;Times New Roman&quot;">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</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:&quot;Times New Roman&quot;">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </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:&quot;Times New Roman&quot;">&ldquo;Action will be taken as per the recommendation of specialists and legal experts,&rdquo; he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </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:&quot;Times New Roman&quot;">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </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:&quot;Times New Roman&quot;">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </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:&quot;Times New Roman&quot;">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12667',
			'article_category_id' => '1',
			'title' => 'Former CEO of Nepal Tourism Board Bags Int’l Award',
			'sub_title' => '',
			'summary' => 'November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.</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:&quot;Arial Unicode MS&quot;">Joshi has also become the first person from South Asia to bag the prestigious International Hall of Tourism Heroes title.</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:&quot;Arial Unicode MS&quot;">The network informed that the Joshi was conferred the award for his relentless effort in promotion and development of tourism and his efforts to revitalize the tourism industry that has been reeling under the effects of Covid-19.</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:&quot;Arial Unicode MS&quot;">The winners of the award is selected from among the names recommended from across the world and the network ensures that people with immense contribution to the tourism sector and active persons are selected for the honour.</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:&quot;Arial Unicode MS&quot;">Other persons to win the award include Tourism Minister of Seychelles Alain St Ange, director of Vicky Group Vijay Ponusammy, Chairman of African Tourism Board Cuthbert Ncube, former tourism minister of Zimbabwe Dr Walter Mezembe, former general secretary of World Tourism Board Dr Taleb Rifai, Kenya&rsquo;s tourism secretary Najib Balla and Jamaica&rsquo;s Tourism Minister Edmund Barlett. </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:&quot;Arial Unicode MS&quot;">After receiving the award, Joshi thanked the World Tourism Network for recognizing his contributions to the development and revival of the tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12666',
			'article_category_id' => '1',
			'title' => 'Government’s Decision to Waive Tax on Import of Books gets Mixed Reaction',
			'sub_title' => '',
			'summary' => 'November 11: The local entrepreneurs of Nepal have opposed the government’s decision to waive 10 percent tax on import of books from abroad. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: The local entrepreneurs of Nepal have opposed the government&rsquo;s decision to waive 10 percent tax on import of books from abroad. They say that the government&rsquo;s decision to remove the tax imposed on books but to give continuity to tax on import of paper would land the country&rsquo;s industries in trouble.</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:&quot;Arial Unicode MS&quot;">Former Finance Minister Yuba Raj Khatiwada had stood in favour of the tax on import of books despite criticism from various quarters. However, the Council of Ministers on Monday decided to lift the additional 10 percent customs duty imposed on imported books. Prior to this, the government had been charging only 5 percent tax on such books.</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:&quot;Arial Unicode MS&quot;">The government enjoys the privilege to change the tax rate as per the Financial Act 2077. The Council of Minister used the&nbsp; same act to remove the tax upon the recommendation of Finance Minister Bishnu Poudel, informed Dr Prakash Shrestha, financial advisor to the finance minister. </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:&quot;Arial Unicode MS&quot;">Dr Shrestha argued that the decision will not impact the local industries 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:&quot;Arial Unicode MS&quot;">The import of books had declined after the then Finance Minister Yuba Raj Khatiwada imposed 10 percent excise duty on imported books about a year ago. Khatiwada took such decision after it was found that the Nepali publishers used to publish books abroad and then import the books to Nepal by evading taxes.</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:&quot;Arial Unicode MS&quot;">Newly-appointed Finance Minister Poudel revoked the decision taken by the former minister in a around month since his appointment.</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:&quot;Arial Unicode MS&quot;">Although the government has waived the tax on imported books, it continues to collect tax from books printed 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:&quot;Arial Unicode MS&quot;">The books published inside the country have to incur 15 percent taxes on import of paper and an additional 13 percent value added tax. In addition to that, the government also charges tax for printing due to which the local entrepreneurs have to pay a total of 31 percent tax to the government.</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:&quot;Arial Unicode MS&quot;">Manohar Das Mool, one of the importers of paper, says it is unfair to waive the tax on import of books while charging excessive taxes on books published 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:&quot;Arial Unicode MS&quot;">However, book stores and stationery shops have welcomed the decision of the government to remove the tax on imported books.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12664',
			'article_category_id' => '1',
			'title' => 'Commercial Banks to be Closed for 3 Days during Tihar',
			'sub_title' => '',
			'summary' => 'November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.</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 Nepal Bankers Association said in a statement that all the branches of commercial banks will be closed for three days from November 14 to 16. </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 association decided to close the branch offices during the festive season in view of the increasing number of coronavirus cases among bank employees. </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">So far, more than 6000 employees of different banks have been infected with coronavirus, the bankers&rsquo; association said.</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">The association informed that digital banking services will remain operational during the festive season and has urged everyone to use these online services to minimize the risk of virus transmission. </span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, the banks had been providing 365 days a year service to their customers including in festivals like Dashain and Tihar through limited branches. </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">This year, however, the banks have chosen to remain closed during the festive season. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12663',
			'article_category_id' => '1',
			'title' => 'Finance Ministry’s Plan to Draft Integrated Law Suffers a Setback',
			'sub_title' => '',
			'summary' => 'November 10: The government’s plan to introduce an integrate law to regulate various organisations has been halted.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The government&rsquo;s plan to introduce an integrate law to regulate various organisations has been halted.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had prepared a draft of the law six months ago and presented it to the Ministry of Law for suggestions. But the file is gathering dust at the ministry as the government has failed to justify the need for such law.</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:&quot;Arial Unicode MS&quot;">Altogether 37 corporations that are in existence are being operated&nbsp; under the Companies Act, Special Act, Communication Act and Corporations Act.</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:&quot;Arial Unicode MS&quot;">The drafting of the law has not been able to move ahead because the finance ministry is not clear about how to regulate the organisations that different in nature.</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:&quot;Arial Unicode MS&quot;">According to a high-ranking government official, the finance ministry had sought suggestions from the law ministry regarding the regulation of various organisations by forming a separate board.</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:&quot;Arial Unicode MS&quot;">&ldquo;What will happen to the existing laws? How can we bring all the organisations under the integrated law? We asked these questions to the finance ministry repeatedly but couldn&rsquo;t get a satisfactory answer,&rdquo; said an official at the law 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:&quot;Arial Unicode MS&quot;">The finance ministry is discussing on possible ways to move the drafting process ahead after the law ministry returns the file.</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:&quot;Arial Unicode MS&quot;">Joint secretary at the finance ministry Jhakka Prasad Acharya says they will remove the contradictory provisions in law and present the draft again to the law ministry.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12662',
			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Returning to Normalcy',
			'sub_title' => '',
			'summary' => 'November 10: Nepal’s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: Nepal&rsquo;s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. The volume of import and export of goods through Birgunj Customs &ndash; the main transit point of the country &ndash; have started returning to pre-lockdown condition, according to the customs 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s foreign trade slumped to a great extent due to the lockdown imposed on March 24 till July 20. It was further worsened by the two-month long prohibitory order issued after the government lifted the lockdown.</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:&quot;Arial Unicode MS&quot;">Although the government had prioritized import and export of goods and transportation as essential services, this sector couldn&rsquo;t remain unaffected by the impacts of lockdown.</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:&quot;Arial Unicode MS&quot;">Foreign trade reduced greatly due to the decline in market, demand and production. The country&rsquo;s foreign trade stated returning back to previous situation after the prohibitory orders were lifted on September 17. </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:&quot;Arial Unicode MS&quot;">Trade has increased gradually since then, according to customs officials at Birgunj Customs Office. </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:&quot;Arial Unicode MS&quot;">The volume of import from this customs point clearly indicates that the trade has improved since the start of the second quarter of 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:&quot;Arial Unicode MS&quot;">Nepal Intermodal Transport Development Committee (NITDC), the operator of the Birgunj-based Integrated Check Post (ICP), informed that around 500 to 700 cargo vehicles have been entering Nepal through the check point on a daily basis.</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:&quot;Arial Unicode MS&quot;">Chief of NITDC Kamal Gyawali said that the number of vehicles entering Nepal through the check point is almost similar to those during the normal days. He said that only around 100 to 150 cargo vehicles used to enter Nepal during the lockdown 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:&quot;Arial Unicode MS&quot;">The ICP is facing parking problem due to the increase in number of vehicles entering the country. The ICP has a parking lot with capacity to accommodate 250 to 300 vehicles. Additional vehicles are forced to park on roadside.</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:&quot;Arial Unicode MS&quot;">Gyawali said that they will prepare an additional parking lot within one and a half months. He added that they have already added a new billing counter considering the rise in flow of vehicles.</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:&quot;Arial Unicode MS&quot;">Customs Officer Jagdish Purbe says that the number of vehicles entering Nepal through the Birgunj Dry Port has also increased.</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:&quot;Arial Unicode MS&quot;">&ldquo;Customs clearance of vehicles from the dry port has returned to normal situation in the last few days,&rdquo; said Purbe, adding, &ldquo;Around 300 to 350 containers are cleared by the dry port every day.&rdquo;</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:&quot;Arial Unicode MS&quot;">During the lockdown period, only around 100 containers used to arrive at the dry port every day.</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:&quot;Arial Unicode MS&quot;">&ldquo;Goods intended for the festive season have started arriving after the government lifted prohibitory order. It is clearly evident at the customs point,&rdquo; said Rajesh Kyal, a local businessman.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12661',
			'article_category_id' => '1',
			'title' => 'Demand for Medicines Increases',
			'sub_title' => '',
			'summary' => 'November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.</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:&quot;Arial Unicode MS&quot;">The demand for medicines took a free fall after the government imposed lockdown on March 24. The supply of medicines was also affected after India and China banned the export of certain drugs.</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:&quot;Arial Unicode MS&quot;">However, drug manufacturers and dealers say that the sale of medicines has increased after the government lifted lockdown in July. The demand once again plunged after the government issued prohibitory orders a month later. </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:&quot;Arial Unicode MS&quot;">Drug manufacturers reduced their production due to the low demand for medicines back then.</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:&quot;Arial Unicode MS&quot;">The demand for all other medicines except those for emergency and chronic illness was almost zero. The drug manufacturers of Nepal lowered their production by almost 70 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:&quot;Arial Unicode MS&quot;">The demand for medicines gradually increased after the government lifted the prohibitory orders in the second week of September. The drug manufacturers have since then imported a record high amount of raw materials required for production of medicines.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, raw materials worth Rs 10.5 billion and medicines worth Rs 18.83 billion were imported to Nepal in June/July. The import of medicines declined in July/August but again increased in August/September, according to the data kept by the department.</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:&quot;Arial Unicode MS&quot;">According to Narayan Bahadur Chhetri, president of the Association of Pharmaceutical Producers of Nepal, people were afraid to visit hospitals during the lockdown period which led to the decline in sale of medicines. However, the sale of medicines increased after people overcame their fears and started visiting hospitals.</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:&quot;Arial Unicode MS&quot;">However, Chhetri argues that the data of the Department of Customs show an increase in import of sanitizers, masks and other health equipment but not medicines.</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:&quot;Arial Unicode MS&quot;">He further said that although there is more demand for medicines as compared to the lockdown period, the demand is yet to return to the previous level.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12660',
			'article_category_id' => '1',
			'title' => '52 Projects backed by Foreign Investors Registered during Lockdown',
			'sub_title' => '',
			'summary' => 'November 10: The registration of projects under foreign investment continued even during the lockdown period. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The registration of projects under foreign investment continued even during the lockdown 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:&quot;Arial Unicode MS&quot;">A total of 52 projects with investment from five different nations were registered at the Department of Industry through the local agents between March 24 to July 20, when the government had imposed a nation-wide lockdown.</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:&quot;Arial Unicode MS&quot;">However, the number of projects registered during the review period was comparatively less than that registered in the corresponding period of last 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:&quot;Arial Unicode MS&quot;">According to the department, investors from China, India, Singapore, Malaysia, and the Netherlands had registered the projects worth Rs 8.37 billion during the lockdown 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:&quot;Arial Unicode MS&quot;">Information Officer of the department Binod Khadgi informed New Business Age that the department was open and the employees worked in different shifts during the lockdown period. According to him, the foreign investors did not visit Nepal in person but registered the projects through their local agents.</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:&quot;Arial Unicode MS&quot;">&ldquo;Foreign companies can appoint attorney-in-fact or hand over the power of attorney to the local agents to register projects in Nepal,&rdquo; said Khadgi.</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:&quot;Arial Unicode MS&quot;">During the review period, a considerable number of projects with Chinese investment were registered 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:&quot;Arial Unicode MS&quot;">Among the 52 projects registered during lockdown, 45 were backed by Chinese investors. Most of the projects in&nbsp; which the Chinese investors were interested in were related to the service sector and tourism industry followed by information technology and production sector.</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:&quot;Arial Unicode MS&quot;">The projects with Chinese investors alone are worth Rs 7.53 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:&quot;Arial Unicode MS&quot;">Indian investors ranked second among foreign investors registering their projects in Nepal during lockdown. They were also interested in the service sector and tourism. The Indian projects are worth Rs 707.5 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:&quot;Arial Unicode MS&quot;">Investors from Malaysia and Singapore have registered one project each in tourism and service sectors while the Netherlands has registered two projects.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of last fiscal year, a total of 138 projects with investment from 18 different countries were registered 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:&quot;Arial Unicode MS&quot;">The investors were from China, India, Malaysia, Singapore, the Netherlands, Bangladesh, Australia, Myanmar, Germany, Japan, South Korea, Turkey, the UK, the USA, South Africa among others. The investment commitment for the projects was worth Rs 19.36 billion back then.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12659',
			'article_category_id' => '1',
			'title' => 'Government Preparing to Sign Agreement with UK to End Double Taxation ',
			'sub_title' => '',
			'summary' => 'November 9: The government has started homework to sign an agreement with the UK to end double taxation. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Devanagari Sangam MN&quot;">November 9: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government has started homework to sign an agreement with the UK to end double taxation. According to the Ministry of Finance, the government is preparing to sign the agreement to attract investors by ending the compulsion for them to pay the same tax twice.</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:&quot;Bangla MN&quot;">Due to lack of an agreement with Britain to end double taxation, businessmen are forced to pay income tax for their annual transactions in both countries. This has reportedly discouraged foreign investment 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:&quot;Bangla MN&quot;">According to the ministry, the Government of Nepal has already exchanged letters with the UK government for ending double taxation between the two countries.</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:&quot;Bangla MN&quot;">Some issues are yet to be sorted out and they are close to a final deal, officials privy to the matter informed New Business Age.</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:&quot;Bangla MN&quot;">Revenue Secretary Ram Sharan Pudasaini said that the two countries will sign the agreement soon.</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:&quot;Bangla MN&quot;">According to him, there is a high possibility of massive investment from Britain once the agreement is signed. Pudasaini said that Nepal will also sign agreements to end double taxation with other countries that are likely to invest 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:&quot;Bangla MN&quot;">The Inland Revenue Department said that the government is also preparing to sign similar agreements with Malaysia, Singapore, USA, Japan, Canada, Brazil and Oman.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12658',
			'article_category_id' => '1',
			'title' => '‘Government’s Apathy Results in Shrinking Jute Farming’',
			'sub_title' => '',
			'summary' => 'November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in the country. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in 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:&quot;Arial Unicode MS&quot;">As a result of decline in jute farming, the import of jute has been increasing. </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:&quot;Arial Unicode MS&quot;">The government is planning to promote 15 varieties of crop under the Prime Minister&rsquo;s Agriculture Modernization Project. Farmers will be provided grants on fertilizers, seeds, equipment and technology with the objective of increasing production. However, jute farming which is basically done in Jhapa, Morang and Sunsari does not fall under the 15 different crop.</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:&quot;Arial Unicode MS&quot;">The provincial government had allocated budget for two years to operate blocks for jute farming but that has been removed from the annual budget this 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s dependency on imported jute is growing because both the provincial and the federal governments have not prioritized jute farming, which was once a major cash crop 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:&quot;Arial Unicode MS&quot;">Two decades ago, jute farming was done on 56,000 hectares of land but that has now shrunk to just 11,000 hectares at present.</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:&quot;Arial Unicode MS&quot;">Earlier, Nepal used to produce 80,000 metric tons of jute within the country while now the production has declined to 20,000 metric tons.</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:&quot;Arial Unicode MS&quot;">Five jute industries along the Sunsari-Morang Industrial Corridor have been importing raw jute from India following the decline in production within 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:&quot;Arial Unicode MS&quot;">Nepal Jute, Biratnagar Jute Mill, CM Jute, Guheshwari Turbine, Pathibhara Jute and Nikki Jute Mill are among the six jute industries that have shut down in recent 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:&quot;Arial Unicode MS&quot;">Other jute mills like Ahiranta, Raghupati, Baba,&nbsp; Swastik and Chandra Shiva Jute Mill are still operational. The jute industries give direct employment to 15,000 people.</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:&quot;Arial Unicode MS&quot;">The six jute mills were forced to shut down within a decade because they had to import raw jute from India and Bangladesh and sell the refined products to the same countries at a competitive price.</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:&quot;Arial Unicode MS&quot;">Of late, the ailing jute industry has been badly affected by the impact of coronavirus.</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:&quot;Arial Unicode MS&quot;">Chairman of Nepal Jute Mills Association Raj Kumar Golchha says that the production of unrefined jute in Nepal has been declining because the government has not brought any programmes to promote jute farming. This has also led to Nepal&rsquo;s dependency on India for jute, 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:&quot;Arial Unicode MS&quot;">As a result, Nepali jute industries are on the verge of collapse.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12673',
			'article_category_id' => '1',
			'title' => 'Industries of Bara-Parsa Corridor Reviving ',
			'sub_title' => '',
			'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </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:&quot;Times New Roman&quot;">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">&ldquo;The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,&rdquo; Kedia told New Business Age. </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:&quot;Times New Roman&quot;">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </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:&quot;Times New Roman&quot;">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </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:&quot;Times New Roman&quot;">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </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:&quot;Times New Roman&quot;">&ldquo;The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,&rdquo; he said. </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:&quot;Times New Roman&quot;">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'November 12: The Investment Board Nepal (IBN) has approved  various projects worth Rs 242 billion in the last four months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved &nbsp;various projects worth Rs 242 billion in the last four months.</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:&quot;Arial Unicode MS&quot;">The board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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:&quot;Arial Unicode MS&quot;">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 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:&quot;Arial Unicode MS&quot;">These projects will be undertaken on Public Private Partnership (PPP) model.</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:&quot;Arial Unicode MS&quot;">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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:&quot;Arial Unicode MS&quot;">The total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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:&quot;Arial Unicode MS&quot;">The board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. &nbsp;</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:&quot;Arial Unicode MS&quot;">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12670',
			'article_category_id' => '1',
			'title' => 'Finance Minister Pledges to Support Private Sector',
			'sub_title' => '',
			'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country&#39;s economy.</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 a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector&rsquo;s involvement. </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">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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">He also said that the government and the private sector must collaborate with each other to face the current 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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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 government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12665',
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			'title' => 'Annapurna Circuit Among World’s Top 10 Destinations',
			'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List',
			'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world&rsquo;s top 10 most incredible travel destinations.</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">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal&rsquo;s Annapurna massif, which has long been considered one of the world&rsquo;s great treks. </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">&ldquo;The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,&rdquo; says the website, adding, &ldquo;It&rsquo;s everything a good trek should be &ndash; challenging, majestic and inspirational. And at the end of the day some of Nepal&rsquo;s best lodges offer hot meals, apple pie and pots of milky tea.&rdquo;</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">&nbsp;However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal &ndash; RSS &ndash; the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world&rsquo;s tenth highest peak, says RSS.</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">Lonely Planet has placed the &lsquo;Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni &ndash; the world&rsquo;s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March',
			'sub_title' => '',
			'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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:&quot;Arial Unicode MS&quot;">The department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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:&quot;Arial Unicode MS&quot;">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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:&quot;Arial Unicode MS&quot;">The estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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:&quot;Arial Unicode MS&quot;">&ldquo;We are preparing the bidding document for issuing the tender,&rdquo; said Sapkota, adding, &ldquo;This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won&rsquo;t be any problems with the process.&rdquo;</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:&quot;Arial Unicode MS&quot;">The government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12668',
			'article_category_id' => '1',
			'title' => 'Shailung Group of Companies Fails to Import Fertilisers Again ',
			'sub_title' => '',
			'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. &nbsp;</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:&quot;Times New Roman&quot;">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </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:&quot;Times New Roman&quot;">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</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:&quot;Times New Roman&quot;">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </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:&quot;Times New Roman&quot;">&ldquo;Action will be taken as per the recommendation of specialists and legal experts,&rdquo; he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </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:&quot;Times New Roman&quot;">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </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:&quot;Times New Roman&quot;">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </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:&quot;Times New Roman&quot;">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12667',
			'article_category_id' => '1',
			'title' => 'Former CEO of Nepal Tourism Board Bags Int’l Award',
			'sub_title' => '',
			'summary' => 'November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.</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:&quot;Arial Unicode MS&quot;">Joshi has also become the first person from South Asia to bag the prestigious International Hall of Tourism Heroes title.</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:&quot;Arial Unicode MS&quot;">The network informed that the Joshi was conferred the award for his relentless effort in promotion and development of tourism and his efforts to revitalize the tourism industry that has been reeling under the effects of Covid-19.</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:&quot;Arial Unicode MS&quot;">The winners of the award is selected from among the names recommended from across the world and the network ensures that people with immense contribution to the tourism sector and active persons are selected for the honour.</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:&quot;Arial Unicode MS&quot;">Other persons to win the award include Tourism Minister of Seychelles Alain St Ange, director of Vicky Group Vijay Ponusammy, Chairman of African Tourism Board Cuthbert Ncube, former tourism minister of Zimbabwe Dr Walter Mezembe, former general secretary of World Tourism Board Dr Taleb Rifai, Kenya&rsquo;s tourism secretary Najib Balla and Jamaica&rsquo;s Tourism Minister Edmund Barlett. </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:&quot;Arial Unicode MS&quot;">After receiving the award, Joshi thanked the World Tourism Network for recognizing his contributions to the development and revival of the tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12666',
			'article_category_id' => '1',
			'title' => 'Government’s Decision to Waive Tax on Import of Books gets Mixed Reaction',
			'sub_title' => '',
			'summary' => 'November 11: The local entrepreneurs of Nepal have opposed the government’s decision to waive 10 percent tax on import of books from abroad. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: The local entrepreneurs of Nepal have opposed the government&rsquo;s decision to waive 10 percent tax on import of books from abroad. They say that the government&rsquo;s decision to remove the tax imposed on books but to give continuity to tax on import of paper would land the country&rsquo;s industries in trouble.</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:&quot;Arial Unicode MS&quot;">Former Finance Minister Yuba Raj Khatiwada had stood in favour of the tax on import of books despite criticism from various quarters. However, the Council of Ministers on Monday decided to lift the additional 10 percent customs duty imposed on imported books. Prior to this, the government had been charging only 5 percent tax on such books.</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:&quot;Arial Unicode MS&quot;">The government enjoys the privilege to change the tax rate as per the Financial Act 2077. The Council of Minister used the&nbsp; same act to remove the tax upon the recommendation of Finance Minister Bishnu Poudel, informed Dr Prakash Shrestha, financial advisor to the finance minister. </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:&quot;Arial Unicode MS&quot;">Dr Shrestha argued that the decision will not impact the local industries 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:&quot;Arial Unicode MS&quot;">The import of books had declined after the then Finance Minister Yuba Raj Khatiwada imposed 10 percent excise duty on imported books about a year ago. Khatiwada took such decision after it was found that the Nepali publishers used to publish books abroad and then import the books to Nepal by evading taxes.</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:&quot;Arial Unicode MS&quot;">Newly-appointed Finance Minister Poudel revoked the decision taken by the former minister in a around month since his appointment.</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:&quot;Arial Unicode MS&quot;">Although the government has waived the tax on imported books, it continues to collect tax from books printed 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:&quot;Arial Unicode MS&quot;">The books published inside the country have to incur 15 percent taxes on import of paper and an additional 13 percent value added tax. In addition to that, the government also charges tax for printing due to which the local entrepreneurs have to pay a total of 31 percent tax to the government.</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:&quot;Arial Unicode MS&quot;">Manohar Das Mool, one of the importers of paper, says it is unfair to waive the tax on import of books while charging excessive taxes on books published 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:&quot;Arial Unicode MS&quot;">However, book stores and stationery shops have welcomed the decision of the government to remove the tax on imported books.</span></span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '12412',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12664',
			'article_category_id' => '1',
			'title' => 'Commercial Banks to be Closed for 3 Days during Tihar',
			'sub_title' => '',
			'summary' => 'November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.</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 Nepal Bankers Association said in a statement that all the branches of commercial banks will be closed for three days from November 14 to 16. </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 association decided to close the branch offices during the festive season in view of the increasing number of coronavirus cases among bank employees. </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">So far, more than 6000 employees of different banks have been infected with coronavirus, the bankers&rsquo; association said.</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">The association informed that digital banking services will remain operational during the festive season and has urged everyone to use these online services to minimize the risk of virus transmission. </span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, the banks had been providing 365 days a year service to their customers including in festivals like Dashain and Tihar through limited branches. </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">This year, however, the banks have chosen to remain closed during the festive season. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12663',
			'article_category_id' => '1',
			'title' => 'Finance Ministry’s Plan to Draft Integrated Law Suffers a Setback',
			'sub_title' => '',
			'summary' => 'November 10: The government’s plan to introduce an integrate law to regulate various organisations has been halted.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The government&rsquo;s plan to introduce an integrate law to regulate various organisations has been halted.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had prepared a draft of the law six months ago and presented it to the Ministry of Law for suggestions. But the file is gathering dust at the ministry as the government has failed to justify the need for such law.</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:&quot;Arial Unicode MS&quot;">Altogether 37 corporations that are in existence are being operated&nbsp; under the Companies Act, Special Act, Communication Act and Corporations Act.</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:&quot;Arial Unicode MS&quot;">The drafting of the law has not been able to move ahead because the finance ministry is not clear about how to regulate the organisations that different in nature.</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:&quot;Arial Unicode MS&quot;">According to a high-ranking government official, the finance ministry had sought suggestions from the law ministry regarding the regulation of various organisations by forming a separate board.</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:&quot;Arial Unicode MS&quot;">&ldquo;What will happen to the existing laws? How can we bring all the organisations under the integrated law? We asked these questions to the finance ministry repeatedly but couldn&rsquo;t get a satisfactory answer,&rdquo; said an official at the law 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:&quot;Arial Unicode MS&quot;">The finance ministry is discussing on possible ways to move the drafting process ahead after the law ministry returns the file.</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:&quot;Arial Unicode MS&quot;">Joint secretary at the finance ministry Jhakka Prasad Acharya says they will remove the contradictory provisions in law and present the draft again to the law ministry.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12662',
			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Returning to Normalcy',
			'sub_title' => '',
			'summary' => 'November 10: Nepal’s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: Nepal&rsquo;s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. The volume of import and export of goods through Birgunj Customs &ndash; the main transit point of the country &ndash; have started returning to pre-lockdown condition, according to the customs 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s foreign trade slumped to a great extent due to the lockdown imposed on March 24 till July 20. It was further worsened by the two-month long prohibitory order issued after the government lifted the lockdown.</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:&quot;Arial Unicode MS&quot;">Although the government had prioritized import and export of goods and transportation as essential services, this sector couldn&rsquo;t remain unaffected by the impacts of lockdown.</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:&quot;Arial Unicode MS&quot;">Foreign trade reduced greatly due to the decline in market, demand and production. The country&rsquo;s foreign trade stated returning back to previous situation after the prohibitory orders were lifted on September 17. </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:&quot;Arial Unicode MS&quot;">Trade has increased gradually since then, according to customs officials at Birgunj Customs Office. </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:&quot;Arial Unicode MS&quot;">The volume of import from this customs point clearly indicates that the trade has improved since the start of the second quarter of 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:&quot;Arial Unicode MS&quot;">Nepal Intermodal Transport Development Committee (NITDC), the operator of the Birgunj-based Integrated Check Post (ICP), informed that around 500 to 700 cargo vehicles have been entering Nepal through the check point on a daily basis.</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:&quot;Arial Unicode MS&quot;">Chief of NITDC Kamal Gyawali said that the number of vehicles entering Nepal through the check point is almost similar to those during the normal days. He said that only around 100 to 150 cargo vehicles used to enter Nepal during the lockdown 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:&quot;Arial Unicode MS&quot;">The ICP is facing parking problem due to the increase in number of vehicles entering the country. The ICP has a parking lot with capacity to accommodate 250 to 300 vehicles. Additional vehicles are forced to park on roadside.</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:&quot;Arial Unicode MS&quot;">Gyawali said that they will prepare an additional parking lot within one and a half months. He added that they have already added a new billing counter considering the rise in flow of vehicles.</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:&quot;Arial Unicode MS&quot;">Customs Officer Jagdish Purbe says that the number of vehicles entering Nepal through the Birgunj Dry Port has also increased.</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:&quot;Arial Unicode MS&quot;">&ldquo;Customs clearance of vehicles from the dry port has returned to normal situation in the last few days,&rdquo; said Purbe, adding, &ldquo;Around 300 to 350 containers are cleared by the dry port every day.&rdquo;</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:&quot;Arial Unicode MS&quot;">During the lockdown period, only around 100 containers used to arrive at the dry port every day.</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:&quot;Arial Unicode MS&quot;">&ldquo;Goods intended for the festive season have started arriving after the government lifted prohibitory order. It is clearly evident at the customs point,&rdquo; said Rajesh Kyal, a local businessman.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12661',
			'article_category_id' => '1',
			'title' => 'Demand for Medicines Increases',
			'sub_title' => '',
			'summary' => 'November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.</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:&quot;Arial Unicode MS&quot;">The demand for medicines took a free fall after the government imposed lockdown on March 24. The supply of medicines was also affected after India and China banned the export of certain drugs.</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:&quot;Arial Unicode MS&quot;">However, drug manufacturers and dealers say that the sale of medicines has increased after the government lifted lockdown in July. The demand once again plunged after the government issued prohibitory orders a month later. </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:&quot;Arial Unicode MS&quot;">Drug manufacturers reduced their production due to the low demand for medicines back then.</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:&quot;Arial Unicode MS&quot;">The demand for all other medicines except those for emergency and chronic illness was almost zero. The drug manufacturers of Nepal lowered their production by almost 70 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:&quot;Arial Unicode MS&quot;">The demand for medicines gradually increased after the government lifted the prohibitory orders in the second week of September. The drug manufacturers have since then imported a record high amount of raw materials required for production of medicines.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, raw materials worth Rs 10.5 billion and medicines worth Rs 18.83 billion were imported to Nepal in June/July. The import of medicines declined in July/August but again increased in August/September, according to the data kept by the department.</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:&quot;Arial Unicode MS&quot;">According to Narayan Bahadur Chhetri, president of the Association of Pharmaceutical Producers of Nepal, people were afraid to visit hospitals during the lockdown period which led to the decline in sale of medicines. However, the sale of medicines increased after people overcame their fears and started visiting hospitals.</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:&quot;Arial Unicode MS&quot;">However, Chhetri argues that the data of the Department of Customs show an increase in import of sanitizers, masks and other health equipment but not medicines.</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:&quot;Arial Unicode MS&quot;">He further said that although there is more demand for medicines as compared to the lockdown period, the demand is yet to return to the previous level.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'title' => '52 Projects backed by Foreign Investors Registered during Lockdown',
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			'summary' => 'November 10: The registration of projects under foreign investment continued even during the lockdown period. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The registration of projects under foreign investment continued even during the lockdown 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:&quot;Arial Unicode MS&quot;">A total of 52 projects with investment from five different nations were registered at the Department of Industry through the local agents between March 24 to July 20, when the government had imposed a nation-wide lockdown.</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:&quot;Arial Unicode MS&quot;">However, the number of projects registered during the review period was comparatively less than that registered in the corresponding period of last 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:&quot;Arial Unicode MS&quot;">According to the department, investors from China, India, Singapore, Malaysia, and the Netherlands had registered the projects worth Rs 8.37 billion during the lockdown 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:&quot;Arial Unicode MS&quot;">Information Officer of the department Binod Khadgi informed New Business Age that the department was open and the employees worked in different shifts during the lockdown period. According to him, the foreign investors did not visit Nepal in person but registered the projects through their local agents.</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:&quot;Arial Unicode MS&quot;">&ldquo;Foreign companies can appoint attorney-in-fact or hand over the power of attorney to the local agents to register projects in Nepal,&rdquo; said Khadgi.</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:&quot;Arial Unicode MS&quot;">During the review period, a considerable number of projects with Chinese investment were registered 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:&quot;Arial Unicode MS&quot;">Among the 52 projects registered during lockdown, 45 were backed by Chinese investors. Most of the projects in&nbsp; which the Chinese investors were interested in were related to the service sector and tourism industry followed by information technology and production sector.</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:&quot;Arial Unicode MS&quot;">The projects with Chinese investors alone are worth Rs 7.53 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:&quot;Arial Unicode MS&quot;">Indian investors ranked second among foreign investors registering their projects in Nepal during lockdown. They were also interested in the service sector and tourism. The Indian projects are worth Rs 707.5 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:&quot;Arial Unicode MS&quot;">Investors from Malaysia and Singapore have registered one project each in tourism and service sectors while the Netherlands has registered two projects.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of last fiscal year, a total of 138 projects with investment from 18 different countries were registered 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:&quot;Arial Unicode MS&quot;">The investors were from China, India, Malaysia, Singapore, the Netherlands, Bangladesh, Australia, Myanmar, Germany, Japan, South Korea, Turkey, the UK, the USA, South Africa among others. The investment commitment for the projects was worth Rs 19.36 billion back then.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12659',
			'article_category_id' => '1',
			'title' => 'Government Preparing to Sign Agreement with UK to End Double Taxation ',
			'sub_title' => '',
			'summary' => 'November 9: The government has started homework to sign an agreement with the UK to end double taxation. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Devanagari Sangam MN&quot;">November 9: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government has started homework to sign an agreement with the UK to end double taxation. According to the Ministry of Finance, the government is preparing to sign the agreement to attract investors by ending the compulsion for them to pay the same tax twice.</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:&quot;Bangla MN&quot;">Due to lack of an agreement with Britain to end double taxation, businessmen are forced to pay income tax for their annual transactions in both countries. This has reportedly discouraged foreign investment 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:&quot;Bangla MN&quot;">According to the ministry, the Government of Nepal has already exchanged letters with the UK government for ending double taxation between the two countries.</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:&quot;Bangla MN&quot;">Some issues are yet to be sorted out and they are close to a final deal, officials privy to the matter informed New Business Age.</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:&quot;Bangla MN&quot;">Revenue Secretary Ram Sharan Pudasaini said that the two countries will sign the agreement soon.</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:&quot;Bangla MN&quot;">According to him, there is a high possibility of massive investment from Britain once the agreement is signed. Pudasaini said that Nepal will also sign agreements to end double taxation with other countries that are likely to invest 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:&quot;Bangla MN&quot;">The Inland Revenue Department said that the government is also preparing to sign similar agreements with Malaysia, Singapore, USA, Japan, Canada, Brazil and Oman.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => '‘Government’s Apathy Results in Shrinking Jute Farming’',
			'sub_title' => '',
			'summary' => 'November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in the country. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in 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:&quot;Arial Unicode MS&quot;">As a result of decline in jute farming, the import of jute has been increasing. </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:&quot;Arial Unicode MS&quot;">The government is planning to promote 15 varieties of crop under the Prime Minister&rsquo;s Agriculture Modernization Project. Farmers will be provided grants on fertilizers, seeds, equipment and technology with the objective of increasing production. However, jute farming which is basically done in Jhapa, Morang and Sunsari does not fall under the 15 different crop.</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:&quot;Arial Unicode MS&quot;">The provincial government had allocated budget for two years to operate blocks for jute farming but that has been removed from the annual budget this 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s dependency on imported jute is growing because both the provincial and the federal governments have not prioritized jute farming, which was once a major cash crop 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:&quot;Arial Unicode MS&quot;">Two decades ago, jute farming was done on 56,000 hectares of land but that has now shrunk to just 11,000 hectares at present.</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:&quot;Arial Unicode MS&quot;">Earlier, Nepal used to produce 80,000 metric tons of jute within the country while now the production has declined to 20,000 metric tons.</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:&quot;Arial Unicode MS&quot;">Five jute industries along the Sunsari-Morang Industrial Corridor have been importing raw jute from India following the decline in production within 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:&quot;Arial Unicode MS&quot;">Nepal Jute, Biratnagar Jute Mill, CM Jute, Guheshwari Turbine, Pathibhara Jute and Nikki Jute Mill are among the six jute industries that have shut down in recent 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:&quot;Arial Unicode MS&quot;">Other jute mills like Ahiranta, Raghupati, Baba,&nbsp; Swastik and Chandra Shiva Jute Mill are still operational. The jute industries give direct employment to 15,000 people.</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:&quot;Arial Unicode MS&quot;">The six jute mills were forced to shut down within a decade because they had to import raw jute from India and Bangladesh and sell the refined products to the same countries at a competitive price.</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:&quot;Arial Unicode MS&quot;">Of late, the ailing jute industry has been badly affected by the impact of coronavirus.</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:&quot;Arial Unicode MS&quot;">Chairman of Nepal Jute Mills Association Raj Kumar Golchha says that the production of unrefined jute in Nepal has been declining because the government has not brought any programmes to promote jute farming. This has also led to Nepal&rsquo;s dependency on India for jute, 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:&quot;Arial Unicode MS&quot;">As a result, Nepali jute industries are on the verge of collapse.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Industries of Bara-Parsa Corridor Reviving ',
			'sub_title' => '',
			'summary' => 'November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 12: The industries in the Bara-Parsa Industrial Corridor, which were badly affected by the lockdown, are now returning to normalcy. Their production had declined due to the four-month long lockdown imposed to control the coronavirus and the two-month-long prohibitory order, but is now increasing since October. </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:&quot;Times New Roman&quot;">Former president of the Birgunj Chamber of Commerce and Industry Pradip Kedia says that the market has gained momentum and the demand for their products has increased after the lockdown was lifted. </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:&quot;Times New Roman&quot;">&ldquo;The production of the industrial corridor has improved in the last two months. With the opening of the market and the festive season, both demand and production have increased,&rdquo; Kedia told New Business Age. </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:&quot;Times New Roman&quot;">Bara and Parsa that were once the epicenter of the coronavirus epidemic are now relatively safe areas. After the coronavirus spread in the community along with the industries of the corridor, the local administration had tightened the operation of the industries at that time. Production was affected after the prohibitory order was imposed in the area. Most of the industries in the corridor were shut down. </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:&quot;Times New Roman&quot;">Even the production capacity of essential goods like food and pharmaceutical products had shrunk to 15 to 20 percent. </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:&quot;Times New Roman&quot;">The lockdown was eased by the government in the first week of July. As soon as the lockdown was eased, the number of infected people in Bara and Parsa started increasing. At present, industries in the corridor are producing an average of 70 to 80 percent of their total production capacity, said industrialist Suresh Rungta. </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:&quot;Times New Roman&quot;">&ldquo;The food market and production have improved as this is the festive season. Industries that have been hit hard by the lockdown are feeling some relief,&rdquo; he said. </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:&quot;Times New Roman&quot;">Industrialist Bishwamitra Prasad Kalwar says that there is a problem in payment even though the market has opened. He further says that even though the market is returning back to normal, they are facing problems in operation as the payments that were stopped during the lockdown have not been collected. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12671',
			'article_category_id' => '1',
			'title' => 'Investment Board Approves Big Projects Amid Covid-19 Pandemic',
			'sub_title' => '',
			'summary' => 'November 12: The Investment Board Nepal (IBN) has approved  various projects worth Rs 242 billion in the last four months.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved &nbsp;various projects worth Rs 242 billion in the last four months.</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:&quot;Arial Unicode MS&quot;">The board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.</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:&quot;Arial Unicode MS&quot;">A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 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:&quot;Arial Unicode MS&quot;">These projects will be undertaken on Public Private Partnership (PPP) model.</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:&quot;Arial Unicode MS&quot;">In June/July, the board had approved five hydropower projects and two others related to cement industry.</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:&quot;Arial Unicode MS&quot;">The total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.</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:&quot;Arial Unicode MS&quot;">The board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion. &nbsp;</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:&quot;Arial Unicode MS&quot;">Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12670',
			'article_category_id' => '1',
			'title' => 'Finance Minister Pledges to Support Private Sector',
			'sub_title' => '',
			'summary' => 'November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 12: Finance Minister Bishnu Poudel has pledged to boost the morale of the private sector. He said that motivating the private sector and enhancing its confidence is necessary to boost the country&#39;s economy.</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 a meeting with a delegation led by Nepal Chamber of Commerce President Rajesh Kaji Shrestha, Minister Paudel acknowledged that economic development cannot be achieved without private sector&rsquo;s involvement. </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">Minister Paudel acknowledged that the role of private sector is crucial to counter the challenges created by COVID -19 in the economic sector. </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">He also said that the government and the private sector must collaborate with each other to face the current 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:Arial">The minister urged the members of NCC to conduct their business and activities by following proper health standard.</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">He added that the government will consider all the areas affected by coronavirus while distributing the relief packages allocated in the annual budget.</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 government stands firm in its commitment and is ready to resolve the problems of the private sector, said Minister Paudel adding that the private sector should also understand the role and the limitations of the government. </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">NCC President Rajesh Kaji Shrestha requested the government to create a favourable environment to revitalize the economy.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12665',
			'article_category_id' => '1',
			'title' => 'Annapurna Circuit Among World’s Top 10 Destinations',
			'sub_title' => 'Lonely Planet includes Annapurna in its Ultimate Travel List',
			'summary' => 'November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world’s top 10 most incredible travel destinations.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: Lonely Planet, one of the top travel guide websites in the world, has included Annapurna Circuit among the world&rsquo;s top 10 most incredible travel destinations.</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">In its Ultimate Travel List, Lonely Planet mentions that Nepal offers golden temples, charming hill villages, jungle wildlife watching, and the incredible walk around Nepal&rsquo;s Annapurna massif, which has long been considered one of the world&rsquo;s great treks. </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">&ldquo;The scenery is mesmerising and the sense of journey is psychologically satisfying, starting in rice paddies and climbing through yak pastures before crossing the mighty snow-bound Thorung La pass,&rdquo; says the website, adding, &ldquo;It&rsquo;s everything a good trek should be &ndash; challenging, majestic and inspirational. And at the end of the day some of Nepal&rsquo;s best lodges offer hot meals, apple pie and pots of milky tea.&rdquo;</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">&nbsp;However, it is the side trips that make this a truly great trek, notably up to high-altitude Tilicho Lake or to the village of Ngawal, where terraces offer views of snowcapped peaks just across the valley, the website further writes. </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"><img alt="" src="/app/webroot/userfiles/images/10-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Annapurna Region of Nepal. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the state-run national news agency of Nepal &ndash; RSS &ndash; the Annapurna region which lies to the north of the famous lake city of Pokhara is home to 14 mountain peaks above 7000 meters. </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">It also boasts of 8,091 meters high Annapurna I which is the world&rsquo;s tenth highest peak, says RSS.</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">Lonely Planet has placed the &lsquo;Enigmatic lost city of Petra in Jordan as the top-most places to visit in its ultimate travel list.</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"><img alt="" src="/app/webroot/userfiles/images/01-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Petra of Jordan. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Other places included by Lonely Planet in the list are the Galapagos Islands off the coasts of South America, Tjuta National Park of Australia, Okavango Delta of Angola, Yellowstone National Park of the USA, Lake Bled of Slovenia, Iguazu Falls in between Brazil and Argentina, temples of Angkor in Cambodia, and Salar de Uyuni &ndash; the world&rsquo;s biggest salt late in Bolivia.</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"><img alt="" src="/app/webroot/userfiles/images/06-UTL-Landing-Pg-2400x1600.jpg" style="height:470px; width:850px" /></span></span></span></span></p>

<p><em>Lake Bled of Slovenia. Photo Courtesy: Lonely Planet</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12669',
			'article_category_id' => '1',
			'title' => 'DoR Preparing to Issue Tender for Siddha Baba Tunnel within mid-March',
			'sub_title' => '',
			'summary' => 'The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads (DoR) is preparing to issue tender bids for the construction of Siddha Baba tunnel along the Siddhartha Highway within mid-March. </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:&quot;Arial Unicode MS&quot;">The department is preparing to call the tender bid for the tunnel which lies in between Butwal and Palpa in almost a year after signing an agreement for the source of funding.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had given the permission to the department to initiate the procurement process for the tunnel within the limit of Rs 10.15 billion on November 18, 2019.</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:&quot;Arial Unicode MS&quot;">Although the department had initiated the process of calling tender bid immediately after getting the nod from the ministry, it has not been able to do so till now.</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:&quot;Arial Unicode MS&quot;">The estimated cost of constructing the tunnel is around Rs 8 billion, according to the department. Spokesperson at the Department of Roads Shiva Hari Sapkota informed that the department is preparing to call tender bids for the tunnel within mid-March. </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:&quot;Arial Unicode MS&quot;">&ldquo;We are preparing the bidding document for issuing the tender,&rdquo; said Sapkota, adding, &ldquo;This is the first time that the Department of Roads is preparing to issue tender for tunnel construction and we are doing homework to ensure that there won&rsquo;t be any problems with the process.&rdquo;</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:&quot;Arial Unicode MS&quot;">The government had approved the criteria for the construction of the tunnel on August 6 earlier this year.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12668',
			'article_category_id' => '1',
			'title' => 'Shailung Group of Companies Fails to Import Fertilisers Again ',
			'sub_title' => '',
			'summary' => 'November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">November 11: Shailung Group of Companies, that had failed to import 25,000 metric tons of urea within September 10, has also failed to bring an additional 30,000 metric tons of fertilisers in accordance to the second contract awarded by the government. &nbsp;</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:&quot;Times New Roman&quot;">The company was awarded the contract to import 30,000 metric tons of fertilisers on July 2 although it was struggling to fulfill its initial commitment. The latest contract to import fertilisers has expired on Sunday, November 8. </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:&quot;Times New Roman&quot;">The company was awarded the contract of importing the fertilisers due to political pressure and has not been able to complete its task.</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:&quot;Times New Roman&quot;">Netra Bhandari, managing director of Agriculture Inputs Company Limited, said that the contract agreement will be scrapped and the security amount will be seized. The government will also initiate legal proceedings against the company, informed Bhandari. </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:&quot;Times New Roman&quot;">&ldquo;Action will be taken as per the recommendation of specialists and legal experts,&rdquo; he said. According to Bhandari, around Rs 50 million deposited by the company as security bond will also be seized. </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:&quot;Times New Roman&quot;">Prior to this, the Agriculture Inputs Company Limited had seized more than Rs 90 million from the same company and had also recommended blacklisting Shailung Group when the company did not bring 25,000 metric tons of urea in time. </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:&quot;Times New Roman&quot;">Now, the Agriculture Inputs Company and Salt Trading Corporation have announced a global tender to bring 435,000 metric tons of chemical fertilisers that includes 200,000 metric ton of urea, 100,000 metric tons of DAP and 10,000 metric tons of potassium. Among them, 10,000 metric tons of potassium has already been imported to Nepal and 20,000 metric tops of DAP is in the process of being imported. </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:&quot;Times New Roman&quot;">Bishnu Pokharel, spokesperson of the company, informed that 30,000 metric tons of urea will be arriving from Kolkata within 15 days from now. Similarly, it has been learnt that the Salt Trading Corporation has already announced the tender for 80,000 metric tons of urea, 40,000 metric tons of DAP and 5,000 metric tons of potassium. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12667',
			'article_category_id' => '1',
			'title' => 'Former CEO of Nepal Tourism Board Bags Int’l Award',
			'sub_title' => '',
			'summary' => 'November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: World Tourism Network has honoured former CEO of Nepal Tourism Board Deepak Raj Joshi with an international award.</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:&quot;Arial Unicode MS&quot;">Joshi has also become the first person from South Asia to bag the prestigious International Hall of Tourism Heroes title.</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:&quot;Arial Unicode MS&quot;">The network informed that the Joshi was conferred the award for his relentless effort in promotion and development of tourism and his efforts to revitalize the tourism industry that has been reeling under the effects of Covid-19.</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:&quot;Arial Unicode MS&quot;">The winners of the award is selected from among the names recommended from across the world and the network ensures that people with immense contribution to the tourism sector and active persons are selected for the honour.</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:&quot;Arial Unicode MS&quot;">Other persons to win the award include Tourism Minister of Seychelles Alain St Ange, director of Vicky Group Vijay Ponusammy, Chairman of African Tourism Board Cuthbert Ncube, former tourism minister of Zimbabwe Dr Walter Mezembe, former general secretary of World Tourism Board Dr Taleb Rifai, Kenya&rsquo;s tourism secretary Najib Balla and Jamaica&rsquo;s Tourism Minister Edmund Barlett. </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:&quot;Arial Unicode MS&quot;">After receiving the award, Joshi thanked the World Tourism Network for recognizing his contributions to the development and revival of the tourism sector.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12666',
			'article_category_id' => '1',
			'title' => 'Government’s Decision to Waive Tax on Import of Books gets Mixed Reaction',
			'sub_title' => '',
			'summary' => 'November 11: The local entrepreneurs of Nepal have opposed the government’s decision to waive 10 percent tax on import of books from abroad. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 11: The local entrepreneurs of Nepal have opposed the government&rsquo;s decision to waive 10 percent tax on import of books from abroad. They say that the government&rsquo;s decision to remove the tax imposed on books but to give continuity to tax on import of paper would land the country&rsquo;s industries in trouble.</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:&quot;Arial Unicode MS&quot;">Former Finance Minister Yuba Raj Khatiwada had stood in favour of the tax on import of books despite criticism from various quarters. However, the Council of Ministers on Monday decided to lift the additional 10 percent customs duty imposed on imported books. Prior to this, the government had been charging only 5 percent tax on such books.</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:&quot;Arial Unicode MS&quot;">The government enjoys the privilege to change the tax rate as per the Financial Act 2077. The Council of Minister used the&nbsp; same act to remove the tax upon the recommendation of Finance Minister Bishnu Poudel, informed Dr Prakash Shrestha, financial advisor to the finance minister. </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:&quot;Arial Unicode MS&quot;">Dr Shrestha argued that the decision will not impact the local industries 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:&quot;Arial Unicode MS&quot;">The import of books had declined after the then Finance Minister Yuba Raj Khatiwada imposed 10 percent excise duty on imported books about a year ago. Khatiwada took such decision after it was found that the Nepali publishers used to publish books abroad and then import the books to Nepal by evading taxes.</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:&quot;Arial Unicode MS&quot;">Newly-appointed Finance Minister Poudel revoked the decision taken by the former minister in a around month since his appointment.</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:&quot;Arial Unicode MS&quot;">Although the government has waived the tax on imported books, it continues to collect tax from books printed 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:&quot;Arial Unicode MS&quot;">The books published inside the country have to incur 15 percent taxes on import of paper and an additional 13 percent value added tax. In addition to that, the government also charges tax for printing due to which the local entrepreneurs have to pay a total of 31 percent tax to the government.</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:&quot;Arial Unicode MS&quot;">Manohar Das Mool, one of the importers of paper, says it is unfair to waive the tax on import of books while charging excessive taxes on books published 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:&quot;Arial Unicode MS&quot;">However, book stores and stationery shops have welcomed the decision of the government to remove the tax on imported books.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12664',
			'article_category_id' => '1',
			'title' => 'Commercial Banks to be Closed for 3 Days during Tihar',
			'sub_title' => '',
			'summary' => 'November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">November 11: All the branches of commercial banks will be closed for three days during the upcoming Tihar festival.</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 Nepal Bankers Association said in a statement that all the branches of commercial banks will be closed for three days from November 14 to 16. </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 association decided to close the branch offices during the festive season in view of the increasing number of coronavirus cases among bank employees. </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">So far, more than 6000 employees of different banks have been infected with coronavirus, the bankers&rsquo; association said.</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">The association informed that digital banking services will remain operational during the festive season and has urged everyone to use these online services to minimize the risk of virus transmission. </span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Earlier, the banks had been providing 365 days a year service to their customers including in festivals like Dashain and Tihar through limited branches. </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">This year, however, the banks have chosen to remain closed during the festive season. </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12663',
			'article_category_id' => '1',
			'title' => 'Finance Ministry’s Plan to Draft Integrated Law Suffers a Setback',
			'sub_title' => '',
			'summary' => 'November 10: The government’s plan to introduce an integrate law to regulate various organisations has been halted.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The government&rsquo;s plan to introduce an integrate law to regulate various organisations has been halted.</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:&quot;Arial Unicode MS&quot;">The Ministry of Finance had prepared a draft of the law six months ago and presented it to the Ministry of Law for suggestions. But the file is gathering dust at the ministry as the government has failed to justify the need for such law.</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:&quot;Arial Unicode MS&quot;">Altogether 37 corporations that are in existence are being operated&nbsp; under the Companies Act, Special Act, Communication Act and Corporations Act.</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:&quot;Arial Unicode MS&quot;">The drafting of the law has not been able to move ahead because the finance ministry is not clear about how to regulate the organisations that different in nature.</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:&quot;Arial Unicode MS&quot;">According to a high-ranking government official, the finance ministry had sought suggestions from the law ministry regarding the regulation of various organisations by forming a separate board.</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:&quot;Arial Unicode MS&quot;">&ldquo;What will happen to the existing laws? How can we bring all the organisations under the integrated law? We asked these questions to the finance ministry repeatedly but couldn&rsquo;t get a satisfactory answer,&rdquo; said an official at the law 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:&quot;Arial Unicode MS&quot;">The finance ministry is discussing on possible ways to move the drafting process ahead after the law ministry returns the file.</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:&quot;Arial Unicode MS&quot;">Joint secretary at the finance ministry Jhakka Prasad Acharya says they will remove the contradictory provisions in law and present the draft again to the law ministry.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12662',
			'article_category_id' => '1',
			'title' => 'Nepal’s Foreign Trade Returning to Normalcy',
			'sub_title' => '',
			'summary' => 'November 10: Nepal’s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: Nepal&rsquo;s foreign trade, which was badly affected by coronavirus and the subsequent lockdown imposed by the government, is returning back to normalcy. The volume of import and export of goods through Birgunj Customs &ndash; the main transit point of the country &ndash; have started returning to pre-lockdown condition, according to the customs 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s foreign trade slumped to a great extent due to the lockdown imposed on March 24 till July 20. It was further worsened by the two-month long prohibitory order issued after the government lifted the lockdown.</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:&quot;Arial Unicode MS&quot;">Although the government had prioritized import and export of goods and transportation as essential services, this sector couldn&rsquo;t remain unaffected by the impacts of lockdown.</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:&quot;Arial Unicode MS&quot;">Foreign trade reduced greatly due to the decline in market, demand and production. The country&rsquo;s foreign trade stated returning back to previous situation after the prohibitory orders were lifted on September 17. </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:&quot;Arial Unicode MS&quot;">Trade has increased gradually since then, according to customs officials at Birgunj Customs Office. </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:&quot;Arial Unicode MS&quot;">The volume of import from this customs point clearly indicates that the trade has improved since the start of the second quarter of 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:&quot;Arial Unicode MS&quot;">Nepal Intermodal Transport Development Committee (NITDC), the operator of the Birgunj-based Integrated Check Post (ICP), informed that around 500 to 700 cargo vehicles have been entering Nepal through the check point on a daily basis.</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:&quot;Arial Unicode MS&quot;">Chief of NITDC Kamal Gyawali said that the number of vehicles entering Nepal through the check point is almost similar to those during the normal days. He said that only around 100 to 150 cargo vehicles used to enter Nepal during the lockdown 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:&quot;Arial Unicode MS&quot;">The ICP is facing parking problem due to the increase in number of vehicles entering the country. The ICP has a parking lot with capacity to accommodate 250 to 300 vehicles. Additional vehicles are forced to park on roadside.</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:&quot;Arial Unicode MS&quot;">Gyawali said that they will prepare an additional parking lot within one and a half months. He added that they have already added a new billing counter considering the rise in flow of vehicles.</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:&quot;Arial Unicode MS&quot;">Customs Officer Jagdish Purbe says that the number of vehicles entering Nepal through the Birgunj Dry Port has also increased.</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:&quot;Arial Unicode MS&quot;">&ldquo;Customs clearance of vehicles from the dry port has returned to normal situation in the last few days,&rdquo; said Purbe, adding, &ldquo;Around 300 to 350 containers are cleared by the dry port every day.&rdquo;</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:&quot;Arial Unicode MS&quot;">During the lockdown period, only around 100 containers used to arrive at the dry port every day.</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:&quot;Arial Unicode MS&quot;">&ldquo;Goods intended for the festive season have started arriving after the government lifted prohibitory order. It is clearly evident at the customs point,&rdquo; said Rajesh Kyal, a local businessman.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12661',
			'article_category_id' => '1',
			'title' => 'Demand for Medicines Increases',
			'sub_title' => '',
			'summary' => 'November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The demand for medicines which had declined after the government imposed lockdown in March has once again increased.</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:&quot;Arial Unicode MS&quot;">The demand for medicines took a free fall after the government imposed lockdown on March 24. The supply of medicines was also affected after India and China banned the export of certain drugs.</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:&quot;Arial Unicode MS&quot;">However, drug manufacturers and dealers say that the sale of medicines has increased after the government lifted lockdown in July. The demand once again plunged after the government issued prohibitory orders a month later. </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:&quot;Arial Unicode MS&quot;">Drug manufacturers reduced their production due to the low demand for medicines back then.</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:&quot;Arial Unicode MS&quot;">The demand for all other medicines except those for emergency and chronic illness was almost zero. The drug manufacturers of Nepal lowered their production by almost 70 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:&quot;Arial Unicode MS&quot;">The demand for medicines gradually increased after the government lifted the prohibitory orders in the second week of September. The drug manufacturers have since then imported a record high amount of raw materials required for production of medicines.</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:&quot;Arial Unicode MS&quot;">According to the Department of Customs, raw materials worth Rs 10.5 billion and medicines worth Rs 18.83 billion were imported to Nepal in June/July. The import of medicines declined in July/August but again increased in August/September, according to the data kept by the department.</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:&quot;Arial Unicode MS&quot;">According to Narayan Bahadur Chhetri, president of the Association of Pharmaceutical Producers of Nepal, people were afraid to visit hospitals during the lockdown period which led to the decline in sale of medicines. However, the sale of medicines increased after people overcame their fears and started visiting hospitals.</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:&quot;Arial Unicode MS&quot;">However, Chhetri argues that the data of the Department of Customs show an increase in import of sanitizers, masks and other health equipment but not medicines.</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:&quot;Arial Unicode MS&quot;">He further said that although there is more demand for medicines as compared to the lockdown period, the demand is yet to return to the previous level.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12660',
			'article_category_id' => '1',
			'title' => '52 Projects backed by Foreign Investors Registered during Lockdown',
			'sub_title' => '',
			'summary' => 'November 10: The registration of projects under foreign investment continued even during the lockdown period. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 10: The registration of projects under foreign investment continued even during the lockdown 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:&quot;Arial Unicode MS&quot;">A total of 52 projects with investment from five different nations were registered at the Department of Industry through the local agents between March 24 to July 20, when the government had imposed a nation-wide lockdown.</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:&quot;Arial Unicode MS&quot;">However, the number of projects registered during the review period was comparatively less than that registered in the corresponding period of last 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:&quot;Arial Unicode MS&quot;">According to the department, investors from China, India, Singapore, Malaysia, and the Netherlands had registered the projects worth Rs 8.37 billion during the lockdown 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:&quot;Arial Unicode MS&quot;">Information Officer of the department Binod Khadgi informed New Business Age that the department was open and the employees worked in different shifts during the lockdown period. According to him, the foreign investors did not visit Nepal in person but registered the projects through their local agents.</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:&quot;Arial Unicode MS&quot;">&ldquo;Foreign companies can appoint attorney-in-fact or hand over the power of attorney to the local agents to register projects in Nepal,&rdquo; said Khadgi.</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:&quot;Arial Unicode MS&quot;">During the review period, a considerable number of projects with Chinese investment were registered 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:&quot;Arial Unicode MS&quot;">Among the 52 projects registered during lockdown, 45 were backed by Chinese investors. Most of the projects in&nbsp; which the Chinese investors were interested in were related to the service sector and tourism industry followed by information technology and production sector.</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:&quot;Arial Unicode MS&quot;">The projects with Chinese investors alone are worth Rs 7.53 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:&quot;Arial Unicode MS&quot;">Indian investors ranked second among foreign investors registering their projects in Nepal during lockdown. They were also interested in the service sector and tourism. The Indian projects are worth Rs 707.5 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:&quot;Arial Unicode MS&quot;">Investors from Malaysia and Singapore have registered one project each in tourism and service sectors while the Netherlands has registered two projects.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of last fiscal year, a total of 138 projects with investment from 18 different countries were registered 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:&quot;Arial Unicode MS&quot;">The investors were from China, India, Malaysia, Singapore, the Netherlands, Bangladesh, Australia, Myanmar, Germany, Japan, South Korea, Turkey, the UK, the USA, South Africa among others. The investment commitment for the projects was worth Rs 19.36 billion back then.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Government Preparing to Sign Agreement with UK to End Double Taxation ',
			'sub_title' => '',
			'summary' => 'November 9: The government has started homework to sign an agreement with the UK to end double taxation. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Devanagari Sangam MN&quot;">November 9: </span></span><span style="font-size:14.0pt"><span style="font-family:&quot;Bangla MN&quot;">The government has started homework to sign an agreement with the UK to end double taxation. According to the Ministry of Finance, the government is preparing to sign the agreement to attract investors by ending the compulsion for them to pay the same tax twice.</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:&quot;Bangla MN&quot;">Due to lack of an agreement with Britain to end double taxation, businessmen are forced to pay income tax for their annual transactions in both countries. This has reportedly discouraged foreign investment 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:&quot;Bangla MN&quot;">According to the ministry, the Government of Nepal has already exchanged letters with the UK government for ending double taxation between the two countries.</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:&quot;Bangla MN&quot;">Some issues are yet to be sorted out and they are close to a final deal, officials privy to the matter informed New Business Age.</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:&quot;Bangla MN&quot;">Revenue Secretary Ram Sharan Pudasaini said that the two countries will sign the agreement soon.</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:&quot;Bangla MN&quot;">According to him, there is a high possibility of massive investment from Britain once the agreement is signed. Pudasaini said that Nepal will also sign agreements to end double taxation with other countries that are likely to invest 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:&quot;Bangla MN&quot;">The Inland Revenue Department said that the government is also preparing to sign similar agreements with Malaysia, Singapore, USA, Japan, Canada, Brazil and Oman.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => '‘Government’s Apathy Results in Shrinking Jute Farming’',
			'sub_title' => '',
			'summary' => 'November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in the country. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">November 9: Jute farming has been shrinking because the government has not paid proper attention to promote jute farming in 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:&quot;Arial Unicode MS&quot;">As a result of decline in jute farming, the import of jute has been increasing. </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:&quot;Arial Unicode MS&quot;">The government is planning to promote 15 varieties of crop under the Prime Minister&rsquo;s Agriculture Modernization Project. Farmers will be provided grants on fertilizers, seeds, equipment and technology with the objective of increasing production. However, jute farming which is basically done in Jhapa, Morang and Sunsari does not fall under the 15 different crop.</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:&quot;Arial Unicode MS&quot;">The provincial government had allocated budget for two years to operate blocks for jute farming but that has been removed from the annual budget this 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:&quot;Arial Unicode MS&quot;">Nepal&rsquo;s dependency on imported jute is growing because both the provincial and the federal governments have not prioritized jute farming, which was once a major cash crop 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:&quot;Arial Unicode MS&quot;">Two decades ago, jute farming was done on 56,000 hectares of land but that has now shrunk to just 11,000 hectares at present.</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:&quot;Arial Unicode MS&quot;">Earlier, Nepal used to produce 80,000 metric tons of jute within the country while now the production has declined to 20,000 metric tons.</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:&quot;Arial Unicode MS&quot;">Five jute industries along the Sunsari-Morang Industrial Corridor have been importing raw jute from India following the decline in production within 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:&quot;Arial Unicode MS&quot;">Nepal Jute, Biratnagar Jute Mill, CM Jute, Guheshwari Turbine, Pathibhara Jute and Nikki Jute Mill are among the six jute industries that have shut down in recent 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:&quot;Arial Unicode MS&quot;">Other jute mills like Ahiranta, Raghupati, Baba,&nbsp; Swastik and Chandra Shiva Jute Mill are still operational. The jute industries give direct employment to 15,000 people.</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:&quot;Arial Unicode MS&quot;">The six jute mills were forced to shut down within a decade because they had to import raw jute from India and Bangladesh and sell the refined products to the same countries at a competitive price.</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:&quot;Arial Unicode MS&quot;">Of late, the ailing jute industry has been badly affected by the impact of coronavirus.</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:&quot;Arial Unicode MS&quot;">Chairman of Nepal Jute Mills Association Raj Kumar Golchha says that the production of unrefined jute in Nepal has been declining because the government has not brought any programmes to promote jute farming. This has also led to Nepal&rsquo;s dependency on India for jute, 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:&quot;Arial Unicode MS&quot;">As a result, Nepali jute industries are on the verge of collapse.</span></span></span></span></p>

<p>&nbsp;</p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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